Marketing Mix Of Snickers and 4Ps (Updated 2023)

The Marketing mix of Snickers analyses the 4Ps of Snickers, including the Product, Price, Place, and Promotions. Snickers deals in chocolate products and is associated with the food industry. It is a subsidiary brand of its parent company, Mars Incorporated. The Snickers brand is of American origin and was introduced to the consumer market in 1930. It has been projected as a brand that offers a nutritional and fulfilling product that also serves as a convenient snack. It faces competition from several rival brands and their products, some of them are as follows-

• Bounty
• Bar One
• Mars
• Cadbury’s 5 star

About Snickers

• Type: Chocolate bar
• Industry: Confectionery
• Founded: 1930
• Founders: Frank C. Mars and Ethel Mars
• Headquarters: McLean, Virginia, United States
• Area served: Worldwide
• Current CEO: Alfonso Gómez-Mont
• Number of employees: 77,000
• Major products: Snickers, Milky Way, Twix, M&M’s, Skittles, Starburst, and Orbit gum

Snickers Product Strategy

Snickers is one of the most renowned brands of its parent company, with annual sales figures crossing the 2-billion-dollar mark in the global market. The Snickers marketing mix includes strategies targeting the consumer market, emphasizing their iconic milk chocolate and more caramel Snickers bars. With a focus on vending machines, the brand implements a diverse marketing strategy to effectively promote more choc Snickers and dark Snickers varieties.

Snickers promises more nuts in every bite, outshining competing brands in the fiercely competitive market. The caramel-dipped sensation and butter crunch place it at the forefront, reflecting its commitment to quality. Evaluating its marketing mix, price strategies and sponsorship agreements, Snickers strategically secures market share in the confectionery industry.

The new Product Mix of Snickers in 2023 is as follows (Source).

1. Classic Snickers Bar: The original Snickers bar, consisting of nougat topped with caramel and peanuts, enrobed in milk chocolate, is the cornerstone of the brand.
2. Snickers Almond Bar: This variant replaces the peanuts in the classic Snickers with almonds, offering a different nutty flavor.
3. Snickers Peanut Butter Squared: A twist on the original, this version features peanut butter and peanuts, with layers of nougat and caramel coated in milk chocolate. It’s often sold in a square shape rather than the traditional bar.
4. Snickers Crisper: A lighter version of the classic bar, Snickers Crisper includes crisped rice and peanuts, caramel, and a layer of chocolate. It provides a different texture and a less dense eating experience.
5. Snickers Ice Cream Bars: Translating the classic Snickers flavor into a frozen treat, these ice cream bars combine Snickers-inspired ingredients like peanuts, caramel, and chocolate with creamy ice cream.
6. Mini and Fun Size Bars: Snickers are available in mini and fun-size versions, smaller than the standard bar, and famous for snacking or sharing, especially during holidays like Halloween.
7. Seasonal Variants: Occasionally, Snickers releases limited-edition flavors or special editions (like Snickers Pumpkin or Snickers Eggs) for holidays or events.
8. Snickers Protein Bar: Catering to the health-conscious market, this variant offers a higher protein content while maintaining the classic Snickers taste.

Snickers Place Strategy

Snickers products cater to a worldwide consumer market, and its product reach has extended to numerous countries like Australia, Italy, Portugal, Bosnia, The Netherlands, Sweden, Israel, Slovakia, Austria, Latvia, Poland, Egypt, Romania, Germany, New Zealand, Hungary, Denmark, Norway, and India. In Ireland, the Isle of Man, and the United Kingdom, it was sold under the brand name Marathon, but since 1990, bars are now sold under Snickers,

It has a strong marketing strategy and widespread network as it takes the help of its parent company to distribute its products successfully in the consumer market. Its channel includes the services of wholesalers and retailers to reach consumers via grocery stores, vending machines, convenience stores, pharmacies, department stores, malls, shops at airports, and discount stores.

