Premium Essay

Discuss How the Marketing Mix Strategies Are Likely to Change over Burritos’ Product Lifecycle.

In: Business and Management

Submitted By veronicabar
Words 594
Pages 3
Discuss how the marketing mix strategies are likely to change over burritos’ product lifecycle.

Marketing mix strategies are likely to change over burritos’ life cycle as they influence the product’s succession. With reference to Cantinas frozen burritos’, marketing mix strategies help evolve the product’s lifecycle towards the target market. The four marketing mix strategies include product, place, prime and promotion used in each stage of the product lifecycle (Armstrong et al. 2010). A new product progresses through stages from the introduction, growth, maturity, and decline in a sequence known as the product life cycle that is likely to change over the burritos’ time (QuickMBA 2009).

As the burritos’ product hits the market as a new product development, it enters the introduction stage of the product lifecycle. Marketing mix strategies at this stage is extensively attracted to the promotion, as the frozen burritos’ is a new and unique product in the Australian marketplace. Profits are heavily spent on the promotion, which means high competitive prices of the product are through advertisement. Promotion at this stage targeted towards a small market segment, which is catered towards 15 – 30 year olds looking for alternative foods. (Armstrong et al. 2010). Extensive marketing testing was placed to build product awareness and to educate potential consumers about the product being introduced. This ultimately ensured its place in the lifecycle process with its slow growth as new and unique product in comparison with traditional Australian products.

The growth stage is classified as a period of rapid market acceptance and increasing profits within the product lifecycle (Armstrong et al. 2010). The marketing mix strategies at this stage are evidently progressed from the last step. For instance the Burrito product is likely to compete in the competitive…...

Similar Documents

Premium Essay

Marketing Mix

...Marketing mix, as it relates to marketing, refers to the four elements; product, place, price, and promotion. This paper will discuss the four aspects of the marketing mix, as well as how it affects the development of an organizations marketing strategy and tactics. Each phase of the marketing mix and how they are implemented will also be discussed. The organization that will be used as reference for the marketing mix will be Live Your Legend, which is in the online publishing industry. Live Your Legend will be talked about in great detail on how it relates to the use of the marketing mix and its four elements; product, price, place, and promotion. Live your Legend, or liveyourlegend.net, is a community-based website business founded by Scott Dinsmore. Scott started Live your Legend as a way of spreading his message to the world. He wanted to help people find their passions and teach them how to use what they love and make a comfortable living doing so. The website is a blog style site with hundreds of articles that inspire, motivate, teach, and help people to take action and go after their dreams. Live your Legend has two courses that make up a majority of income that is generated from the website. The two courses teach a step by step method to finding ones passion, how to give value from that passion to help others, and then teaches how to set up and run an online business based on those passions. Product The first phase of the marketing mix, product refers to any......

Words: 1105 - Pages: 5

Premium Essay

Marketing Strategy and Martketing Mix of Frooti

...INDEX 1.CHAPTER ± I   * Introduction   *Scope of project   *Objective of project   2. CHAPTER ± II   * Company profile   *Industry profile   *Beverage preparation section   *Sidel section   *Marketing  strategy   *Marketing Mix   3.CHAPTER ± III   *Research Methodology   4.CHAPTER ± IV   *Marketing survey   & Data Analysis 5. CHAPTER ± IV *SWOT Analysis   *Recommendations   *Suggestion   6.CONCLUSION   7.LIMITATION 8.BIBLIOGRAPHY 9.QUESTIONNAIRE [pic] [pic] [pic] CHAPTER-I INTRODUCTION A soft drink is a beverage, often carbonated, that does not contain alcohol. (Carbonated soft drinks are more commonly known as soda,pop, tonic,or soda pop in parts of the United States and Canada, or fizzy drinks in the U.K.; sometimes called minerals in Ireland) The name "soft drink" specifies a lack of alcohol by the way of contrast to the term "hard drink". The term "drink", while nominally neutral, often carries connotations of alcoholic content. Beverages like colas, sparkling water, iced tea, lemonade, squash, and fruit punch are among the most common types of soft drinks, while hot chocolate,hot tea, coffe, milk,tap water, alcohol, and milkshakes do not fall into this classification. Many carbonated soft drinks are optionally available in versions sweetened with sugars or with non- caloric......

