This report analyzes the brand extension strategies that can be used by Sure Toothpaste for launching new products. It includes a PESTLE analysis and ANSOFF matrix to determine the most effective strategy. The target market, competitive scenario, and competitor strategies are also discussed.
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Principles of Marketing
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Executive summary: Marketing mix is a very effective techniquethat can used by the organisation for the purpose of formulating strategies by considering different aspects that is related to a product or a services. Presently there is analysis of the different tactics that can be formulated by considering some aspects of marketing mix by Sure toothpaste. For this the most effective strategy in terms of promotion is to use digital marketing strategy for the purpose of their brand extension in the target market segments.
Table of Contents INTRODUCTION...........................................................................................................................3 Methodology:...................................................................................................................................3 Findings:..........................................................................................................................................3 PESTLE Analysis:...........................................................................................................................4 CONCLUSION................................................................................................................................6 REFERENCES...............................................................................................................................7
INTRODUCTION It is very crucial to develop a detail overview of the way different Marketing aspects are posing a impact on the brand expansion techniques(Mothersbaugh, HawkinI and Kleiser, 2019). The present report is based on developing a detailed overview of the techniques that will be used by Sure toothpaste(Katsikeas, Leonidou and Zeriti,2019). There is analysis of different ways that can be used by sure toothpaste for the purpose of launching new products that includes PESTEL analysis, Ans of matrix in order to successfully launch the new product range. Aim: “To develop a overview of the different brand extension strategies” A case study analysis on Sure toothpaste. Objectives: To analyse strategies for brand extension of sure toothpaste Launching of new herbal product range and sweet taste toothpaste for new target segment of customers that is children between age group of 4-8 years. Methodology: There is application of secondary research in the present research work where there is use of existing online and journal literature sources for the purpose of reaching to relevant conclusions.
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(Source: The Brand Identity Prism and how it works, 2018) Existing brand values:It includes the key elements ofkapferes modelthat includes the elements that are mentioned below: Physique:It is the element that includes the visual cuesof a toothpaste the container in which and different clouds is made attractive for sure toothpaste to attract their customers.It only constitutes about the physical attributes of a product and does not includes its internal features. Personality:It is the element that is evaluating the traits of a brand it includes the specific wiring tone, colours and attitude. Sure toothpaste comes in green, blue and white colour containers.It is basically about the way a product looks for its customers whether it is appealing enough and how has been the packaging done to attract customer. Culture:It is the set values of the brand. Sure toothpaste is based on value of providing a clean, refreshing experience to its users (What is The Kapferer Brand Identity Prism?, 2018). Relationship:Sure is focussing on building of trust based relationship by ensuring all the claims made by this brand are timely met(Palmatier, and Crecelius, 2019). Self-image:It is reflecting the way brands are using their self image as a advantage to incorporate their identity by associating to the brand, Sure toothpaste is using a campaign to ensure that people are influenced by transformation from using this toothpaste(Kingsnorth, 2019).
Reflection:It is the customers ideas of themselves refers to how sure toothpaste portrays itself to their customers by creating a desired impression of this toothpaste as a source of best experience. Above mentioned are the different aspect of thekapferes modelthat has to be considered for the purpose of launching new products in the target market. Description of the target market: The target market of sure toothpaste is based on achievement of higher market share by targetting all age groups(Sanaei and Sobhani,2018). The main market is segmented base don age that is children and adults. In this for children there is focus on launching of some new flavours. The target market is based on the behavioural segmentation where it is decided based on the similar characteristics that are shared by people belonging to that segment. In present casethe new herbal toothpaste that is planned to be launched comprises of the people having preferences for no chemical associated ingredients. It will include the people from all age groups and there is no predefined age criteria. PESTLE Analysis: Political factors:Sure toothpaste will be affected by regulation of drug prices, administration policies of government on healthcare and pharma. Economic factors:There has been as shift towards healthcare costs that is resulting into dealing with the changing economic conditions. Social factors:With the growing population across world and changes in preferences of people there is a shift towards more herbal range of products. Sure toothpaste will be launching a complete new range of herbal flavoured toothpaste. Technological factors: The use of artificial intelligence and internet for promotion of brand will be used by Sure toothpaste to promote the brand(Shah, Azhar and Bhutto, , 2019). There will be a campaign that will lead to engagement of customers. Legal factors: Sure toothpaste have to focus on different legal laws such as related to managing of intellectual property rights before expansion of their new product range(Ibrahim and Harrison, 2020). Environmental: Sure toothpastes has used less of plastic and more of biodegradable material for tunes manufacturing so that there is contribution towards sustainable development.
