Individual report Assignment Example | Topics and Well Written Essays - 2500 words

Individual report - Assignment Example However in 1923 his son invented a new product called ‘Mars Milky Way’ bar, which was very well received. Between 1911 and 1932 the company was relocated a number of times until Forrest Mars established Mars Limited in the United Kingdom. Over time the company has expanded into different avenues and it operates in six different business segments; food, chocolate, pet care, drinks, confections and symbioscience1. The marketing strategy of Mars incorporated is one that is geared towards the success of an industry built on the ambitions of a man who ran the company with a fanatic dedication. The following description by Joel Glenn Brenner (the only reporter ever to interview him) of Mr. Mars in New York Times (1999) explains to some extent the reservoirs of commitment and dedication with which the company has been run. He stated that there was an extremist who got down to his knees, in a praying manner, and he prayed for all the candy brands like Milky Way, Snickers, and so on. By doing so, he aspired respect of his employees and their loyalties for attaining quality, showing his will to pay salaries thrice better than the competition offerings. A noticeable point is that the pay-checks at Mars, are linked to the output and performance of the business. Higher market penetration- Initially when the company was still starting out and had few competitors, expanding market base was also accompanied by an increase in the overall market growth which meant that the Mars market share also increased rapidly. Over the last couple of decades however, competitors such as Kraft and Hershey’s have acquired a dominant presence in the candy market. Mars and Hershey’s due to their dualistic domination of the confection industry have become known as the ‘Candy Kings’ of the chocolate world (New York Times, 1999). Having a lot in common, the two companies in the initial decades