Driving significant revenue

Driving significant revenue

Driving significant revenue in many companies depends on the new products which they produce to make profits shortly after the new product shave gained a high reputation in the market. However, there are specific attributes that determine how fast or slow the new products can adapt to the market. Complexity is one of the characteristics; this is how difficult the new product can be to understand in the market. The more a company makes its new product to be more complex, the more it shall confuse the customers; thus, there would be a low record of success. Compatibility of the products is another important aspect which determines whether a company is destined to making profit or loss from their new product.

America’s largest producer who is specialized in producing the household products, Proctor & Gamble, has gained a global reputation for producing some of the products which are of higher quality thus, have recorded success in almost all the products which they have been supplying across nations. Therefore, any product from the company is automatically regarded as a success in terms of how compatible it shall become in the market; since many products from the company have been relevant and consistent, any new product which gets produced and released into the market by Proctor & Gamble seems to be recording a success and building strong reputation among the customers. Lavish is my product of choice, which I have picked up on to assess its progress in the market. Lavish is a new cologne product that boasts of enhancement in both the quality and style of the people’s lives. This is undoubtedly evident in the mission statement of the company, providing branded services and products of value and superior quality to improve the lives of the consumers in recent days and even for the generation to come. There is an alignment between the product and the company’s mission in meeting the customers’ demands.

Features of the Product.

The spray has a composition that is comprised of compounds that have a limitation to hydro flour-carbons; this will ensure that this product aligns itself to the environmental law in which the Procter and Gamble is committed to saving the environment through pollution prevention. This new product involves certain body sprays that are scented and shall get packed in both plastic and glass containers, which are pressurized. Besides, the company’s innovation shall stretch towards making the necessary content manufacture and packaging; it is evident that innovative technology employed in the company’s strategies has proved to be so beneficial because It has effectively led to an enhancement in the company’s growth which is stainable. Their product perfume is blended uniquely with some of the best attempts to ensure that there are great care and attention to safety. As a result, the product tends to comply with the safety standards of many international associations that regulate the code of practice. Moreover, there is an additional safety assessment which the company gives to their fragrance products together with the ingredients, to ensure that every product released to the market becomes the product of quality and great perfection anew. Another best feature of the company’s fragrance product, including the Lavish, is a provision of ingredients in the products; as a plus, they tend to give a regular update on their fragrance products and if there exist some changes in which they use in production and manufacturing.

Internal and External marketing plans of the product

Every company’s success in how they get with their new products relies on how they have planned to market the product. Marketing a new product is critical in determining whether the company, through its product, shall make profits or shall end up suffering from the losses. Therefore, any company needs to ensure that robust strategies are put in place to ensure that they reach the peak of success in promoting and marketing their products. As for Procter and Gamble, they have the objectives which tend to be giving clear description of their aims and marketing strategies which would ensure that their products reach almost every part of the market; therefore, the product’s marketing strategy shall tend to follow specific approach which is so comprehensive with the vital purpose and target to reach the broader goal of consumers globally. As for the spray, there is a strategy of categorization which the company has to work on is ensuring that the marketing of the products, whether internally or externally, makes a boom and success. Therefore, the spray shall get marketed, not as a stand-alone product, but alongside many other products which had gained fame; through this, there shall be an already instilled mentality on the customers on how the company’s products are of high quality. Through this mentality and reputation that other products have established, the selling and marketing of the spray alongside these products shall prove benefitting and essential in determining the success of the new spray product. Advertisements shall, as well, be employed in both internal and external marketing as a way of a medium that will give the best way to penetrating the market dynamics. However, there would tend to exist a difference; and the dispute shall be for both the content and location. There need to be vital elements that the advertisements ought to consider, ranging from culture, impact, and even the target audience. When it comes to culture, everything regarding packaging, labeling, and even marketing should have a loud and clear alignment with the cultural necessities and requirements. Why is this so important in the marketing of the company’s product? The cultural issues tend to affect how sellable a product can be in the market. Conveying ads on the billboards is another best strategy in making the reputation of the product to be established. To make the ads so appealing, they must be accompanied by other recreational facilities that are frequently visited with a more significant number of people. The social media platform is another imperative method of marketing, which shall ensure that the company reaps the maximum benefits through sales of their new product in the market. This shall enable the company to market the product in a more favorable condition since, for one, there is a wide base of potential customers who would be so much interested in the new product upon seeing it on the media platforms.