Here’s the place strategy of Snickers.

1. Extensive Retail Distribution: Snickers bars are widely available in many retail locations, including supermarkets, convenience stores, and grocery outlets. This extensive distribution ensures that Snickers is easily accessible to a broad customer base.
2. Vending Machines and Impulse Purchase Locations: Snickers bars are strategically placed in vending machines and checkout counters in various stores, capitalizing on impulse buying behavior. This placement is critical for encouraging spontaneous purchases.
3. Online Retail Platforms: Recognizing the growing trend of online shopping, Snickers is available on e-commerce websites and online grocery platforms. This allows consumers to purchase the product conveniently from home.
4. Global Market Presence: Snickers has a solid international presence in numerous countries worldwide. This global distribution strategy caters to diverse consumer tastes and expands the brand’s market reach.
5. Collaborations and Partnerships: Snickers often engages in promotional partnerships and collaborations, such as with movie theaters or special events, to enhance visibility and availability. These collaborations often lead to increased sales through targeted consumer engagement.

Snickers Pricing Strategy

Brand Snickers has targeted people from the all-age group that belongs to the middle, upper-middle, and an upper-class section of society as its target customers. It is perceived as a health bar with nutritional values that promise great taste. Snickers is popular because of its mouth-melting variants. It has adopted a mid-premium pricing policy for its high-end products.

The company has kept product prices within an acceptable range so that a person can easily purchase.  Affordable and pocket-friendly prices have contributed to more significant sales volume, resulting in better revenue figures.

Snickers’ pricing strategy is a sophisticated blend of market penetration and psychological marketing strategy with pricing tailored to its brand image and consumer expectations. Here’s an insight into this approach:

1. Competitive Pricing: Snickers is priced competitively within the confectionery market. This ensures the product is affordable for many consumers yet positioned as a high-quality, satisfying snack option.
2. Psychological Pricing Techniques: Snickers often utilize psychological pricing, such as charging $0.99 instead of a whole dollar. This strategy, known to influence consumer perception, makes the product appear more affordable, increasing its appeal.
3. Promotional and Discount Pricing: Snickers employs promotional pricing strategies, including discounts and bundled offers, especially during holidays or special events. This not only drives sales during peak periods but also encourages bulk purchases.
4. Dynamic and Geographic Pricing: Recognizing the diverse economic conditions in its global markets, Snickers adapts its pricing strategy to suit local purchasing power and market conditions. This includes adjusting prices in different countries to maintain affordability and competitiveness.
5. Price Points for Different Sizes: Snickers offers a range of product sizes, from miniatures to standard bars to larger share sizes, each strategically priced to cater to different consumption occasions and consumer segments. This variety in size and price points makes the product accessible to a broader audience.

Snickers Promotion Strategy

Snickers is a famous brand that has adopted ATL and BTL promotional policies to market its product to the consumer. It has created positive brand awareness because of some brilliant humor-laced commercials.  Snickers launched several innovative ads via electronic and print media in television, radio, newspapers, magazines, and billboards. It has also taken the help of social media platforms like YouTube and Facebook to launch its product campaigns.

Brand Snickers marketing realizes the strong impact of star power and has roped in Indian actor Rekha to act in its commercials. One of its ad campaigns featuring Abe Vigoda and Betty White became a huge success and was ranked as the best commercial of that year. Brand Snickers has entered several sponsorship deals and become the official sponsor of WWE’s WrestleMania, UEFA European Championship, and FIFA World Cup. It was declared the official snack of the 1984 Summer Olympics.

Some of its famous taglines are You’re not you when nuts Snickers, you are hungry, Not going anywhere for a while, Get some more nuts Snickers, and It’s so satisfying. Snickers has received awards and accolades for its qualitative products, like the 2011 Effie Global Gold Award.

Some Recent Video ads and Print ads for Snickers are:

https://youtu.be/QdBoMyAypQI

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