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Unit 13 Marketing Strategy Assignment Tide
Diploma in Business (Marketing)
Unit Number and Title
Unit 13 Marketing Strategy Tide
Unit 13 Marketing strategy tide is prepared in concentration with Marketing Strategies which will help the organisations in preparing effective marketing strategies with the effect of which they will be able to attain competitive advantage in the market and will be able to do effective promotion and marketing of their product. Seeing the huge competition in the household products, a detergent company is taken into consideration in this report. Tide is a company which provide detergents for the households in the market. Tide is one of a most commonly used detergent which could be found in almost every house in UK. Parent company of Tide is Procter and Gamble which is one of a most reliable and trustworthy brand in a market of household items. Tide was introduced in 1946; it is available in the markets of United States, Canada, Europe, Latin America, India, Israel, Morocco, Philippines, Saudi Arabia, Turkey, Vietnam and UK.
SWOT analysis is the technique with the effect of which organisation could gain information regarding its internal process. Gaining information regarding strengths, weaknesses, opportunities and threats of the company helps it to take appropriate decision regarding marketing strategies and ensures that marketing of the company could be done in an effective manner. Information related with the internal process of Tide will be shared in this section of the report. Information related with the actual position of the company could be gathered with the help of analysis of strengths, weaknesses, opportunities and threats of the company. Hence, the SWOT analysis of Tide is as follows:
Information related external environment is gathered with the help of PESTLE analysis. There are several external factors that could affect the business. Hence, it becomes necessary that these factors should be analysed by the company. PESTLE analysis includes political factors that could affect the business, economic factors, sociological factors, technological factors, legal factors and environmental factors. Analysis of these factors will help Tide to developing manager in the marketing strategies with the effect of which more people will get attracted towards the products of Tide.
- Political Factor: Companies with the brand image in the market do business in different markets so that they could acquire huge market and customers available in the market. Different markets have different set of government policies which are necessary to be followed by every business. Violation of any policy could affect the image of a company (Kotler, et. al., 2014). Hence, it is necessary that Tide should develop the strategies which could insure that all the government policies could be followed.
- Economic Factors: Different countries have different economy upon which sale of the products and services in the market are dependent. Fluctuations in the economy of the country could affect the sale which could cause loss to the company. It is necessary that Tide should develop the strategies which could help it to deal with the economic fluctuations and could ensure that smooth functioning of the organisation (Barney, 2014).
- Social Factors: It is a responsibility of every organisation to look after the society in which it is doing the business. Tide should provide proper infrastructure, employment and various other aspects with the effect of which society could grow. It is also necessary that Tide should ensure that the product which it is providing should not harm the society. Hence, it is necessary that Tide should help the society to grow as it will provide the scope of growth to Tide.
- Technological Factors: Technology in present scenario is changing very frequently. It is necessary that every organisation should remain up to date and should use the upgraded technology as it helps in bringing accuracy to the work and make the work easy and simple. Technology helps in managing the work in more effective manner and ensures that market requirements could be fulfilled (Simkin, et. al., 2013).
- Legal Factors: Legal policies and frameworks are prepared so as to make sure that fair trades and deals could take place in the market. It is necessary that Tide should follow all the legal aspects so as to maintain the decorum of the market. It is necessary that these legal rules and regulations should be taken care of as any breach or violation of legal rules and regulations could affect the brand image which will result in reduction in the customer and sale of the products and services provided by Tide.
- Environmental Factors: Environmental sustainability is one of the most important aspects that are being focused upon by every single individual present in the world. There are certain government which are presented to as to save environment. It is necessary that Tide should focus on the factors that could help in environmental sustainability. Tide will have to ensure that it should avail the products which are eco-friendly and should contribute in environmental sustainability activities.
Hence, after analysing the external factors that could affect Tide it could be said that it is necessary that Tide should develop effective set of marketing strategies as these strategies will help the business to stay in the market. Formulating the strategies according to these factors will help the organisation to move on the path of success and sustainability.
From many decades Tide is present in the market and there are many households in the country using the products of Tide so as to wash their clothes. Procter and Gamble is a parent company of Tide. USP of Tide is to provide best quality detergent powder which provides special fragrance to the clothes and keeps the clothes neat and tidy. This USP of Tide helps in attracting more people towards its product and helps in making effective sale in the market which maintains the brand image of Tide in the market.
