Marketing Introduction of White Freshener Product - Case Study Example

Marketing across Boundaries Name Course Instructor Date Marketing across Boundaries Detail of the product Millions of products and services are available to consumers across the world. Despite these, more new products and services continue to emerge in the market with more features and values for money to customers. The product that need introduction in the market is new toothpaste, ‘White Freshener’. The toothpaste has many features that will play a key role in attracting customers. One of the features is that the toothpaste comes in different sizes. Customers can make a decision to buy the quantity they afford. The toothpaste as well is packed with attractive packages. The colour of the tubes used for packing the toothpaste is attractive. Using the toothpaste is easy, as the customer needs to squeeze the tube gently. Professionals produce the toothpaste in clean environment. Consumer bodies have approved the use of the toothpaste hence, it meet the threshold or rather the safety standards for consumer use. It has information inscribed on the package concerning the ingredients used, how to use and the expiry date. This information is very essential as it provide the consumer with guidelines on usage and whether it should be used or not after a certain period. Therefore, customers have confidence in the toothpaste. The toothpaste is produced by combining various products and chemical compounds to ensure that it provides positive results. Thirty percent of the toothpaste is water. Other compounds are chemicals that include abrasives, surfactants and fluorides. Chemical abrasives make around 50 percent of the toothpaste and are insoluble particles that help to remove plaques from ones teeth. Examples of such abrasives include aluminum hydroxide. Fluoride is also used in this toothpastes and its purpose is to help in formation of teeth enamels and bones. Example is the sodium fluoride. Surfactants act as a forming agents and aid in removal of oils from teeth. The toothpaste as well has other ingredients such as antibacterial agents, reminieralizers and flavoring that help in enamel formation. It also consist of chemicals such as 1,2 propyene glycol, glycerol, xylitol and sugar alcohols that help to ensure that the toothpaste does not dry or does not become a powder. This toothpaste has therefore been proven effective in helping strengthen teeth, prevent decay, freshen one’s teeth, prevent gum and teeth diseases such as carries, gingivitis, ensure good breathe, prevent sensitivity and promote good oral hygiene. The reasons why this toothpaste will succeed in today’s target market is that it has more additional features that adds value to the customers. The toothpaste is an improvement to the existing brands something that makes it effective in providing best outcome to consumers. Consumer is required to use a small amount of this paste to experience positive outcomes compared to previous ones. This therefore means that the consumer saves more money. The toothpaste as well apart from whitening the teeth, it makes them stronger, prevents diseases and freshens the person breathe all through the day. The toothpastes is also packed in different sizes hence gives consumers the freedom to purchase the pack that they can afford depending on their level of income. This therefore means that many people even those with low level of income can easily purchase /afford the toothpaste. The wide accessibility of the toothpaste across the country and the world will also contribute to its success in the market. Marketing plan Executive summary Marketing plan for toothpaste dubbed ‘white freshener’ covers on various essential considerations that will aid in the success and achievement of the set objectives. The toothpaste is one of its kinds. Through the marketing plan, the product strength is clearly known as well as the aims and the strategies to be adopted to achieve high volume and brand recognition. The objectives and goals of the marketing plan are to increase the customer base and awareness of the brand. This is achieved through target profiling and segmentation of the market. The positioning strategy adopted is differentiation by focusing on the 4 p’s of market including price, product, place and promotion. The plan as well covers on the budget issues as well as contingency plan in case the first plan fails. Introduction Marketing plan acts a as a road map of ensuring that a product or a service is well received in the market (Liao-Troth, Thomas & Scott, 2015). The market plan for the White Freshener requires formulation of a plan. The plan will therefore include the goals and objectives, conducting of environmental analysis, target market profile and segmentation, market positioning strategy, budgeting plan and the contingency plan in making of appropriate decision to help achieve intended results. Goals and objectives For any marketing initiatives, it is prudent to have goals and objectives. The goals should be specific, measurable, attainable, and reliable and time bound (Kotler & Keller, 2006). Goals provide a framework to work on to achieve the intended results. The goals of this marketing initiative are to ensure that the product reaches many targeted customers within a span of three months. The sales volume is expected to increase over the months as customers become more aware of the new toothpaste and continue to use the same. The objective is to take over the market and become the leading consumed toothpaste brand. Environment Analysis An organization or product success is influenced by both internal and external factors operating in the environment. Therefore, to succeed, it requires adoption of strategies that can manipulate some of these factors to ones advantage. A successful strategy will also entail forecasting changes to take advantage of the opportunities available in the environment. Therefore, both the micro and macro environment factors will impact on the product hence, the marketing strategy must remain sensitive to these factors (Lamb, 2012). It is important to understand that the organization or the product seller has no control over macro-environment factors. These factors are easily understood by an acronym PESTLE that means political, economic, socio-cultural, technological, legal and ecological factors. Political factors can affect the marketing of the toothpaste by either creating advantage and opportunities or deterring the marketing process (Kotler & Keller, 