Introduction
The mosquito repellant industry in India is quite volatile and competitive with each company player coming up with a new and innovative way to capture the market. Towards this managers are working around the clock to ensure that they not only sell the products but also they develop strong brands.
Summary
“Most companies in this world of capitalism always want more” (Zeithaml, 2002). They want more profit, more shareholder value, and more market share, among others. The realizations of these objectives have been attained through the successful initiation, development, and management of brands in most instances. Indeed, the effective development and management of brands have become a major priority for all organizations of all sizes in different industries and markets. The reasons for this are certainly clear; strong brands are positively correlated with customer loyalty and profits. However, the efficient management of brands can present challenges, especially in the case where managers are unable to accurately evaluate and assess their brand’s particular strengths and weaknesses objectively. One major limitation that has been presented in both academic and empirical literature is on how to deal with the multifaceted issue of products development and multi-channel branding, especially where there is the need for reliance on professional retail distributors engaged in the sale and distribution of competing products.
Problem statement
In this dynamic and competitive global market, managers are faced with immense challenges not only in how to cope up with the stiff competition but also in how to develop, manage and grow strong brands in the market. This is evidenced in the Indian case illustrated in the case study. The development of strong brands is a great challenge to managers. This is because of the immense skills and strategies involved in the task. According to Kotler and Armstrong, (2007), “the marketing concept of building an organization around the satisfaction of consumer needs has helped firms to achieve success in the high growth, moderately competitive market”. The establishment of a strong brand in the market requires a strategic market strategy that comprehensively addresses the following marketing; selection of target market, differentiation and positioning of the offering in the customer’s mind, marketing objectives, and a marketing mix.
The solution to managerial problems
Planning and reward Management
Reward systems within organizations are always based on how one’s value to the organization. “It is concerned with both financial and non-financial rewards and embraces the philosophies, strategies, policies, plans, and processes used by organizations to develop and maintain reward systems.” Most organizations make use of the term “compensation” to refer to “pay” or “remuneration”. There has been a noted problem with the term compensation in that it means rewards to the employee are only “ for making amends for the distasteful fact people have to work to make a living”.
Towards this, when the reward system is properly managed, the employees will work hard towards the success of the company hence solving the problem of low sales.
Strategic marketing plan
Well-organized marketing strategies n the market is critical to product awareness and boost sales. In this case problem of the weak brand, penetration is easily solved. In a competitive market, managers should be strategically positioned to come up with new and innovative managerial and marketing strategies that effectively respond to the market demands and customers’ aspirations.
Learning Application
The two proposed solutions will work because they have been tested and tried over time in similar situations and they have always generated a positive outcome.
Conclusion
The stiff Indian market requires a well-thought strategies for managers to compete well in any industry. Towards this, managers and business leaders are challenged to keep updated with relevant technological progress and new managerial skills not only to compete in the market but also to satisfy customers’ demands.
References
Kotler, P. and Armstrong, P. (2007).Principles of Marketing. John Wiley and Sons
Zeithaml, K. (2002). Brand Loyalty Programs: Are They Shams? Marketing Science, 24(2): 185-19