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Positioning and Life Cycle
According to Keller and Kotler (2009) “positioning is the act of designing the company’s offering and image to occupy a distinctive place in the minds of the target market.” Colgate-Palmolive has remained a leader in the oral health care industry. The company has remained a leader by focusing on innovation. According to Sekar and Thomas (2008) throughout the past two decades, the development of new products has been a popular marketing strategy for many firms.” The company hires marketers and consumer insight professionals to focus on market trends and customer insights (Drug Store News, 2008). The company uses the information found to develop new products to attract new customers. Innovation and communication has been at the heart of the company’s growth strategy (Economic Times, 2011).
Colgate-Palmolive offers a variety of products. They offer a line of oral health care products for any need. According to Checkout (2011) “in difficult economic times Colgate has continued to offer the consumer the reassurance of a market leading brand at competitive prices and attractive promotions.” The brand is one of the most trusted names in the oral health care industry. Having a large variety of recognized brands and products provide the company with a competitive advantage (Yahoo Finance, 2011).
Since the company has a strong focus on innovation the company may see lower growth in sales when they release a new product. The company as a whole is in the maturity stage. The company has remained strong and steady so there has not been much fluctuation.
Product and Branding Relationships
The company focuses on what consumer trends and needs are. The company does extensive research to develop new products that customers will want. The company’s focus on the consumer has helped the company become a familiar and trusted name. According to Chain Drug Review (2010) “brand is an influential part of the shopping equation.
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Colgate has been effective at occupying a large shelf space. Colgate toothbrushes and toothpaste occupy more shelf space than other brands. This has helped consumers recognize the brand and purchase the brand. Colgate also has products on displays in the store. These displays have various toothbrushes and toothpaste. The company has witnessed an increase in sales from stores with these displays (Colgate, 2011).
The company saw an overall increase in profits from last year. The company raised prices and had an increase in profits. Prices and price increases vary by region. The company increased prices by 2% globally (Datamonitor, 2011). The company prices their products to fit each geographical market. Colgate remains competitive with pricing in every geographic area. While the company saw an overall increase they did see a decrease in sales in the United States (Colgate, 2011).
The company does use promotional pricing. The company may offer two for the price of one. The company may also decrease the price from time to time to attract customers from purchasing other brands. Promotional pricing can help attract customers to the Colgate brand over others. By offering discounts and sales the company may gain future loyal customers.
The company has been successful with new product development. The company has also been successful with their pricing strategies. The Colgate brand has been strong and remains strong. The company has seen an increase in sales however there has been a decrease in the United States. In order to increase sales in the United States the company should offer more promotional pricing. The company may not see an increase in profits right away, but could gain loyal customers which would lead to future profits.
The company saw an increase in sales in stores that had in store displays (Laidler & Quelch, 2011). The company should add more displays to more stores. The highest increase was in stores that had displays near the registers. Having more in store displays could persuade the impulse buyers to purchase the Colgate brand.
Colgate has been a leader by focusing on innovation and pricing. The company focuses on increasing profits each year and has been very successful. The focus on innovation has helped the company claim markets that other brands have not. Pricing strategies have kept them competitive while attracting new customers with promotions. While the company has performed well overall the Colgate did see a decrease in the United States. The company can easily turn that decrease around by focusing on pricing and in store displays.