Recommendations for Weatherpruf Shoe Waxes
Recommendations
Here are some recommendations for Weatherpruf Shoes Waxes which hope can help to improve the competitiveness. The potential strategy is based on 4Ps.
Product:
On the product side, Weatherpruf can use brand extension strategy. A brand extension extends a current name to new or modified products in new category. For example, Swatch spread from watches into telephones and Honda stretched its company name to cover different products such as its cars, motorcycles, marine engines and snowmobiles. As solid shoe waxes was already a brand product, Weatherpruf can extend to produce liquid polish. The reasons are: first, liquid shoe polishes offered a quick, clean method of improving shoe appearance and was particularly welcomed by parents as it helped to make scuffed and worn children's shoes look respectable again. Second, the market for liquid polishes is growing at 20% per year and it is expected to rise to 30% of this market next year. Third, entering a new product market will extend customer base. Finally, a liquid polish can be used on a wide variety of products. For instance, it can be used for the appearance of leather products beyond footwear such as chairs, sofas, briefcases, etc which may attract more customers. Weatherpruf can also increase the product diversity. For example, it can increase the colours of solid waxes not limited to blacks, light tan and dark tan in order to meet those customers who like solid waxes but don't want these 3 colours.
Price:
On the price side, as liquid polish will be a new product of Weatherpruf, market-penetration pricing is much suitable. Market-penetration pricing stands for setting a low price for a new product in order to penetrate the market quickly and deeply - to attract large numbers of buyers quickly and win a large market share. To compete with Smart Shoe (currently command approximately 70% liquid market share), Weatherpruf should set a low price and quickly enter the liquid polish market. There
Here are some recommendations for Weatherpruf Shoes Waxes which hope can help to improve the competitiveness. The potential strategy is based on 4Ps.
Product:
On the product side, Weatherpruf can use brand extension strategy. A brand extension extends a current name to new or modified products in new category. For example, Swatch spread from watches into telephones and Honda stretched its company name to cover different products such as its cars, motorcycles, marine engines and snowmobiles. As solid shoe waxes was already a brand product, Weatherpruf can extend to produce liquid polish. The reasons are: first, liquid shoe polishes offered a quick, clean method of improving shoe appearance and was particularly welcomed by parents as it helped to make scuffed and worn children's shoes look respectable again. Second, the market for liquid polishes is growing at 20% per year and it is expected to rise to 30% of this market next year. Third, entering a new product market will extend customer base. Finally, a liquid polish can be used on a wide variety of products. For instance, it can be used for the appearance of leather products beyond footwear such as chairs, sofas, briefcases, etc which may attract more customers. Weatherpruf can also increase the product diversity. For example, it can increase the colours of solid waxes not limited to blacks, light tan and dark tan in order to meet those customers who like solid waxes but don't want these 3 colours.
Price:
On the price side, as liquid polish will be a new product of Weatherpruf, market-penetration pricing is much suitable. Market-penetration pricing stands for setting a low price for a new product in order to penetrate the market quickly and deeply - to attract large numbers of buyers quickly and win a large market share. To compete with Smart Shoe (currently command approximately 70% liquid market share), Weatherpruf should set a low price and quickly enter the liquid polish market. There