Harvard Case - Rohm and Haas (A): New Product Marketing Strategy
"Rohm and Haas (A): New Product Marketing Strategy" Harvard business case study is written by V. Kasturi Rangan, Susan Lasley. It deals with the challenges in the field of Marketing. The case study is 15 page(s) long and it was first published on : Aug 6, 1986
At Fern Fort University, we recommend Rohm and Haas adopt a multi-pronged marketing strategy for its new product, "Rohm and Haas Acrylic Polymer Dispersion." This strategy should focus on building brand awareness, establishing a strong value proposition, and leveraging digital marketing channels to reach key target markets. The strategy should also incorporate a robust customer relationship management (CRM) system to track customer interactions, optimize marketing efforts, and build long-term customer loyalty.
2. Background
Rohm and Haas, a leading chemical company, is facing a crucial decision regarding the marketing strategy for its new acrylic polymer dispersion. This product, designed for use in paints and coatings, offers significant advantages over existing alternatives. However, the company must navigate a competitive landscape and effectively communicate the product's value proposition to potential customers.
The main protagonists in this case are the marketing team at Rohm and Haas, who are tasked with developing a successful launch strategy for the new product. They must consider the product's unique features, the existing market dynamics, and the company's resources to create a compelling marketing plan.
3. Analysis of the Case Study
To analyze the case, we will utilize a framework that considers the following key aspects:
- Market Segmentation: Identifying distinct customer segments within the paint and coatings industry based on their needs, preferences, and buying behavior.
- Brand Positioning: Defining a clear and compelling brand positioning for the new acrylic polymer dispersion that differentiates it from competitors and resonates with target customers.
- Consumer Behavior Analysis: Understanding the decision-making processes and influencing factors that drive purchasing decisions in the paint and coatings industry.
- Competitive Analysis: Assessing the competitive landscape, identifying key competitors, and analyzing their strengths, weaknesses, and strategies.
- Product Lifecycle Management: Recognizing the stages of the product lifecycle and developing marketing strategies tailored to each stage.
- Value Proposition Development: Articulating a clear and compelling value proposition that highlights the benefits of the new acrylic polymer dispersion for target customers.
- SWOT Analysis: Conducting a thorough SWOT analysis to identify the company's internal strengths and weaknesses, as well as external opportunities and threats.
- PESTEL Analysis: Assessing the political, economic, social, technological, environmental, and legal factors that could impact the product's success.
- Marketing Mix (4Ps): Developing a comprehensive marketing mix strategy encompassing product, price, place, and promotion elements.
4. Recommendations
Rohm and Haas should implement the following recommendations to effectively market its new acrylic polymer dispersion:
1. Target Market Segmentation:
- Segment 1: Professional Painters and Contractors: Focus on their need for high-performance, durable, and cost-effective products.
- Segment 2: Do-It-Yourself (DIY) Consumers: Target their desire for easy-to-use, high-quality products with a strong focus on aesthetics and durability.
- Segment 3: Industrial Manufacturers: Cater to their specific requirements for specific applications and performance standards.
2. Brand Positioning:
- Position the new acrylic polymer dispersion as a 'superior performance' product with a focus on its key benefits, such as enhanced durability, faster drying time, and improved adhesion.
- Emphasize the product's environmental friendliness and sustainability aspects to appeal to environmentally conscious customers.
3. Marketing Mix:
- Product: Highlight the product's unique features and benefits through targeted product demonstrations and technical specifications.
- Price: Develop a competitive pricing strategy that balances value perception with profitability. Consider offering incentives for early adoption and volume discounts.
- Place: Leverage existing distribution channels, including paint stores, hardware stores, and online retailers. Explore partnerships with key distributors to expand reach.
- Promotion: Implement a multi-channel marketing campaign incorporating the following elements:
- Advertising: Utilize targeted advertising campaigns in industry publications, online platforms, and social media.
- Public Relations: Generate positive media coverage through press releases, product reviews, and industry events.
- Sales Promotions: Offer incentives, discounts, and bundled packages to encourage trial and adoption.
