Analysis and recommendations of the existing marketing strategies Tiger Balm is a well-known herbal ointment remedy that was developed to relieve the aches and pains in ancient China. It is a very successful example of a truly Asian brand that has gained international recognition. It has created a high degree of awareness and loyalty in global markets. I have evaluated the strengths and weaknesses of your company’s existing marketing strategies, and based on my study, I have found out the following problems:
1. Your target audiences are all age group ,but your target audiences are mainly focused on pain sufferers and sportspeople. When people talk about tiger balm, what comes to their mind is that it is an old heritage originated from ancient China and it relieves the aches and pains. Tiger balm gains its reputation and popularity mostly from its quality and its efficacy. You have a wide customer base which is good. Your positioning strategy approaches different market segments, but is always based on the same brand promise, that is “works whenever it hurts”.
2. Your products are all labeled as pain reliever. But actually some of Tiger balm’s products are not pain reliever. this may mislead and exclude some people who are just sports enthusiasts. They may simply not have to try the product, believing it not to be for them.
The Term Paper on New Product Strategy
Summary Due to drastic changes in technology, consumers’ requirement, desires, has enhanced the importance of ‘new product’. In order to survive in a challenging globalization environment, every organization is striving for its survival, and their survival is possible due to ‘new product’. The Scenic Hotel is as well. As such a fiercely competitive industry, Scenic hotel have to adapt the ...
3. If your new product extensions all emphasize your brand promise, consumers may think the product is nothing new but another pain reliever. They may think you don’t produce anything else other than pain reliever. They don’t know the differences among your products .They don’t know which one is good for them and which one they should purchase. This may limit your brand’s organic growth.
4. Your brand communication seems not very creative. In China, people perceive Tiger Balm as a grandfather or grandmother’s product because it has been used mostly by the older generation who have grown up with the brand. You need to attract new target market using non-traditional forms of media. Recommendations:
1. Different products are segmented into separate functions and apply to difference target audiences. Your target audiences can’t be only focused on pain sufferers and sportspeople because they only take a small part of the whole consumer market. Nowadays, many customers have stopped using Tiger Balm, they have to be convinced that Tiger Balm is relevant. To exploit the new health trend, you can position the balm as something like pre-exercise rub, demonstrate to them how Tiger Balm can help keep their activity, exercise, and life going. You can sponsor more sports events , put your products’ pictures everywhere in the gymnasiums, outdoor LCD screens, etc, pushing awareness of Tiger Balm’s capabilities, drawing on its eastern heritage, while maintaining its appeal to the modern world.
2. You can’t just present to your potential customers as a pain reliever, but rather as a way of life that allows people who want to live life to the full to do what they love most. In order to tap into new market to attract more younger generation, you may need to modify your products. You can add on new features to your products to differentiate them from your competitors.
3.Don’t limit your product extensions to your brand promise. You can try to make an image that your products are family necessity. Everyone can use it even he or she is not experiencing any pain. You can exhibit your different product extensions in supermarkets and demonstrate to the potential customers (housewives,etc) the different functions of your products. This has an advantage of personal contact and you get the chance to build a customer-friendly image.
The Essay on Lanc Ome Chanel Products Brand
The second direct competitor to Chanel is L'Or " eat, the world's largest manufacturer of high-quality cosmetics, perfumes, and hair and skin care products. Although L'Oreal the company doesn't manufacture a perfume it owns the brand Lanc^ome that produces Tresor a perfume that rivals Chanel. In the chart below, it lists the US female fragrances brand share by value from the 2002 Table base data. ...
4.Certainly, you don’t want to lose your loyal customers. So you need to remain focus on your brand’s quality and usefulness and get your existing customers to rely on the brand. All in all, Tiger balm has been doing very successful in its positioning strategy and positioning itself as the world’s leading topical analgesic ,perfect for soothing muscular aches and pains .
