Executive Summary
This essay analyzes Clean Edge razor and the best possible strategies to introduce the product to the market. The analysis will include the strategies of marketing the product, positioning the product and solving possible challenges. A comprehensive PEST analysis, 3Cs analysis, value positioning and 4Ps analysis will be done to analyze the external and internal factors that will influence Clean Edge razor’s introduction to the market.
PEST analysis
Economically, from 2007 to 2010, the U.S. razor market particularly the nondisposable razor segment experienced 5% growth in sales every year as a result of innovations and new product launches. Besides, the super-premium market segment experienced significant growth and this implies …show more content…
Clean Shave is a superior product that uses technology and innovation to promise the closest shave with the least skin irritation. The product can be branded as “Paramount Clean Edge” to grow the brand of the product and that of the company.
Since the mainstream positioning strategy is likely to siphon customers off the existing Paramount Pro and Avail razors, the company can practice positive cannibalizing strategy. This can be done by offering the Clean Edge razor at a slightly higher price premium than the prices for Pro and Avail. The company should then focus on advertising and promotional activities to win customers from their competitors as well as from Pro and Avail. However, the company should still maintain the Pro and Avail products by continuous advertising and price offers. This value position also considers the concern that Pro is in its mature phase and is therefore likely to lose its position to more innovative products. Since Clean Shave razor is more innovative, existing Pro’s customers will likely to shift to Clean …show more content…
These include;
- Product – Clean Edge razor is a technologically advanced product that intends to revolutionize the nondisposable razor market. This product promises a closer shave with less skin irritation using the vibration technology. This product will be added to the Paramount’s product line that includes Pro and Avail. However, Clean Shave is an improvement from the existing product line in terms of innovation and efficiency.
- Pricing – Since the product is innovative, the pricing strategy should be premium. The price should be higher than those of Pro and Avail but lower than the price level of competitors. Since Clean Edge is offering superior shaving experience, customers will be convinced to pay more. However, since the mainstream product positioning will be used, a price level that is lower than that of competitors is ideal.
- Promotion – In 2010, Paramount used $48.3 million in advertising and this enabled the company to maintain its market share in terms of volume of sales. To market Clean Edge, Paramount should use emotional marketing strategies to connect with the audience. Advertisements and customer promotions can be used to demonstrate the closest and cleanest shave
This essay analyzes Clean Edge razor and the best possible strategies to introduce the product to the market. The analysis will include the strategies of marketing the product, positioning the product and solving possible challenges. A comprehensive PEST analysis, 3Cs analysis, value positioning and 4Ps analysis will be done to analyze the external and internal factors that will influence Clean Edge razor’s introduction to the market.
PEST analysis
Economically, from 2007 to 2010, the U.S. razor market particularly the nondisposable razor segment experienced 5% growth in sales every year as a result of innovations and new product launches. Besides, the super-premium market segment experienced significant growth and this implies …show more content…
Clean Shave is a superior product that uses technology and innovation to promise the closest shave with the least skin irritation. The product can be branded as “Paramount Clean Edge” to grow the brand of the product and that of the company.
Since the mainstream positioning strategy is likely to siphon customers off the existing Paramount Pro and Avail razors, the company can practice positive cannibalizing strategy. This can be done by offering the Clean Edge razor at a slightly higher price premium than the prices for Pro and Avail. The company should then focus on advertising and promotional activities to win customers from their competitors as well as from Pro and Avail. However, the company should still maintain the Pro and Avail products by continuous advertising and price offers. This value position also considers the concern that Pro is in its mature phase and is therefore likely to lose its position to more innovative products. Since Clean Shave razor is more innovative, existing Pro’s customers will likely to shift to Clean …show more content…
These include;
- Product – Clean Edge razor is a technologically advanced product that intends to revolutionize the nondisposable razor market. This product promises a closer shave with less skin irritation using the vibration technology. This product will be added to the Paramount’s product line that includes Pro and Avail. However, Clean Shave is an improvement from the existing product line in terms of innovation and efficiency.
- Pricing – Since the product is innovative, the pricing strategy should be premium. The price should be higher than those of Pro and Avail but lower than the price level of competitors. Since Clean Edge is offering superior shaving experience, customers will be convinced to pay more. However, since the mainstream product positioning will be used, a price level that is lower than that of competitors is ideal.
- Promotion – In 2010, Paramount used $48.3 million in advertising and this enabled the company to maintain its market share in terms of volume of sales. To market Clean Edge, Paramount should use emotional marketing strategies to connect with the audience. Advertisements and customer promotions can be used to demonstrate the closest and cleanest shave