Balancing the marketing mix through creative and innovative strategies A Kellogg's case studyIntroductionThe Kellogg company was founded in 1898 by W.K. Kellogg and his brother, Dr. John Harvey Kellogg. Through experimentation with flaked corn, W.K. Kellogg created the recipe for Corn Flakes. In 1906, he opened the "Battle Creek Toasted Corn Flake Company" and recruited his first 44 employees. Together with these employees he developed the initial batch of Kellogg's Corn Flakes bringing to life his vision for great-tasting, 'better-for-you' breakfast foods.Kellogg embraced every opportunity to make a difference in peoples' lives and was motivated by his passion to help people improve th ...view middle of the document...
The marketing mixMarketing is a key business function that enables a company to ensure that its products and services either match or exceed a customer's needs or expectations. The Chartered Institute of Marketing defines marketing as:"Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably."A marketing strategy determines what a company is going to produce in terms of products or deliver in terms of services, how much it is going to charge for these products or services, how it will deliver these products or services to the customer, and how it is going to tell its customers about its products and services. This is known as the marketing mix and is often referred to as the 4Ps of marketing. The mix involves creating the right product, sold at the right price, in the right place, using the most suitable methods of promotion. Although the marketing mix will vary from business to business and market sector, its purpose is to assist a business to balance these four key factors to meet the needs of the customer.Kellogg's balances the 4Ps by: • offering a wide range of popular products and regularly introducing exciting new products tothe market - Product • pricing its products to ensure that customers receive the best possible product for their money - Price • help ensuring its products are available wherever shoppers are, from supermarkets, to theinternet or on-the-go, and by understanding shopper behaviours - Place • delivering engaging and exciting marketing communications - Promotion.Every business will determine its own balance of the 4Ps to suit the needs of its customers. In addition, a business needs to incorporate other factors into the mix; internal factors such as the amount of finance for marketing, the types of products being sold, as well as external factors such as the market sector and competitors' products and services.Marketing strategies and market researchThe marketing strategy of a company sets out its overall aims and objectives through a detailed plan. For many businesses a key objective within the strategy will be to increase profits and gain market share.One of Kellogg's marketing objectives is to get its products into as many households as possible by providing new ways to make a positive impact on people. To achieve this objective Kellogg's needs to undertake detailed market research to understand and test the market for customer preferences.In a groundbreaking initiative Kellogg's created and implemented a Crunchy Nut (CN) restaurant in 2012, and again in 2013, which invited consumers to a unique 'outdoor' experience to taste new products and actively engage with the Crunchy Nut brand."You are invited to enter the Crunchy Nut restaurant - at your own risk! Inside you can enjoy one of the eight irresistibly tasty options from the menus with a choice of juices to compliment your food."Located at the Manchester Arndale shopping cent...
