To achieve the same appropriate marketing strategies need to be developed

To achieve the same appropriate marketing strategies

This preview shows page 6 - 8 out of 11 pages.

same, appropriate marketing strategies need to be developed within the budget of $1500001. Increase the number of people who make a purchase while visiting the online store by20%.2. Increase the number of retail outlets selling NatureCare Products by 150.3. To increase product awareness amongst the target market by 20%.4. To increase market share to 15%.5. To expand into at least one international market.6. To identify new products and new markets.7. To attain annual growth of at least 10% over the next three years.
Marketing OpportunitiesNew ProductThe company NatureCare currently has a wide customer base in Australia that comprisesmajorly middle age and older women. The company has a brand value in Australia and henceto meet the marketing objectives the company would have to introduce a new product thatappeals the younger generation, especially the age group of 21 to 25 while sustaining theexisting customer base. The company can come up with a face wash that has a tan removaltechnology and provides a refreshing look. NatureCare already produces cleansing creamsand scrubs and hence a face wash would act as a complete set. The face wash can bepurchased as a sole piece or can be bought in a package that comprises of the scrub, cleansingcream and face wash. Customers who use the first two products would automatically preferbuying a compact kit of all the three products thereby increasing the sales of the new productalong with the scrub and cleansing cream.The risk here is that the face wash may not penetrate the market efficiently as there areseveral other well named brands producing face washes. However, the existing customerswould encourage the sale of the product given that they have already experienced the qualityof several other products introduced by the company. Aggressive marketing would berequired to attract new customers. If the product succeeds the product would generaterevenue equal to that of the scrub productOverseas BusinessNatureCare has been confined to Australia and has gained tremendous reputation byproducing high quality skin care products. The best way to do the same is to test the marketby forming a joint venture with a popular skin care retail shop overseas for six months andunderstanding if the products suit the marketing needs of Japan. Depending on the sales, thecompany can then enter into the market overseas (Samiee, 2013). Joint Ventures can be riskyand hence a detailed understanding of the other company has to be undertaken (Killing,2012). Also, the venture has to be short termed, so that the company may establish retailoutlets overseas once the testing period is completed. Marketing overseas would be extremelyprofitable if the testing succeeds and marketing is done based on the preferences of theforeign clientele (Ferrell, 2012).

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