Brushing Up on Colgate-Palmolive
This article is about Colgate Palmolive which produces essential personal products, such as toothpaste, detergents. The word product is defined as anything that is offered to the market that will satisfy need or want. As stated in the article Colgate had spent its huge amount of money in research and development for the product in the development stage. Due to the troubles in 2004 the company has increase its market share and profits through the use of cost cutting and advertising.
Decrease in profit lead to high reconstruction and stock options expense that affected the profits for the past several years. Colgate is a big producer of consumer products. Consumer product is defined as a product which is bought by consumers to satisfy their individual needs and wants. This leads to a very long-term stable firm because its products are always going to be needed in the future. Colgate and rival Proctor & Gamble are very brand oriented; their brand is very distinguished from others. A brand is a collection of images and ideas representing an economic producer. It refers to the concrete symbols such as a name, logo, slogan, and design scheme. A Colgate brand serves to create associations and expectations among products made by a producer and also it gives the company the opportunity to increase prices without causing a change in the demand.
The global brand builders are also intensely creative in getting their message outside its home country at least 20 percent. Many of the biggest and most established brands like Colgate, Coca-Cola, Marlboro, achieved their global market. There brand as well their products are very well known. Colgate discovered new ways to captivate and attract new consumers and it is trying improving its marketing strategy by increasing production line. Product lining is the marketing strategy of offering for sale several related product by a single company. Therefore, Product lining will help to satisfy similar needs for different target audience. The more the product the more audience the companies are able to attract.
-Pravesh Khanal
