INTRODUCTION
There are so many things related to marketing field that we mentioned in this article, this article talks about marketing Velveeta Cheese for customers with slogan: “make your best customers even better”. In this report, this article is mentioned about marketing mix 4P: product, price, place and promotion, analyze about new products into new market and exist market, exists product into new market and exist market and different stages of consumer involvement in the AIDA process affect the promotional mix through Velveeta Cheese product.
“Velveeta is the brand name of a processed cheese product having a taste that is identified as a type of American cheese, but with a softer and smoother texture than cheese. It was invented in 1918 by Emil Frey of the Monroe Cheese Company in Monroe, New York. In 1923, the Velveeta Cheese Company was incorporated as a separate company, and was sold to Kraft Foods in 1927” (source: en – wiki: Wikipedia: Velveeta).
When the company sold Velveeta for Kraft, they said that this cheese brand had only moderate growth prospects. This product started to work Kraft. Kraft Company distributed this product on many supermarkets and sold to super – consumers.
Kraft Company also focused on tastes of consumers in order that cheese was suitable to customers such as: the product has half the fat and cholesterol and twice the protein and calcium.
Monroe Cheese company learn the important thing from Kraft to analyze supermarket scanner and customers panel data. They also find out tastes of customers through questionnaire to collect information through e-mails and phone number.
The company must also find out many retail partners to increase their sales and create new famous brand cheese in the market.
MARKETING MIX WITH VELVEETA CHEESE PRODUCT
In doing business, how to compete with the other competitors to occupy the highest position in the market is one of the most important objectives of most enterprises. In order to do that, Velveeta cheese product has to research more advantages in different sides compare with the other such as: the production facilities, qualities of the products and services, the marketing strategies to attract customers and so on. That is the basic and necessary elements that a corporation have to executive their business. When the company compare with the other competitors, the company should focus on analyzing the products and the strengths of company. In this article, Velveeta cheese product wants to attract more customers than before in order that the company can increase their sales. With this reason, the company needs to research about four elements of marketing mix: product, place, price and promotion.
PRODUCT: Velveeta Cheese product had been launched to use for burgers and sandwiches, this is the strength of this product. First, product is the one that will be discusses and analyzed, there are some information about the features and attribute of the product. FAB and USP are the most popular factors to have the fullest information about the product and through that the company can also know about the successful percentages of that product when they are launched to the market. FAB with F is feature, A is advantage and B is benefit, this is the three most outstanding factors which are used to analyze about a new product. And USP is unique selling promotion (or point) which describe about the aspect of product, about the service, offering or transaction of the product. With Velveeta Cheese product, the company wants to attract many customers to use this product, the company must research about tastes of product and research new markets for penetration also, and the company can base on two factors to develop the marketing strategy for Velveeta cheese product.
PLACE: Velveeta cheese product launch into super- consumers, Kraft Company distribute this product for supermarket. And the result was so surprising because the sales of increase, increase 10% of buyers but accounted for 30% to 40% of revenue and more than 50% of profits.
PRICE: Velveeta cheese product has the price about $2.00, when this product is sold in the supermarkets, super – consumers chose to buy because of quality and suitable price. With this reason, Kraft focused on these super – consumer a group size with 2.4 million.
PROMOTION: in this article, the promotional program of Velveeta cheese product is: paying large sums to deliver coupons to customers who have not bought product in month.
ANSOFF MATRIX AND AIDA PROCESS
ANSOFF MATRIX: “To portray alternative corporate growth strategies Igor Ansoff presented a matrix that focused on the company’s present and potential products and markets (customers). By considering ways to grow via existing products and new products, and in existing markets and new markets, there are four possible products – market combinations”.
(Source: http://www.quickmba.com/strategy/matrix/ansoff
“Ansoff matrix provides four different growth strategies:
– Market penetration: the company seeks to achieve growth with existing products in their current market segments, aiming to increase its market share.
– Market development: the company seeks growth by targeting its existing products to new market segments.
– Product development: the company develops new products targeted to its existing market segments.
– Diversification: the company grows by diversifying into new businesses by developing new products for new markets (source: quickmba: ansoff matrix).
Market penetration: the market penetration strategy is the least risky since it leverages many of the company’s existing resources and capabilities. In a growing market, simply maintaining market share will result in growth, and there may exist opportunities to increase market share if competitors reach capacity limits.
Market development: market development options include the pursuit of additional market segment or geographical regions. The development of new markets for the product may be good strategy if the company’s core competencies are related more to the specific product than to its experience with a specific market segment. Because the company is expanding into new market, a market development strategy typically has more risk than a market penetration on strategy.
Product development: product development strategy may be appropriate if the company’s strengths are related to its specific customer rather than to the specific product itself.
Diversification: diversification is the most risky of the four growth strategies since it requires both product and market development and may be outside the core competencies of the company”.
Source: http://www.quickmba.com/strategy/matrix/ansoff/
AIDA PROCESS
AIDA is an acronym used in marketing and advertising that describes a common list of event that may occur when a consumer engages with an advertisement.
– A – Attention: attract the attention of the customers.
– I – interest: raise customer interest by focusing on and demonstrating advantages and benefits.
– D – Desire: convince customers that they want and desire the product or service and that it will satisfy their needs.
– A – Action: lead customers towards taking action and purchasing.
(Source: http://en.wikipedia.org/wiki/AIDA_%28marketing%29)
In this article, Velveeta Cheese product use the promotional program focus on benefits and research taste of customers to increase sales of product.
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