marketing $ innovation swot

8/8/2019 Marketing $ Innovation Swot

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1.0 Marketing

The marketing concept of building an organization around the profitable

satisfaction of customer needs helps firms to achieve success in high-growth,

moderately competitive markets. However to be successful in markets in which

economic growth has levelled and in which there exist many competitors who follow

the marketing concept such as a well-developed marketing strategy. Such a strategy

considers a portfolio of products and takes into account the anticipated moves of

competitors in the market.

A marketing strategy can serve as the foundation of a marketing plan. A

marketing plan contains a set of specific actions required to successfully implement a

marketing strategy. For example, a low cost product to attract consumers. Once our low cost product has established a relationship with consumers, our product will sell

and additional higher-margin products and services that enhance the consumer's

interaction with the low-cost product or service. Marketing strategies serve as the

fundamental underpinning of marketing plans designed to fill market needs and reach

marketing objectives. Plans and objectives are generally tested for measurable results.

A marketing strategy often integrates marketing goals, policies, and action

sequences or tactics into a cohesive whole. Similarly, the various strands of the

strategy which include advertising, channel marketing, internet marketing, promotion

and public relations can be orchestrated. Marketing strategies are dynamic and

interactive. They are partially planned and partially unplanned.

1.1 Product

Scented Virgin coconut oil (VCO) is growing in popularity as it is functional

food oil and the public awareness of it is increasing. It is expected that Scented VCO

will experience a dramatic growth in the market. The introduction of VCO has open

up new research that basically reveals new things besides what has already been

known on commercial coconut oil. Coconut oil has been used as a vital source of food

for health and general well-being. Although once blindly labelled as a “bad fat”

because of its saturated contents but many recent researches have found out that

coconut oil possesses the nutrients necessary to maintain a well balanced and

nutritious diet. It first gained popularity in traditional communities, particularly those



of tropical regions where coconut palm trees thrive best. Now with a number of

benefits it can offer, the virgin coconut oil is now highly considered as the healthiest

oil can consume on earth.

The main difference between ordinary Coconut Oil and Virgin Coconut Oil

lies in their processes of extraction. Virgin coconut oil (VCO) is defined as oil

obtained from the fresh matured kernel of coconut, by mechanical or natural means

that is with or without the use of heat and without undergoing chemical refining,

bleaching or deodorizing and which do not lead to the alteration of the oil. It is called

"virgin" due to its pure, raw, pristine and unadulterated state whereby it is water white

in colour and contains natural Vitamin E as well contains very low free fatty acid

content and low peroxide value. It is oil which is suitable for consumption without

the need for further processing.

1.1.1 SWOT Analysis

Strength

Our product is mainly derived from Virgin Coconut Oil which has so many

advantages for skin care such as, prevents pre-mature aging of skin, repairs damaged

skin tissue, wards off sun damage, helps bring back youthful appearance, helps

prevent yeast infection in skin, aids in removing dead skin cells and etc. Furthermore,

the coconut smell of the product was reduced and additionally added fragrance

replaces the unwanted smell of the pure Virgin Coconut Oil.

Weakness

The product weakness is about the consumable ability. Since the pure Virgin Coconut

Oil can be consumed directly, the fragrance added Virgin Coconut Oil only can be

used externally; primarily for massage.

Opportunity

The opportunity for the product to penetrate the market is so high because no yet

company in Malaysia produce the scented Virgin Coconut Oil. Furthermore, spa

customer usually expecting some fragrance during massage session compared to the



1.3 Place

Place is the market strategic that were role the important part to market the

product. Based on the place, the transport and infrastructure at the place are taken part

and everything has to be considered. Our product are normally sold to people that are

concern for their health normally adults, pharmacist, herbal companies that have

knowledge in our product as well that have science stream background all around the

world. This is because the quality and purity of the product is obtained in laboratory

practice and may be done in any small scale laboratory. This shows that this product

doesn’t require high cost in producing the product.

1.4 Promotion

Scented Virgin Coconut Oil does promotion to customers by:

1. Flier distribution to consumers' homes.

2. Newspaper advertisements will be purchased during the first three months of

business until a market is built.

3. Offering discounts to dealer’s that sells health and beauty products.

4. Promoting products during carnivals or convention days.

5. The Internet enables advertisers to promote products and services to millions

of potential customers through the World Wide Web.



2.0 Production of Virgin Coconut Oil (VCO).

marketing $ innovation swot

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