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Market mix assignment

Name

Institution

Introduction

For any company to successfully achieve the expected revenue, it has to ensure that its products reach the market and possess a substantial portion of the entire market. One measure that it ought to take is instituting a diligent marketing approach. That includes possessing a perfect knowledge about the market and the forces that could support or deter the extent to which consumers will consume one?s particular product. The essay depicts a detailed analysis of a chosen product with regards to the market mix and the Ps of marketing.

Product

The chosen product for analysis is the ?Honest diapers?. At this age, there is very little that one does that could be associated with consumption of children diapers. The diapers are disposable nappies used by children. In most cases, it could be considered to be the modern Nappy. It is one amongst the products of The Honest Company.

The diapers are substitute nappies that are, primarily, won by infants, or children who are not yet trained to relieve themselves in toilets or potties (Honest Diapers, 2015). It is a piece of cloth that is used to prevent the children from wetting their caretakers or areas where they are. However, they can also be used by adults who have inconsistencies in easing themselves from urine.

Rationale for choosing the product

The choice of ?Honest diapers? is influenced by several factors. First, I have not had any encounter with the product either when using it or even buying it for someone. Further, I do not have an idea of how most companies segment the market for such products that are consumed by a selected category of people. Therefore, I intend to understand the nature of the market and the practices alleged towards a successful market establishment. Further, the unfamiliarity of the product comes with regards to the fact that I neither consume nor buy the product. Further, I have never analysed the market structure and determinants of such a product. That makes it a potential product for the current analysis.

Analysis of Honest Company?s product portfolio

The Honest Company is a potential producer of the diaper products for children. However, it also produced other affiliate products that are used for related purposes as that of the diapers. These include a wide variety of sanitizers for children and adults (Honest Diapers, 2015). Further, the company also sells baby feeding items that vary in terms of age and purpose. The company also sells cleaning products such as the detergents and soaps for laundry and dish care. It also provides gears and accessories amongst other relevant clothing for swimming and other sporting activities. Therefore, it deals with a wide variety of products.

Description of the commercial

The Honest Company has conducted several commercials in the promotion of the honest diaper brand (The Honest Company, 2015). The television commercial that this report assesses is the ?All about Honest? song by Meghan Trainor. Most commercials that are done by the company incorporates a song. The song intends to express the extent in which children enjoy being with the diapers. From a marketing point of understanding, the commercial focuses on the fragrance-free diapers. The commercial also demonstrates other characteristics such as the stylish and hypoallergenic developments of the diapers (The Honest Company, 2015). It implies that the child is likely to use it for a long time without the disappointment of adverse impacts such as burns. From an analytical point of understanding, the commercial shows that the target market of the company and the diaper products is the toddlers and young children. However, its role is just to inform the public of the availability of the product in the market.

Description of the ?Honest Diapers? STP (segmenting, targeting and positioning)

Segmentation

There are different dimensions of segmenting the consumer market for this product. The first dimension is that of the geographical segmentation (Natter, Mild, Wagner & Taudes, 2008). The diapers products are suitable for consumers within the urban and outskirt areas. Therefore, the Honest Company intends to sell the products within the United States region and the international community. Arguably, the commercial used to market the product considers children from a diverse society. That implies that the products can and will be used and purchased by the United States and outside the United States.

From the demographic point of understanding, the ?Honest Company? focuses on a diverse portfolio of consumers of the diaper products (Natter, Mild, Wagner & Taudes, 2008). Remember, the company already operates and sells a wide range of products. The same strategy that the company uses considers the sale of diapers for toddlers all the way to feasible adults who suffer inconsistency in their rates of excretion. Therefore, there are different sizes for each age. However, there is no differentiation with regards to gender. Finally, from the psychographic segmentation, there are different types of diapers that favour different lifestyles and preferences. For instance, there is stylish diaper. Others are fragrance-free, and others are developed using a different material. That implies that consumers can choose from the different varieties.

Targeting

The Honest Company focuses on a particular market segment that uses the diapers. There is an interrelationship between the company?s market segmentation approach and the target market approach. Toddlers commonly use the diapers and growing, young children (Honest Diapers, 2015). First, the company emphasizes on the sale of diapers for the children under the age five years. The company focuses on selling the diapers to people from different economic classes. Therefore, the diapers are sold with a recent 35 percent discount. Thus, it is possible for most potential customers to purchase the diapers. That makes it possible for the company to perform well against competitors such as ?huggies diapers? among others.

