MiniCase _Marketing Week 2

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Kean University *

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6085

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Marketing

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Jan 9, 2024

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Uploaded by PresidentWater19496

Goodbite is attempting to enter in a market that currently has a small footprint in the market, has a consumer base that has been on the decline since 2018 and most commonly requires ordering for home delivery vs available product availability within a brick-and-mortar establishment. Goodbite’s whitening strips will be entering a market that is dominated by customers in the 20-29 years old range; while this may allow for an easy means of purchasing from a group that is immersed in online culture and purchasing habits, it alienates a larger audience that will be more inclined to try a new product when it can be purchased at a brick- and-mortar location. The current valuation for Whiten Strips is at $83.7 million with a projected growth to $212 million by 2032. With this projected level of growth there would be a $1.3 million gain per 1% of control of the available customers. With 95% of the purchases for toothpaste sales taking place in offline channels it is the largest opportunity for product marketing to the potential customer base. SWOT Analysis Strengths:  Unique product in the industry with the dissolving option.  The target audience is one that is focused on image and social media posts. Weaknesses:  The product line is primarily sold online thus limiting the group size willing to purchase the product.  There are other less expensive options available that are easier to use and readily available on store shelves. Opportunities  Sell the product through brick-and-mortar retailers and take advantage of being one of the few production options that dissolve.  Appealing to an older market brings in a new type of buyer in the older generations that are currently only a small part of the market purchasing teeth whitening products. Threats:  Toothpaste has a larger customer base and is a product that most if not all Americans are accustomed to purchasing on a regular basis. With toothpaste manufacturers now also offering a whitening option there is now a higher loss of potential customers.  A lack of instant availability on store shelves for dissolving products gives it limited exposure to the customer and potentially reduces the impression of a trusted product. The key to entering the market for Goodbite, is ensuring that their product is readily available on store shelves. With their product being one of very few that both dissolve and the added feature of leaving a reduced amount of residue on users’ teeth, access to these customers is going to be imperative to accessing a portion of that market growth. With 70% plus of the market not making their teeth cleaning purchases through online means in the age 35+ group they are also the largest area of potential growth. Marketing to Gen X’ers may be the most advantageous as they are familiar and comfortable enough to make purchases online but are also more inclined to purchase off a shelf vs a webpage.

Information Sources: WPU Library databases, Statista) https://libservices.wpunj.edu/library/ERClist/erclist-2.cfm#M CVS https://www.cvs.com/ Walmart https://www.walmart.com Fact.MR https://www.factmr.com/report/464/teeth-whitening-strips-market#:~:text=Worldwide %20consumption%20of%20teeth%20whitening,by%20the%20end%20of%202032 . New Mouth https://www.newmouth.com/resources/teeth-whitening-statistics/ Cognitive Market Research https://www.cognitivemarketresearch.com/ Smile Direct Club https://shop.smiledirectclub.com/products/fast-dissolving-whitening-strips? _pos=1&_sid=018eb1d6a&_ss=r Statistical Evidence

digital-buyer-distri bution-by-age-grou

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