A product plan is a technique by which an organization examines the marketing conditions, markets, and the customers then establish the course of marketing action and execute those outcomes for its product. Good marketing planning gives the company a high standpoint and goals that help in working towards a given goal. A marketing plan is essential for a company to withstand fluctuations in the environment that are unforeseen. An organization has to go through some procedures to archive the objective of a marketing proposal, as A product plan entails establishing a business idea for its manufactured product, preparing the product for the market and introducing the product for sale.
PG Tips is a brand of tea a product of Unilever UK. The brand was initially introduced in the market in the 1930s under the brand Pre-Gest-Tee. The report take an in-depth look as well as elaborates on the PG Tip existing marketing condition in and the modest marketplace and then come up with a proper marketing strategy that can lead the brand market share and an introduction to the new ice tea.
All businesses regardless of the industry in which they operate requires an extensive marketing plan to achieve its goals. A product plan specifies the target markets, the marketing programs, tasks, timespans and assets that are used, as per the specified budgets. A product plan is composed for PG Tips that could purpose and help them to attain development in market segment.
To do an in-depth strategy analysis, the SOSTAC planning model will be employed.
Situational analysis this will analyze Pg Tips is currently. The Pg Tips product as performed optimally as to the other product of the company over an extended duration having a competitive advantage of a wide marketing plan including promotion, marketing, and advertising. The broader market of the operation also gives it larger market for the different brands of tea. Though even with these milestones the product suffers from adverse competition from other established multinationals that offer similar products. These include Nestle that has over a long period been a greater competitor. The product also has a major setback as a result of a high number of available substitutes foe instance soft drinks. These hence affect the number of proceeds that the company in general accrues. Continued innovation in this sector makes it hard to adapt to the market ever changing tastes and pretenses. The high prices charged by Unilever are a disadvantage to the company in markets where the purchasing power of the customers is little.
Other than the stiff competition the product also face a drop in the revenues as a result of the drastic rise in the prices food products in general. This is a threat as the cost is of inflation is passed to the customer hence may scare away the customers to relatively low price product.
The social media offers the company in general to reduce the advertisement cost which has been on an increasing trend over the recent past. These can be used to efficiently update the customers of the new products such as the ice tea that the company intends to introduce. The company also through its extensive research and development can come with new brands or reintroduce former brands that have been redesigned to the market.
Though the product line has been performing relatively well to for it to realize their medium-period development goals and sustainability they require a major drive to expand their customer reach and enlarge the market share. There is an opportunity for the product line to do that. So the primary aims PG Tips line managers have to incorporate right now is to look for fresh segment as they preserve current products mix and produce distinct commodities for the targeted segments. This will enable them to maintain the market share that they have and provide an opportunity to expand their customer reach through the launched products.
Strategy (how do we want to go there?) The company will select the correct segment and proposition to succeed. There are many different types of products, need, and customers in the market. Thus, the PG Tips should come up with the right model to obtain an optimal result. The marketer will examine which among these segments offers the best opportunity to attain the companys objective. The PG Tips has not focused on differentiating the products to suit the different classes of customers. This thus gives the company an opportunity to differentiate the products if offers to suit the various age groups of the consumers. The product line should consider using franchising so as to counter the challenge of penetrating new markets where local competitors have had an upper hand over the long period. The product should increase the intensity of the online marketing to increase the market share and meet the different market segment.
To meet the short term goals Unilever has to incorporate tactic. The tactics should be in line to achieving the general purposes of the organization in the long term. Thus, the company requires introducing an E-marketing platform to enable it meet new customers, and introduce the new brand to its existing and target customers. This can be achieved through the use of marketing mix that entails, employing a combination of different marketing tools that will enable the firm to attain the required response from the market. This involves developing a product that meets the customer requirements. Charging the price the customer are willing to pay as per to their capability, then identify the places of purchase, delivery in the right quality and quantity. Then the promotion to be employed by the company, Unilever should incorporate an online and another form of advertisements. To be able to achieve these qualified people need to be hired and equipped with the right skills.
This stage entails details of the tactics as they facilitate their implementation. The following is the guideline for PG Tips, April 2016, Gain endorsement for fresh product expansion (ice tea), May 2016 Product development, June 2015 come up with information/brochure, July 2016 Launch of fresh commodities, August 2016 update website. These actions are expected be followed in the new product that the company intends to introduce. The last step on website update should incorporate an extensive increase in the online promotion to target the new segment.
To ensure that the plan is met as per to the set plan by putting in place the right control measures. The actual should be compared with the scheme.
The product plan is essential to PGTips through following this plan it can outperform its competitors and take a lead in the market hence high resources. It is intensely advised that they go with the proposed strategic product plan and follow the tight control measures.
If you are the original author of this essay and no longer wish to have it published on the SuperbGrade website, please click below to request its removal:
- SWOT Analysis of Partners HealthCare: Evaluation Essay
- Using the Allowance Method
- Paid and Owned Campaigns - Business Plan Sample
- Background Information About the Total Quality Management
- Benefits, Costs, and Risks of Six Sigma Program
- Online Ads Are Better Than Billboard Ads - Controversial Essay Sample
- Expository Essay Example on Retention of the HR Function Within the Organisation