Question

This a short essay of no more than one 1 page. Consider a product that you currently use or have used in the past. Identify where you think that product is on the product life cycle. Now, imagine that the owner of this brand has hired you to develop a new marketing strategy for this brand. Consider the 4 Ps of the Marketing Mix. What might you do with this brand? USE MONAT COMPANY WHICH IS A HAIR AND SKIN CARE PRODUCTS COMPANY FOR THIS ANSWER PLEASE.

Answer 1

Monat is a company which is establishes in October 2014 and this company is all about hair and skin care. Though in the starting it specializes in hair care only but due to competition they also launched some innovative skincare products for all skin and age types which tells that they cover each age segment whether old, young, teenager.

Products of Monat company overall comes in growth stage only as this sector is growing very rapidly day by day as players in this industry are bringing innovation in products. I used cleansing agent mixer of Monat company which is the best seller for the company, and it was in the growth stage only. Maximum sales of this company come from that product and it cost to 1500 rupees which is expensive, but the quality and result of the product is very good and that’s why it is a bestselling item in the company. It helped Monat to gain market share as well.

Under eye creams will be the new products with and instant effect in two days which Monat should introduce as per my suggestions because none of the other brand has succeeded in removing the under-eye marks so soon. It usually takes 3 to 4 weeks, but this cream of Monat will remove it in two days. This will be the key point and strategy which will attract a lot of customer.

Products: - Product is under eye cream which is totally based on its functionality for removing under eye marks. This product is more function oriented.

Price: - Price of the product will be premium like 700 rupees as it carries a tag with it that in two days marks will get removed. As this brand follows high or premium pricing for its other products so for this it will be charge same in order to maintain exclusivity of their product in this segment.

Place: - Omni channel platform will be used for selling the product which means through online and offline, both ways will be used in selling the products. Online through their own websites and offline through their retail stores where a trial to the customers visiting will be given before purchasing the products.

Promotion:- Social media platform will be highly used in promoting the products and tie ups with fashion bloggers will be done so that when they will start promoting the products, awareness can made to larger audiences as these bloggers have large number of followers which will help in deriving the better sales.