Marketing Analysis Of Grease Monkey Wipes

1. Entrepreneurs, Tim Stansbury and Erin Whalen, are two young aspiring business partners, who both met through a training group, in search for the most effective sanitizing product. Both business partners had the desire to invent a product designed to clean not only for mobile remnants but also for daily housekeeping. Eventually, after conducting in depth research, Tim and Erin designed an ultimate product called Grease Monkey Wipes. Grease Monkey Wipes are individually packaged, pre-moistened, degreasing cleaning wipes formulated for individuals to effectively and easily remove grease, grime and dirt. As Grease Monkey Wipes announce their one of a kind product to the community by entering the automotive industry, they begin to face the competition.

The company, Grease Monkey Wipes, is assigned under the consumer household product industry. When first visualizing the product, Grease Monkey Wipes seems like any other ordinary cleaning wipe that already exists in the market. Just like any other product, Grease Monkey Wipes has their own features that makes their product innovative and standout. Their features include all-natural ingredients, individual packaging and heavy duty. Although, due to the number of similar products containing these features already in the market, the rivalry among existing firms is intense. Many cleaning products have already established the concepts of non-toxic, natural ingredients as well as compact packaging. Grease Monkey Wipes do not differentiate themselves. Intense rivalry allows companies to make the necessary adjustments to attract customers to purchase their product over others. Also, with rivals, suppliers and buyers can abandon a product if it does not satisfy their requirements, which drastically declines the

Like any other starting business, Grease Monkey Wipes dealt with obstacles in the household product industry such as start-up costs, government regulations, and product differentiation. The start-up cost for each individual wipe was estimated to be roughly a dollar per wet wipe, which surprised many people. But, the company reassured that the price is sustainable due to the significant amount of registered automobiles, in which allows Grease Monkey Wipes to prosper in the market. Government regulations is another barrier that Grease Monkey Wipes encounters. Due to circumstances, Grease Monkey Wipes are not patented. By having a product patented, the firm is licensed to be permitted the exclusive right to a newly invented product for a periodic length of time. However, the main reasons for the product not being patented is due to the fact that Grease Monkey Wipes is a brand-new company. Because it is a starting company, Grease Monkey Wipes do not have the reliable resources in order to patent the wipes. Another circumstance is the patent regulations enforced. Once a product is patented, the company loses its liable protection with their product, especially with the formula. Therefore, Grease Monkey Wipes are holding off on patenting until the company increases in growth. Lastly, product differentiation plays a major role. Grease Monkey Wipes claims to be different from other product manufactures by its main retailing