Introduction
The concept of marketing is extremely broad; in fact it has such dominating options in it that deem extremely significant as far as managing a company accordingly. Marketing specifically means to market the products in a market using different aspects and knowledge management system (KMS). An organization which has a powerful and effective marketing function and workability effectiveness and position would be more worthwhile and effective as compared to the companies which are unable to apply the relevant technique of the marketing management in particular. In the field of marketing, enhancement in the brand is the core specific value for the sake of an organization, and it can be done with the help of effectiveness. Enhancement in the market segmentation and market opportunity would increase the profitability and effectiveness level of a company (Anonyms 2012).
Among numerous concepts that stride under the field of marketing, the name of going global is one of them. There are certain aspects that deem important for the companies as far as utilizing the concept of going global in different markets of the world, however applying the technique at the right time will certainly work for the companies accordingly. The entire workability of this project revolves around the utilization of brand value and brand effectiveness on the market power of a chosen organization (Anonyms 2012). The assignment requires reading the concept presented in the book of marketing management that usually institutionalized about the branding and global market expansion along with analyzing the case study of Colgate Palmolive. It is requires to apply the relevant techniques related to marketing management book on the analytical vision accordingly for the betterment of the services in this market frame accordingly.
Analysis and Findings
There are number of concepts that specifically described in the marketing management book, and all of them will be applied on the case study of Colgate Palmolive simultaneously
Colgate Palmolive: An Overview
The Colgate Palmolive Company is an American based multinational consumer Product Company which has a clear focus on the production, distribution and the provision of household’s healthcare and hygienic products. Toothbrushes and Toothpaste are some of the dominating products of Colgate Palmolive due to which the company is extremely famous throughout the world. Colgate Palmolive is known as a manufacturer of veterinary products, while the corporate offices of the company are located at Park Avenue in the New York City.
According to the case study, the market share of Colgate Palmolive (CP) is comparatively higher than one of the largest companies of the world which is Proctor & Gamble (P&G). It has a market share of nearly 40% from the year 2000 to 2004, while the market share of P&G in the same years were from 12.2% to 14.7% particularly (John & QUELC. 2012). This particular aspect is in the favor of the company that the products were largely effective in different parts of the world. The company has a great positivity in their mind in terms of enhancing their effectiveness. According to the case study, there are certain problems that encountered by the company while expanding their networks in different markets of the world, especially in the Asian markets. CP earned net revenue of US$ 17.42 billion in the year 2013 with net income of US$ 2.242 billion in the same year with over 37,000 employees working with them accordingly and effectively (John & QUELC. 2012).
The Concept of Managing Brands in Global Markets
Development and expansion are some of the major strategies and aspects associated with an organization accordingly, which analyzes the tendency of a company regarding how they are reacting over a specific situation of a country. Management of brand is essential for an organization especially in a new market; otherwise the share of the market will get blurred with the passage of time. The example of Colgate Palmolive is on the screen in which the company applies relevant knowledge and effectiveness in different parts of the world, however there were few countries in which the brands of the company had not expand in the same vision which were actually expected from them (John & QUELC. 2012).
Some of those regions are China, India, Pakistan and some of the other Asian market, merely because of the propensity to consumer in these markets, un-affordability or any other reason. After reading the case study, the major problem associated with the Chinese market is the association of domestic competitor in the market. The people of China are some of the devoted people for their country, who would like to consume the products of the company instead of emphasizing on an international product. The concepts of market and brand awareness along with 4Ps of marketing have been defined in the marketing management literature to analyze the effectiveness in the market. Such development in the markets will certainly help out a company to have a great share in a new market. The case of 4ps of marketing, along with the concept of brand recognition and devotion will also be examining in the same analysis accordingly for CP.
Applying the Concept of Marketing Mix on CP
Marketing Mix is one of the most important techniques in marketing used by the new companies before expanding their core operations in a new market. It is a marketing tool that usually analyzes the power of a product from four different angles known as Product, Price, Place and Promotion. All of these four elements are essential for the organizations while delivering their products and services in relatively a new market (John & QUELC. 2012). According to the case study, CP looks one of those companies of the world which has a great determination to expand their operations in the markets accordingly, and the company had faced numerous problems from its expansion. The same aspect is defined in the marketing management literature. It is found from the marketing management literature that all of the marketing mix concept will be used specifically for the analytical vision of the companies.