How Company Stands out from the Competition

Competition is a threat to any company and its products; because there would exist another product of the same value in the market, which might tend to of high quality compared to the company’s products. Therefore, it is upon the company to find the best way through which it can navigate the competition and stand out from the rest of the companies, which tend to be dealing with the same products. Procter and Gamble, therefore, have to resort to employing some of the best strategies which will enable the spray products to be more of the product that stands out in the market. The company has, therefore, managed to put in place a strategy which is more generic to ensure that they gain competitive advantages compared to other products from the competitors. Much emphasis, on this company’s product, has been put on the quality and value of the spray to ensure that there exists a gap between the company’s products and those of the competitors; these two shall make a great difference in the way through which the company shall record their sales compared o the competitors who also care in the same product. Besides this strategy of product value and quality, the company has ensured that it gives an implementation of detailed growth, which is inclined towards enhancing market performance. They must be strategies that ought to be executed more carefully in a way that would allow for the inclusivity of both the market conditions and trends. As for Lavish product, focusing on developing some unique products through innovative methods that would allow for high quality is necessary. This is because the uniqueness of the product shall ensure that there are direct pricing and marketing activities of the products. Besides, there is another common approach that would give a line of difference between the company and the competitors; carrying out limited costs through various imperative measures like innovation and automation is a worthy effort, which gives a clear indication that the spray gets ahead in the market.

Alignment of pricing with a corporate mission

Aligning the pricing with the market position and corporate mission is critical in ensuring that there is a competitive difference between the company and other competing products in the market. Therefore, to achieve this advantage, the Proctor and Gamble have resorted to the adoption of cost leadership strategy; this is a strategy which shall enable proper leadership in the marketing sector to make this product penetrate the market. The company provides prices that are relatively low as they maintain their product’s quality at the same time. Proctor and Gamble, through employing the strategy of lowering the price and maintaining a higher quality. This shall enable their spray product to stand out of other companies’ products; thus, it shall allow them to maximize the profit which they rake in from the sales of the Lavish spray. How, then, shall the Lavish product achieve this condition of being cheaper and of high quality at the same time? This body product shall be, therefore, packaged in materials that have been recycled to make it is for the company to lower its pricing; because the production cost shall be lower from the recycled materials which packaging shall get extracted.

The opinion of Brand Awareness

Creating awareness for the brand to the potential customers is so substantial in making sure that the brand builds a broad base of customers, thus, resulting in the success of the product in the market. As a result, this is the reason why many companies apply the strategy of effective branding to win their customers’ emotional connection with the products. Therefore, making the Lavish brand to be easily identifiable to the customers through creating its awareness shall work towards improving the product’s sales and performance of the company. Brand effectiveness ensures that the Lavish product differentiates itself from the competition since it shall get so unique in the manner in which it has gained fame.

Therefore, this strategy shall ensure that the body spray escapes the competition in the market, thus, ending up getting successful in terms of profit maximization for the entire company. In the process of creating awareness for the brand, much effort should be channeled towards ensuring that every customer, who chances upon the awareness campaign, gets to the understanding that the spray brand is of high quality and relatively lower price; compared to other sprays in the market. This shall make it easier for the spray to win the emotions of every potential customer who sets an eye on the advertisement. Majorly, this is a strategy that is put to use in making the spry brand stay at the top of the competition because of its quality, lower price. Besides, the effectiveness of the spray brand can get substantiated through assessing the brand’s visibility through the thorough conduct of the surveys and the customers’ reviews. The most critical process in enhancing the profile of the brand is through resorting to a severe implementation of both commercial campaigns and great ad campaigns in making sure that the spray get advertised consistently so that it can be a familiar brand to customers; this shall lead to referrals which shall latter end up in building the product’s reputation.

