Adapting the Marketing Mix by Andy Parker https://padlet.com/apcogc2/gbm8zzwkm2gloxgh Post 3 key lessons you have learnt about responding to external pressures from listening to the podcast. en-us 2022-09-21 08:57:27 UTC 2022-10-27 10:15:11 UTC hello@padlet.com 3 Key Lessons https://padlet.com/apcogc2/gbm8zzwkm2gloxgh/wish/2358818298 1. The first thing they did was carry out market research to evaluate which products were selling best in order to market appropriately, and found out they were out of stock 30% of the time. This helped them a lot as it meant they could then increase production of those products distribute evenly. 

2. Hershey’s finally had to double the price of their products after 75 years due to costs, when their competition did this a long time before. This created a backlash for them as people mainly bought them as a childhood memory and no longer believed was value for money. 

3. The new legislation and war on inflation means product prices freeze and chocolate making costs go up. Hershey’s decide to stop ads for every product except kitkat, and Mars take this opportunity to push their advertising efforts further and become the #1 candy company. This shows it’s not always best to cut corners to save money and that advertising is needed to sell the products more than ever. 

Erin


]]> 2022-10-27 10:04:54 UTC https://padlet.com/apcogc2/gbm8zzwkm2gloxgh/wish/2358818298 3 Key Lessons https://padlet.com/apcogc2/gbm8zzwkm2gloxgh/wish/2358822819
  1. Advertising is very important when releasing a new product as it helps to make people aware of the product and gets people talking about the product. If the company does not advertise then people would not be aware of the product which will result in customers going to competitors. 
  2. Bringing in new employees to the company can help bring in new and fresh ideas that current employees may not have thought of. These new ideas can help the company remain competitive. 
  3. Companies should have a long-term plan. By having a long-term plan, the company can make goals and plans for the future that will help to improve the company. 
- Kirsty

]]> 2022-10-27 10:09:46 UTC https://padlet.com/apcogc2/gbm8zzwkm2gloxgh/wish/2358822819 https://padlet.com/apcogc2/gbm8zzwkm2gloxgh/wish/2358827749 1. Hershey’s had to start advertising their products in order to get more brand awareness in order to encourage people to buy their product. Even though they have never advertised.

2. Heresy had to change their prices multiple times in order to great a profit and gain competitive edge. 

3. They also had to start advertising their product to different target markets because Hershey’s mainly targeted adults and people who grew up with the chocolate however they needed to start making their brand appeal to many other markets such as children.

Zoe G ]]> 2022-10-27 10:15:11 UTC https://padlet.com/apcogc2/gbm8zzwkm2gloxgh/wish/2358827749