Posted on : 2022-10-28 02:41:24
Article : Good evening, Friday Management TASK 214- To exist in the fierce competitive market, M/s Soundarya a regional personal care Products company with a decent market share had to explore new avenues.
M/s Soundarya Pvt ltd is a renowned personal products manufacturing company with a market stand of Four decades. They have few product brands in the market, enjoying a decent market share with consumer support for their products quality and affordable price. Due to manufacturing capacity constraint they are marketing in urban and semi urban markets in all retail channels. The stake holders are happy with the performance and returns. But for the last one year their sales are declining with lessened orders from the retailers and super markets segment has almost stopped purchasing their brands.
In review meetings with their sales staff, they found that more new brands are arriving into markets leaving no shelf space for Soundarya’s products, thereby decreasing the brands market visibility and super markets are demanding more product variants, more SKUs and much lower price. With this situation, management is facing pressure on expenditure due to low production, maintenance of normal distribution pattern with declined sales and dissatisfaction of their distributors to continue with low turnover.
To recapture their market share with affordable marketing strategies M/s Soundrya’s management has appointed a market research consultancy to get the market mirror. In Two months of time their MR consultancy offered a detailed market scenario report with their suggestions.
In broad outlook the MR report content comprehensively indicates the market evolution with growing population and consumerism, with consumers’ aspirations for new products and variants. It further construes that the FMCG personal care industry is undergoing a major transition as the shopper has become a major driver of innovation through e-commerce, omni channel retailing and social media platforms. Emerging technology advancement has made consumer engaged in product development for the choicest purchase with highest quality and rapidly changing global demographics. The increased demands of consumers/end users have become thruster for companies to create new products or brand extensions or new SKU and as well achieve faster market reach, lowering operational costs. All these are to stand to competition and to address stake holders’ concerns. Finally, the MR Consultancy’s suggestion is to adapt to the market needs from conventional marketing to modern marketing adding more products and brand variants with suitable packaging, price and SKUs.
Now M/s Sondarya has drawn their future strategic plan with total reorganization of their activity with a viable cost control factor. Post your thoughtful marketing strategies based on your career experience and or markets observation. Our Solution for this TASK 214 will be posted on 31st Oct 2022.
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