MARKETING MANAGEMENT

(MM)

CIA – 3

A report submitted in fulfilment of the assignment allocated for the third

cumulative internal assessment.

By
SHEETAL RANI

REGISTER NUMBER
2128151

Under the Guidance of

PROF. BARKATHUNISSA
 INTRODUCTION
The marketing mix refers to a company's combination of actions, or techniques,
for promoting its brand or product in the marketplace. Price, Product,
Promotion, and Place are the four Ps that make up a conventional marketing
mix. However, various other Ps, such as packaging, positioning, people, and
even politics, are becoming increasingly important mix factors in today's
marketing mix.

What Are the 4Ps of Marketing?

The 4Ps of marketing is a framework for improving the elements of your

"marketing mix" - the strategy for bringing a new product or service to market.
It assists you in defining your marketing alternatives in terms of price, product,
promotion, and location in order to ensure that your offering fulfils a certain
customer need or demand.

Below are the 4Ps:

 Product (or Service).

 Place.
 Price.
 Promotion.

A good way to understand the 4Ps is by the questions that you need to ask to
define your marketing mix.
 PRODUCT DESCRIPTION
Research has said that a small child consumes plastic in the size of a credit card
every month. Children tend to chew anything they grab to solve this issue, Peek
a Boo Ltd came into place. We manufacture toys that are minimal and with a
purpose because overwhelming toys confuses the child and are nothing but a
decorative in most households. Peek a Boo wooden toys is safe and purposeful
and is made of Neem wood as it is an antibacterial and antifungal. We strive to
select the best materials and Artisans to obtain a wholesome product. Our team
ensures that the final output is the best for the child’s mental and physical
health.

Today the world is moving towards a sustainable lifestyle. So it shouldn’t be

restricted to we eat but also with toys for the kids with. Based out of Bangalore,
our store brings to you wooden toys that are sustainable and fun. Peek a Boo is
an online store, and its office is located in HSR, Bangalore. The toys sold here
are made out of neem wood and painted using the lacquering technique with
non-toxic paints. Find rattles in different shapes and sizes like circular rattles,
cylindrical rattles, classic flower rattles and dumbbell rattles.
New parents looking for eco-friendly teethers or toys for their children, you'll be
spoilt for choice. Teethers in the shape of vegetables, fruits, treats and basic
geometrical shapes made out of neem wood are available in plenty. They are
anti-fungal, anti-bacterial, non-toxic and helps boost the immunity of the child.

THE 4 P’s OF MARKETING

1. Product : “What we are selling?”

The product strategy and mix in Peek a Boo’s marketing strategy can be
explained as follows:

Peek a Boo is handmade wooden toy manufacturing organisation. The toys sold
here are made out of neem wood and painted using the lacquering technique
with non-toxic paints so that it is anti-fungal, anti-bacterial, non-toxic and helps
boost the immunity of the child. The product offerings in its marketing mix
include
1. Wooden farm animals
2. Teethers
3. Mobility Toy
4. Wooden Toy Car
5. Rattles
6. Block Puzzle
7. Feed the animal Puzzle
8. Stacking & Sorting toys

Peek a Boo’s products are of premium quality and one can see the care taken in
making them. They include various types of toys. Peek a Boo also provide with
beautiful packaging options if the customers want to gift it to someone.
 Fig 4: Rattles Toys

Fig 3: Wooden Farm Animals Toys

Fig 5: Stacking & Sorting Toys Fig 6: Feed the animal Puzzles

Fig 7: Mobility Toy Fig 8: Wooden Toy Cars

 Fig 9: Teethers Fig 10: Block Puzzle

2. Pricing Strategy

Even after a struggling economy, as long as people are raising children, the
need for toys will continue to exist and now a days parents have become
extremely conscious of what they expose to their children.
 
 Including all necessary tools, equipment, supplies, materials, labour,
delivery, and all marketing and advertisement expenses the overhead
expenses of each product is approximately 40% of the product’s MRP.
   
 Establishing our positioning in the toy market is extremely important as
the toy buyer's perception of our prices is a key factor in establishing our
pricing structure. To be known for high-end, top-quality products, higher
pricing is required.

 The price includes a 50-60% profit margin per unit sold. We will begin
selling the product at a 10% discount to the customer and a reduction of
30% of the price to agents and wholesale customers. The price will be
normalized with the stability of the product in the market.

 We planned to sell Peek a Boo’s handmade wooden toys at the price

ranging from 149 Rs to 3999 Rs.

 Our price range varies between Rs 149 to Rs 3999. Below are the exact
price of each of the product for B2C category.

1. Wooden farm animals – Rs 799

2. Teethers – Rs 149
3. Mobility Toy – Rs 3999
 4. Wooden Toy Car - 399
5. Rattles - 399
6. Block Puzzle - 599
7. Feed the animal Puzzle - 299
8. Stacking & Sorting toys - 399

3. Place/ Distribution Strategy

Peek a Boo is a premium brand and they mainly target towards affluent urban
families and tier-1, tire -2 cities.

We plan to have a chain of ten outlets apart from the main store at Bangalore.
Below are the key parameters in our distribution strategy.

