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MARK6110 Advanced Marketing Strategy

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MARK6110 Advanced Marketing Strategy

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Course Code: MARK6110
University: University Of New South Wales

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Country: Australia

Question:
Summarise the key marketing objectives for your business. Your objectives can be taken from your SWOT analysis and may be financial, with a goal to increase sales. marketing focused to build awareness of your product or service. or online to build engagement with online customers and business networks.
An effective (and accountable) way to define your marketing objectives is to follow the ‘SMART’ acronym (Specific, Measurable, Achievable, Realistic and Timely)’. 
Answer:

Marketing Mix
Product is one of the components of the marketing mix wherein in order to improve the pain of the tooth, the trusted brand Colgate introduced Colgate sensitive pro relief multi protection which is clinically proven in nature in providing instant relief to the individuals. The regular brushing of the different individuals with the respective toothpaste helps in building long-lasting protective kind of shield which helps in fighting against sensitivity which is the major feature of the toothpaste (Baker and Saren 2016).
With the help of the table, this can be analyzed that there are different kinds of features of Colgate sensitive pro relief multi protection which helps them in managing their presence in all over the world in comparison to the other competitors in the market. Furthermore, the unique selling proposition of the Colgate sensitive pro relief multi protection is to provide the long-lasting relief from the tooth ache and pain which will be beneficial for the overall success of the firm in an effective manner (Colgate.com 2018).

Product or Service

Features

Benefits

Unique Selling Position

Support

Colgate sensitive pro relief multi protection

Clinically proven relief for the sensitive teeth along with instant relief (Sinapuelas, Wang and Bohlmann 2015)

The benefits which are provided from the usage of Colgate sensitive pro relief multi protection is coating the teeth and blocking the channels to the sensitive nerves and freshening breath

The Unique selling position of Colgate sensitive pro relief multi protection is the Pro-Argin Formula which helps in keeping the mouth healthy and freshening the breath (Baker 2016)

The major support which is being received from Colgate sensitive pro relief multi protection is that there is 100% guarantee provided by the company to the customers and this will make their brand successful

Close-Up

The major feature of Close-Up is the unique whitening system along with cavity fighting fluoride which is being provided by the respective brand

The benefits which are being provided by Close-Up toothpaste is the unique type of freshness which enables them in attracting more customers towards the brand

The Unique Selling Proposition of Close-Up is the all-around protection of decay which helps them in managing the different demands of the customers

There is guarantee and the warranty which is being provided to the different customers and this makes their brand famous in the entire market in comparison to the other competitors in the market

Crest

The major feature of Crest is to provide shine in 1 day and polishing away the stains of food

The main benefit which is being provided by Crest is to provide protection against gingivitis and cavities and whitens the teeth too

The unique selling proposition of the product is to provide the customers with the satchel and sample and sell the first product as the sample which is beneficial for the overall success of the firm

The benefits which is being provided by the product is the warranty and this helps in managing their brand effectively

Price- The price of Colgate sensitive pro relief multi protection is expensive and falls under the premium branding category in comparison to the other brands. The major reason for the premium pricing aspect is to provide the individuals with the specific function wherein the toothpaste provides the long-lasting kind of relief who is having the sensitive teeth (Lovelock and Patterson 2015). The premium pricing of the product is competitive in nature in comparison to the other competitors such as Close-Up and Crest and gain more competitive advantage by providing 100% relief and making the customers satisfied.

Product or Service

Price

Costs

Net Profit

Competitor Pricing

Value

Colgate sensitive pro relief multi protection

Premium Pricing Strategy (£3.80 for 75 ml)

£2.80

 £1

Close-Up-
Competitive Pricing Strategy
Price- (£1.80 for 75 ml)
Cost- £0.80
Net Profit- £1
Crest- 
Price- Low pricing Strategy Costs- (£2.22 for 75 ml)
Net Profit- £1
 

The unique selling proposition and quality of Colgate sensitive pro relief multi protection is to provide the long-lasting relief over the different kinds of teeth and gums problems in an efficient manner