Product Analysis
The first element that found effective in the field of marketing mix is ‘Product’, which is the most important thing from the standpoint of an organization (John & QUELC. 2012). No Organization can deliver a perfect match without having a perfect and well organized product in the market. If a company has perfect and valuable products in the market which will be equally effective in the international markets, then such company will get certain added advantage from this aspect. The same thing can be applied over the case of CP. As per the case study of Colgate Palmolive, it is found that the company is among those companies of the world which provides customized solutions to their consumers in different parts of the world, by providing them the product which are high in demand in the respective market. The case study found that markets in which the weather climate is relative hot like Saudi Arab, United Arab Emirates (UAE) and other relevant markets requires to have products having Ice or Menthol in it, and CP delivered the same thing to their customers located in those regions appropriately (John & QUELC. 2012). According to the literature of marketing management, it is essential for the companies to analyze the product development stance in a perfect manner. Product Strategy should be decided by a company before physically entered in a new market, as likely identified in the case study of Colgate Palmolive. Colgate Palmolive utilizes ANALYZER product strategy, in which the company found them interactive and highly effective as far as analyzing the core demand and supply concept of the products of the company in particular. Analyzer is one of the most important strategies that will analyze the needs of the product and services required in the respective market along with the knowledge and experience of the consumers which are working in the market accordingly. As per the marketing management literature, analyzer business or product strategy is the most important business strategy uses by the companies all over the world to maintain their effectiveness in the market with different manner. Colgate Palmolive found interactive and effective in this particular aspect and found from the case study that the company analyze each and every market with devotion from which they found the actual demand and supply of the products available in that market to get a personal idea regarding the market. CP has a great name in different markets of the world, and the main reason behind the renowned name and provision of the market is their effective Product Strategy which is effective for the company.
Pricing Strategy
Likewise product strategy, the next big thing that associated with an organization in terms of expanding their networks in the international or global market is Pricing Strategy. The pricing strategy should be devise and used in such a manner that it can provide all sort of effectiveness for the company. There can be number of pricing strategy from which an organization can take to expand their network in different markets of the world, however it would be better for the companies to first analyze the market, its consumption behavior, purchasing power parity (PPP) of the consumers, and then reached on a specific decision to decide the pricing structure of the company in a perfect and organized manner. Colgate Palmolive is an important company which has been defined in this particular case as well in which it is found that the pricing strategy of the company was not effective in some parts of the world. Having a big market name and a renowned name in the toothpaste market, CP has a great chance to enter in a new market in a low pricing as well in the start, and then they can increase their effectiveness accordingly, but unfortunately the company didn’t do it accordingly. The pricing strategy used by CP in most of their regions were COMPEITITVE, however countries like India, Pakistan and other third world countries the company should be entered with PENETRATION pricing strategy in which the company has to start from the scratch in this particular market to get a specific idea about the company, and the purchasing power of the consumers located in this particular region.
Place Strategy
According to the Chapter 10 of marketing, it is very important for the companies to make their presence in the market accordingly. It is all about enhancing the distribution channel or increasing the market campaigns of the company with a positive attitude and market base. It is basically depends upon two different marketing structure known as Offline market and Online market strategy.
According to the case study of CP, it is found that the place strategy which the company is having in the current market scenario is Offline, however the company is in the process to have some online presence as well in which the customers can book their items on the internet, and they will get physical delivery on their door step. It is all about increasing the distribution channels in the markets throughout the world, and CP is doing an exceptional and excellent job to accomplish the same thing in a perfect and organized manner. The company has to get on the same thing in the future while expanding their network in the more traditional and effective markets particularly.
