A STUDY ON
“MARKETING STRATEGY ON MILKY BAR CHOCOLATE ”
(WITH REFERENCE TO MILKY BAR COCOLET)
MARKETING MANAGEMENT
Introduction
Marketing in simple terms can be said to be “A human activity directed at satisfied needs and wants through an exchange process.” Marketing as a functional area of management is becoming extremely important as compared to other fields. All decisions in modern business organization revolve around information related with marketing decision making situations, which are characterized by Distribution Strategy, Channel members and Product decisions. The Product Decisions, customers assess a product’s value by looking at many factors including those that surround the product.
In a constantly changing business and market scenario, maintaining the channel members becomes more challenging in such a situation only innovative technology, good product and committed people, accompany can take the lead over its competitors.
Value for the product and services refers to the quality of product and services offered to the customers. Several surrounding features can be directly influenced by channel members, such as customer service, delivery, and availability. Consequently, a channel partner involves a value analysis in the same way customers make purchase decisions. This area becomes the most important from the company as well as customer point of view. This helps the company to know better their customers and provide them with what they are expecting.
It is not possible for a market to have similar strategies for product promotion amongst all individuals. Kids do not get attracted meant for adults and vice versa. Every segment has a different need, perception and interest. No two segments can have the similar idiocies or require products. Market
A market is defined as the sum total of all the buyers and sellers in the area or region under consideration. The area may be the earth, or countries, regions, states, or cities.
Marketing
Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large." The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering views marketing as "a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new approaches."
Marketing management
Marketing management is the organizational discipline which focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of a firm's marketing resources and activities.
Marketing strategy
Marketing strategy that measures how products or services supplied by a company meet or surpass a customer's expectation. Marketing strategy is important because it provides marketers and business owners with a metric that they can use to manage and improve their businesses.
OBJECTIVES FOR THE STUDY
- To study the customer perception about the Milky Bar Chocolate.
- To determine the consumer buying behavior with respect to Milky Bar Chocolate.
- To know the customer perception towards the price of the Milky Bar Chocolate.
- To know there influence of advertising on buying behavior of customers towards Milky Bar Chocolate .
- To identify the level of marketing strategy toward Milky Bar Chocolate.
NEED FOR THE STUDY
As retailer, each of has a vast number of perceptions toward products, toward services, toward company or industry, etc. It is difficult to imagine in any research project that does not include the measurement of some aspects of retailer’s s perceptions. The size of the market is vast and constantly expanding, thus resulting in a vast number of competitors entering the market. Billions of dollars were being spent on goods and services by tens of millions of people. The growth of the retailer’s movements created urgent need to understand how competitors form strategies and capture the market share and take strategic decisions. For example, in order to discover how retailers respond to the promotional offer, advertisement and distribution or service. (E.g. promotional appeals, package labels, warranties, discounts, etc.).
The study of retailer’s perception and market share would provide the company with necessary insights to develop the product, its pricing strategy, and to design persuasive promotional strategy, distribution system and develop defensive strategies and elimination strategies to remove the competitor’s product from the market or some promotional strategies to increase the market share of particular products and brands. It would also support the organization to analyze its drawbacks .
SCOPE FOR THE STUDY
· The scope of the study is limited. The study is a very minor contribution to the company as it is only restricted to the twin cities. The study would only be a drop in the ocean, Can help the distribution in this area.
· The study can be conducted on a national basic too with a large sample size and interviewing many numbers of respondents.
Methodology
Research Design
Once the problem is identified, the next step is the research design. Research design is the basic framework of rest of the study. A research design specifies the methods and procedures for conducting particular study. In this project we are following descriptive research design.
Source of Data
There are two types of data:
1. Primary data
2. Secondary data
Primary Data
The primary data is fresh information collected for a specified study. The primary data can be gathered by observational, experimentation and survey method. Here the entire scheme of plan starts with the definition of various terms used, units to be employed, type of enquiry to be conducted, extent of accuracy aimed etc.,
Secondary Data
The secondary data refers to data, which already exists. The secondary data collect from internal records, business magazines, company websites and Newspapers.
SAMPLE SIZE
For suing this research we selected a total of 20 students and conducted survey over them.
SAMPLING METHODS
For doing this research we use the following research methodologies.
Convenience sampling method
The convenience sampling method is a type of sampling method in which the researcher chooses the sampling units on the basis of convenience or accessibility. It is called accidental samples because the sample – units enter by accident. The convenience sampling method is very much use full because they are easily accessible.
LIMITATIONS
- The study was confined to limited consumers only
- The duration of the study was restricted for 8 weeks only, which is not sufficient to study the entire consumer in the market.
- The analysis cannot be straight away used in decision making, as simple is very small when compared to the total consumers in the market.
- The present study deals with Milky bar chocolate brand.
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