How might Cadbury introduce a new product successfully?
|✓ Paper Type: Free Assignment||✓ Study Level: University / Undergraduate|
|✓ Wordcount: 315 words||✓ Published: 12th Jun 2020|
QuestionHow might Cadbury introduce a new product successfully?
AnswerTo successfully introduce a new product Cadbury, or any company, must ensure they pay attention to a few essential requirements. Most crucially, they must ensure that the product satisfies a demand that exists within the market. To do this the core value offering of the product must match with one demanded by consumers. The nature and scale of demand should be tested before the product is designed, and certainly before it is launched. But, even with a great product, they must ensure that it is properly marketed. To do this they can follow the marketing mix (4Ps); which is price, product, promotion and place. Price – the product must be priced so that it is competitive within the market and attractive to consumers. For example, a new 100g chocolate bar would not be successful if Cadbury priced it at £100. Product – the product must be of suitable quality and must fulfil a market demand. Promotion – this is the way that the company raises awareness of the product. Promotion is a key aspect of marketing and is vital to ensure that the product reaches a wide audience and generates enough sales. Place – the product must be suitably available for consumers to buy This is very important for Cadbury, who sell their products to a vast range of retailers. They must ensure that it is stocked in a wide enough range of locations, and that it is produced in sufficient volume to avoid stock shortages. Cadbury should also consider the targeting and positioning of the product. That is, who they are aiming to sell it to, and how is it considered in comparison to competitors. This is an important consideration in the saturated and diverse confectionary market where Cadbury must ensure that their product is suitable differentiated from established competitors.
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