The Marketing mix of Mars analyses the 4Ps of Mars, including the Product, Price, Place, and Promotion of Mars. Mars is a family-managed private company of American origins. It was founded in 1911 by its founder Franklin Clarence Mars and is associated with the Food processing industry. According to Forbes, it is the sixth privately owned in the United States as a privately-owned largest company. Some of its competitors are as follows-
- Type: Private Company
- Industry: Food processing, pet care, and other consumer products
- Founded: 1911
- Founders: Frank C. Mars and Ethel Mars
- Headquarters: McLean, Virginia, United States
- Area served: Worldwide
- Current CEO: Poul Weihrauch
- Number of employees: Over 130,000
- Major products: Chocolate, candy, gum, pet food, and other food products
Table of Contents
Mars Product Strategy
Mars is a manufacturer and marketer of pet food and confectionery and a provider of services related to animal care. It divides its global business into six segments: Symbioscience, drinks, Food, Wrigley, Chocolate, and Petcare. The company is mainly known for producing confectionery items but also manufactures non-confectionery snacks and pet foods. Its product portfolio includes
For Human Consumption-
- Mars Bars
- Milky Way
- 3 Musketeers
- Ethel M
Products for Pet Consumption
- My Dog
- Nutro Products
- Pill Pockets
- Royal Chain
- James Wellbeloved
Mars, Incorporated is a global manufacturer known for its diverse range of products.
- Confectionery: This is one of Mars’ most recognizable segments, featuring iconic brands like Mars bars, M&M’s, Snickers, Twix, and Skittles. These products are known worldwide and have a significant presence in the global confectionery market.
- Pet Care: Mars is a significant player in the pet care industry, with brands like Pedigree, Whiskas, and Royal Canin. These include pet foods, treats, and services catering to the health and nutrition of pets.
- Food: Mars also has a presence in the general food market with brands like Uncle Ben’s Rice and Dolmio pasta sauces. These products are aimed at providing convenient, ready-to-use food options for consumers.
- Drinks: The company offers a range of drinks, including various types of hot chocolate, tea, and other beverages under brands like Flavia and Alterra Coffee Roasters.
- Symphony Retail: This segment focuses on data-driven insights and solutions for retailers, helping them optimize their performance and understand consumer behaviors.
- Health and Nutrition: Mars has also ventured into health and nutrition products, particularly through brands like CocoaVia, which offers supplements derived from cocoa flavanols.
Mars Place Strategy
Mars is a global company with its product presence and distribution channels spread over several countries like the United States, United Kingdom, Canada, India, China, Indonesia, Germany, Australia, France, Ireland, and Japan. Its headquarters is at McLean in Virginia.
The company has different location heads for its different business entities. Chocolate is located in Hackettstown, NE, New Jersey; the Petcare business has offices in global markets in Mexico, Belgium, and Brussels; the Life Science Division is in Germantown, Maryland; beverages at West Chester in Pennsylvania; and the Food Division in California. Mars has several manufacturing plants in the United States in Kansas, New Jersey, Georgia, Illinois, Tennessee, South Carolina, Ohio, Pennsylvania, and Missouri.
Facilities in Canada are at Newmarket and Bolton in Ontario and of Australia at Ballarat in Victoria. Mars has a widespread and robust distribution channel that includes the services of wholesalers, retailers, and an estimated workforce of nearly 75,000 employees so that products are readily available to consumers via supermarkets, discount stores, and hypermarkets.
Mars’ place strategy is as follows:
- Global Presence: Mars operates in numerous countries worldwide, ensuring a broad distribution of its products. This global footprint allows it to reach vast markets and consumer segments.
- Multi-Channel Distribution: Mars employs a multi-channel distribution strategy that includes supermarkets, convenience stores, pet stores, and online platforms. This diversification ensures accessibility to consumers through various retail channels.
- Local Manufacturing: To cater to local tastes and preferences, Mars often sets up manufacturing facilities in the regions it serves. This strategy helps in reducing transportation costs and ensures fresher products for consumers.
- Direct-to-Consumer (DTC) Channels: Mars has been increasingly focusing on DTC channels, particularly for its pet care products, to build a direct relationship with consumers and gather valuable customer data.
