How Hershey Food Uses the Marketing Mix in its Business Model
A marketing mix is a tool that helps a business to create and implement a business strategy. For instance, it can help it to determine whether a particular product is suitable for a target market. According to Jackson and Ahuja, “ The marketing mix is the marketing manager’s set of key tools that can be adjusted, improved or changed to match the needs of the marketplace, to gain competitive advantage and to optimize the organization’s stakeholder value” (174). This mix comprises of promotion, price, product, and place. This essay will explain how Hershey uses these tactics in its business strategy.
Hershey Company is an American chocolate manufacturer that was founded in 1894 by Milton Hershey, who started his company in a town that is currently known as Hershey. The famous brands under Hershey include Kit Kat wafer bar, Hershey Kisses and Hershey Hugs chocolate, M&M, Twizzlers candy, among others. In addition to chocolate, the company also manufactures baked food such as cookies, cakes, and milkshakes.
Communication strategies and methods are promotional components of marketing that a company will use. This function defines how a business will carry out advertising, sales promotion, and public relations. Hershey Foods applies a micro marketing strategy-this means that it targets a small audience, and tailors specific products to this audience. For instance, Hershey’s kisses can be personalized for a bridal shower- by color and design. In advertising, Hershey uses channels such as billboards, magazines, and online advertisements.
The prices of Hershey products indicate that the company is a premium brand. The organization targets a small group of consumers with products made specifically for them. Premium branding refers to the pricing of products way above those of competitors. Additionally, the consumers of this product must be ready to pay this price. For example, there are plans to increase the rates of some of its products by 2.5 percent; this as a result of an increase in operational costs.
Product strategy defines where the product is going, how it will get there and why it is likely to succeed. Hershey Foods offers its products in a wide array of shapes and sizes. According to Blut et al., “… product and service management represents a key area of retailing…” This strategy means showing the consumer the satisfaction they will get by consuming a particular product. It also indicates how the product is marketed using other marketing functions. For instance, the shape of Hershey kisses appeals to the diet-conscious consumer who loves chocolate, as it is bite-sized, thereby satisfying the chocolate craving in a small serving.
Place in the marketing plan refers to how Hershey makes its products available all over the world. The place function includes considerations such as coverage, location, and channels. Hershey products are available in traditional stores and online on sites such as Amazon and eBay.
As an organization, it is essential to plan for the right combination of the marketing mix to use in attaining profit goals (Tomczak et al. ,172). No one marketing mix function can work on its own. Hershey uses a mix that satisfies its consumer, thereby enabling it to be a market leader and a successful global brand.
Works Cited
Blut, Markus, et al. “Testing Retail Marketing-Mix Effects on Patronage: A Meta-Analysis.” Journal of Retailing, vol. 94, no. 2 June 2018, pp. 113-135. https://doi.org/10.1016/j.jretai.2018.03.001
Jackson, Graham, and Vandana Ahuja. “Dawn of the Digital Age and the Evolution of the Marketing Mix.” Journal of Direct, Data, and Digital Marketing Practice, vol. 17, no. 3, Dec.2015, pp. 170-186. https://link.springer.com/article/10.1057/dddmp.2016.3
Tomczak, Torsten. Strategic Marketing. Wiesbaden, Springer Gabler, 2018.
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