 Sales to Distributer: With this system our plant delivers the product to
the harbourage nearest to the plant, and our distributor takes the product
from there. This way they're responsible for taking the stock threat and
responsible for shipping and import costs and administration. They also
supply retailers from the ordered stock. As this is as safe a way of getting
to market, the only limitation is that our margin will be fairly limited, as
the distributor needs to make a fairly significant margin to make this
system work from a profitability and threat operation perspective. The
distributor will thus frequently tend towards being further threat
antipathetic than you might like, and will frequently under order stock to
avoid any expensive over stocks. We also won’t get to see much of what
happens in market as the distributor is handling the entire domestic
process.

 Direct to retail: This one is quite straightforward. Our company will sell
direct to retailers, so we are responsible for everything except for the
retail element. The benefit is that we get a much advanced margin from
this system versus some of the other options. The issue is that utmost
retailers aren't particularly keen on adding new suppliers unless that
supplier has such a compelling range they cannot not take the product
line. So getting a' bottom in the door’s the main challenge with this
system, it takes time.

 Direct to Consumer:
 o With this model we sell directly to the consumer in the market.
This model is much more involved. Whereas all the other routes
are in essence sales challenges, selling direct to consumer is more
of a marketing challenge i.e. we need to get our product in front of
a significant number of implicit consumer purchasers, online, at
events via pop up stores or by other styles. Gaining critical mass
can be tricky and expensive with this system. Easily the price we
sell at is higher, so in theory our margin can be higher, but we need
to watch our marketing cost per unit sold and your fulfilment (i.e.
delivery costs) per unit to ensure we do actually make more profit
per unit.

o Various e-commerce platforms like amazon, flipkart etc. would

also be a primary aim in case of D2C.

4. Promotional Strategy

Offline Strategies : Let’s take a look at the offline strategies of easy and simple
ideas to incorporate into our toys marketing strategy.

 Introduce In- Store Events: Events can help you attract a crowd, which
will increase store mindfulness and sales. Our events will range from
game nights to figurines, charity drives, and even sales, but we need to
make sure that they are planned months ahead of time.

 Getting involved with Charities: There are dozens of charities that work
with children and teenagers, numerous of which revolve around toys.
Sharing is a great way to get your name out there, make your toys brand,
and do some good. Toy- grounded charities are held both seasonally and
time- round for a variety of reasons, ranging from aiding children in
hospitals with toys to aiding children from low- income families with
Christmas gifts.

 Improve your Store Layout: Experience of the customer is essential for

small businesses, and our shop would be a huge part of that experience.
Telling the story through the strore decore and layout is important. We
will take every chance to remind them to come by and see what they’ve
been missing.
  Product Overviews, Unboxing Products and Game Demos: This section
of our marketing plan would be used to fully describe our product and its
purpose

Online Strategies : Marketing toys online an excellent approach to reach a big

number of clients at a minimum cost. It enables you to connect with local
clients, detect new ones, and maintain long- term connections with existing
ones.

 Facebook: We will reach out to your customers using Facebook‘s

newsfeed. With a solid content publishing plan, we will be able to grab
your audience and keep them engaged with our business on a consistent
basis. Through its converse feature, Facebook makes it simple to give
rapid client service. Using Facebook's paid advertising platform, you may
retail your shop, products, or services.

 Google + Local: Google Local allows you to produce a business page,

validate the location, and have it appear in a map search with your
address. Confirming our Google Local address will allow others to find
us using Google Maps, which is incredibly handy.

 Promoting Our Toys Business via Emails (Email marketing): Email

marketing should probably be at the top of. The reason it’s so low in
pricing.

 YouTube is an amazing channel. It’s completely focused on video, so we

can demonstrate our toys, create our own shows, and share behind-the-
scenes insights. Over time, YouTube users would developed their
own unique video formats. People would share videos of
their shopping hauls, unbox new toys and games, film product reviews,
and host livestreams. These videos are often highly interactive, as they
respond to followers’ comments and questions and would be an excellent
promotional strategy.

 Toys are a tough category, so the ecommerce store may not be capable to
appear on Google's front page for numerous search queries no matter how
good the SEO. Google's pay-per-click or PPC advertising can be the
shortcut to excel organic positions.
  Amazon may turn into one of the biggest revenue channels for any toys
and games business with a great product selection, proper optimization, a
thoughtful pricing strategy, and a little bit of paid advertising.

CONCLUSION

The marketing mix tools are important for the business to increase the market
share of the brand. It is everything a firm can do to attract customers. The
planning of proper use of the tool is vital for the marketing of the brand and
product. The tools help to analyze the proper placing of products in the market.
Marketing mix tools help to source the information from end customers and
develop the plan accordingly for the development of the product. It is required
to combine integrated marketing programs with the tools to deliver proper value
addition to customers. The tools help a strong positioning of the given products
in the market; therefore,increaseitsshareinthemarketalong with the wealth
maximization of the firm.

REFERENCE
 Chand, S. (n.d.). Marketing Mix: Product type, Price, Place, and
Promotion (4Ps). Your Article Library.
https://www.yourarticlelibrary.com/marketing/marketing-mix-product-
price-place-and-promotion-4ps/5395
 Rosado, J. (2017, November 21). Pricing Structure in the Toy Industry.
Your Business. https://yourbusiness.azcentral.com/pricing-structure-toy-
industry-28038.html
 The benefits of wooden toys over plastic toys. (2019, August 2). Oribel.
https://www.loveoribel.com/blogs/oribel-blog/the-advantages-of-wooden-
toys-over-plastic-toys
PLAGIARISM REPORT