2006). Some of the political factors that will impact on the sale of the toothpaste include the type of the government regime in the target markets, the tax policies, tariffs and trade agreements, market regulations and voluntary codes and practices. For instance, if the target market is involved in political squabbles, it will become difficult for the product to be distributed and this will affect the sales volume. Therefore, it is important to ensure that a market survey is done to avoid those areas that face political instabilities and legal challenges. It becomes risky to invest in areas facing political instability and is therefore a good decision to avoid such areas. Being aware of economic conditions is also important in marketing plan to respond to such situations successfully (Kulieshova, 2014). The product will be affected by both global and national economic factors through changes in interest rates and changes on fiscal policies. The economy as well is what dictates how consumers, creditors as well as other stakeholders behave. For instance, in case of recession, it will lead to high unemployment rates, low spending power as well as low confidence in stakeholders. However, in case of a booming and growing economy, spending level will increase as well as stakeholder level of confidence (Levi, 2007: Möller & Anttila, 1987). I will therefore, be sensitive about the economy state to adapt to suitable strategies. I will review how economic conditions impact on competitors in making decisions (Kotler, 2012). The strategies I will employ will help protect and promote the business across its target markets. One of the strategies is to ensure high quality of the products, produce products sparingly in line with economic conditions and intensify marketing initiatives (Dragnic, 2014). Considering social cultural factors is also important in these marketing initiatives (Porter, 1996). Offering products that complements and benefits the behaviors and lifestyles will contribute to the success of a business. Social forces such as family, media and even the opinions, interest and attitudes beliefs and customs affects the purchasing behaviors of the consumers (Ramaseshan, Ishak & Kingshott, 2013). Social aspects keep changing and should be put into consideration when producing products and services. The population across the world is increasing and therefore, I do believe that the market share of this product will continue to increase. The people lifestyles are also changing, as nowadays even young children are introduced to brushing teeth at a tender age. These products will aim to take advantage of this potential market. Change and advancement in technology has as well impacted on the way businesses are nowadays run. People across the world have accessibility to internet and therefore access to information quickly 24/7. This means that businesses have to adapt to changes in their practices to survive (Petersen, Kushwaha & Kumar, 2015). The expectations, habits of the consumers have also been changed with technology. People have the opportunity to access to different kinds of products and services at the comfort of their homes. I will have to use technology to market the new products. Technology will allow faster transmission of information concerning the new product. Legal factors will also affect the product marketing strategies. The production and distribution of the product will meet legal threshold. Consumer safety bodies for safety will carry out testing and verification of the product. A license from the authorities is required to produce and to sell the toothpaste in the target markets. Ecological factors impacts of the manufacturing on the environment and climate change will be put to consideration. Production will be done in a secure environment to promote and sustain the environment. It is also important to consider micro-environmental factors also those factors that have a direct impact on the operation and success of this business (Ramaseshan, Ishak & Rabbanee, 2013). The factors that should be considered include customers, employees, suppliers, shareholders, competitors, suppliers and media (Danciu, 2013). The marketing plan aims at attracting customers through quality product and excellent customer services. The toothpaste is of high quality that meets the needs and wants of customers. Employees will have requisite skills to help in achieving competitive edge (Reid & Bojanic, 2009). Suppliers will be selected wisely to ensure that they have quality raw materials and their products are sold at competitive prices. The relationships with the shareholders and media will be maintained to portray the products positively. The business will also ensure that the new toothpaste is of higher quality than those offered by competitors. Target Market Profile and Segmentation Target market profiling is determining the kinds of customers, their behaviors, interests in a given locality (Peattie & Notley, 1989). Segmentation is dividing the market or categorizing consumers to meet their needs. Profiling and segmentation is important, as it will enable the business to focus its efforts on specific segments as opposed to trying to apply to all customers. I will use market research to find out or identify the ideal target market as well as customers. Therefore, through this segmentation, I will be in a position to develop different customer profiles. I will segment the customers based on geographic profiles/locations. The product will be sold in all retail shops within the vicinity of customers. This is to enhance accessibility. I will also segment the market on the demographic basis based on the personal attributes of the consumers categorized. The product is conducive and targets all gender, religious affiliations, propel from different income levels and those married and single. Demographics of the market Age range: 10 and above Gender: Both male and both Geographical location: Across Australia Level of education: Both literate and illiterate Occupations: Broth all the careers Income levels: US $ 100 and above Family structure: Nuclear and extended Others: From all religion groups Lifestyle and Hobbies The customers’ lifestyles vary depending on their level of income and their geographical locations. Some of the hobbies, interests and habits of the customers include, swimming, in dancing and listening to music among many others. Morals and values The target markets have established codes of practice that must be met. The products must meet the set standards of