According to Phillip Kotler, the father or marketing, the marketing mix of a product “is the set of controllable variables that the firm can use to influence the buyer's response”. This simply means what a company can do in order to attract consumers to their product. These “controllable variables” are all summed up into two words, the marketing mix. There are four elements that make up the marketing mix, product, price, promotion and place (distribution). The following is information on Wrigley's as a company and on the marketing mix concerned with Wrigley's and its product line.
The Wm. Wrigley's Jr. Company, more commonly known as the Wrigley Company, is an American based company situated in Goose Island, Chicago, Illinois. It was founded in 1891 by William Wrigley Jr. It is solely owned by Mars Incorporated, which is an American global manufacturer of confectionary, amongst other things. Wrigley Company is a widely recognized company, selling an array of products including chewing gums, mints and different sorts of sweets. Wrigley's produces its products in 14 countries, operates in 50 countries and sells its product in over 180 countries worldwide.
In terms of the marketing mix, product refers to the goods and services produced by the company that are sold to the public at a price. Wrigley's product line has multiple brands of chewing gum as a segment of its marketing mix strategy. Some of its brands include products like Hubba bubba, juicy fruit and extra. It also produces other famous brands like Starburst and Skittles. The products Orbit sugar free mint gum and Extra sugar-free peppermint and spearmint gum are highly praised by oral hygienists around the world. Chewing sugar-free gum can be of aid to people with high risk of gum disease. This is because they contain Xylitol, a bulking agent. Xylitol tastes sweet but within the mouth it does not convert to acids, like sugar does, which are the cause of tooth decay.
Price is the cost of purchasing goods or services. This is considered to be the second most important element within the marketing mix. Deciding on an appropriate price for the product is very difficult. Multiple factors must be taken into consideration, such as demand for product, production costs, prices of competitors and so on. So essentially pricing is crucial for the survival of a company. Wrigley's products can be described as FMCG (Fast Moving Consumer Goods). These are products that are sold rapidly at a low costing price. Due to the low cost of the product, Wrigley's has gone on to become the leading manufacturer in its field. The low prices entice consumers to buy in bulk forms. This highly increases profits for Wrigley's.
Within the marketing mix, place depicts where the goods or services are produces and distributed. Wrigley's chewing gums are produced in 14 countries, operate in 50 countries and is sold in 180+ countries around the world. The products are sold through multiple channels such as super markets, petrol stations, shopping centers and so on. Wrigley's has its presence from premium places to small retailers. They are also sold in pharmacy's around the world as Extra promotes dental hygiene. The products contain
The major source of advertisement of Wrigley's chewing gum is chemists due to the brand being positioned as a form of dental care. Its promotions tell us consumers all the benefits of Wrigley's for example preventing tooth decay, lowering chances of cavities and so on. The company carries out multiple forms of advertisement, including televised, online and print promotions. It also has incorporated a “more for less” slogan into their marketing mix. This displays the cheap prices, prompting consumers to continuously purchase the product and to but in mass quantities.
So, in its entirety, Wrigley's seems to have a beneficial, well thought out marketing mix. Wrigleys has established their presence within the chewing gum industry, and in one of the leading positions. Their products are readily available across the globe. Along with this, their products are low cost and are highly praised by dental hygienists in multiple countries throughout the world. Not only do dentists encourage the public to consume Extras chewing gum, but the company also places high emphasis on consistent promotions.
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