This assessment will cover the following questions:
- Pantene company produces hair products as per the hair type. Generate the knowledge of STP marketing planning process.
- Identify the important components of the marketing environment of the Pantene company.
- Evaluate and identify research requirements in order to solve the business marketing problem in a company.
Marketing is an activity with the help of which an organisation tries to achieve its objectives by promoting the purchasing and selling of various products and services (Kupec, 2015). This can be done with the help of various strategies which are related to the products, prices, place, and promotion. In this presentation, the brand that is taken into consideration is Pantene, which is a hair care product offered by Procter and Gamble. It was introduced in Europe for the first time and it is famous for its 2-in-1 formula of shampoo and conditioning. For improving sales the company has been focusing on the trends in the market such as digital marketing, feedback from the customers, etc. with the help of which they can efficiently increase their sales. The company plans for the brand extension for which they will introduce the variants of the shampoo which will help in resolving various issues related to hair care.
The methodology which is used in conducting this research is the second approach with the help of which the secondary data is being used. In this, the observation method was used for analysing the data of the competitors and that of the market which can influence the decision-making of the company. With the help of such data, the analysis of various scenarios could easily be identified and conclusions can be made easily (Pasquier and Villeneuve, 2017).
- Existing brand and brand value: A brand is refers to as the name, design, symbol and the feature of any product which makes them easily and uniquely recognisable among all. The brand helps the consumers to distinguish among various products which are available in the market (Keegan, 2017) . To ensure the success and the growth brand need to be extended which means that the new products need to be added to the existing brand so that the value can be added to the customers and the sales can be increased. It is also known as stretching of the brand as the new products are added in the existing range of the product. The Kapferer brand identity prism can be used as a model of branding which will help Pantene in managing the brand image. It has various elements such as physique, relationship, reflection which fall under the externalisation while the personality, culture and self image are part of internalisation (Philip, Armstrong and Opresnik, 2018) . This will help the Pantene in connecting with the customers as this prism helps in define the story with which an identity can be provided to the brand.
- Description of the target market: Target market generally involves prospects inclusive of men and women who prefer the toiletries (shampoo) at an upscale price. For this product, psycho-graphic segmentation has been focused targeting the people with certain lifestyle choices (Saunders, Barrington,and Sridharan, 2015). For men, this product will be able to deal with chronic issue of hair fall with the help of natural ingredients which makes it more favourable for them. Focusing on women, this product will be able to serve them in a chemical free manner. This products tends to bring out the individualistic personality of women as it assures deep cleansing, repairs and protects hair from harmful ailments in the market. The fruity essence of the shampoo will make it more attractive to women and men with distinct taste.
- Analysis of the New market and the trends: With the help of Ansoff matrix various strategies can be identified by the company which can help them in determining the path that can be adopted by the company for achieving the growth (Porral and Stanton, 2017). While with the help PESTLE analysis it is identified that they faced various issues related to the influence of the pressure groups, changes in the technological factors such as use of digital media marketing for advertising etc.
- An explanation of the new product: The brand extension includes formation of various strategies with the help of which they can easily introduce new products. Fro this they need to identify they need to identify the packaging, the pricing strategies, selection of the name of the brand and then positioning them in the market. Such strategies are dependent upon the existing strategies of the company and that of the competitors. With these effective strategies the new product can be effectively launched in the market.
- Competition: There is a situation of very high competition as already many brands which are offering organic shampoos are present in the market. So, there is a requirement of adoption of strong marketing and promotional tools which can help in attracting more customer from other different segments of market (Wood, and Jobber 2016) . The comparative analysis of brand extension with the competitors are:
The product which they are planning to launch is shampoo which has fruit extracts. This is as per the needs and wants of the customers. The prices which are charged by them are competitive prices.
While the product which they offers includes the shampoo that contains coconut milk and the prices at which they offers the product are also competitive. This makes the products competitive for the product which Pantene wants to launch (Hastings and Stead,, 2017) .
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From discussion made from above report it can be said that marketing is a activity which is used by organisation for increasing their overall sales. This is a related with various tools which can be used for formation of strategies for targetting a particular segment of market. This report effective research has been concluded which is further helping in development of understanding related to brand value of a particular product or service. This research has helped in effective launch of new product and then increasing sales of the existing brand. There is description of new product, analysis of new market and finally launching the product and then sustaining in the situation of high competition. Take assignment help service from Instant Assignment Help.