Positioning

The company is spending immense resources to position itself in the market. First, the use of the commercials has been essential in the establishment of a predominant market. For instance, the commercial shows that the children are likely to feel very comfortable using the honest diapers other than any other diaper. Therefore, the company is using a persuasive approach to situating itself in the market. Further, the use of the songs is meant to create a lasting memory in the minds of the caregivers and the children. At times, children may influence the decision of the purchases if they like the song done on the commercial.

Analysis of the 3Ps in relations to the product?s STP

Place

There are myriad stores that have accepted to stock the newly developed ?honest diapers? in their shelves. The store that I investigated is the Buybuy Baby store located in Chicago, Kingsbury Street (Buybuy Baby, 2015). Arguably, the physical location of the store is an important driver of the product?s success. First, the location is accessible to low-income earners, as well as, high-income earners. The average number of people who are potential buyers earn between 40 to 75 thousand dollars a month. The company made the choice of this store because the store does not harbour a lot of similar products. There are other competitive products. However, there is a likelihood that the diaper product will dominate the market.

There are products that are situated around the honest diaper in the stores are either similar or from the same company. For instance, there are detergents and diaper bags from the left side of the products. Further, there is a large shipment of wet wipes and soaps. For instance, there are Gerber cloth diapers. The wet wipes are also used when changing the children the diapers. The soaps and detergents are also prospective products for consumers of the diapers. Thus, the location makes sense, because the diapers are complementary products when it comes to consuming the other products.

Price

The potential competitors of ?Honest diapers? include the Huggies and the Gerber Cloth diapers. The two brands are considerably the most prevalent competitors because of their prices and the rate of sales. For instance, the sales of Huggies and honest diapers are almost the same. However, the Huggies and Gerber diapers are direct diapers. The price of the diapers is 13.95 dollars per unit. However, the price of Gerber diapers is 13.99 dollars. Therefore, the honest diaper has the benefit of selling at a slightly lower price. That means that the company has a competent marketing plan. First, it the marketing plan considers the market forces such as the price of the competitors. Thus, the price is established slightly below that of the competitor to favour the consumer, as well as, cover the costs of production. I believe that the 13.95 dollars are the right price. The price is way below most other diapers, whereas the quality of the product is desirable.

Promotion

First, the honest diaper is subject to promotion. Currently, there is an offer where the consumers have been saved for approximately 35 percent of the original price level of the diapers. The advantage is that the competitor products have been in the market for quite some time. Therefore, there is no offer or promotion for these products. That makes the marketing plan via the promotion an outstanding venture by the Honest Company.

Summary

From an analytical point of understanding, the entire marketing mix has been adequately successful in earning the products significant market segment (Constantinides, 2006). First, the outcome of the market mix tool in determining the success of the product offered has been satisfactory. The effectiveness of the market mix is reflected by the fact that the diapers have been selling well in the market. From an opinion point of understanding, the price piece of the market mix requires being revised. For instance, the company may revise the price slightly downwards to compete with the already existent products in the market. The honest diaper is still a new brand. Reducing the price would mean that most consumers may wish to purchase. However, the manufacturer of this product is doing a recommendable job. The products are outstanding, and the recent reviews on its quality confirm that it is a good product.

References

Honest Diapers TV Commercial, 'All About That Honest' Song by Meghan Trainor - iSpot.tv. (2015). Retrieved from http://www.ispot.tv/ad/7a6f/honest-diapers-all-about-that-honest-song-by-meghan-trainor

Safe & Eco-Friendly Baby Diapers & Products | The Honest Company. (2015). Retrieved from https://www.honest.com/baby

Search Results for diapers - buybuyBaby.com. (2015). Retrieved from http://www.buybuybaby.com/store/s/diapers?

Natter, M., Mild, A., Wagner, U., & Taudes, A. (2008). Practice Prize Report-Planning New Tariffs at tele. ring: The Application and Impact of an Integrated Segmentation, Targeting, and Positioning Tool. Marketing Science, 27(4), 600-609.

Constantinides, E. (2006). The marketing mix revisited: towards the 21st century marketing. Journal of marketing management, 22(3-4), 407-438.