Maliban Marketing Strategy

Marketing mix strategies

What is marketing mix?

The marketing mix is the set of tools that a firm uses to implement its marketing strategy. The marketing mix is often known as the '4 Ps '. The elements are listed below.

Product

Price

Place

Promotion

Why do we need a marketing mix?

Simply we need it in order to put the right product in the right place, at the right time, in the right time. Marketing is defined as identifying customer needs and wants and maintaining profitable long term customer relationships by satisfying them. Therefore a business must develop a product to satisfy a particular need. It should be priced fairly for them to purchase. Business has to get the goods to the right place where it would be convenient for

The marketing mix elements have to be combined in right proportions accordingly to capture and promote a certain brand by emphasizing its unique features and properties while differentiating it from the competitors.

Product

This is the first element in the marketing mix. A product is developed in order to satisfy a particular need of a customer. A product decision is normally based on Brand name, Variety, Quality, Design, Features, Packaging and Services. These product attributes can be changed with respect to what the target market wants.

Maliban, being a local company knows the behavior of the Sri Lankan customer well and they have that additional advantage ofproviding a good collection of products which matches the Sri Lankan taste with compared to its competitor offerings. Maliban has also taken a great effort in manufacturing innovateproductsaccording to the changing preferences and tastes of its customers both local and foreign.Maliban islabeled as a good quality biscuit, with a traditional Sri Lankan image and identity.

Though there are many products in Maliban to understand the concept we’ve considered the category, biscuits.

Maliban has a variety of biscuit products that can be categorized in the following major productcategories. There are different features, flavors, packing and design for each

The pricing should be done after analyzing the competitor’s marketing strategy. This is the only element that can be changed immediately and it is the fact that decides how much revenue that the product will generate. When deciding the price

The demand for the product in the market

Cost of production

Price of the competitor products

How much discount is provided when retail and wholesale purchasing is done

What is the price if introduced to foreign markets have to be taken into consideration by management

Maliban has assigned fairly low price for products to increase the overall sales volumes. Price variables such as List price, Discounts, Allowances, Payment period, Retail price influence the development of marketing strategy.

Price mix of Maliban biscuit

• Assigning low price to each product to acquire a large market share

•Providing a good quality product for fairly a lower price

•Providing discounts in festive seasons like New Year