What Next for Business?
To stand a chance in the future market place Gillette will have to re-evaluate its 7 P’s marketing mix:
Price
Despite the findings in the ‘Fit and Fifty’ Report from the ESRC which shows a direct correlation between the over fifties and a higher percentage of disposable income, many older people live below the poverty line. As such any company which could offer a permanent price reduction to senior citizens would be well placed in the market.
When an individual reaches official retirement age and is issued with their bus pass, they would qualify for a 10% discount on all products. This would be given by ‘swiping’ their bus pass at the time of purchase (or entering the number on a keyboard if ordered over the Internet) and the ‘cash back’ would be put into their virtual account, which they could use to buy products in the future.
Place
In order to specifically target this age range Gillette will have to expand where it sells its products. One such expansion could include having advertising or vending machines (selling miniature versions of their range) in public bathrooms, such as in restaurants and bars, after all it is a proven fact that they older you are the more often you go to the bathroom.
Product
The company could introduce a new brand that is specifically targeted at the over fifties, such as denture cream.
Promotion
Alternatively Gillette could simply change the marketing strategy on its current product range away from ‘the 30 something sportsman’ to ‘the retired 50 something gentleman sailing on his yacht.’
People
Gillette would do well to invest in a devoted After Sales Service or Customer Service team manned by humans and not an automated phone system, as the retention or clients has great value to an organisation.
Process/Physical Ambience
Despite the desire to talk to people and not machines, the world is becoming more dependent on technology and the Internet as a place of trade and information. Due to this it is believed that the future will see an expansion in virtual stores with 3D sales assistants and holograms. As the ‘baby boomers’ have grown with technology and are mostly proficient in its use, Gillette should look to expand its online shopping network to include these.
SWOT Analysis
SWOT Analysis in business refers to how a company can adapt its internal environment (strengths and weaknesses) to take advantage of changes in the external environment (opportunities and threats).
This is how Gillette shapes up:
The Internal Dynamics of the Business
The External Business Environment
Conclusion
It is our belief that despite Gillette’s limited product range and current target audience, they are more than capable of adapting to changes in their business environment to enable them to tap into the expanding over fifties age group.
This is evident from their Societal Marketing and R&D Depts which keep them on the cutting edge and identify them as a true market leader which is looking forward and is in touch with public sentiment.