Ans off matrix: It is based on four strategies that are mentioned below: Market penetration:In this strategy there is focus one enhancing sales of existing product and the market is also existing. Product development:The main focus of this strategy is to introduce the new products in the existing markets. In this strategy there is new product introduction in the existing market. Sure toothpaste is using the launching of new product range of herbal toothpaste and sweet taste toothpaste(Jaworski, , 2018). Market development:In this strategy of ans off matrix there is new market that is selected for existing markets. Diversification:In this particular strategy there is focus on entering in the new market with Revisiting international marketing strategy in a digital era and launching of some new product range. For Sure toothpaste there is mainly focus on launching of new products new market segments that is children that was earlier not a target market(Baxi, BPanda and Karani, 2016). The diversification strategy of Sure toothpaste will also be affected by the present changing scenario of external environment because of Brexit referendum. As there is higher uncertainty because of the present situation of COVID impact that is leading to a situation where it is becoming difficult for the retail products to successfully adapt according to the changing requirements of the external market. The preferences of customers are changing very fast they have developed more focus to only purchase necessity products and not lay emphasis on the luxury commodities. Tauber’s Brand Extension Options: Edward M. Tauber has usedthe leverage to launch a new product in different category. Such as for Sure toothpaste there is launching of strategic brand extension, where there is objective to diversify in a new growth Strategy(Chiang,2018). Such as Sure toothpaste is focussing on launching of a new herbal range of products and new sweet flavours for children. Brand positioning strategies: Suer toothpaste will be focusing on determination of the present position of the brand. After that therewillbedeterminationofdirectcompetitorsthatincludesensodyneasthebiggest competitor. There will be analysis of strategies of competitors and comparison of the present positioning of the brand with identification of unique idea.
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Competitive scenario:Sure toothpaste will be facing a scenario of higher competition from existing big brands that includes sensodyne, pepsodent, oral dabour,gleem, listerine, pental products, harm and hammer(Caliskan, 2019). All these brand already includes a new range of sweet taste toothpaste for kids market segment. Hence, there will be a scenario of high competition. Competitor strategy: Different competitors ofSure toothpasteare mentioned below who are having their own competitive strategy as mentioned below: Procter & GambleThemajorcompetitivestrategyofthis toothpaste brand is that they are focussing on distinct foaming action for cleaning the gum line and remineralising of enamel for stronger teeth. Colgate PalmoliveThey are having a tag line they they make easy to choose variances that is according t9o any age, goal and oral condition. GlaxosmithKline PLCThere is a customer experience for sensitive teeth's, flue, joint pain, colds. Line corporationThey are having a mediated toothpaste that performs preventive dentistry essentials that is reducing bacterial growth, removing of plaque and fluoride retention. CONCLUSION It can be summarized from above discussed aspects that there is requirement of some effective strategies to be aimed by brands for the purpose of launching their new product range. In situations of targetting the same market there is need to make a detailed evaluation of the existing target market by use of variolous frameworks such as PESTLE analysis, Ans off matrix that leads to to focus on outcomes of the most appropriate strategy according to present market conditions.
REFERENCES Books and Journals Katsikeas, C., Leonidou, L. and Zeriti, A., 2019. Revisiting international marketing strategy in a digital era.International Marketing Review. Kingsnorth, S., 2019.Digital marketing strategy: an integrated approach to online marketing. Kogan Page Publishers. Shah, S.A., Azhar, S.M. and Bhutto, N.A., 2019. Halal marketing:a marketing strategy perspective.Journal of Islamic Marketing. Chiang, W.Y., 2018. Applying data mining for online CRM marketing strategy.British Food Journal. Mothersbaugh,D.L., Hawkin, D.I. and Kleiser, S.B., 2019.Consumerbehavior:Building marketing strategy. McGraw-Hill Higher Education. Palmatier, R.W. and Crecelius, A.T., 2019. The “first principles” of marketing strategy.Ams Review,9(1-2), pp.5-26. Sanaei, M.R. and Sobhani, F.M., 2018. Information technology and e-business marketing strategy.Information Technology and Management,19(3), pp.185-196. Ibrahim, E.B. and Harrison, T., 2020. The impact of internal, external, and competitor factors on marketing strategy performance.Journal of Strategic Marketing,28(7), pp.639-658. Jaworski, B.J., 2018. Commentary: advancing marketing strategy in the marketing discipline and beyond.Journal of Marketing Management,34(1-2), pp.63-70. Baxi, B., Panda, R. and Karani, A., 2016. Community Marketing: an effective Marketing Strategy.Romanian Journal of Marketing, (3). Caliskan,A.,2019.Applyingtherightrelationshipmarketingstrategythroughbigfive personality traits.Journal of Relationship Marketing,18(3), pp.196-215. Online: WhatisTheKapfererBrandIdentityPrism?,2018[online],Available through<https://woven.agency/blog/what-is-the-brand-identity-prism/> TheBrandIdentityPrismandhowitworks,2018[online],Available through<https://howbrandsarebuilt.com/blog/2018/12/21/the-brand-identity-prism-and- how-it-works/>
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