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In the business of candy, Mars Inc are a dominant body in
this market. It is an international multi-billion dollar company which their
predominant factor of success lays within their marketing strategy. To continue
to retain this generous share of the market, they have incorporated marketing
strategies. These strategies include adapting to new markets and customer
needs, adapting to new health regulations, advertising strategies to target a
specific audience, competitive product pricing, uses different and innovative
strategies when entering a new market as well as locating and acquiring smaller
rival brands to increase its share in different countries. These strategies are
imperative for Mars Inc as they are the tools needed in order to remain a reputable
and attractive brand to customers. The tools will allow the brand to dissect a
market and evaluate the conditions within it to be able to create a product
that will be desired by the consumers. Consumers’ eating habits, government
legislations, weather and competitors change continuously; it is up to the
marketing department to evaluate all of these factors in order to guide the
company’s objectives accordingly. Mars Inc uses the 4Ps marketing strategy (Promotion, Product,
Place, and Price), this well known strategy covers every area marketing can reach.
By applying this to their objectives; they can diversify and adapt superiorly
to their competitors by executing specified advertising, great-for-value
pricing, develop desire products and adapt these products to its countries
consuming habits. Together this makes Mars Inc a master of providing exactly
what consumers need, or furthermore gives consumers a need for a product Mars
Inc has created.

 

Mars Inc are a parent company
which have a wide range of different products; each company has its own
particular product that targets its specific market. It simply must ensure they
create a profit for the parent company. Each company owned under Mars Inc are
freely allowed to follow their own marketing strategy relieving themselves from
compulsion. Aside from this, they have popular products such as a Mars Bar. The
marketing department ensure that this chocolate bar is sold and distributed in many
different countries through supermarkets, vending machines, online and even
corner shops. This system has an advantage to its competitors as it is easily
available to any consumer. It is even made in a peanut-free factory so that
there are no traces of nuts. This has an advantage against its competitors as
Mars Incs’ marketing department are conscious that a lot of people have nut
allergies; the result is that it will provide for those consumers whilst taking
them away from its competitors. When incorporating its Mars Bar in different
countries, it has enticed consumers to win products so that consumers will
advertise the product themselves from word of mouth. It taken advertising to a
whole new level, Mars Inc have teamed up with Realeyes,
a firm that specialises in artificial intelligence capable of analyzing the
emotion of the viewer through facial recognition. This actually gives Mars Inc
the power to review how efficiently their ads will be; in drawing consumers to
buy their product and if their ads have had an impact on sales. It will allow
it to create a superior ad in which will attract consumers over from its
competitors.

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To diverse its business
model, Mars Inc have implemented a mid-pricing strategy in all of their
products, this is because its main target audience are from low to upper class
with ages ranging from teenagers up to elderly. Mars Inc have done this by
considering factors such as advertising, margin costs, and distribution. This
gives a wide spectrum of consumers the ability to purchase their product while
Mars Inc maintain a good profit margin, to ensure the quality of their product
remains high to justify the costlier pricing than its competitors. To add on to
this, Mars Incs’ marketing department have evolved with the growing
consciousness of health within today’s society. It has been brought up by the public
and government that the growing concern of sugar in chocolate bars has
contributed to the growing numbers of child obesity. Mars Inc have executed
several changes within their product of Mars Bar in order to address these
concerns. For example, “A Mars spokesman said:
“As part of our global commitment to promote responsible consumption, and
as a signatory of the Responsibility Deal’s calorie reduction pledge, we said
we would ensure that all our single-serve chocolate products would contain no more
than 250 calories per portion.”” By taking action this way, it has reduced
the size of the chocolate bars (saving costs) while maintaining the same price
all in the name of the new health regulations. This benefits not just Mars Inc
financially but that of the publics health too. Their marketing department even
realise that changing the product can become detrimental to loosing the brands
taste its customers are used to when they mention “Mars said it had little
choice but to reduce the size of the products because there was a limit to what
could now be achieved through reformulation.” Each factor in this stunt has
been correlated towards the success of the business – becoming appreciated by
the public by acting upon concerns, to cut costs and reduce the size of the bar
and to avoid changing the taste and quality of the product. Mars Inc remain
transparent to the public via their website which explains their marketing
code, for example they refuse to market to children below the age of 12. Their
advertisements, for such as their MnM products, they retain their popular MnM
characters. Although they have tweaked the characters voices to sound like
adults and changed the humour so that only adults will understand and appeal to
this product. This incredibly clever marketing strategy has curbed consumer
concerns over child indulgence while continuously building its brand trust and
augmenting profits.

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