Words: 6101 - Pages: 25

Premium Essay

Product Mix Strategy

...The Marketing Mix variables (The 4 P's of Marketing) The major marketing management decisions can be classified in one of the following four categories: * Product * Price * Place (distribution) * Promotion These variables are known as the marketing mix or the 4 P's of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram: The Marketing Mix Product | |   | Place | |   | |   | |   |   |   | Target Market | | |   |   |   | |   | |   | Price | |   | Promotion | | The firm attempts to generate a positive response in the target market by blending these four marketing mix variables in an optimal manner. Product:- The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. Price:- Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing. Place:- Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target......

Words: 298 - Pages: 2

Premium Essay

Marketing Mix of Fictional Product

...Marketing Mix Product Lancôme, founded in France in 1935, and bought by L’Oreal (also a French company) in 1964, is L’Oreal’s high end division of cosmetics, fragrances, and makeups. (“Lancôme”) Research has shown that Lancôme is missing out or underutilizing on a major segment of the market, about half: men. The case study illustrates the growing men’s grooming market in the US: currently $14 billion, and expected to reach $21 billion by 2015. In order to address this, Lancôme needs a product that will reestablish themselves in the men’s grooming market since they have primarily been viewed exclusively as a perfume, makeup, and skin care company, mainly targeting female consumers. What is something men experience and (most) women do not? Balding. Lancôme will introduce a “Hair Restoration Shampoo” targeted exclusively towards men. This shampoo is more of a “preemptive strike” shampoo/conditioner than typical balding ointments/creams, such as Rogaine. The “Hair Restoration Shampoo” is targeted towards men who are showing signs of balding, or fear future baldness in general. We feel the latter has huge opportunity, as almost every man fears going bald at some point in his life. The main competition in this market is Rogaine, a topical hair re-growth product, first made available by prescriptions in the late eighties. (“History of Rogaine”) Rogaine has evolved over the years and, since 2006, has been made available over the counter. The man advantage that Rogaine......

Words: 416 - Pages: 2

Premium Essay

Marketing Strategies

...Marketing Strategies Student Name Marketing Management-MKT 500 Professor’s Name Strayer University September 8, 2013 Introduction Mission Statement Bradley’s Reprocessed Technology is a new Value Added Reseller (VAR). The company’s mission is focused on marketing specialty inventory software products to over 1,200 VARs that sell in vertical markets. Each market is distinct and serves a particular specialty industry. In addition to the software, Bradley will sell the inventory data collection hardware that will operate the software. Customarily, VARs who sell to these vertical markets focus solely on the industry's distinctive product line or service. Though their customers have inventory controls needs, these VARs have not had a product they could offer until now. Critical to the product's success is the ability to sell the customer an inventory management solution that costs less than $5,000. Bradley’s Reprocessed Technology has signed a strategic alliance agreement with Waverly Engineering to sell its software products through these VARs. The first product is Waverly Inventory Basic and will be released in May. Bradley’s Reprocessed Technology projects sales of 20,000 units in 36 months. The product will sell for $850. Even though the company is focused on the vertical markets, VARs who sell warehouse are also interested in a low-end data collection solution. Crest Systems will assemble 1,000 plus warehouse management VARs to......