- Sustainability in Distribution: Mars aims to reduce the environmental impact of its distribution processes. This involves optimizing logistics, using sustainable packaging, and improving the overall efficiency of its supply chain.
Mars Pricing Strategy
Mars is a multinational corporation that has targeted all age groups from upper and upper-middle-class society looking for a qualitative product that melts in the mouth. It is regarded as a global brand for chocolates because of its diversified product portfolio. Pricing Mars chocolate generally depends on several factors, including costs incurred because of production, advertising, marketing, distribution, and other variables.
It is also, to a certain extent, dependent on the prices set up by rival brands. Mars has set up a team that considers all these factors and recommends projected prices. It has adopted a mid-premium pricing policy for its products. This strategy helps maintain its premium qualities and keeps product rates affordable and reasonable so that it does not lose its competitive edge in such competitive times.
Mars, Incorporated employs a sophisticated pricing digital marketing strategy that reflects its status as a global leader in various product categories. Here’s an overview of its pricing strategy, analyzed from a marketing expert’s perspective:
- Value-Based Pricing: Mars focuses on value-based pricing, setting prices primarily based on the perceived value of its products to consumers. This approach allows Mars to charge a premium for high-quality products, particularly in their pet care and confectionery lines, where brand loyalty and product differentiation are strong.
- Competitive Pricing: Mars adopts a competitive pricing strategy in markets with intense competition. This marketing strategy involves setting prices in line with or slightly below competitors to capture market share. This strategy is especially relevant in their food and confectionery segments, where price sensitivity is higher.
- Dynamic Pricing: Mars leverages dynamic pricing for some of its products, especially in the pet care segment. Prices may vary based on demand, availability, and consumer trends. This strategy helps maximize profits and stay competitive in rapidly changing market conditions.
- Psychological Pricing: Mars marketing often uses psychological pricing tactics, such as pricing products just below a whole number (e.g., $0.99 instead of $1.00). This makes the price seem lower and more attractive, a common tactic in consumer goods marketing.
- Product Line Pricing: Mars effectively uses product line pricing, setting different price points for various products in a line to target different consumer segments. For example, their pet food range offers a promotional mix of premium and budget-friendly options to cater to a broader audience.
- Promotional Pricing: Mars regularly employs promotional pricing strategies, including discounts, coupons, and bundled offers, to boost sales and clear inventory. This is particularly evident during festive seasons and special events, with online advertising helping to drive short-term sales spikes.
- Geographical Pricing: Recognizing the diversity of its global market, Mars adopts geographical pricing strategies. Prices vary based on local market conditions, economic factors, and consumer purchasing power, ensuring competitiveness in sales promotion and market penetration in different regions.
Mars’ pricing comprehensive marketing strategy is a balanced mix of market competitiveness, consumer value, and profitability. Their approach demonstrates a deep understanding of their diverse consumer base and the global market dynamics.
Mars Promotion Strategy
Mars has adopted several promotional and marketing strategies to market its products successfully. It has been using electronic media since its onset by launching witty and informative ad campaigns on television. Ads are also shown via newspapers, magazines, radio, and billboards.
Recently, the company has started advertising via social media platforms, including Facebook and YouTube. Its famous taglines include A Mars a day helps you work, rest, and play, and Mars gives you Energy. Mars has also roped in famous personalities to act in its ads and increase its brand awareness among customers.
International British athlete Peter Elliot has been associated with this brand and has acted in commercials shown in the year 1991 in the United Kingdom. Fortune has ranked it as one of the top companies in its list 100 that one wants to work with. Mars is aware of its social responsibility and has donated and sponsored a room to Elizabethtown College.
Mars’ promotion strategy is as follows:
Firstly, they utilize targeted advertising campaigns across multiple media platforms, including TV, digital, and social media, to engage diverse consumer groups. Mars often collaborates with popular events, movies, and celebrities to enhance brand visibility and appeal to target consumers. Lastly, they invest in point-of-sale promotions and seasonal marketing efforts to drive impulse purchases and reinforce brand loyalty.
Some Recent Video ads and Print ads of Mars are:
Liked this post? Check out the complete series on Marketing Mix