3MC3
Tremco LTD can choose the following two marketing strategies to solve company’s problem which is low sales volume and market share.
The first marketing strategy is Tremco LTD should increase the communication with customers and try to let more people aware the brand and know about the Mono Foam and know the use of that. This strategy would affect the promotion by radio advertizing and hiring some salesperson to major hardware stores. The product, place and price do not change. The market target would be people who need insulating spray foam but do not know much about Tremco’s brand and products. The market tools would be………………………. advertisements (TV) and salesperson?
According to the SWOT analysis and market segmentation, a lack of communication with people and the awareness of brand and product were the key problem to Tremco LTD. Only 15% of people know well about Mono Foam and 5% of people are loyal to the brand. However, there are 40% of people don’t know the product before but would willing to purchase it. So Tremco LTD should work on making more people know about the brand and product to increase the potential customers. Also, Tremco LTD already got the exclusive rights of distributing product from Foam-o. It did not incur any new product development costs like cost for inventory. It saved lots of money for company so that Tremco can use this money to advertise and hire some salesperson. Implement this marketing strategy have mixed results. On one hand, the market share of Mono Foam might be increased. Because advertisements will introduce the function of Mono Foam clearly and make people aware the brand. When people come into the hardware stores, Tremco’s salesperson could recommend Tremco’s products even Mono Foam to customers. It will make more people know this brand and Mono Foam and the sales of Mono Foam and other products of Tremco LTD might be increased. On the other hand, the total cost should be increased because company need to
The first marketing strategy is Tremco LTD should increase the communication with customers and try to let more people aware the brand and know about the Mono Foam and know the use of that. This strategy would affect the promotion by radio advertizing and hiring some salesperson to major hardware stores. The product, place and price do not change. The market target would be people who need insulating spray foam but do not know much about Tremco’s brand and products. The market tools would be………………………. advertisements (TV) and salesperson?
According to the SWOT analysis and market segmentation, a lack of communication with people and the awareness of brand and product were the key problem to Tremco LTD. Only 15% of people know well about Mono Foam and 5% of people are loyal to the brand. However, there are 40% of people don’t know the product before but would willing to purchase it. So Tremco LTD should work on making more people know about the brand and product to increase the potential customers. Also, Tremco LTD already got the exclusive rights of distributing product from Foam-o. It did not incur any new product development costs like cost for inventory. It saved lots of money for company so that Tremco can use this money to advertise and hire some salesperson. Implement this marketing strategy have mixed results. On one hand, the market share of Mono Foam might be increased. Because advertisements will introduce the function of Mono Foam clearly and make people aware the brand. When people come into the hardware stores, Tremco’s salesperson could recommend Tremco’s products even Mono Foam to customers. It will make more people know this brand and Mono Foam and the sales of Mono Foam and other products of Tremco LTD might be increased. On the other hand, the total cost should be increased because company need to