Several marketing decisions are crucial while conducting an examination on a product before any given marketing strategy is implemented. The aspects whose consideration is of fundamental include current product, target market, distributor network, current competitor, financial analysis and external forces among other factors (Armstrong & Kotler, 2008). The current product is called laundry detergent, which is chosen because it was the preliminary product line of the company
Pricing and distribution
The product should be offered at subsidized prices, at the distributor level and hence making it affordable to most retailers and final users. The laundry detergent can be obtained or sold in particular outlets. This is called limited distribution strategy. Rather than sell at any other detergent store, the products can be sold at specialty shops, creating a perception of exclusiveness and uniqueness (Hill & Jones, 2007).
Target market and promotion
The demographic of the targeted market can be wide spread, catering to both genders as well as any occupation. The product has a target market that keeps changing with age group and fashion trends. Therefore, innovativeness will remain a central strategy so as to ensure that our product does not become redundant in the market.
Information about the product can be readily availed from the internet, or from advertisements. It may also be passed from consumer to consumer. The product can be maintained as a top quality brand so as to maintain customer royalty.
Market place and growth prospects
To increase the sales of the products, expansion to other regions, especially considering capturing oversees market will be very critical. Essentially, maintenance of steady growth curve will require commitment to production of highly pleasant merchandise. Productivity will be enhanced by re-positioning our brand name and increasing product efficiency (Hill & Jones, 2007).
The supplier power is a critical consideration that needs to be made in regard to our product. The company needs to identify the ease with which suppliers drive up prices. There is also the need to analyze the difference in the product and their uniqueness. It is important to know the number of suppliers per input and the advantage they will have over others because of differences in material requirements.
The threat in substitution may affect market prices since the customer can prefer a different substitute to our products. This may weaken the company’s bargaining power considerably. This threat may affect the company’s marketing power and hence should be addressed accordingly (Shiques, 2007).
As new products are introduced in the market, the old ones starts losing their bargaining power; this will happen especially if the new products are similar to that of our Company. The fact that the Company incurs a low cost of production may encourage other companies to try producing similar goods. If they succeed, this will weaken the products bargaining power, which again needs to be addressed (Behrer & Kerkstoel, 2011).
Integrated market strategies should always be used by the company to create awareness of its products to the customers. This can be achieved through distribution of our products through sales agents who shall ferry them next to the company’s target group.
Creating customer confidence by projecting an image of dependability and reliability to our customers is very important in promoting the company’s’ brand. Customer’s confidence in most cases would result to customer loyalty. Issuing attractive sale offers to customers is also an efficient way of promoting the products and the company at large.
Sales offers are expected to attract many customers. The laundry detergent may enjoy a strong presence in the market, but good strategies hold its future performance. Strategies that will enhance customer appeal and royalty are some of the important factors to consider, in order emerge triumphant in the highly competitive market. Deployment of better product attributes and the pursuit of different methods of growing brand recognition will help strengthen the products brand (Kaynak, 1993).
Armstrong, G., & Kotler, P. (2008). Principles of Marketing. New York: University of California.
Behrer, M., & Kerkstoel, G. (2011). How cool brands stay hot: branding to Generation. New York: Kogan Page Publishers.
Hill, L.W.C., & Jones, R. G. (2007). Strategic Management an integrated approach. New York: Cengage learning.
Kaynak, E. (1993). The Global Business: four key marketing strategies. London: Routledge.
Shiques, P. (2007). Marketing Strategies & Solutions. Retrieved from http://www.marketingstrategies.co.ke/biactestimony.html