Words: 4635 - Pages: 19

Premium Essay

Marketing Mix of Fictional Product

...Marketing Mix Product Lancôme, founded in France in 1935, and bought by L’Oreal (also a French company) in 1964, is L’Oreal’s high end division of cosmetics, fragrances, and makeups. (“Lancôme”) Research has shown that Lancôme is missing out or underutilizing on a major segment of the market, about half: men. The case study illustrates the growing men’s grooming market in the US: currently $14 billion, and expected to reach $21 billion by 2015. In order to address this, Lancôme needs a product that will reestablish themselves in the men’s grooming market since they have primarily been viewed exclusively as a perfume, makeup, and skin care company, mainly targeting female consumers. What is something men experience and (most) women do not? Balding. Lancôme will introduce a “Hair Restoration Shampoo” targeted exclusively towards men. This shampoo is more of a “preemptive strike” shampoo/conditioner than typical balding ointments/creams, such as Rogaine. The “Hair Restoration Shampoo” is targeted towards men who are showing signs of balding, or fear future baldness in general. We feel the latter has huge opportunity, as almost every man fears going bald at some point in his life. The main competition in this market is Rogaine, a topical hair re-growth product, first made available by prescriptions in the late eighties. (“History of Rogaine”) Rogaine has evolved over the years and, since 2006, has been made available over the counter. The man advantage that...

Words: 324 - Pages: 2

Premium Essay

Product Lifecycle

...A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. The product revenue and profits can be plotted as a function of the life-cycle stages as shown in the graph below: The first stage is known as the Introduction Stage. In this stage, the main goal of the organization is to commercialize the product, and make potential buyers aware of its existence. At this point, the sales generated are usually low and the profits are typically low or none at all. Due to the fact that the company is paying a lot for advertising and brand building, the customer pays a high price for the product. This stage is also characterized by high distribution costs. At this point of time the product offered is still in its most basic form. The second stage is known as the Growth Stage. This stage is mainly characterized, for successful products, by a tremendous increase in sales. New customers are added while existing customers are making repeated purchases. By now however, competitors have introduced similar products, with a large number of sales and competitors the price is lowered to make the product more attractive for potential buyers.”. The next stage for products is the Maturity stage. Typically, this is the longest part of the cycle. At this point of time, their......

Words: 374 - Pages: 2

Premium Essay

Marketing Strategy for Oral Hygine Product

...Marketing Strategy MKT306 Assignment July 2010 University of Sunderland, UK Joey Kwan Lay Kuan Student ID: 089111572 Table of Content Assignment Questions 1 Abbreviations Report 1.0 Executive Summary 2 3 4 2.0 Terms of Reference 3.0 Corporate Objective 4.0 Situational Analysis 4.1 Industry Analysis 4.2 SWOT Analysis 4.3 Competitive Advantage and Core Competencies 5.0 Recommendations 5.1 Segmentation Targeting and Positioning 5.2 Marketing Objectives and Goals 5.3 Marketing Strategies and Programmes 5.3.1 Product 5.3.2 Pricing 5.3.3 Place 5.3.4 Promotion 6.0 Conclusion Reference Appendix 5 7 8 9 11 12 14 15 19 20 21 22 23 25 33 34 41 MKT306 Marketing Strategy Assignment Questions This is an individual assignment as a single report in two parts. 1. Investigation and analysis Choose an individual brand or product line from either the producer and/or brand owner, who are involved in the marketing of an oral hygiene product or products. Investigate and evaluate their marketing strategy using contemporary marketing tools and techniques however this may be illuminated using examples from other companies /organisations. You can demonstrate the effectiveness of the reported policies for the chosen company by giving performance data against competitors in the market (e.g. market share, sales, profitability, etc.). 2. Recommendations Your remit is to put forward your own suggestions covering changes in marketing strategy that will improve the future......

Words: 6919 - Pages: 28

Premium Essay

Marketing Mix Strategy

...Marketing Mix Strategy Product Tablets of Samsung are; Galaxy Tab 7.0, Galaxy Tab 7.0 Plus, Galaxy Tab 7.7, Galaxy Tab 8.9, Galaxy Tab 10.1, Galaxy Tab 10.1v, Samsung Galaxy Tab 2, Samsung Galaxy Tab 3, Samsung Galaxy Tab 4, Samsung Galaxy Tab Pro, Samsung Galaxy Tab S. The Galaxy Tab provides full on-screen 24-bit color. Image quality of text, icons, and menu graphics are excellent. Pictures have high saturation and contrast. ıt has a stylish design that attracts especially young people. Price Pricing is one of the most important features of a product. It tells very much about the product itself and its value. Since the Samsung products especially tablets are one of the best in the competitive market, they use the high price at the beginning. So that they would have higher value than other brands. However, they decrease the price as the product gets old or the alternatives in the market increases. Prices of the tablets are between $159.99 and $749.99 according to their features. Place Samsung takes places in many channels in the market and uses channel marketing concept. In this concept, there are three parts which are sales and service dealers, modern retail and distributors. Sales and service dealers have relationship with Samsung and they are in institutional sales. In modern retail, there is a retail chain. Samsung has a big role among retailers. Third segment is taking place through distributors. Samsung has a one distributor who is responsible for......

