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Develop a new idea for existing company - Term Paper Example

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Summary
Pond’s ‘Soft and Smooth’ is a deep cleansing, exfoliating face wash which is not only gentle to sensitive skin, but very thorough in cleaning out dirt and oil from every pore on your face. Soft and Smooth guarantees to leave you feeling fresh and cheerful.
The convenient…
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Develop a new idea for existing company
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Pond’s Soft and Smooth face wash PRODUCT AND ATTRIBUTES Pond’s ‘Soft and Smooth’ is a deep cleansing, exfoliating face wash which is notonly gentle to sensitive skin, but very thorough in cleaning out dirt and oil from every pore on your face. Soft and Smooth guarantees to leave you feeling fresh and cheerful.
Foam based
The face wash is foam based, which means no more slimy residue on your face as opposed to conventional face washes, and a cleaner, softer and fresher wash.
Mildly scented
Soft and Smooth looks after those with allergies. Many customers complain of overly strong scents which lead to an allergy attack including teary eyes, sneezing and in some cases a runny nose.
Easy pump Packaging
The convenient easy pump packaging allows the user to simply push the top of the container and get your face wash instead of flipping a cap, pouring it out and capping the bottle again with soapy hands.
Dermatologically sound
This face wash is suitable for every skin type, excluding exceptions of course, because of its mild and high quality ingredients and composition
POSITIONING A DIFFERENT PRODUCT WITH COMPANY OFFERINGS:
Ponds owner discovered the first extract which initially was known as Golden treasure and after his death got the name of Pond’s Extract.
Ponds over the years has produced skin care creams for over a period of century with many types of creams under its product line. Until only recently the brand went through expansion and introduced the Skin care product range which now included lotion, cleansers, towelettes, make-up removers etc.
Smooth and Soft face wash will be the solitary face wash related product offering in the company’s portfolio of products. However, given ample time and growth, the company plans on expanding its line of face wash with more special purpose face washes instead of a one-for-all product.
PRICING STRATEGY
The competitors chosen offer the same benefits of our Smooth and Soft face wash, and lie more or less in the same price bracket (slightly on the higher side though).
The comparison has been conducted against the same SKU, which is 200ml of packaged face wash.
The Clean & Clear Morning Burst Cleanser costs consumers an average of $4-$5, the Neutrogena Deep Clean Facial Cleanser $6, and the Olay Gentle Foaming Face Wash with Aloe Vera $4.
We’ll use penetration pricing for Our Soft and Smooth face wash will cost $3.25. Another added advantage that we’ll get is that it will complement our cream range as people who use face wash and care for their skin will also make lotion and cream purchases hence this strategy will benefit us in the longer run.
PROMOTION PLAN
We’ll use advertising in Magazines and place ads which clearly highlight features of the new product and its lower price with similar benefits to the competitors. This would create a pull in the market.
The promotion and publicity activities plan include a first time customers’ discount of 30% if purchased in the soft launch activity zone. The product will be showcased at prominent malls in the metropolis along with banners, decoration, flash mob, gift hampers and other awareness-creating activities.
Personal selling ia a option we would not resort to.
Sales promotion will be initially used which will include offers like giving small sample tubes & bottles in a package with the already well established cream and lotion range. Discounts will not be offered as the product is already lowered price to competitors while providing quality. If prices will be lowered than this then customers will doubt the quality,
Advertising will be used the most to create awareness amongst masses, next sales promotion and publicity will be equally used in a balanced manner.
Distribution:
An indirect distribution channel will be used as we have to reach to masses and also our products are Shopping products which are usually sold by retailers at stores and shops as compared to specialty goods require direct method. Read More
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