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1. Intro: This stage is characterised by Low competitors, efforts to educate customers about the product, trials and totally free samples. 2. Growth: This stage is characterised by mass promos and attempts to differentiate the product from that of competitors. 3. Maturity: In this phase, companies focus on finding new target segments and producing worth additions. 4. Decrease: In this stage, the item class mostly passes away due to strong rivals or obsolete innovation. Firms concentrate on sales promo, tie ups or carry on to emerging markets.
Godrej Chotukool presently lies in its introduction stage.
According to Godrej Appliances Vice-President (Corporate Development) G Sunderraman, the company is presently concentrating on:
1. Informing the brand-new end users, training the intermediaries and developing the distribution facilities.
2. Communicating a distinct worth proposition to the emerging customers is likewise a difficulty.
3. For Chotukool, the Godrej group has junked the conventional design of an exclusive channel with a sales force and a distributor-dealer chain and has signed up with hands with micro-finance institutions.
4. Chotukool needs presentation and education which doesn't take place in the trade, so Godrej hesitated to utilize standard trade channels.
The business has actually participated in a marketing tie-up with the India Post (Maharashtra Circle) to utilize the vast reach of the latter in regards to number of workplaces and manpower to press sales of 'ChotuKool'.
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The India Post team will not just produce sales leads, however will also book orders and gather payment from clients. For physical shipment of ChotuKools at customer's doorsteps, Godrej uses Express Parcel Post Service.
5. Apart from this, Godrej also involves village ladies in selling the items at a commission of Rs 150 per product sold (something that the business declares will decrease the circulation and marketing costs by 40 percent).
For Chotukool, the Godrej group has actually junked the conventional model of an exclusive channel with a sales force and a distributor-dealer chain and has joined hands with micro-finance organizations.
This new distribution ecosystem is just one of the unique experiments that Godrej is trying out to make a splash in the bottom of the pyramid refrigerator market.
There are many more.
But the clear winner is its cost. At Rs 3,250, it costs almost 35 per cent less than the cheapest category of refrigerators available in the market today. Apart from involving village girls in selling the products at a commission of Rs 150 per product sold (something that the company claims will reduce the distribution and marketing costs by 40 per cent), Godrej has gone in for several engineering innovations to keep the price low. The size is small and the number of parts in Chotukool has been reduced to just 20 instead of 200 that go into regular refrigerators.
References:
1. http://articles.economictimes.indiatimes.com/2011-05-22/news/29571277_1_rural-markets-godrej-appliances-infrastructure
Product Life Cycle Stage of Godrej Chotukool. (2016, Dec 12). Retrieved from https://studymoose.com/product-life-cycle-stage-of-godrej-chotukool-essay
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