Ricola Marketing Strtegy Assignment

Ricola Marketing Strtegy Assignment Words: 1176

Sharee’ Jones Marketing Business 340 October 17, 2011 Ricola: Herb Throat Drops Dr. Joyce A. Hunter The mission statement for Ricola is, “Uncompromising excellent quality is the basic standard for all company decisions and practised company-wide. High quality basic ingredients are naturally a priority for Ricola. This includes careful processing methods to produce the different herb specialties. Herbs are therefore cultivated in the Swiss mountains using organic farming methods. No Ricola herb farmer uses pesticides or herbicides to cultivate the herbs.

This has been our practice for decades: Ricola relied on organic farming long before it became fashionable. Ricola pays particular attention to the quality and natural condition of other basic ingredients and uses no artificial colorings or flavorings. ” Ricola Ltd is one of the most modern and innovative manufacturers of herb drops in the world. Ricola herb specialties are exported to more than 50 different countries and are famous for their fine Swiss quality. In 1930, master baker Emil Richterich founds the confectioners Richterich ; Compagnie in his native town of Laufen, a rural town near Basel, Switzerland.

Don’t waste your time!
Order your assignment!

order now

Together with his employees, he starts developing a series of herb drop specialties that are sold around the region. In 1940, Emil Richterich first creates the famous Ricola herb mixture for the Swiss Original herb cough drop still in production today. The unique square-shaped herb cough drop and well-balanced taste of natural medicinal herbs becomes the iconic product that is responsible for the global success of Ricola Ltd. Ricola expands its distribution worldwide during the 1970s. Asian markets such as Japan, Hong Kong and Singapore are added.

The first steps are also taken to launch in the USA. Ricola introduces more ranges of herb specialties such as herb tea and the sugar-free herb Breath Mints. New flavors such as Lemon Mint and Orange Mint win more customers for Ricola herb drops. Today over 400 employees work for Ricola worldwide. Ricola products are available in more than 50 countries in Europe, Asia and North America. Ricola’s commitment to innovation is ongoing. Examples are new flavors in the herb drop range, such as Cranberry, Sea Berry or Verbena as well as Ricola tea bags or the new Dual Action cough and throat drop.

A target market is a group of people or organizations for which a business creates and maintains a marketing mix specifically designed to satisfy the needs of group members. The company markets to everyone that has ever had a cold or sore throat that needs soothing. Anyone over the age of six can use the product and have their symptoms relieved temporarily. All genders and races are welcomed to use the product, the company advertises on almost every major television network, so the product is known.

Market segmentation is the process of dividing a total market into groups, or segments, consisting of people or organizations with relatively similar product needs. I think Ricola uses behavioral variables to target market because around the cold and flu season is when you start to see the commercials for the cough drops. During the commercials the benefits of the product are listed and where you can get it. Wal-greens and other drug stores sell Ricola for a reasonable price. Ricola’s are sometimes cheaper than Halls cough drops. All users from regular, to ex-user, first-time users, and potential users are all targeted in the commercials.

After watching a commercial and doing your own research of the product you will be interested in buying the product for yourself to see how it works. The attitude towards Ricola is very positive because the product is all natural it works better than other name brand and generic cough drops that have artificial flavors and coloring. The marketing concept is to create more value for the customers than competitors do. Ricola lives up to their motto “Naturally Good” for 25 years, Ricola has supported the organic cultivation of herbs in the Swiss mountains and without the use of pesticides and herbicides.

This ensures Ricola sources high quality herbs for its herb specialties and simultaneously supports the diversity of species in Switzerland. Ricola pays particular attention to the quality and natural condition of other basic ingredients and uses no artificial colorings or flavorings. A market consists of persons seeking products in a specific product category. So anyone who has a sore throat will go out and look for cough drops and when they come across Ricola they will see the product is specifically for sore throats. The targeting strategy that Ricola uses is differentiated because they many different product for the needs of consumers.

The founder of Ricola created a product that specifically catered to everyone with sore throats during the cold and flu season. The price is the same and there is one promotional program aimed at everyone. There is no need to try a different targeting strategy for Ricola because they have been very successful since the 1930’s. Ricola’s competitive advantage over its competitor is that the product is all natural and made from herbs. Also, a Ricola is specifically for treating a sore throat. Whereas Halls is cough suppressant and made with menthol and other artificial colors and flavors.

With a Ricola you will taste the individual tastes of lemon oil and peppermint oil that coats and numbs the throats for temporary relief. Also, Ricola is making different products that all have the same purpose. By using an undifferentiated targeting strategy the company can market to everyone and get the point across through commercials and ad’s. When a company uses the differentiated targeting strategy they are deciding to target several market segments and designs. A company that usually sells products for women and they notice that male and female for both use the product they begin to market to the male and female population.

A concentrated targeting strategy is a firm going after a large share of one or few smaller segments. They focus on one target market. A high end jeweler will only market towards individuals within a certain pay bracket usually those who make $100,000 a month or more. An undifferentiated targeting strategy is when a firm targets everyone within the market. They have products that will satisfy the needs of all consumers. The product has one price, no variation, one promotional program, and one distribution system.

Flour companies sell flour to anyone has the need for flour whether for baking or art and crafts. The company has positioned their product to be the best in curing a sore throat. When I think of Ricola what comes to mind is that my throat will not be sore anymore and if I have stuffy nosed my nasal passages will be clear and I can breathe more easily. The taste of lemon and peppermint oil makes me think I am eating a lemon flavored peppermint. Also, the scene at the end of the commercial where the sings “Riiii-cola” is playing in my head which makes forget that I have a sore throat.

How to cite this assignment

Choose cite format:
Ricola Marketing Strtegy Assignment. (2021, Jan 07). Retrieved June 15, 2021, from https://anyassignment.com/art/ricola-marketing-strtegy-assignment-33761/