Colgate Case Study

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TOPIC: COLGATE
Application TheoryThe overall performance of a company largely depends on its priorities, strategies and even their objectives. Companies need to assess their previous performance, their objectives and the tasks meant to improve their performance. Several methods apply in the analysis of such performance. The objective and task method is the recommended application by Colgate Company. The ultimate goal for Colgate, in this case, is increasing their market share. This method involves: 1. Stating the specific objectives involved i.e. increasing the market share 2. The tasks to be undertaken to achieve this goal 3. The cost of each task and their total cost of adding up.The method will attempt to estimate the cost of each activity in achieving the ultimate goal of the company. Compared to other methods of determining the marketing budget like competitive parity, this method is inclusive as it incorporates real-time analysis of the market, the strategies employed by competitors, the effectiveness of the same strategies and how Colgate will counter these strategies CITATION But96 \l 1033 (.F., 1996). This approach increases the probability of Colgate Company allocating enough funds for the said tasks as compared to the competitive parity method that would depend on the amount spent by other competitors CITATION Pal12 \l 1033 (A., 2012).In this method, prioritization of tasks is key. Tasks have to be listed in order of priority i.e. those that will impact more on the set objectives. The best priority for Colgate is brand promotion. Marketing dynamics vary over time depending on the marketing environment. They have evolved to become the premium determiners in the success of the Colgate-Palmolive Canada. In today’s market, the customer is the king or the determiner of the biggest brand CITATION Wil13 \l 1033 (William Hill, 2013). Colgate’s market share, though large, is significantly being closed down upon. Other priority tasks like product differentiation (a typically achieved task) usually ensue serving to compliment the success of the major priority.
RecommendationIncrease the advertising budget by 3millionUnlike in the past, where Colgate was both sales and product oriented, the entry of new competitors like Proctor ...