Marketing Mix of Snap-on -
December 6th, 2010
Snap-on (NYSE: SNA) is a leading U.S. designer, manufacturer and marketer of tools and equipment to professional tool users. It was founded in 1920. Snap-on is located in Kenosha, Wisconsin, and employs approximately 11,500 people worldwide. The company is currently worth 2.4 billion dollars (US) and is one of the companies on the S&P 500.
The modern socket wrench, with interchangeable sockets, was invented by an American J.J. Richardson, of Woodstock, Vermont. The tool was patented through the Scientific American Patent Agency on June 18, 1863. The first illustration of the tool appears on pg. 248 of the April 16, 1864 issue of Scientific American.
Joseph Johnson and William Seidemann formed the Snap-on Wrench Company in 1920. The company manufactured and marketed ten sockets that would "snap on" to five interchangeable handles. Snap-on's direct-marketing was a concept that would revolutionize the sales industry.
To sell the products, Johnson and Seidemann worked with Stanton Palmer, who took the tools directly to customers at their places of business and demonstrated the benefits, which became the cornerstone of the company's marketing success. As a result of this successful sales strategy, Palmer enlisted Newton Tarble to share the increasing workload. These four founders — Joseph Johnson, William Seidemann, Stanton Palmer, and Newton Tarble, under the leadership of Palmer — were responsible for putting Snap-on tools on the map.
* Place (Distribution)
By using variations of these four components you have the ability to reach multiple consumers within your target market.
Creating a successful marketing mix that will increase results often takes experimenting and market research. There are many methods that can be used, both in person and the use of impersonal presentations. The key is to not always depend on "one" mix always explore other avenues. The combining and coordination of these elements will be more effective than depending on one.
You must coordinate all elements so that the prospective consumer is not being sent mixed messages that can cause confusion. Do all of your elements contain the same message? Take for example the following scenario:
We are a company that specializes in marketing services and we cater to physicians, however the products we offer fulfill the needs of lead generation for lawyers. Our price is geared an enterprise budget and our magazine advertisements and promotions are being placed in magazines that have a subscription base of senior citizens.
Do you see a problem with this? While in this scenario it is very obvious, I guarantee that by looking at your marketing mix you may find discrepancies that surprise you. Always make sure that your marketing mix has a message that speaks in unison.
For instance make sure that if you have a practice that caters to a niche market that your product is geared towards the need of that market, your price is within the budget of that market, you are distribution your product or service where it will be seen by that market, and gear your promotion to solve the problems that they are encountering.
If you remember one thing from this article it is that one of the main keys to the success of any marketing program is the ability to work effectively in shaping marketing mixes that meet the nature and needs of your specified target market.
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