The electronic toothbrush was invented in 1954. The Colgate electronic toothbrush is manufactured by Colgate Company offers different consumers products which are categories as households, healthcare, and personal items. The Colgate products include Colgate soaps, detergents, and toothpaste and toothbrushes. The Colgate Company line of product is of wide large of consumer products which include oral care, personal care, household care and health care services. The consumer precuts for the oral care includes toothpaste, toothbrushes, toothpowder, teeth whitening product and mouthwash (Keller, 2014). Therefore, the product I that intend to redesign is the Colgate Electronic Toothbrush. The electronic toothbrush is a brush which is recharged; thus, consumer keeps the handle but replaces brush head after three months. The product has competition from the other key vendors of the product that includes: Panasonic, Phillips, and Gillette and Waterpik Companies products.
Challenges to Market Acceptance
Market competition is one of the challenges the product will face in market acceptance. For instance, Gillette Company electronic brushes have dominated the market for a long time. Thus, the customers are used to use Gillette and entry of new product will not change their preference overnight.
The toothbrush head of the electronic toothbrush lasts for three months. Therefore, the customers incur the cost of buying brush head after the same period. Thus, I intend to reconfigure the product by increasing its durability by fifteen more days. By increases the durability of the toothbrush head, the product will attract more customers. Also, due to its high quality and high durability ratio compared to other brush the prices of the brush will be slightly higher. Hence, increase in customers will lead to more profits.
Value-Based Marketing Strategy
Value pricing and marketing strategy is a strategy that company can employ to introduce the reconfigured product. Therefore, under this strategy firm set prices and advertise the product based on the value clients perceive the product has.
Hsu, T. H., & Tang, J. W. (2014). An Analytic Model for Developing Strategies of Customer Relational Management. Management Review, 33, 105-110.
Keller, K. L. (2014). Designing and implementing brand architecture strategies. Journal of brand management, 21(9), 702-715.
West, D., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford University Press