- Direct Marketing: Utilize targeted email campaigns, direct mail, and telemarketing to reach specific customer segments.
- Digital Marketing: Implement a comprehensive digital marketing strategy encompassing:
- Content Marketing: Create informative and engaging content, including blog posts, articles, videos, and infographics, to educate customers about the product's benefits.
- Social Media Marketing: Engage with target audiences on relevant social media platforms, sharing product updates, industry insights, and customer testimonials.
- Search Engine Optimization (SEO): Optimize website content and online marketing materials to improve search engine rankings and drive organic traffic.
- Search Engine Marketing (SEM): Utilize paid search advertising to reach potential customers actively searching for relevant keywords.
- Email Marketing: Build an email list and send targeted email campaigns to nurture leads and promote product offers.
4. Customer Relationship Management (CRM):
- Implement a CRM system to track customer interactions, analyze data, and personalize marketing efforts.
- Utilize CRM data to segment customers, identify high-value prospects, and tailor marketing messages to their specific needs.
- Develop customer loyalty programs to incentivize repeat purchases and build long-term relationships.
5. Product Launch Strategy:
- Develop a phased launch strategy, starting with targeted pilot programs and gradually expanding to broader markets.
- Leverage pre-launch marketing activities to generate buzz and build anticipation for the product's release.
- Host product launch events and webinars to showcase the product's features and benefits to key stakeholders.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of the case study, considering the following factors:
- Core Competencies and Consistency with Mission: The recommendations align with Rohm and Haas's core competencies in chemical innovation and its mission to provide sustainable solutions for the paint and coatings industry.
- External Customers and Internal Clients: The recommendations address the needs and preferences of both external customers and internal clients, including sales and marketing teams.
- Competitors: The recommendations consider the competitive landscape and aim to differentiate Rohm and Haas's new product from existing offerings.
- Attractiveness ' Quantitative Measures: While specific financial projections are not provided in the case study, the recommendations are designed to maximize the product's potential for profitability and market share.
6. Conclusion
By implementing these recommendations, Rohm and Haas can effectively market its new acrylic polymer dispersion, build brand awareness, and achieve significant market penetration. The company must remain agile and adapt its marketing strategy based on market feedback and evolving customer preferences.
7. Discussion
Other alternatives not selected include:
- Mass Marketing Approach: Focusing on a broad audience with a generic marketing message. This approach could be less effective in reaching specific target segments and may result in wasted marketing spend.
- Limited Marketing Budget: Focusing on a limited marketing budget could hinder the product's reach and impact. This approach could lead to slower adoption rates and missed opportunities.
Risks and Key Assumptions:
- Market Acceptance: The success of the marketing strategy relies on the market's acceptance of the new acrylic polymer dispersion.
- Competition: The competitive landscape could change, requiring adjustments to the marketing strategy.
- Technology Advancements: New technologies could emerge, impacting the product's position in the market.
8. Next Steps
- Develop a detailed marketing plan: Outline specific marketing activities, timelines, and budgets.
- Implement a CRM system: Select and implement a CRM system to track customer interactions and personalize marketing efforts.
- Train sales and marketing teams: Ensure that sales and marketing teams are adequately trained on the product's features, benefits, and marketing strategy.
- Monitor performance and make adjustments: Continuously monitor the marketing campaign's performance and make necessary adjustments to optimize results.
- Expand market reach: Explore new distribution channels and partnerships to expand the product's reach and target new customer segments.
By taking these steps, Rohm and Haas can successfully launch its new acrylic polymer dispersion and establish a strong position in the paint and coatings market.
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Case Description
Joan Macey, Rohm and Haas' market manager for Metalworking Fluid Biocides, found that sales of a new biocide, Kathon MWX, was utterly disappointing. This was all the more puzzling since sales of her other product--Kathon 886 MW, a liquid biocide used only in large-capacity tanks--was well on target and held a steady 30% market share. In May 1984, about five months after the new product was launched, Joan Macey was reviewing her entire marketing strategy with a view to bringing Kathon MWX sales closer to target. Of particular concern to her were the distribution and communication strategies used for the new product.
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