Current marketing strategies
Different marketing strategies should be focused upon by the companies. Developing marketing strategies will help the organi9sation to sustain in the market. Such type of activities will ensures that company could attain competitive advantage in the market. These strategies help in spreading the name of a brand and ensure that more customers could get attracted towards the products provided by the organisation (Srdjevic, et. al., 2012). Evaluating and applying the new marketing strategies at the workplace will help Tide to ensure its success in the market and will help in increasing the revenue of the company. Some of the marketing strategies are:
Under Market and People Available in the Market: It is necessary that Tide should understand that in what type of market it is doing the business. It should consider all the aspects like whether the market will be favourable for the sale of the product it is providing to the target population. It should understand the mentality and behaviour of the people present in the market. Tide should try to gain information related with the market and people present in the market and should bring out the marketing strategies according to the information gained regarding market and people available in the market. One of the most effective ways with the help of which information and knowledge could be gained is taking feedback from the people available in the market and according to the feedback collected from the people Tide could bring modifications to the product it is availing to the market and could increase its sale in the market (Njoku, 2015).
Get Employees Involved: Taking the help of employees in various decisions making aspects and involving them in the process of bringing effective ideas for product development. Indulging the employees in certain effective decisions will help in binging innovative and effective ideas to workplace which will help in effective development of the product. Tide should ensure that its employee should participate in decision making process so that it could bring effective changes to the product and improve the quality of the product with the effect of which organisation could increase it sale in the market and could generate effective set of revenue.
Advertising: One of the most effective marketing strategies is advertising the products and services as people get attracted towards the products and services y seeing its advertisement on television. Tide should try to create eye catching advertisement so that more and more people could get attracted towards the product which is provided by Tide in the market (Kotler, et. al., 2014). It is necessary that advertisement should be designed in such a manner that it should provide meaning related with the product’s quality. Unnecessary advertisements should be avoided by Tide so that people could develop better understanding with the product provided by Tide and prefer to purchase the product of it so as to wash their clothes.
Product Development: Developing the product is another strategy that will enhance the sale of the detergents of Tide. Tide should try to bring certain changes in the product so that it could be developed. It should develop the product according to the needs and wants of the people available in the market (McDonald, 2010). doing so will help Tide to increase its sales as people will get attracted towards the product if it would be developed according to their needs and wants. Product development also helps in attracting the new customers towards the product and leads to help the company in generating effective set of revenue and profit from the sale of product.
Understanding the above factors it could be said that there are very limited choices available with Tide so as to do the marketing of its product in the market. It is necessary that Tide should work on these marketing strategies so as to ensure that its sale could get enhanced and it could move its business on the path of sustainability and success. Developing the strategies and implementing them at right time helps the organisation to grow and ensures that it could build trust among the customers available in the market (Weinstein, 2013). Marketing strategies should be developed in such a manner that they could help the organisation to attain competitive advantage with the effect of which organisation could succeed in the market and could generate effective amount of revenue from the market.
Segmentation, targeting, positioning (stp)
There are three different marketing strategies which develops STP for an organisation. These three strategies are segmentation, targeting, and positioning of the organisation or the brand in the market. These three aspects or strategies helps the business to develop in the market and helps in attaining success and competitive advantage in the competitive market.
Understanding all the three aspects separately will help in developing better understanding with the aspect named as STP:
- Segmentation: Segmentation is done by the organisation on the basis various factors. Market segmentation is most effective techniques that could be sued by the organisation to acquire the market and to ensure sustainability in the market. With the help of segmentation Tide will be able to understand various types of market and will be able to provide the products and services accordingly to the market and the people available in the market (Barney, 2014). There are certain bases on the basis of which market segmentation could be done. These are:
- Geography: In this segmentation product is developed and provided according to the geographic region. Organisations gather the information of geographic region and develop the products and services according to the regions and requirements of these regions. For Example for rural areas product will be developed differently and for urban areas it will be developed differently (Bohm, 2009). In rural areas people prefer to choose the product by its colour hence it is necessary that Tide should provide attractive colour so that people present in the rural areas could get attracted towards the colour and prefer to buy the product. On the other hand people in urban areas get attracted towards the product when they are promoted in an effective manner. It is necessary that effective promotion should be done by Tide so that people of urban areas could get attracted towards the product and prefer to buy it.
- Demography: Segmentation could also be done on demographic basis by Tide. In this segmentation is done on the basis of age, gender, occupation, and socio economic groups. Tide should focus on the demography and should provide the product accordingly to the target people (Burrow, 2008). Female population must be focused by Tide as they play a main role in managing the household and house hold items. Hence, it is necessary that Tide should try to attract the female population and should try to make the effective sale of the products in the market.
- Behavioural: Segmentation is done on the basis of the organisation behaviour of the people. People of different behaviour are present in the market. It is necessary that Tide should understand the behaviour of people and should formulate the marketing strategies according to their behaviour so that sale of the detergent of Tide could increase.
