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Understand the Individual Elements of the Extended Marketing Mix - Assignment Example
Author : callie18
Pages 6 (1506 words)
Every organization needs a well designed marketing department to create brand equity among customers. Strategic marketing works as a deciding force for a company to survive in hyper competitive business environment…
Understand the Individual Elements of the Extended Marketing Mix
Sales volume has touched a record mark of $82,500 billion in the year 2011. The company has established category leadership in various segments like House Care, Skin Care and Oral care. More than 127,000 people work in the company. The consumer goods company markets more than two hundred and fifty brands across the world. The company enjoys leadership in almost twenty four brands in its category and able to fetch billion of dollars annually from each of the brands. The consumer goods organization has established twenty eight technical centres across the globe.
Product strategy of P&G is influenced by one seventy year old vision statement established by James Gamble that is being honest in product making. The study will focus on product strategy in terms of cosmetics division for the company. They have noticeably changed time tested cosmetics business into a new height by implementing strategic and holistic approach of new product development. Before 1994, the company tried to maintain product systems complemented with Olay, Clarion and Cover Girl but failed due to their unfocused business effort. Real breakthrough was achieved during late 1990’s when the company launched Diamond initiative and developed new product Olay. Previously the product was meant for whole body usage but the new campaign targeted the product for facial usage. They streamlined distribution network and supply chain management according to market demand. ...