2020 Exam Essay Response PDF

Preview

Summary

Exam essay response for 2020 Autumn Exam...

Description

Marketing Principles – Part A Essay: An expansive and well-known family business, Bulla has launched yet another desirable product into the market, Bulla Murray St. Despite rival products from its competitors Haagen-Dazs and Homer Hudson, Bulla has a nation-wide reputation for exquisite tasting products which are sourced and created from local ingredients therefore enticing customers to purchase their product as a way to support family owned local businesses. In accordance with Roy Morgan’s Value Segment of Visible Achievement those who are more inclined to buy Bulla Murray St are individuals who have successful careers and behaviours influenced by social status and income, therefore they will purchase a product which provides value for money. With a renowned reputation and recognition and success in competitions, it is no doubt that with a successful marketing plan and understanding of market segmentation that Bulla Murray St premium ice creams will be a best seller.

Currently Bulla offers a variety of dairy products which ranges from milk to yoghurt, all of which are staples in one’s kitchen. To further infiltrate the market and provide consumers with a premium product option, Bulla has developed a locally produced option of premium ice cream which may be highly successful as people are inclined to support local and family owned businesses. Made with the finest of ingredients; fresh local milk, cream and freerange eggs using skilful craft accumulated through six generations has resulted in a premium product available in two options, 500mL tubs and ice cream sticks to best suit the consumer’s preference. Despite other various products available on the market similar to Bulla Murray St (as mentioned above), it is a locally produced product with great value for money as it’s produced from a reputable and well-loved business. It is a skilfully created artisan product which is offered in four flavours; Coffee Swirl & Cookie Chunks, Caramel Maple & Macadamias, Vanilla Bean & Chocolate Almonds and Caramelised Peanut Brittle. Visible achievers are more inclined to purchase products that return a great value for money which is exactly what Bulla Murray St has to offer. A locally produced premium product made from exceptional ingredients and in different flavour palettes, this product will be successful on the market, especially amongst visible achievers.

Using the ‘pull’ promotional strategy to promote and advertise Bulla Murray St would prove most effective to entice consumers. Through strategic and thoughtful marketing, Bulla can directly promote their product to the final consumers through the use of advertisements and social media. In return, enticed customers are pulled to the product and will seek the product through distributors such as Coles, Woolworths and possibly independently owned stores, the push for this demand seeing a return in rise of popularity and sales. Visible Achievers are inclined to do their own research and review before making a thoughtful purchase, so by seeing the advertisements of Bulla through their use of the ‘pull’ promotional strategy, they will have great knowledge and recognition of the product and therefore will be inclined to purchase Bulla Murray St products.

To further expand the distribution of Bulla Murray St, selling the product in locally owned locations as well as independent stores may prove to be successful. Although IGA stores are a nationwide franchise, each store is independently owned and run bringing in regular locals who support small businesses. Visible achievers are successful, independent people therefore may be inclined to support independent businesses such as IGA and locally run grocery and health food stores. The most appropriate customer marketing channel for this product is channel 2, which involves the product being sold from the producer to the retailer, and then sold onto consumers. This is the best choice as there are not many disruptions in the distribution process and customers are able to receive the product through two family run businesses if products were sold through IGA and independent stores. Individuals who do shop and support local family owned businesses such as IGA will be further inclined to purchase Bulla Murray St products as they are produced by one of the largest family owned businesses in the nation.

Bulla Murray St products have a RRP of $10.00 for both the 500mL tub and 4 x ice cream sticks, making it a higher price among the range of options. This high price puts it among products of Haagen-Dazs and Homer Hudson who both have a reputable reputation and popularity as well. The difference that Bulla Murray St has between its competitors is although they’re sold at the same price, this product is sourced and produced from local ingredients and when purchased, support for local and family owned businesses is established. Bulla have demonstrated good-value pricing which is the best suited as the right

combination of quality and good service is offered at a great and reasonable price. Visible Achievers are influenced by psychological factors which greatly affect their decision when making purchases so although the product is sold at the premium price of $10.00, they are able to justify the purchase as the product provides great value for money.

In conclusion, through the use and implementation of an enticing and thoughtful marketing plan, the popularity and sales of Bulla Murray St will no doubt be high in volume. Although there exists competition with its competitors in the premium price range, as a locally produced product by a family business, consumers would be more enticed to purchase Bulla Murray St over its competitors. The main target market enticed by this product is that of Visible Achievers as described by Roy Morgan’s value segments, who are individuals who make thoughtful decisions before purchases and are willing to pay a higher price for a product with a great value of money. Therefore through a successful marketing plan and reliable customer base, it is inevitable that Bulla Murray St products will be successful in the current market landscape....