Marketing Strategy BUS 37000 Saturday Section Bond-A-Matic Product Marketing Plan Partha Srinivasan
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Bond-A-Matic Marketing Plan
Executive Summary With the introduction of a unique low-cost adhesive dispensing product named as Bond-A-Matic (BAM), Loctite Inc is seeking to resolve dispensing issues such as clogging in smaller adhesive bottles. As a leader in development of high-performance adhesives and sealants for industrial and consumer applications, Loctite has a mission to become the premiere worldwide marketer of instant adhesives for industrial use by 1985. By increasing product awareness & brand recognition for
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The focus should be to advertize BAM as a ‘Product that fits small firm needs’ instead of marketing it just as a ‘low cost solution’. This strategy would reflect better on the Loctite brand and would not jeopardize existing equipment (sold to large firms) sales. 2) Combine BAM advertisements with the Super Bonder adhesive advertisement. This would help to promote joint sales as well as help reduce advertisement costs. The selling point for small firms is low cost equipment that optimizes use of high quality adhesive and reduces total cost. By eliminating clogging, providing faster application and reducing assembly errors (Exhibit 8), BAM will be positioned as the product that reduces mess and helps small firms save on labor and adhesive costs (more under pricing strategy). 3) Include brochures on Bond-A-Matic with 1 lb packages of Super Bonder adhesives with 10 packs of 1 oz Super Bonder bottles. Include product information highlighting benefits such as anti-clogging, no mess/waste (and others in Exhibit 8), a response/ordering card with discount coupons. Sales personnel could follow up any leads that come from brochure response. 4) Include one year limited warranty (include warranty registration card) instead of 30-day free trial to reduce return expected costs. This plan would also go well with the Loctite brand image. 5) Offer bulk purchase discounts and build proper incentives to sales force to persuade distributors and
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Potential channels included: Heavy supply houses and heavy equipment distributors - provided access to a wide market but also absorbed additional profit margins. More importantly, they were unlikely to hold the enthusiasm needed to actively promote CMI’s pads and educate the market. Manufacturer’s reps – were commission-based transaction-driven salespeople. Reps held strong industry connections and offered access to a wide market without increasing labor costs. On the other hand they held low brand loyalty and could be discouraged by complex time consuming transactions requiring market education. CMI was also considering In-house direct sales force – they would have offered strong brand loyalty, product knowledge and professionalism but also take longer to gain market coverage and demand large expenditure on labor and training. CMI eventually decided to sign manufacturing reps who sold their pads to various distributors and supply houses.
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Loctite Corporation should introduce the new adhesive system Bond – A – Matic 2000 (BAM) as complementary product to the SuperBonder adhesive line. The target customers are plant managers in companies using more than 1 lbs. of instant adhesive per year. Loctite should employ a direct mailing campaign for BAM’s marketing efforts. The new adhesive system will support the company’s strategies to capture 35% of the CA market with the SuperBonder line.
Incentives: Launch new Campeiro via specialized distribution as larger campaign to influence small shop owners; give away free samples to specialized store to promote awareness to small shops; use more point-of-purchase marketing as small shop owners are more
I do not think Loctite should launch the Bond-O-Matic 2000 (BAM). Loctite manufactures high quality equipment and adhesives and the BAM would dilute this quality. Consumers are willing to pay a premium price for Loctite’s products because they know they are getting a high quality product. The BAM could damage the company’s image because it is priced well below the company’s normal pricing at $175. This could corrode customers’ relationships with all of Loctite’s products, especially their SuperBonder adhesive which would share the Loctite name and a similar brand name. Loctite’s other pieces equipment all have a profit margin around 25% when selling
Marketing is a very unique process that enables limitless methods or variations for an entity to appeal to a particular target market as well as to deter from a particular market. Marketing is used in more than just business; The kinds of clothes an individual wears and the attitude a person portrays can be used to market him or herself to the public for many reasons: Maybe to attract a woman a man is attracted to, possibly to impress the president of a company a person is interviewing for, and even to just create a base of his or her character in which other people will judge him or her by. Marketing is everywhere from the business side of the spectrum to relationships people have
The existence of honor codes has had basis in helping students learn since their inception, but there are still those who object to their very definition. Nearly every institution centered around the education of children has some sort of code of conduct or set of rules in place for the betterment of the students. However, the term ‘honor’ in the title ‘honor code’ is what people can occasionally take issue with, as the term often implies a much more respectful idea. This issue leads one to question the purpose of honor codes. Although honor codes, like that of the school in Tobias Wolff’s Old School, exist for the purpose of bettering the students by ensuring that they all have an equal chance and that they all do their own work, Mr. Ramsey objects to his school’s honor code because he believes in a much more personal and valuable meaning of the word ‘honor’.
Submission of this exam/assignment certifies my compliance with the UHCL Honesty Code that I signed at the start of the semester. I pledge on my honor that I have complied with this policy, inclusive of not acquiring unauthorized information or assistance, not providing others with unauthorized information or assistance, avoiding plagiarism, avoiding conspiracy, avoiding fabrication/falsification, avoiding abuse of resources and materials, and reporting the academic dishonesty of others.
Company’s objective was to become the premiere worldwide marketer of instant adhesives for industrial use by 1985. Its strength (exh.1) includes brand (quality, history, service, knowledge etc) and good relationship with distributors. Its weakness includes inexperience in selling equipment and low sales commission incentive to store equipment. BAM should promote its 10% drop shipment program and increase equipment commission to provide incentives to distributors.