Promotional Strategy
The marketing strategy that found the most interesting and effective one for their future development and effectiveness is the promotional strategy. According to the concept of promotional strategy, an organization can deliver the best services in their promotional aspects accordingly. From the case study, it is found that Colgate Palmolive is one of those companies of the world which utilizes the promotional strategy in a perfect manner, and the company is founder of utilizing the social media networking as well as the electronic mediums like Televisions, Radio and other things to expand their networks in the market accordingly and effectively at the same time (Anonyms 2012). In the current economic scenario, wherein organizations are now moving towards the cost efficiency mediums, then the name of Social media networking is one of them, in which the companies can market their products accordingly in the market. From the case study of CP, it is found that the company don’t emphasize heavily on the social media marketing, as according to them social media marketing is more towards the Business to Business (B2B) companies rather than for the Business to Consumers (B2C) particularly. It is also recommended to the company to comply with the same behavior in their future as well, and emphasize more closely on the electronic advertisement, rather than going for the Social media marketing because the idea will not work for the company as far as promoting their products in the general markets. One of the best methods that can be analyzed and used by Colgate is to arrange awareness programs regarding cavity and other tooth based problems by covering schools, colleges and other educational institutes to educate them about the utilization of tooth paste and its core benefits, and how Colgate is doing to overcome on the problems highlighted in the tooth based aspects. This particular concept has been duly defined in case analysis, which will be effective for the company in the near future, and the companies like CP who are wishing to expand their networks in the global markets can get certain added advantages.
Enhancing the Communication
Organizations usually have numerous people working in it, and every individual is necessary for the effectiveness of the market. The essence of communication is extremely essential and importance for the sake of an organization and it is one of those aspects that associated with the long run operation and effectiveness of a company. Communication should be on a higher place among management and employees to mitigate the level of problems and issues from the company accordingly. By getting in this provision, and organization can satisfy the needs of their employees and can induce them to provide more effective action and solution for their employees accordingly.
Employees satisfaction is extremely and effective in the market because they have an idea about the actual worth of the products of the company in the market. Employees can give a better idea to the management regarding the products which will be highly profound and effective in the customers. Employees can be satisfied with extrinsic and intrinsic motivational factor, and they can be an effective part of decision making authority if management bi objective (MBO) would have been applied accordingly on its case. From the case study of CP, it is found that the company has a great satisfaction level among their employees as far as taking effective decision is concerned. The employees of the company are highly effective and managed through which the company can enhance the productivity of their employees accordingly, and will also become able to provide different sort of action of effectiveness for the company as far as their future consequences are concerned. Every company should take over this particular thing comprehensively, and it is equally defined in the marketing management literature as well accordingly and effectively. It will certainly help out the company to manage their brands even in the global markets as well.
Competitive Profiling
Customer Orientation
Customers are the end users of an organization and no organization can be effective without enhancing the level of satisfaction among their customers accordingly. The same aspect is defined in the marketing management literature, and it is found that the customer orientation and focus is effective for the companies in all over the world, and it is equally beneficial for CP as well (John, A& QUELC. (2012)). CP is one of those organizations of the world which have a remarkable understanding in terms of customer orientation and effectiveness in the market, and the company is providing effective products and services to its customers in different parts of the world. From the entire case of CP, it is found that the company is delivering the best thing to their customers from different aspects, and it will be effective in their future consequences as well. It is advised to the company to remain in the same jurisdiction by providing orientation services to the customers and be in the list of those companies which are giving extra benefits to the customers. CP is providing effective cost based customized solutions to their customers, which will be effective for them in the future, and it will remain be productive until and unless it is enhancing the level of satisfaction among the consumers. The orientation of the customers of CP can also be increased by increasing the customer devotion and orientation stance for their future benefits and consequences are concerned. In this way, it can be said that CP is doing comparatively a better job than its competitors, and the company has a great chance to expand their market capability further in the market to become economically effective and sound.
Conclusion
Marketing department is the most important department for an organization, as it is the only department through which an organization can market their products to the general public, and be in the focus of their consumers accordingly. There are certain functions that deem significant for the companies as far as the functionality of the marketing department is concerned, and among them customer loyalty and effectiveness are some of the major things that don’t have any match and competition. From the marketing literature, it is found that competition is important for the companies, but the thing which is effective in terms of providing capability to the companies, loyalty and devotions are some of the major aspects. In this particular analysis, it is required from the researcher to analyze the effectiveness of a chosen company found in the case study to be effective while managing global brands. The case study pertains to Colgate Palmolive, one of the largest organizations of the world. The entire analysis divulges that the financial position of CP is effective, and the company has all the guts to get their brands familiar in the market in all over the world, and it is an effective sign for the company in the future.
References
Anonyms (2012), Capitalizing on the Brand as an Asset, McGraw Hill Publications
John, A& QUELC. (2012). Colgate Max Fresh. Global Brand Role Out, Case Study
