Finagle a Bagel - Marketing
Describe Finagle A Bagel 's marketing mix. Finagle A Bagel uses all the variables of the marketing mix which include product, price, distribution and promotion to support their company that makes between 20 and 25 million dollars a year.
Promotion. The promotion element of the marketing mix is creatively organized to make customers aware of new items Finagle A Bagel might decide to put on their menu. One way in which they have promoted their sandwiches in the past is by running directly up to cars that have stopped at an intersection and handed them half of a sandwich with a coupon to come back for another. That certainly led to word-of-mouth referrals to increase their sales.
The above examples are just a few elements of each part of the marketing mix that Finagle A Bagel uses.
The forces that impact Finagle A Bagel include competitive, economic, political, legal and regulatory, technological, and sociocultural forces. (Pride, 2007)
Another way they keep original is by having music for kids in some of their stores. Their hope is that kids will tell their parents that they want to go where the music is. They need to be original to keep up with their competition.
Economic Force. Economic forces impact Finagle A Bagel as customers need to have a willingness to spend. They expect to be satisfied when buying their bagels or other fresh food products. Although discretionary income is used to buy basic necessities, eating out of the home could almost be considered entertainment as it is usually more expensive to eat at a restaurant as opposed to buying items at a grocery store and preparing meals at home. If customers are on a fixed budget due to unemployment or disability, the impact it has on Finagle A Bagel could be negative as customers won’t be spending as much, if at all. However, if a customer has an excess of disposable income, it could have a positive impact as sales could increase for Finagle A Bagel.
Political Force.
Promotion. The promotion element of the marketing mix is creatively organized to make customers aware of new items Finagle A Bagel might decide to put on their menu. One way in which they have promoted their sandwiches in the past is by running directly up to cars that have stopped at an intersection and handed them half of a sandwich with a coupon to come back for another. That certainly led to word-of-mouth referrals to increase their sales.
The above examples are just a few elements of each part of the marketing mix that Finagle A Bagel uses.
The forces that impact Finagle A Bagel include competitive, economic, political, legal and regulatory, technological, and sociocultural forces. (Pride, 2007)
Another way they keep original is by having music for kids in some of their stores. Their hope is that kids will tell their parents that they want to go where the music is. They need to be original to keep up with their competition.
Economic Force. Economic forces impact Finagle A Bagel as customers need to have a willingness to spend. They expect to be satisfied when buying their bagels or other fresh food products. Although discretionary income is used to buy basic necessities, eating out of the home could almost be considered entertainment as it is usually more expensive to eat at a restaurant as opposed to buying items at a grocery store and preparing meals at home. If customers are on a fixed budget due to unemployment or disability, the impact it has on Finagle A Bagel could be negative as customers won’t be spending as much, if at all. However, if a customer has an excess of disposable income, it could have a positive impact as sales could increase for Finagle A Bagel.
Political Force.
References: Finagle. (2010). Retrieved March 9, 2010, from Finagle: http://www.finagleonline.com/bagels-by-mail.php Pride, W., Ferrell, O.C. (2007). Foundations of Marketing: Revised Second Edition. Boston: Houghton Mifflin.