Marketing Plans Eco-friendly soap Assignment Sample

Marketing Plans

Eco-friendly soap

Our firm is aware that there are several soap companies in Australia, both big and small, whose products can be easily found all across the country, this is why we are going through the proper process to establish a business to compete favourably with them by creating an eco-friendly soap.

This project aims to develop a marketing plan for eco-friendly soap that takes into account the target market. To determine a product’s strengths and weaknesses in light of the opportunity and threat in the business environment, the SWOT and PESTEL analysis will be completed. According to the requirements of the target market, we will develop marketing plan for our product in this report.

If we conduct a proper SWOT and PESTEL analysis for this business, we will be prepared to maximize our leverage, strengths, threats and opportunities that are available to us in order to mitigate our risks, and also be well-prepared to face threats.

SWOT Analysis of Eco-friendly soap

Strengths:

Market-compatibility in terms of price
On our team, we have highly experienced people who understand how to grow a business from the ground up to become a national phenomenon
As people become more conscious about their lifestyles and want to look better, their demand for eco-friendly soap is increasing.
Due to the exclusion of brands, there is more shelf space available.
Low competition in the market

Weaknesses:

The company has a smaller share of the market
Less presence in the business world.
To sell its products, it relies on small markets and specialty stores
Customers want differentiation in products, so the life cycle of the product should be short.
The visibility is low

Opportunities:

Through an e-commerce site, we can increase our sales by focusing more on the online market.
We can expand our product range based on current trends
Increase brand value and improve sales by focusing more on marketing
Adding more varieties to the product could help the company reach non-targeted areas

Threats:

Entry barriers are lower.
Giving discounts may reduce profitability in the short term
Imports are taxed at a lower rate.
Revenues will be affected by the recession
Using of new products, such as liquid soaps and shower gels

PESTLE Analysis:

Political Factors:

Promote events and trade fairs more in rural areas where the political environment is more conducive to trade fairs
A liberalized foreign trade policy will enable our company to cater to more clients across borders
Due to political stability in Australia, they are gaining investor attraction in areas where the government is stable.

Economic Factors:

The decrease in prices for palm oil, etc., (which are used in eco-friendly soap) will result in lower production costs
Rural areas have an increasing disposable income in industries
The current excise duty on soaps is 8% less than it was in the previous year

Sociocultural Factors:

Efforts should be made to improve the skin’s softness and beauty while improving hygiene
Greater awareness about the benefits of Eco-friendly soaps
Consumers are shifting from beauty soaps to value-added products

4) Technological Factors:

Develop innovative products while retaining the benefits of herbs through better research and development
Use ingredients that are classified as Grade 1,2, or 3 by the BIS
To assure consumers that the product has herbal properties, it should have a fresh bright variety of colours and a calm mild fragrance

5) Environmental Factors:

All environmental laws are obeyed by our company, and our waste disposal policy complies with regulations.

6) Legal Factors:

Because of increased unemployment, the government may change employment laws to force businesses to hire more people.

Therefore, based on the market and environmental analysis, launching our product at this time is feasible. We should enter the market before any other brand arrives to fill the available space in the market, as the product has greater potential to cater the larger market share. Despite the price of our product, our target customers have a powerful buying power and can afford it.

Conclusion:

In light of the economic climate and the financial situation, it is feasible for the company to develop a new marketing and advertising strategy for the product, the eco-friendly soap. As a result, the company’s income will increase by 12.39% by 2021, then by more than 10% in every prior year

Reference

Citizensustainable.com. 2021. [online] Available at: <https://citizensustainable.com/soap-bars/> [Accessed 6 December 2021].

Slideshare.net. 2021. marketing plan (Soap). [online] Available at: <https://www.slideshare.net/satyanshukumar1/marketing-plan-35246953> [Accessed 6 December 2021].

………………………………………………………………………………………………………………………..

Know more about UniqueSubmission’s other writing services:

Assignment Writing Help

Essay Writing Help

Dissertation Writing Help

Case Studies Writing Help

MYOB Perdisco Assignment Help

Presentation Assignment Help

Proofreading & Editing Help