Definition of the Product

The market of deodorants and sprays has been flourishing because consumers have been so concerned about their hygiene. Moreover, the increase in income of the middle class shall be a boost since there will be a strong urge, after giving a stronger definition of the product, to make a try and buy the spray. This is one of the elements which have been depicted in the Lavish body spray brand. The best way through which the reputation of this product can get to be active is when the behavioral aspects of consumers are stimulated by believing that the product is the best and the only one which stands out as the best in terms of quality and price.

Unsatisfied need that the Product should fulfill

The spray shall satisfy the company’s needs and those of the target market. As the company which has already established itself as the veteran and reputable supplier of various products and services, Proctor and Gamble ought to get the right things done so that it maintains its reputation. Therefore, the best way to keep the top, as a satisfying company, is to up the game by working on other means through which the market can get fully satisfied and end up keeping the customers which it had already acquired. The company has products which range from various categories-healthcare products to household products- but there is only one essential product which seems to be lacking in their store. Therefore, the introduction of body spray as one of their products shall be a good idea. Since some of its products like grooming products have a wide fanbase, the introduction of body spray as one of the new products shall be a good move. The customers who have been purchasing the grooming products shall easily find themselves buying the spray as well. Ultimately, the customers’ complete grooming shall get achieved through an introduction of a spray, which would be a plus to the other grooming products.

How the Customer seeks Information

Once the company has settled deep into the idea that the proposed spray is worth giving a try, there would tend to be other additional strategies put in place to enable the customers to seek the information. As a new product, customers will not be so familiar with it, regardless of how they are familiar with other company’s products; therefore, there would be the need for the company to make efforts of ensuring that the customers seek the information about a new product which would be of many benefits. Disseminating the information through commercial advertisements in social media prove imperative. Besides, every concept of ad advertisement should be in a way in which the customers find it relevant as a product which will satisfy their needs like other old products of the company. For instance, the target market of this new product is the younger population below age 30; therefore, there needs to be some depiction of party life and masculinity to intrigue their emotional stimuli so that they can see some sense in purchasing the product or referring a friend to the same.

Characterization of the Buying Situation

Th strategies of how the product shall get sold is a significant concern if the new spray product is to record success. Therefore, the product shall just get included in the same way other Procter and Gamble products get accessed by the customers. How, after advertisement, do customers get to access the new spray? P&G makes sales in many countries, and it has many stores that cut across every continent; thus, its supplying of the major stores with the new product shall ensure that the customer gets to access the spray. As for payment of online purchases, the best way is to make use of electronic wallets for efficiency and time-saving. The moment a customer sees the spray or get into the mood of ordering for one, there would be an easy way of online purchase.

The reason why Target Market is the Best Choice

The selected target market, of the male below age 30, is the best choice, which would allow the company to maximize its profits from selling the spray. According to many studies, it has been brought to the fore that many individuals who seem to care and mind about their fragrance are the adult youth below thirty years of age. Therefore, there is a higher possibility of these gentlemen developing a strong liking for the new spray and getting into the habit of making purchases to enhance their self-confidence through some pleasant fragrance from the spray. Every company has several weaknesses which, in one way or the other, must prove to be a significant factor that holds the company back in terms of progress. As for the case of P&G company, the drawback lies in the fact that most of its products have women as the target market. However, to ensure that they maximize profit, getting diverse is necessary by at least introducing another product that would attract men as the primary target market.

Evaluation of the New Product’s Success

Evaluating the success of a product, once it has been rolled out in the market, is all that gives a clear indication of whether the new product was worth the effort. Therefore, it is necessary to evaluate the success of Lavish spray to determine how many customers are into the new product; evaluation also enables the company to make necessary adjustments, which are essential in scaling business in a more appropriate manner, which would prevent losses. Assessment can be best done online since it will enable easy tracking of the number of times regular customers get back to re-purchase the product. Besides, it allows for the monitoring of determining whether any new customer gets into the online system to purchase the spray. Being observant of any feature which can make a customer remain a regular purchaser or disappear after the first purchase is critical. Consequently, measuring both the efficiency and whether the product meets the customer needs is, as well, imperative in evaluating the success of this new product.