Marketing Strategies and Personal Care Products of Reckitt Benkiser

Marketing strategies are essential in that they help in the determination of the financial health for an organization. In this paper, an assessment will be conducted on the Reckitt Benckiser Group in term of its personal care products and current marketing strategies and the fixing of the marketing problems.

A brief background of the company and description of its products

Reckitt Benckiser Group plc is a British international firm that operates in the consumer goods sector. The company has been in operation for the past two decades and was formed through the merger between Reckitt & Colman plc and Benckiser NV. Christopher A. Sinclair serves in the capacity of the chairman of the firm while Rakesh Kapoor is the CEO for the company (Reckitt Benckiser, 2018). The success of the company in the past decade has been attributed to the production of high-quality products that meet the needs of the customers, dependence on aggressive marketing and advertisement and the integration of advanced technology. Reckitt Benckiser has its headquarters in Slough, England. As at the end of 2018, the firm had an estimated 35,000 employees around the world.

The company has specialized in the production of various products including personal care products, cleaning products, condiments, and consumer healthcare products. In this paper, the focus will be on personal care products. Reckitt Benckiser faces stiff competition from companies such as Procter and Gamble, Mcbride, Henkel and Unilever (Reckitt Benckiser, 2018). In the quest for the quest for gaining a competitive edge in the market, the firm maintains a strong relationship with the customers through its high-quality products.

Description of the product marketing strategy and value proposition

Current marketing strategies

Objectives: The primary objectives for the various marketing strategies that are embraced by the Reckitt Benckiser is to increase its revenue generations and expand its customer segments around the world. The Company relies on various marketing strategies for the marketing and advertisement of personal care products. Firstly, the dependence on social media marketing tools such as Facebook and Twitter provides the company with an opportunity to capture the attention of a large targeted audience around the world. The company also depends on promotional strategies such as discounts for personal care products in bolstering its sales. Finally, the dependence on television commercials also helps in the marketing of the products in various targeted market segments for the company.

Targeted segments: The targeted market for personal care products from the Reckitt Benckiser includes persons of all ages and genders. Moreover, the company puts into consideration persons from all social classes, and this is part of its product differentiation.

Value propositions: Reckitt Benckiser relies on advanced technology for the production of high-quality personal care products. Through Research and Development, the firm conducts extensive research on the tastes and preferences for the consumers in various targeted markets. Subsequently, this plays a major role in the improvement of the products (Jeannet & Hennessey, 2016). The use of aggressive marketing strategies has also proven effective in the enhancement of the sales of the company.

Implementation of the marketing mix

The personal care products are instrumental for the organization in that they contribute to an estimated 37.5% of the revenues generated (Reckitt Benckiser, 2018). In the emerging markets, Reckitt Benckiser utilizes penetration pricing strategy in capturing the attention of various consumers. The firm also sets the prices for most of its personal care products slightly lower than its competitors such as P&G. In the recent past, the company has increased its dependence on social media marketing for the advertisement of its products. Subsequently, this has since contributed to an improvement in its sale. Reckitt Benckiser plans to continue tapping into the untapped and emerging markets, and this will further bolster its competitiveness and financial health.

Evaluation of the product’s current marketing strategy

In the last two years, television commercials and social media as marketing tools have failed to live up to some of the marketing objectives that have been implemented by the firm. According to the firm, the platforms focus on capturing the attention for both the potential and existing consumers (Jeannet & Hennessey, 2016). However, in some of the targeted markets, the company has found it challenging to meet its revenue targets. The company will have to rely on its Research and Development in identifying the most appropriate marketing mix that will have a positive impact on its sales.

Recommendation on fixing the problem

Some of the marketing strategies that are embraced by the company such as social media marketing and the use of discounts for personal care products have failed to meet specified set objectives. In the quest for fixing the problem, the marketing team will have to utilize R&D in the identification of the types of marketing strategies that work best for specified consumer segments (Amason, 2018). The company will, for instance, have to embrace platforms such as Facebook and Twitter for the global and emerging markets and TV commercials majorly for the existing and new consumers.

References

Amason, A., (2018). Strategic management. New York: Routledge.

Jeannet, J. & Hennessey, H. (2016). Global marketing strategies. Boston: Houghton Mifflin.

Reckitt Benckiser (2018). Reckitt Benckiser Annual Report 2018. Company Review.