The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?
The term ‘product’ includes goods, services or ideas. Monster Energy drink is a tangible product (good) that is produced and marketed in such a way that helps to motivate consumer purchase. Attributes include product design, features, colour, packaging, warranty and service levels.
Monster Energy drinks are carefully crafted to appeal to athletes, musicians and today’s youth. It comes in a 16 ounce can that is sporty and colourful in comparison with other energy drink competitors. The product comes in a unique, glossy dark can that contains florescent green (or blue, red, yellow, purple) logo (claw marks in shape of an M) giving it an overall sleek and stylish look.
An interview held on April 10, 2013 with a customer who is not a fan of energy drinks described the logo as being clever in design and the overall appearance as colourful. Interviewee also stated that the oval appearance of the can design with graphics is very creative, appealing to the mind which will ultimately contribute to a customer’s purchase; stimulating the consumer purchase decision. The drink itself has a good amount of ingredients providing energy content; but also has a decent amount of vitamins and supplements. Monster energy drinks are affordable and merchandised in convenient stores, schools and supermarkets. Monster’s website is appealing and creates a positive space for their product. Monster effectively engages with their customers on their corporate website, on social media networks such as Facebook, news, sporting events and other promotional events that all enhance the quality, uniqueness and integrity of the product.
Monster Beverage Corporation is a multi-million dollar company, selling many different types of beverages. There is no doubt that from their success we can see that they have priced their items correctly. When starting out as a company, and also when new products are put on the market they used an “approximant price level”.
Price is defined as the expected retail shelf price and the sale price of the product. Price is a key element in the marketing mix. Monster Energy, along with many other successful companies coordinates the perfect price to meet their...