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A Marketing Strategy for Nestle's Milo
Overview
In this brief I am going to discuss the key features of my marketing mix and create my marketing strategy by using the information attained from my SWOT analysis, PEST analysis and a Competitive Audit. I am going to choose an area of the product (Nestle's Milo) that I feel needs improving and improve it. To achieve this I’m going to use the four
P’s to meet the objectives of Nestle and the needs of customers.
I have chosen to improve the packaging (the product factor of the marketing mix) because I believe that it is inadequate in quality and it is the area that could give Milo that competitive edge. Also if I’m going to promote it in the UK through advertisements and promotional activity it appearance should be at its optimum.
The Marketing Mix
All businesses need a marketing mix to achieve its marketing objectives. The marketing mix refers to the factors known as the four
P’s
* Product
* Place
* Price
* Promotion
In marketing, product refers to both goods and service. Goods are physical objects, such as sports clothing, home entertainment equipment or food and drink. Services involve a combination of skills, information or entertainment, such as football match, use of a swimming pool or a theatre production. There are three critical factors to consider when developing a product:
* Product characteristics
* Position of the product within the product life cycle
* Brand image of the product
Without one of these three factors the product will not sell to its potential. Product characteristics like the brand are very essential when developing a product. Branding is the process that gives a product or service a distinctive identity with the aim of creating a unique image that will make it easily identifiable and separate from its competitors. For example, in blind tests 51 per cent of people prefer Pepsi. However, when customers can see the brand that they are drinking, 65 per cent say that they prefer Coca-Cola. What these 65 per cent of people are in fact saying is that they prefer the brand represented by the Coca-Cola image rather than the product itself.
Place involves the location and availability of a product or service and the method by which it is distributed to consumers. If a product or service is not accessible to potential customers, then no matter how well it has been priced and promot...
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... be an advantage to Milo because as stated in my SWOT analysis “Sponsorship through sporting events” shows that Milo has an opportunity to expand.
I would (again) like to promote the product Milo in the UK because it is stated in my SWOT analysis that “Promotion hasn’t been done in the
UK” and as a result of this competitors should have a competitive edge over Milo. Also stated in my Competitive Audit “Currently no promotion in the UK” suggests that product awareness is minimal. The only promotion available to the UK on Milo is websites; “Websites promotion is available to the UK” as stated in my Competitive Audit. This may not help the sale of Milo as it does not state in my Competitive
Audit. This may not help the sales of Milo as it does not state where people may be able to purchase the product. An opportunity that may save money for Milo is by using advertising methods from Australia as
Milo have “Good sponsorship and adverts in Australia” as stated in the
Competitive Audit. A disadvantage of this is that the UK population may prefer a different kind of promotion to those of Australia hence; if promotion is not done correctly competitors will gain a competitive edge over Milo.
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During the Simply Soups, Inc. audit, we were responsible for confirming the balances for each of the company’s bank accounts. The purpose of sending confirmations is to obtain a reasonable expectation that the balances presented on the books reflect the actual values recorded by the banks, addressing any issues of existence. In addition to providing validation from a reliable source, confirmations also allow us to reconcile any issues concerning money in transit.
During the audit 213 sales transactions were examined to test revenue controls; 82 deviations were found and are as follows:
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A Competitive Audit of Nestle's Milo. I plan to produce a SWOT analysis, PEST analysis and a Competitive Audit on Milo. This is because I’m going to need to produce a good analysis of the market place, if I intend to create the best marketing strategy. This is important because there are a range of options available when creating a marketing strategy. Without these analytical processes, I will not be able to identify, which strategy is appropriate.
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