Marketing Analysis for Dove: STP, PEST, and Competitor Analysis
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This report provides a comprehensive analysis of Dove's marketing strategy using STP, PEST, and Competitor Analysis. It includes existing brand and brand value, description of target market, analysis of new market including trends, an explanation of new product, and competitor's analysis.
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Principles of Marketing
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Table of Contents INTRODUCTION Methodology Existing brand and brand value Description of target market. Analysis of new market including trends. An explanation of new product. Competitor’s analysis CONCLUSION REFERENCES
INTRODUCTION It is essential for every business to analyse their growth factors and work harder to achieve them appropriately. There are various kinds of marketing model which can be used by a company to analyse their position in the market and make strategies to mitigate negative impacts and accelerate positive impacts for their business.
Methodology The following report is based on secondary data because it is using marketing model to help company to analyse growth opportunities for them by analysing their existing marketing conditions. It is also qualitative as well as quantitative research
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Existing brand and brand values Brand- Brand in one of the most essential asset for any company which is used for company recognition in market. Brand extension- This is the concept where companies make strategies for their growth by introducing new products by using same brand name. Kapferer’s Brand Identity Prism-This is the model which help the companies to establish and enhance strong brand identity in market which further help to reflect their core values
Description of the target market STP analysis- Segmentation-In context of Dove, they segmented their market for the age group of 16-24, 24-32, 32-40, and 40 and above. They also segmented their market for male and female of middle and high income. Targeting-In context of Dove, they targeted mainly female with age group of 18-35. they also target those customers who are having high purchasing power and become loyal customers. Positioning-In context of Dove, they are promoting their products through advertisements, social media and many others which help them to capture larger part of globe.
Analysis of the New Market, Including Trends PEST analysis- Political factors- It is essential for Dove to expand in those countries where the government have good stability level and they promote trading activities well. Economical factors- It is also essential for the Dove Company to expand their business in those nations which are having good infrastructure condition or which are going to develop their infrastructure well
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Continue.. Ansoff grid- Market penetration- This is the growth strategy which include to expand sales by offering existing product in existing market. Market development- This is the growth strategy which consist of offering existing product in new market. Product development-This is the growth strategy which consist of developing new product or new product line in existing market.
An Explanation of the New Product Tauber’s brand extension options- This is the option where company try to focus on the company's expansion by introducing new product in the market. Product packaging-Packaging of product plays an important role in brand recognition. Brand name-It is essential for the product that they will known by their brand name.
Competitor's analysis Porter five forces-This is the model which is used to analyse competitors condition within the market. Threat of new entrants- This element will help to analyse what threat a company get when new competitors enter the market. Bargaining power of buyers-It is essential for dove to maintain good relationship with their suppliers
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CONCLUSION It is concluded that STP model is used to analyse market appropriately and how customers treat their brand and products in the market. PEST analysis is used to identify external business environment of a company and help the company to identify their positive and negative impacts upon business.
REFERENCES Akbar, M.B., French, J. and Lawson, A., 2020. Use of social marketing principles in sexual health: An exploratory review. Social Business. Cannon, J.P., Lohtia, R. and Paulich, B.J., 2021. Blended Learning in Principles of Marketing: The EffectsofStudentDifferencesonStudentPerformance. JournalofMarketingEducation, p.02734753211058357. Córdova, A.V.M. and Gómez, N.M.D.C.F., 2020. Principios de marketing y competitividad como estrategias claves para el desarrollo de las MIPYMES en la provincia de El Oro Principles of marketing and competitiveness as key strategies for the development of MSMEs in the province of El Oro.