The Marketing mix of Monginis analyses the 4Ps of Monginis, which includes the Product, Price, Place, and Promotion of Monginis. I remember Monginis from my childhood days. If it was a birthday or a party, it meant monginis cake. However, As time passed, monginis has been losing market share mainly because of local bakeries, ribbons and balloons, and other franchises. Read the complete article for the marketing mix of monginis.
About Monginis
- Type: Bakery
- Industry: Food and beverage
- Founded: 1923
- Founder: Khorakiwala family
- Headquarters: Mumbai, India
- Area served: India
- Key people: Zoher H. Khorakiwala (Chairman) and Kumail H. Khorakiwala (CEO)
- Number of employees: 1,000+
Table of Contents
Monginis Product Strategy
Monginis has a wide range of products, mainly fresh cakes for all occasions. Monginis also has chocolates, pastries, cakes, and fresh cakes in their product line. It also sells packaged cakes available at its stores and other retail stores. Monginis also has different kinds of bread and a variety of snacks for dine-in customers in veg and non-veg varieties. It has also started home deliveries and an online booking and gifting system.
The product mix of Monginis in 2023 is as follows (Source)
- Cakes: This is their main product category, featuring a variety of cakes such as birthday cakes, wedding cakes, anniversary cakes, and theme-based cakes. They offer egg and eggless options in different flavors like chocolate, vanilla, strawberry, black forest, and many more.
- Pastries: They offer a selection of different flavors, often matching the flavors available in their cake range.
- Savories: Monginis also provides a variety of savory items like puffs, rolls, sandwiches, and pizza.
- Chocolates and Confectioneries: This includes a range of chocolates, chocolate bouquets, and other confectionery items like cookies, muffins, and cupcakes.
- Bread and Toasts: Different types of bread, such as white bread, brown bread, and garlic bread, along with toasts, are also part of their product range.
- Customized Gift Options: They offer customized cakes and gift packages for special occasions.
- Seasonal Specials: Monginis often introduces special items or themed products during festivals and holidays to align with the celebration.
- Beverages: Some outlets may offer a range of beverages like coffee, tea, and cold drinks.
Monginis Pricing Strategy
The price of Monginis cakes is reasonable compared to its competitors. The prices of cakes vary on their size. On average, a half kg cake costs around 20,0, up to 1000 depending on the size and the flavor.
The pricing strategy is as follows:
- Competitive Pricing: Monginis sets its prices competitively to match or slightly undercut its competitors in the bakery and confectionery market. This approach ensures it remains an attractive choice for customers looking for quality and value.
- Product Line Pricing: The brand employs product line pricing, where different products have varied price points. Premium cakes and customized orders are priced higher due to their unique value proposition, while standard offerings like pastries and bread are more affordable, catering to a broader audience.
- Psychological Pricing: Monginis often uses psychological pricing tactics, such as pricing products just below a round number (e.g., ?99 instead of ?100) to make the price seem lower and more enticing to the consumer.
- Promotional Pricing: To drive sales and attract customers, Monginis regularly offers discounts, combo deals, and special festive pricing. This strategy is particularly effective in maximizing sales during peak seasons and festivals when the demand for cakes and confectioneries is high.
- Value-Based Pricing: Understanding the varied customer segments, Monginis employs value-based pricing for its higher-end and customized products. Customers perceive these products as premium and are willing to pay a higher price for the added value, whether in the form of unique flavors, designs, or superior ingredients.
Monginis Place Strategy
Monginis Cake Shop is present in 12 major cities in India. It has around 500 retail outlets or franchises all over India. All the cities have a production unit from which the company and goods are supplied daily. Unsold goods are taken back by the company and given to charity if in consumable condition or otherwise destroyed.
The place strategy of Monginis is as follows:
- Strategic Location Selection: Monginis typically chooses locations with high foot traffic, such as shopping malls, commercial areas, and near educational institutions, ensuring visibility and accessibility to a broad customer base.
- Franchise Model: Monginis extensively operates through a franchise model, allowing for widespread presence across various regions while maintaining quality and brand standards.
- Online Presence: To cater to the growing demand for online shopping, Monginis has established a solid online presence, including a dedicated e-commerce platform and partnerships with food delivery apps.
- Focus on Urban and Semi-Urban Areas: The brand primarily targets urban and semi-urban areas, aligning with its target demographic of middle and upper-middle-class consumers.
- Global Expansion Strategy: Beyond its strong domestic presence in India, Monginis has expanded internationally, targeting markets with a significant Indian diaspora to leverage brand familiarity and cultural connections.
Monginis Promotion Strategy
Monginis has used media such as TV, print, web, hoardings, etc., to advertise its products. It regularly comes out with offers on festive occasions. Recently, to promote its cakes and chocolates, it came out with a range of special cakes and chocolates for all those SSC (Xth Standard) students who passed out this year.
It has also planned chocolate baskets for the boys and girls. The victorious boys can be gifted with a blue basket filled with assorted chocolates and decorated with a Doll (Boy). Similarly, the girls can be gifted with a pink-colored basket filled with assorted chocolates and decorated with a doll (Girl).
Monginis employs a multi-faceted promotion strategy that includes:
- Digital Marketing: Leveraging social media platforms and online advertising to reach a wider audience, especially targeting younger consumers with engaging content and interactive campaigns.
- In-Store Promotions and Seasonal Offers: Regularly introducing in-store discounts, festive deals, and loyalty programs to encourage repeat purchases and attract new customers.
- Collaborations and Sponsorships: Engaging in strategic partnerships and sponsorships for events and occasions, enhancing brand visibility and reach within different consumer segments.
Some Recent Video ads and Print ads of Monginis are:
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