Place- This is the other aspect of marketing mix which is available in the entire USA market in different kinds of grocery stores, hypermarkets along with different convenient stores. These places are high traffic and the central locations are effective in nature in managing the different demands of the customers in an effective manner (Verhoef, Kannan and Inman, 2015). The Colgate sensitive pro relief multi protection brand is available in all over the world and the distribution channel of the organization is strong and in USA, the brand Colgate tries in selling the Colgate sensitive pro relief multi protection in Walmart which is one of the big supermarkets in the USA and gain more competitive advantage (Khan 2014).
Promotion- Colgate tries to perform the different kinds of advertisements of television along with magazines and newspaper in grabbing the attention of the different customers in the market effectively (Huang and Sarigöllü 2014). Furthermore, Colgate sensitive pro relief multi protection tries to provide the different kinds of samples of 50g to the different customers in an effective manner which will be beneficial for the company in gaining competitive advantage in comparison to the other competitors such as Crest and Close-Up in the market. In order to create proper brand awareness among the different individuals in the competitive market, Colgate sensitive pro relief multi protection toothpaste tries to conduct various events which is helpful in managing their effectiveness by motivating the customers in using the product (Davari and Strutton 2014).
Marketing Objectives 
The proper SMATY marketing objectives is essential which is required to be considered in an effective manner which will be beneficial for the overall success of the organization in an effective manner (Datta, Ailawadi and van Heerd 2017). The branding, profitability along with the share in the market objective is required to be analysed in such a manner which will help in managing the overall success of the firm in the entire competitive market in comparison to the other competitors such as Close-Up and Crest toothpaste which provide the similar kinds of services as that of Colgate sensitive pro relief multi protection. However, there are different unique selling propositions of Colgate sensitive pro relief multi protection which is better than the other competitors in comparison to them and gain more competitiveness in the market.

Objective

Specific

Measurable

Achievable

Realistic/Relevant  

Timely

To attain 25% of the capital employed by the month of July 2019

25% of the capital is required to be employed

By the means of the different financial considerations, this can be calculated in an effective manner

With the help of the financial instruments, the capital employed is attainable in nature

The results will be realistic in nature which will be helpful in gaining competitive advantage

Till the year 2019

To gain more than 20% of the market share for the Colgate sensitive pro relief multi protection by providing long-lasting relief to the different individuals

Colgate is required to attain more than 20% of the share in the competitive market

With the different financial and marketing reports of the company, this will be beneficial for the overall success of the company

The market share can be attainable by increasing their presence in the entire market through proper usage of the different kinds of marketing alternatives

The results based alternatives will be generated

Till the year 2020

To make the Colgate sensitive pro relief multi protection toothpaste which will be success of the different age groups in United States of America and other countries as well within 2020

Within the year 2020, this can be analysed that all the age group individuals will be targeted effectively

With the different marketing and financial aspects, this will be beneficial for gaining huge success

The customers will be attracted effectively with proper usage of the different marketing perspectives

Results Based

Till the year 2020

References
Baker, M.J. and Saren, M. eds., 2016. Marketing theory: a student text. Sage.
Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.
Colgate.com. (2018). Colgate.com Oral Health and Dental Care | Colgate® Oral Care. [online] Available at: https://www.colgate.com/en-us [Accessed 31 Oct. 2018].
Datta, H., Ailawadi, K.L. and van Heerde, H.J., 2017. How well does consumer-based brand equity align with sales-based brand equity and marketing-mix response?. Journal of Marketing, 81(3), pp.1-20.
Davari, A. and Strutton, D., 2014. Marketing mix strategies for closing the gap between green consumers’ pro-environmental beliefs and behaviors. Journal of Strategic Marketing, 22(7), pp.563-586.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer, New York, NY.
Khan, M.T., 2014. The concept of’marketing mix’and its elements (a conceptual review paper). International journal of information, business and management, 6(2), p.95.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Sinapuelas, I.C.S., Wang, H.M.D. and Bohlmann, J.D., 2015. The interplay of innovation, brand, and marketing mix variables in line extensions. Journal of the Academy of Marketing Science, 43(5), pp.558-573.
Verhoef, P.C., Kannan, P.K. and Inman, J.J., 2015. From multi-channel retailing to omni-channel retailing: introduction to the special issue on multi-channel retailing. Journal of retailing, 91(2), pp.174-181.

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