Words: 389 - Pages: 2

Premium Essay

Marketing Mix

...Home » marketing concepts » Pricing Pricing In the narrowest sense, price is the amount of money charged for a product or service. More broadly, price is the sum of all the values that consumers exchange for the benefits of having or using the product or service. PRICE – The amt of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service. “One can define price as that which people have to forego in order to acquire a product or service.” What does a buyer think? To a buyer, price is the value placed on what is exchanged. Something of value – usually purchasing power – is exchanged for satisfaction or utility. Purchasing power depends on a buyer’s income, credit, and wealth. Buyers’ concern about price is related to their expectations about the satisfaction or utility associated with a product. Buyers must decide whether the utility gained in an exchange is worth the purchasing power sacrificed. Different terms can be used to describe price for different forms of exchange, (rent, premium, toll, retainer, fee, interest, etc.). Historically, price has been the major factor affecting buyer choice. This is still true in poorer nations, among poorer groups and with commodity products. However, non-price factors have become more important in buyer-choice behavior in recent decades. Price is also one of the most flexible elements of the marketing mix. Do you agree ? Unlike product......

Words: 2260 - Pages: 10

Premium Essay

Pharmaceutical Marketing Mix Strategy and Physician’s Prescription Behavior

...The Pharma Innovation Journal 2014; 3(7): 08-12 ISSN: 2277- 7695 TPI 2014; 3(7): 08-12 © 2013 TPI www.thepharmajournal.com Received: 14-08-2014 Accepted: 28-08-2014 Rizwan Raheem Ahmed Professor, Department of Business Administration & Commerce Indus University, Pakistan Pharmaceutical marketing mix strategy and physician’s prescription behavior Rizwan Raheem Ahmed ABSTRACT Purpose: This research paper gives an insight about the processes used by local and MNCs pharmaceutical companies in Pakistan.The purpose of our research is to examine that what factors affect physician prescription behavior based on ethical grounds. Methodology: This research focuses on the strategies and marketing tools used by pharmaceutical companies in Pakistan, and how Physicians behave against all these marketing strategies in terms of Prescription patterns. The questionnaire survey method is used for data collection and SPSS is used for Correlation and Regression techniques for the understanding of Physician’s prescription behaviour. Findings: The data analysis figuring out the correlation of these variables with the subject of the study i.e. factors influencing the prescribing behavior of the physician. The data shows the significance level of individual independent variable as Promotional tools. According to the results of Multiple Regressions Analysis (MRA) the researchers can conclude that independent variables have significant relationship with dependent variable. Therefore other all......

Words: 3490 - Pages: 14

Premium Essay

Marketing Strategy for Products

...Running head: Marketing Strategy for Products Discuss the type of product the company will offer and identify its primary characteristics. The type of product the company will offer is a game system called the Genius 3D. Some of the primary characteristics of this gaming system are portability, 3D graphics and twelve month warranty. The Genius 3D game system has the ability to be played anywhere at any time. Genius 3D is the size of the Blackberry Playbook tablet, which is seven inches. It has a screen, keyboard, and up to four USB controllers that are the size of an iPod. The controllers can be wireless, and then there are some with cords, so it just depends on the user’s choice. The controllers of the Genius 3D is fully touch screen, so there is no major risk of buttons popping of the controller. Instead of constantly rolling up the controller when the user is done playing, the controller has a button that retracts the cord itself, so there is a less chance of shortage within the cord. Genius 3D comes with a carrying case that can hold the game system itself along with the controllers. Genius 3D has 3D glasses that does not require the user to have 3D glasses. The 3D graphics has high definition. The graphics makes the game seem as if it can reach out and touch you. First-person shooter games are great to play on the Genius 3D because it brings the graphics out even more to the user, and it makes them feel like they are actually in the game. Genius 3D has......

