Johnson and Johnson Company is currently struggling on the best marketing strategies that it should apply to penetrate the global eyeglasses market. From the first presentation on the market position, goals, and target market, it is apparent that the company could expand its current market by focusing more on the young digerati market, consisting of the youthful persons interested in trendy eyeglasses. In the second presentation on brand review and product, the company should implement multiple branding strategies to create series of eyewear products to create an environment of own competition, especially in the young digerati customer segment since this group is persuaded by variety, in terms of style and usability.
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From the third presentation on pricing, channel review, and recommendations, the company should explore the good-better-best pricing strategy to appeal to the targeted youthful customers for the multiple products created from the single eyewear product. The company could open an online store besides revamping the current traditional stores to reach the targeted market. From the last presentation, it is apparent that the Johnson and Johnson Eye Care Company should use social media strategy to promote the multiple products to the youthful customers who have access to this channel.
Current Company Situation
Despite having been in the market for more than a decade, the company’s current market penetration strategies have not been very successful due to the traditional marketing approach. Among the targeted customer segments that the company has focused on are the young digerati segment, celebrity segment, visually impaired segment, and the old-aged segment. The celebrity segment consists of celebrities from different fields such as sports, entertainment, and business.
They have the ability to purchase expensive eye glasses that are customized. The visually impaired segment consists of customers who use eyeglasses for the purpose of enhancing sight because of eye problems. The old-aged segment consists of people who are old and are in dire need of eyeglasses to enable them to move around easily. The young digerati segment consists of the young people, especially from the teenage to early thirties, who love trendy eyeglasses (Bowden 69).
The company has the potential of growing the young digerati segment since this group consists of the largest users of the trendy eyeglasses. The company can use geographic, demographic, and psychographic segmentation approaches to identify young digerati consumers through specific market targeting. For the case of the Johnson and Johnson Eye Care Company, the geographic segmentation should comprise attributes such as weather and market magnitude to market the product as cool and trendy to the customers. The demographic attributes, which can be used to market the product, are income, ethnic background, and age. The company can repackage the product as fashionable through the use of trendy physical appearance and creating multiple pocket-friendly eyes wears designed for young customers (Kotler and Keller 42).
The company may also use psychographic segmentation, which comprises of attributes such as lifestyle, personality, and motives, by re-branding the eyewear targeting the youthful customers as representing the youthful spirit of enjoying the freshness of life. These segmentation approaches will ensure that the market penetration strategies are customized to appeal to the young digerati segment since the success of any marketing strategy is dependent on its focus. Therefore, the goal of this marketing plan is to expand the current young digerati market segment by twelve percent in the next twelve months.
Recommendations and Justification for Achieving the Above Goal
From its inception, the Johnson and Johnson Eye Care product line objective has been to provide quality eyewear at the convenience of the clients. The company has expanded from the US to all other continents due to its customer-centricity business model. However, the company needs to improve on the multiple branding strategies to ensure that targeted youthful customers are in a position to distinguish each product segment, to avoid confusion when purchasing the eye wears.
In order to diversify market operations within the young digerati market, Johnson and Johnson Eye Care should create multiple products from the same product with different colorations, sizes, and packaging to target the youthful customers from the age of five years to thirty-five years. This will create an environment of own competition and block other competitors from encroaching into the company’s young digerati market. These sub-products will be differentiated by features, prices, and the difference in quality.
As forecasted in the market research, this strategy will be successful towards dominance as it offers a variety of options to consumers, while at the same time, maximizing benefits of economies of scale. With the high end and low-end varieties in the market, a little room will be available for competitors to create a third product based on quality (Weinstein 41). Thus, when properly implemented, the company will reap major returns on the upper and lower ends of the US market.
From the findings in the presentation, the Johnson and Johnson Eye Care expanded due to the various traditional retail business platforms it offers to different customers across the globe. In order to target the young digerati market, the Johnson and Johnson Eye Care should use the good-better-best pricing strategy for the multiple products created for the youthful market. As a result, the demand for its products will continue to grow since the objective of this pricing strategy is to attract and retain young customers who want affordable eyewear.
The proposed pricing strategy will comprise of discounts for every eyewear sold during the period of market remodeling. The company will be able to attract customers from the young adults’ market segment and achieve the goal of increasing the number of eye products sold at a discount in the youthful market. As a result, the company will experience metamorphosis from the traditional pricing into the good-better-best pricing due to the acceptance of its products by satisfied customers (Stokes 19). Therefore, the company has unlimited potential for further growth as more young people will embrace their affordable prices and big discounts.
The company’s distribution objectives and strategies should be remodeled to meet the demand of young customers across the globe and ensure efficiency in supply chain management. Therefore, properly designed product distribution management will facilitate the success and sustainability of the proposed marketing plan. To increase credibility and maintain professionalism, the current channels should encompass processes and features that flawlessly facilitate a healthy and lifetime relationship between the business and its clients, through an online ordering platform. The rationale for proposing the online platform was informed by its popularity among youthful customers (Rhim and Lee 179). Among the new development elements that should be incorporated in the online network are trust, reliability, fair retribution process, and passing accurate information to restore the confidence of customers within this platform.
Integrated Promotion Strategy
The company should create flexible and proactive advertisements meant to appeal to the young digerati customer segment. For instance, the company could have a series of after-sales services such as discounts, coupons, and rewards through a digital global sales contest as proposed in the PLC model. The company may use direct, online, and database marketing through its Business-to-Consumer (B2C) e-commerce model as proposed in the AIDA model.
Social media, especially Facebook and Twitter, have gained popularity among the youthful users of the company’s eye products. Reflectively, Facebook and Tweeter are ideal tools for branding and community following building for the company’s eye products targeting the young digerati clients (Cheverton 61). Digital technology will help the company to reach this group directly. The company may the slogan such as Trendy Yolo Gazers to create the perception map of ideal youth culture among users of the eye product.
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During the presentation, a fellow student asked for clarification on how the pricing strategy would work to the advantage of the company, considering other competitors’ market share. Apparently, the multiple branding and good-better-best pricing would guarantee product acceptance among the targeted market, since youthful clients prefer cheaper and diverse product categories. The proposed marketing plan promises to deliver on these variables and position the company’s eyewear as ideal, trendy, pocket friendly, and affordable to the young digerati customers.
Bowden, John. “The Process of Customer Engagement: A Conceptual Framework.” Journal of Marketing Theory & Practice, 17.1 (2009): 63-74. Print.
Cheverton, Philip. Key Marketing Skills: Strategies, Tools, and Techniques For Marketing Success, London, UK: Kogan Page, 2009. Print.
Kotler, Philip, and Kevin Keller. Marketing Management, New Jersey, NJ: Pearson Prentice Hall, 2012. Print.
Rhim, Hosus, and Chan Lee. “Assessing Potential Threats to Incumbent Brands: New Product Positioning Under Price Competition in a Multi Segmented Markets.” International Journal of Research in Marketing, 22.1 (2009): 159-182. Print.
Stokes, Raymond. eMarketing: The Essential Guide to Digital Marketing, London, UK: Quirk eMarketing (Pty) Ltd, 2011. Print.
Weinstein, Art. Handbook of Market Segmentation: Strategic Targeting for Business and Technology Firms, New York: Routledge, 2013. Print.