Proper marketing strategy is one of the most profitable approaches that can be used by companies.
No matter how good products are, there is always the need to ensure that prospective consumers are aware of the existence and goodness of the products.There is also a need to tailor product quality that best suits customers or that attracts greater revenue from the products. The following paragraphs explore the marketing and management strategies used by My M & M’s, a candy manufacturing company. My M & M’s have achieved exemplary success in their application of a variety of marketing and management strategies. Among their most commendable management strategies is their primary focus on marketing specifically the satisfaction of customer preferences in their products.
My M & M’s have prioritized customization and personalization of products and thus they have attracted a wider customer base and more revenue with this strategy. For instance, their introduction of the opportunities they give to customers to choose the color that they want their products to possess is a very strategic policy. It has indubitably helped them to expand their market since customers are obviously more satisfied after purchasing M & M products thanks to the color choosing policy. Another strategy that can be viewed as a strong marketing foundation in M & M is the chance that they give their customers to print their preferred images on M & M products. As confessed in their clip, this strategy has helped M & M to win a wide variety of customers. For instance, it has enabled the company to get more corporate consumers since such consumers are able to print their logos on the products and they are also able to print motivational messages meant to encourage their employees. The strategy has also enabled the company to win customers who consume their products in gatherings like parties and special occasions since the products are made specifically for the occasions. As mentioned above, the personalization and customization not only attracts consumers but it also attracts greater revenue.
For instance, it is mentioned in the clip that products that have customized messages printed on them sell for more money. Regardless of this, customers are willing to pay for these more expensive products. This undoubtedly gives the company more revenue. The discussed personalization and customization strategies used by M & M’s show a great understanding of the marketing practice. They show a deep understanding of the dynamics of customer attraction and retention as well as the use of marketing to achieve profit maximization. It is no doubt that their customers are more willing to purchase their products after they implemented the aforementioned policies and undoubtedly, the customers are more satisfied after consuming these products.
This is because of the suitability of the personalized brands to certain occasions or for passing certain messages to loved ones. It is no wonder that the consumers of these products are always willing to play more for the discussed personalization. Also commendable among their marketing strategies is the tools they use to reach their customers.
When the internet gained popularity, they effectively launched their website from which customers could make their orders. The website was also equipped with invaluable information about their products which has been guiding their customers on the varieties of products available at M & M. The most impressive achievement of the website is undoubtedly its use in conjunction with other marketing strategies. For instance, customers use the website to specify the kind of packaging they prefer for their products, the kind of colors and images they want their products to carry and several other product details that they want the company to incorporate. This is a very important part of marketing because it indubitably reduces the amount of returns and thus increases the volume of sales which in turn increases the revenue that the company generates. Also among the means the company uses to reach their customers is the stated partnership that the customer has made with a baseball clubs and other celebrities.
This has enabled them to effectively reach fans of such sports and celebrities since products are branded with images representing the stated celebrities and sports. This is a very effective marketing strategy since is shows a good understanding of the intricacies of customer attraction and retention. From the above analysis, it is clear that much of the success that M & M has achieved is due to their expertise in advertisement. The methods that they use to market their products are bound to bring impressive results since their customers are equipped with a lot of options designed to ensure that they get maximum satisfaction from consuming M & M products. The options are also strategically designed to attract more customers to consume M & M products and they are also designed to ensure that the company generates maximum revenue from them. This shows the brilliance of the company as far as advertising is concerned.