New Product Launch Marketing Plan, Part Iii

New Product Launch Marketing Plan, Part III
MKT 571

New Product Launch Marketing Plan, Part III
Any time a company introduces a new product to the market there are challenges to address. These challenges can be resolved by creating a new product launch marketing plan. Our team will create a marking plan for the launch of a new line of healthy, organic, and environmentally safe toothpaste.
Marketing Needs Domestic & International (Canada)
Toothpaste is considered to be in the Cosmetic and Beauty Products Manufacturing industry. This industry is very competitive and is made up of many players. The toothpaste industry is dominated by Colgate who has over 50% of the market share. As with other sub-industries within the Cosmetic and Beauty Products Manufacturing industry there is an untapped potential in the customer need of environmentally safe and all natural organic products. In 2006 Tom’s of Maine was purchased by Colgate-Palmolive for $100,000,000 USD. Tom’s produces a health and environmental conscious toothpaste, the most popular currently on the market (USA Today, 2006). Customers in this market are seeking an alternative to Tom’s. Consumers continue to value and seek out all natural, organic, and environmentally focused companies. As both the organic market and toothpaste market grow, a company that can capitalize on both markets is sure to do well for themselves (Ibis, 2014).
Similarly with the domestic market need, Canadian customers are also seeking an organic and environmentally safe toothpaste option. Market statics and needs are very similar. Close geographic location and customer trends lead to almost an identical market need (Ibis, 2014).
Market Growth Domestic & International
Over the next five years the industry is expected to grow 5 % to $66.3 billion in 2019. Within the 5%, we expect a growth of products that organic, healthy, and environmentally friendly. While barriers to entering the market are relatively high with Coalgate...