Abstract
Marketing is inclined on making a product preferable by the market by convincing the market on the suitability of the service or product to satisfy their needs. This is essential for TIDE to create a customer base for the product. In order for TIDE products to be successfully marketed, it is essential for the company to create an effective marketing plan. This plan should include market analysis, marketing strategy, promotional mix and distribution channels.
Introduction
The contemporary business is situated with competition. This has necessitated business to identify approaches, which will ensure that their products and services are appealing to the market. This need has led to the phenomenon of marketing. Marketing is the quest to communicate a products value to the market (Paley, 2006). This process encompasses four elements. These elements include product identification, selection and development, price determination, selection of a suitable distribution channel and promotional strategy implementation. These elements have to be satisfied in order to ensure the success of a marketing process. Marketing is inclined on making a product preferable by convincing the market on the suitability of the service or product to satisfy their needs (Ferrell and Hartline, 2011). Marketing is especially crucial when a new product is being provided for the market. This is evident in the scenario of the TIDE soap product, whereby, Procter and Gamble are venturing into the soap market. The product aims to gain prominence in the household products market by satisfying the market’s needs of a cleaning product, which is both economical and effective. This approach will ensure that Procter and Gamble diversify its products further ensuring market growth in the future. Despite the tide product being new, the Procter and gamble brand is renowned, and this is an added advantage in the marketing endeavors of the product. In order for TIDE products to be successfully marketed, it is crucial for the marketing department to conceive an effective marketing plan. This plan should include market analysis, marketing strategy, promotional mix and distribution channels.
Situation analysis
In order for the TIDE product to be effectively marketed, it is essential for the market situation to be analyzed. This will involve determining the market forces, which will affect the TIDE product (Ferrell and Hartline, 2011). The tools to facilitate this analysis will include the SWOT and PEST analysis. In the SWOT analysis, the product has the strength of the brand name. Procter and Gamble is renowned in the market. This will be beneficial for the promotion of the products since it will be associated with the success of the brand. However, the product will face competition from other established product. Despite this, product has an opportunity in this market segment since the consumers need a product, which is economical and effective. This need can be satisfied with the TIDE product hence is an opportunity for market penetration. There is, however, the threat of oversaturation in the market, which will hamper progress in market penetration. This is due to the reality of numerous providers in the soap market whereby they have established market bases. This will provide a threat for the ambition of TIDE to create a market niche. When considering the PEST analysis, the market is conducive for the product since there is a positive feedback concerning the political, technological, social and economical aspects of the market. The analysis has identified the potential pitfalls and benefits, which the company might experience when the TIDE product is offered to the market.
Market strategy
It is essential for the marketing department to determine an effective marketing strategy. This will require the consideration of the market analysis whereby the organizations will be aware of the challenges and opportunities available in the market for the identified product. In the marketing strategy, it is essential to determine the target market. When considering the purpose of product, marketing will be effective if the appropriate market segment is identified and targeted on the campaign (Ferrell & Hartline, 2011). When considering that the product is household based, the appropriate market segment will be women aged between 24 and 65. The rationale for this is that this market demographic is the most active in shopping for household goods. This means that if the marketing campaign targets this segment effectively, the product will be preferred hence result in progressive market penetration (Hisrich, 2000). Position is an essential aspect of the marketing strategy. This involves the creation of an identity concerning the product in the minds of the target audience. After market analysis, the preferred positioning strategy for the product will involve the approach of presenting the product as economical and effective. This means that a small amount of the product can be used in washing effectively hence is economical. This positioning concept is effective since it is value based and distinctive than that of the competition hence will be more attractive. However, in order for this positioning strategy to be effective, the marketing department must create a statement, which will encompass key messages on the product’s unique features in order to attract the target segment.
Pricing strategy
The pricing strategy is also essential in successful marketing. Therefore, this should be considered during the marketing plan of the TIDE product. In order to attract the market to prefer the aforementioned product, the appropriate pricing strategy will involve the approach of penetration pricing. This will involve pricing the TIDE product lower than the competing products. This will attract the market to prefer the product due to its economic inclination. This approach gives a clear advantage to the product hence is effective in this scenario.
Distribution channels
Distribution is essential since it ensures that the market accesses the product. The product will be subjected to direct and indirect distribution strategies. This will mean that the company will be proactive in distribution but will also involve the use of intermediaries in the process. Some of the intermediaries will include retailers and wholesalers whereby they will facilitate the circulation of the product in the intended market. Sales representatives will play an instrumental role in distribution, whereby, they will engage possible suppliers on the product hence creating more outlets for the product (Mullin, 2010). Therefore, for distribution to be effective, a multichannel approach is the most suited. This will ensure that the product utilizes all available distribution channels facilitating rapid market penetration.
Integrated Marketing Communications Mix
Communication is an integral aspect of marketing. It is essential for the marketing department to identify a feasible and effective communication strategy. There are numerous communications in marketing. In order for a product to be marketed effectively, marketing communications must be integrated (Hisrich, 2000). This will be effected in the promotional aspect of the marketing mix. The strategy of the TIDE product will involve the push strategy, whereby, this approach will be aimed at creating consumer demand. This is appropriate for TIDE since it will create a market niche for the product.
The message, which will characterize the marketing communications, will be consistent with the positioning strategy, which involves a product that is effective and economical. This message will be consistent in all the communications used during the marketing strategy.
The promotional mix will involve the following tools. The product will be subjected to advertisements, promotions and public relations drives. The product will be heavily advertised through the selected media including TV, radio and print media (Lamb, Hair and McDaniel, 2009). This will be bolstered by sales promotions, which will increase the appeal of the product in the market. Public relation campaigns will also be used to make the product visible in the market. Positive public relations will create a favorable image for the product and enhance market loyalty (Mullin, 2010). The aforementioned tools will be instrumental in the promotional mix of TIDE.
The implementation of the message strategy will involve the creation of catchy phrases concerning the product. These phrases will be consistent with the positioning strategy to ensure consistency in the marketing strategy.
Conclusion
Marketing is essential in ensuring the success of a product in the market. However, it is essential for the marketing department to formulate a detailed plan concerning the marketing process. When considering the TIDE product, marketing will be essential due to the competition in the saturated soap market. It is imperative for the marketing department to differentiate the product. This will involve product positioning. The positioning strategy should be maintained consistently through the advertisement process. It is also essential to consider the distribution channels and the promotional mix and encompass these aspects in the marketing strategy. This will ensure the success of TIDE products in market penetration and a sustainable customer base.
References
Ferrell, O. C., & Hartline, M. D. (2011). Marketing strategy. Australia: South-Western Cengage Learning.
Hisrich, R. D. (2000). Marketing. Hauppauge, N.Y: Barron’s.
Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2009). Marketing. Mason, Ohio: South-Western Cengage Learning.
Mullin, R. (2010). Sales promotion: How to create, implement & integrate campaigns that really work. Philadelphia: Kogan Page Limited.
Paley, N. (2006). The manager’s guide to competitive marketing strategies. London: Thorogood.
