Introduction
The principle of marketing is based on marketing ideas and opinions of the organization that are used for developing effective marketing strategies. Any business can use marketing principles for promoting its new products and gain the attention of a large number of customers towards their required products and services. This is essential for businesses to regulate in the free market area as success depends upon the identification and retaining desired customers to remain profitable and make sure for gaining higher growth of the business. The purpose of this report is to analyze the brand selected and its target market chosen which helps the company in attracting potential customers.
Methodology
The research was carried with the use of a qualitative method which helps in collecting and gathering descriptive data related to Dove Toothpaste. It is important for the research and development department of the company is to analyze their existing and potential customers’ needs and requirements according to they are developing a new product (Ahmed, et. al., 2015). With the help of competitors’ analysis, an organization can gain its rival’s abilities and strategies through which they can attract their customers as well. In this report, observational research is also used which assists the company in identifying their buyers’ choices and preferences (Yahia, et. al., 2018).
Findings
Existing brand and Brand Values
A brand is a symbol, name, or design of a seller that distinguish its goods and services from the other sellers in the market (Rėklaitis, et. al., 2019). Dove toothpaste is the brand that is differentiated from other brands due to its compatibility with natural products in goods and services. Brand extension is a kind of marketing strategy also known as brand stretching in which the well-developed brand image is used for launching different products using the same brand name (Bonaparte, 2019). Dove toothpaste is an example of a brand extension in which dove is a well-developed brand. Kapferer’s brand identity prism is the model in which the core values of the brand are reflected in helping business growth. The model focuses on emphasizing brand ethics in the products and services of the brand which helps in building a strong business platform for the brand.
Description of the Target Market
The target audience for the new brand extension of dove toothpaste is the women aged from 18 to 35 years who are most self-conscious about the products they are using. The dove toothpaste is the brand extension of the dove brand which will focus on the women audience as a target for the brand due to the popularity of the brand name in women circle. For instance, Mintel is supported by academic coverage of the STP marketing planning process which is very good for the building of a strong platform for brand extension in the marketplace (Esmaili, et. al., 2015).
Analysis of the New Market, Including Trends
For analyzing the new market, Dove needs to use Pestle analysis and Ansoff’s Grid for evaluating the whole marketplace in a better manner. These are explained as under:
PESTLE Analysis:
| Political
Focus on government regulation while testing product Testing of cosmetics on animals |
Economic
Economic recession occurs Changing and alteration of inflation rates |
| Social
Changing the choices and preferences of customers towards cosmetics like Dove |
Technological
Adopt the latest technology for providing advanced products |
| Legal
Follow all the legal laws while manufacturing dove Toothpaste Adopt guideline which is made by the government for cosmetic sectors |
Environmental
Develop environmental friendly products Use natural ingredients for dove cosmetics |
Ansoff Grid:
Dove is the most famous and popular brand among women whose age is between 18-35. With the analysis of the Ansoff grid, the company can easily understand market penetration, product development, market development, and diversification (Gómez, et. al., 2015). Among these strategies, Dove can use the diversification method in which the company can easily promote its brand in diverse areas where they attract different behaviour, attitude, opinion, and preferences of customers.
An Explanation of the New Product
The new product follows Tauber’s brand extension options in which the well-known and well-developed brand name is used for launching a new product with the same brand name. This extension of the brand is very useful for the new product to build a strong business in the market place (Hillebrand, et. al., 2015). The product packaging will be done to focus the brand name to attract the target audience of brand dove toothpaste which are women in this brand. The brand name will be useful for offering a strong platform for the new product as the brand positioning will be in the crowded cities and rural areas as this new product will attract more customers due to the existing brand name usage in the market area (Líšková, et. al., 2016).
Competition
| Dove | Unilever |
| A popular brand with a diversity of products and services | The famous company providing a variety of brands |
| Various commodities such as soap, cream, conditioners, shampoo, etc. | Products offered like Brooke bond tea, Bru coffee, Lipton green tea, etc. |
| Offers personal care goods like beauty products. | Offers extension brand products with variety. |
Conclusion
Based on the above-described report, it is concluded that marketing is important for promoting and increasing the brand reputation of a company in the market area. Dove toothpaste is a new brand that needs promotion to become famous among customers. For this, the firm requires to analyze its brand value, competition analysis, identify the target market, explain a new product, existing brand details as well. These elements are essential for understanding by the company to achieve the desired goals and objectives.
References
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