quality. Hoarding and charging high prices is restricted because of consumer protection. Pain points The market has various problems that range from cultural practices, level of income, and religious beliefs that affect purchase of the toothpaste. Some cultures are opposed to use of toothpaste. Low income and poverty hinder many people to buy this toothpaste and religious belief as well contributes to purchase decision. Shopping Habits Customers in the market shop differently. Some shoppers shop in retail shops, wholesale shops, and in supermarkets. They shop on monthly, weekly and some on daily basis. Most shop when they receive salary paid at the end of the month. Market Segmentation Market segmentation is dividing wider markets to subsets of business, consumers or countries that have or perceive to share interest, needs and priorities. Segmentation will be used to identify and define the target customers further to aid in achieving the set marketing plan objectives (Liao-Troth, Thomas & Scott, 2015). Markets will be segmented based on the kind of customers such as their level of income. Those markets that have consumers that earn more incomes will be sold at slightly higher prices compared to those that come from markets that people earn low level of income. Marketing and Positioning Strategy Positioning strategy is also essential to help a business achieve its objective. For a business to position itself, it should carry out market research to have enough supporting information to guide in the implementation of the strategy (Porter, 1996). To ensure that the new product perform well in term of sales volume and achieves brand recognition, a number of traditional market placemat strategies also marketing mix will be adopted. These includes, price, promotion, distribution and product (Afridi, 2009: Constantinides, 2006). The business will use differentiation strategy to stand out of the rest of the competitors. The price will be competitive; the quality of the toothpaste is also of high quality. It will also use various promotional strategies such as advertisements through online platform such a social media and traditional media of advertising such as radio and television and print media to reach to the target audience (Anitsal, Girard & Anitsal, 2012: Anonymous, 1999). Marketing Budget The budget concerning the cost of marketing is important in ensuring achievement of the marketing objective and goals (Kotler & Armstrong, 2014). It is important to consider the available resources in terms of skilled work force, financial resources and time in marketing. The cost of running this marketing campaign is already estimated. The cost involves hiring employees that will spearhead the campaign, charges at the media outlets, and costs in ensuring that products are transported to the various selling points where customers can access. Contingency Planning There is also a contingency plan that will be adopted if the immediate plan fails. A budget has been allocated to this plan in case the first one fails to meet the objectives and goals intended (Kotler & Armstrong, 2014). This contingency plan will take alternative strategies to obtain the goals set. For instance, if the products are not sold as expected, then a survey will be done to find out exactly where the problem may be arising for a quick remedy to be taken to bring the situation to normalcy. Conclusion Marketing plan is important tool to help a business achieve its goals. Through the plan is easy to understand the markets and the issues that may affect the marketing strategies hence, suitable strategies can be taken. This new toothpaste brand is expected to succeed in the market because of the marketing plan that provides appropriate guideline and acts as a roadmap. References Afridi, F. (2009). Extended Services Marketing Mix and Emergence of Additional Marketing Ps. Journal of Managerial Sciences, 3(1), 137-14. Anitsal, I., Girard, T., & Anitsal, M. (2012). An application of services marketing mix framework: how do retailers communicate information on their sales receipts? Business Studies Journal, 4(2), 77-90. Anonymous, (1999). Chapter three: Introducing the new marketing mix: the marketing tools (the four or five p's). Mastering Marketing, pp. 67-102. Constantinides, E. (2006). The Marketing Mix Revisited towards the 21st Century Marketing. Journal of Marketing Management, 22(3/4), 407-438. Danciu, V. (2013). The future of marketing: an appropriate response to the environment changes. Theoretical & Applied Economics, 20(5), 33-52. Dragnic, D. (2014). Impact of internal and external factors on the performance of fast-growing small and medium businesses. In: Management: Journal of Contemporary Management Issues, 19(1), 119 Kotler, P., & Keller, K. (2006). Marketing and Management, Pearson Prentice Hall, Upper Saddle River, NJ, USA Kotler, P. (2012). Marketing Management. Pearson Education. p. 25. Kotler, P., & Armstrong, G. (2014). Principles of Marketing Pearson Education Limited. Kulieshova, N. (2014). Factor Model of the Significant Factors in the Macro Environment of Tourism Enterprises. Problems of Economy, 3, 246-254. Lamb, C. (2012). Essentials of Marketing (7e ed.). Mason, OH: South-Western Cengage Learning Levi, K. (2007). Differentiate or Diminish: The Art and Necessity of Business Positioning. March, 2007, p. 9 Liao-Troth, S., Thomas, S., & Scott, W. (2015). Illustrating business-marketing concepts through the value chain game. Marketing Education Review, 25(1), 59-64. Möller, K., & Anttila, M. (1987). Marketing Capability--A Key Success Factor in Small Business? Journal of Marketing Management, 3(2), 185-203. Peattie, K., & Notley, D. (1989). The Marketing and Strategic Planning Interface. Journal of Marketing Management, 4(3), 330-349 Petersen, J., Kushwaha, T., & Kumar, V. (2015). Marketing Communication Strategies and Consumer Financial Decision Making: The Role of National Culture. Journal of Marketing, 79(1), 44-63. Porter, M. (1996). "What Is Strategy?". Harvard Business Review. Ramaseshan, B., Ishak, A., & Rabbanee, F. (2013). The role of marketing managers' commitment and involvement in marketing strategy implementation. Journal of Strategic Marketing, 21(6), 465-483. Ramaseshan, B., Ishak, A., & Kingshott, R. (2013). Interactive effects of marketing strategy formulation and implementation upon firm performance. Journal of Marketing Management, 29(11/12), 1224-1250. Reid, R., & Bojanic, D. (2009). Hospitality Marketing Management (5 ed.). John Wiley and Sons. p. 139 . Read More