Words: 1185 - Pages: 5

Premium Essay

The Marketing Mix

...on relies fine-tuning of and constantly adjusting the marketing mix using the marketing management process. In today’s hypercompetitive marketplace, when a firm has the right marketing mix chances for success are very good; if the marketing mix is only marginally successful a firm’s future is in doubt. This paper will briefly describe the marketing management process. Next the elements of the marketing mix are described. Along with each element, examples are provided showing how each part of the marketing mix affects the development of an organization’s marketing strategy and tactics. “The marketing management process is the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans” (Perreault, Cannon, & McCarthy, 2009, p. 32). Planning activities include setting objectives, evaluating opportunities, creating marketing strategies, preparing marketing plans, and developing a marketing program. Implementing the plan is putting everything into practice. Controlling the marketing plan after implementation includes measuring results, evaluating progress, and adjusting the marketing mix accordingly. Through the marketing management process as part of defining the marketing strategy, a firm defines its marketing mix. When a firm hits on the right combination of the four Ps of the marketing mix, it will enjoy success. The four Ps are “…controllable parameters likely to influence the consumer buying process and......

Words: 1862 - Pages: 8

Premium Essay

Marketing Mix

...Chittagong Independent University (CIU) Chittagong Independent University (CIU) MARKETING MIX PROCEDURES: - A Case Study on “BSRM Xtreme 500W” Submitted to: Mr. Abu Sohel Mahmood Assistant Professor Independent Business School Chittagong Independent University Submitted by: Shaikat Saha ID: 15151009 ACKNOWLEDGEMENT I like to take the opportunity to express my sincere gratitude to those without the blessings and cooperation this report would not have been possible. First of all, I am grateful to Almighty Allah who has created all the things and make it possible to enjoy them for our good selves. He also gives me opportunity to finish this report in time. I like take the opportunity to thank my supervisor – Mr. Abu Sohel Mahmood, Assistant Professor, Independent Business School, Chittagong Independent University, for his guidance, constant and spontaneous support and constructive suggestion. Without his help this report could not have been possible. This is the way by which I can extend my heart felt thanks to the contributors of generous help I have received from many sources of BSRM Group of Companies. I like to express my tributes and gratitude to BSRM Group of Companies, Head Office, Ali Mansion, Sadarghat Road, Chittagong, Bangladesh for giving me the opportunity, appointment for discussions and collection of data from internal sources. I will never forget the contribution of all the staff and managers of BSRM Group of Companies, Head...

Words: 6955 - Pages: 28

Premium Essay

Product-Mix Strategies

...Chapter 9 Product-Mix Strategies A product mix is the set of all products offered for sale by a company. A broad group of products, intended for essentially similar uses and having similar physical characteristics, constitutes a product line. Marketing executives can choose from a variety of positioning strategies. For example for some products the best position is directly against the competition. Another strategy is associating the company’s product with (or distancing it from) a product class or attribute. Also certain producers and retailers are known for their high-quality products and high prices. Product-mix expansion is accomplished by increasing the depth within a particular line and/or the number of lines a firm offers to customers. When a company adds a similar item to an existing product line with the same brand name, this is termed a line extension. There are many reasons for line extensions but the main one is that a firm wants to appeal to more market segments. Another way to expand the product mix, referred to as mix extension, is to add a new product line to the company’s present assortment. Under a mix-extension strategy, the new line may be related or unrelated to current products. Improving an established product, termed product alteration, can be more profitable and less risky than developing a completely new one. Another strategy, product mix contraction, is carried out either by eliminating an entire line or by simplifying the assortment......

Words: 334 - Pages: 2

Herb Grinder Tobacco Cutter Hand Muller Shredder with Tobacco Storage Case | Watch movie | Misaki Kuno