Recommendations for Weatherpruf Shoe Waxes
Here are some recommendations for Weatherpruf Shoes Waxes which hope can help to improve the competitiveness. The potential strategy is based on 4Ps. Product: On the product side, Weatherpruf can use brand extension strategy. A brand extension extends a current name to new or modified products in new category.
For example, Swatch spread from watches into telephones and Honda stretched its company name to cover different products such as its cars, motorcycles, marine engines and snowmobiles. As solid shoe waxes was already a brand product, Weatherpruf can extend to produce liquid polish.
The reasons are: first, liquid shoe polishes offered a quick, clean method of improving shoe appearance and was particularly welcomed by parents as it helped to make scuffed and worn children’s shoes look respectable again. Second, the market for liquid polishes is growing at 20% per year and it is expected to rise to 30% of this market next year.
Third, entering a new product market will extend customer base. Finally, a liquid polish can be used on a wide variety of products. For instance, it can be used for the appearance of leather products beyond footwear such as chairs, sofas, briefcases, etc which may attract more customers. Weatherpruf can also increase the product diversity. For example, it can increase the colours of solid waxes not limited to blacks, light tan and dark tan in order to meet those customers who like solid waxes but don’t want these 3 colours. Price:
On the price side, as liquid polish will be a new product of Weatherpruf, market-penetration pricing is much suitable. Market-penetration pricing stands for setting a low price for a new product in order to penetrate the market quickly and deeply – to attract large numbers of buyers quickly and win a large market share. To compete with Smart Shoe (currently command approximately 70% liquid market share), Weatherpruf should set a low price and quickly enter the liquid polish market.
There are several conditions favour setting a low price. First, the market must be highly price-sensitive, so that a low price produces more market growth. Second, production and distribution costs must fall as sales volume increases. Due to the good reputation, if Weatherpruf keep on produce high quality goods and set a low price, it can easily penetrate the liquid polish market and win a large market share. Promotion:
One of the reasons that Smart Shoe can achieve success was its promotion – extensive advertising. Therefore Weatherpruf also need media advertising to promote its product.
Media Advertising can reach masses of geographically dispersed buyers at low cost per exposure, such as TV advertising can reach huge audiences. It enables Weatherpruf to repeat a message many times, and lets the buyer receive and compare the messages of other two main competitors. By advertising buyers will know that Weatherpruf begin to sell liquid polish with a high quality and it can create customer brand awareness. Place:
Products are sold only in the major grocery stores is limiting the quantity of customers and might be inconvenient for a certain amount of customers (who want to buy shoe polish but live far away from the stores). Thus, Weatherpruf can increase the place of sales.
First Weatherpruf can find retailers such as Supermarket like Tesco, Sainsbury, Asda or Morrisons have loyal customers who regularly shop in their stores. Products sold through the stores gain credibility in the eyes of the customer because of where they are sold. In addition, Weatherpruf can expand sales to online.
The reasons are: first, sales online can expand geographical reach weatherpruf, a local business can become nationwide or even international. Second, it can increase visibility for weatherpruf. With investment in search engine optimization and online promotion, an online shop becomes more accessible to customers searching for products. Third, it is a way to tell people about Weatherpruf.
This is particularly valuable when an online store operates alongside a conventional high-street outlet, providing information about opening hours, contact details and answers to frequently asked questions. Finally, which has same effect as sales through retailers, it can increase the number of customers. Conclusion
In conclusion, if Weatherpruf choose this strategy would……