The company that I have chosen to write about is going to be Procter & Gamble, but more focused on the company they own, Crest. This company is a dental hygiene company, and i wish to develop a new toothpaste product for them. This product would be called “Crest 3D Green,” and would be a Eco-friendly alternative to the chemically based “Crest 3D White.” At this point, more people are moving to try and be eco-friendlier and “green.” They are moving to better, alternative products that will be healthier for themselves and their families. This is the perfect time for us to introduce our new “Crest 3D Green” tooth paste. Our formula would be based to be using non-chemical products, if we can help it. There would be a core centered around using ingredients such as baking soda, coconut oil, mint, and other components that would give just as good or better results to that of competitor products.
Market research that I have done has suggested that as times goes on, more and more people have been dedicated to taking better care of their teeth. The target audience for this product is adults from ages 26-40, preferably with children. Desired income would be low-middle, as tooth paste is relatively inexpensive, but also low-income recipients may not be able to get access to dental care, so this would be an easy demography to target whereas higher incomes can afford more frequent visits to dental hygienists. Our geographic target is not limited, but for this we would mainly be targeting American consumers, as we would want to see that this is successful in a first world setting before thinking about third world environments. The reason we have chosen this demographic is because they are the main proponents of this “green” movement, so being able to provide a product that caters to their needs of wanting to be environmentally friendly would be wise.
As far as industry trends go, I will be using data collected from the website National
Institute of Dental and Craniofacial Research. This organization has been around since 1931, and has focused on trying to improve dental health since its founding. This is a credible source of information, as it is a branch off of the U.S. National Institutes of Health, and they are required to release accurate findings and projections and any collection of data and research of any form of oral related facts and findings. This will help as a resource to better understand the daily consumer and their oral health care. For starters, during the mid-1970’s to late 1990’s, tooth decay in children had dropped a significant amount, as well as in adults. However, in the early 2000, there was a flip in the where healthcare improved in both age groups, which came as a sort of surprise to specialists. These people also believe that there will be an increase of people using more oral health care products, and total hygiene will rise in the near future (NIDCR). With this in mind, it would be a good time for us to capitalize on the market, as we would be able to get to work and try to reach out to as many people as possible.
Our proposed marketing strategy aligns to legal, ethical, and industry standards thanks to our research. Crest is known for always taking steps to ensure that they release the safest products for consumers. This research has prevented the use of ingredients such as Triclosan, which the FDA has banned from being used in healthcare products, as it has led to cardiovascular problems to some people in the past. Following the FDAs warnings, we have since avoided this product at all costs, and made sure that we provide products that are safe for people, avoiding legal problems. This choice us keeps as within industry standards, as standards really follow that which the FDA has stated and decided upon for the rest of the country, as it cares about the health and safety of its citizens. Creating a environmentally friendly toothpaste, that uses limited chemicals, would create an image for us, showing that we care for consumers health, as well as the environment, fulfilling ethical standards.
The only real limitations that we could encounter with this product is if other companies decided to release a similar product. If our biggest competitor, Colgate, created a “Green” toothpaste, it could hurt our market share and intrude in our business if we are not aware of what they are doing. We could also have dentists that we have test our products give us completely different interpretation/feedback each time we received it. This could be bothersome if we could not use this information for ourselves, with it being starkly different each time. The purpose is to see similarities in each response, but that would be impossible if it were not available.
NIDCR Home. (n.d.). Retrieved November 29, 2017, fromhttps://www.nidcr.nih.gov/DataStatistics/FindDataByTopic/DentalCaries/DentalCariesChildren2to11.htm