- Psychographic: Tide could also do segmentation according to psychographic also. Tide could segment the market according to the personality, lifestyle, attitudes, and class of the people present in the market. For example, upper class people prefer to purchase the product which is packaged properly and looks royal (Srdjevic, et. al., 2012). Hence, to attract the people of upper class Tide should focus on the packaging and should try to make the royal look of the product so that people could prefer to purchase the detergent of Tide. Hence, it could be seen that Tide should focus on the quality of the product and should try to attract the people of upper class who can pay high for the products of Tide.
- Targeting: argeting is another aspect that should be focused upon by Tide. For targeting it is necessary that Tide should have an effective analysis of market which it is preparing to target. With the help of segmentation of the markets, attractiveness of each segment could be evaluated by organisation on the basis of which organisation will be able to target the segment and could choose the most beneficial segment according to the requirement (Njoku, 2015). Targeting also helps the business to develop effective marketing strategies with the effect of which organisation could generate effective set of profit. It also helps in developing the products according to the needs and wants of the people available in the market. Doing so will help the organisation to increase its sale and will help in attaining competitive advantage in the market. Hence, from the above segmentations options the target group which should be chosen by Tide is upper middle class people available in the society. Focusing upon the rural areas will also help Tide to acquire the market in an effective manner (Raman, 2011). It should increase the promotions in the rural areas so that people available in the rural market could get attracted towards the product and help Tide to sustain in the market.
- Positioning: Positioning is another aspect that should be focused upon by the organisation. Tide will have to understand the positioning concept which should be selected, developed and communicated by the organisation. For an effective positioning Tide will have to use the effective promotional strategies, like marketing of the product, door to door sale, promoting by availing the canopies, personal selling, and providing attractive offers to the target population (Kotler, et. al., 2014). Using appropriate and effective distribution channels will also help in the positioning of Tide in the market. Effective distribution channels helps in attracting the people towards the product and helps in managing the demand and supplies of the market.
Product and price should also be focused upon by Tide for effective positioning. Tide will have to target the effective segment and will have to provide quality product at appropriate price to the population available in the market.
Certain special attributes of the detergent of Tide will help in the positioning of the brand in market. For example providing effective fragrance to the clothes and keeping the clothes neat and tide, these kinds of attributes will help in positioning of brand in the market.
Objectives and goals of tide
Certain objectives are prepared which are developed on SMART basis.
These objectives are specific, measurable, attainable, and relevant and time based.
- Aim of tide is to increase its sale by 40% by 3 years
- Tide will avail the product in each and every segment with the help of market surveys. Tide will gather information of about 20 rural areas and 20 urban years by the end of 2016 (McDonald, 2010).
- Tide will use the marketing strategy so as to increase the brand awareness to 2017.
Developing effective marketing strategy is one of the most important aspects attached with the organisation. Tide should use Marketing Mix so as to evaluate various marketing strategies with the effect of which it would be able to attain competitive advantage in the market (Weinstein, 2013). Further discussion will help in developing better understanding with marketing mix:
- Product: Tide should try to understand the requirement of the market and the people available in the market. It is necessary that needs and wants of the people related with the product should be gathered by Tide and should try to develop the product accordingly.
- Place: Tide should try to gather the information of the target market. Choosing the appropriate place for the organisation will help the organisation to attract more people and will help in generating effective amount of revenue from the sale of the detergent (Simkin, et. al., 2013).
- Promotion: Promotion is another aspect that should be focused upon by Tide. It is necessary that Tide should use effective promotional strategies with the effect of which organisation could spread effective set of information related with its products and services and could generate effective set of revenue in the market.
- Price: As Tide is dealing in a competitive market, it is necessary that the price that should be chosen by the organisation should be competitive and according to the market condition. Price of the product should be chosen by evaluating all the costs indulge in the manufacture to sale of the product. Doing so will benefit the organisation and will help in sustaining in the competitive market (Barney, 2014).Conclusion
At the end it could be concluded that marketing strategies are the most important aspects attached with the organisation with the effect of which organisation could manage its sale and revenue. But it is necessary that organisations should have proper and effective information related with the market and the people present in the market and should prepare marketing strategies accordingly. Doing so will help the organisation to sustain and will help in generating effective set of revenue in the market. Marketing strategy will help the organisation to obtain competitive advantage.
Recommendation for the future progress: There are certain aspects that are recommended for Tide so that it could progress in future and could manage its future processing and could manage its sales and revenue in the market:
Online sale of the market is one of the aspects that should be focused upon by the organisation, as people now a days are relying more upon online products, free home delivery is another aspect that will help in increasing the sale, advertisement on the social networking site will also help the organisation to attract effective number of people towards the organisation.
Product and market development are another aspects that are to be taken under consideration by the organisation. Doing so will help Tide to attain competitive success and stable in near future.
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