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    Analysis of ITC Engage

    2014

    Submitted by

    Animesh Kishan Singh B14065

    Ankur Gupta B14067

    Bhavya Vats B14074

    Jamesh Bharadwaj B14077

    Meherteja Reddy Kallem B14091

    Prasad N S B14099

    XLRI Jamshedpur

    Marketing Management

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    Contents

    1. Introduction:............................................................................................................................................................. 2

    2. Industry Analysis:..................................................................................................................................................... 2

    3. Revenue Model:....................................................................................................................................................... 3

    4. Environment Analysis:.............................................................................................................................................. 4

    5. Marketing Mix of Engage:........................................................................................................................................ 4

    6. Competitor Analysis:................................................................................................................................................ 8

    6.1. Fogg................................................................................................................................................................... 8

    6.2. Axe.................................................................................................................................................................... 9

    6.3. Wildstone........................................................................................................................................................ 10

    7. Perceptual Map...................................................................................................................................................... 11

    8. References.............................................................................................................................................................. 14

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    1 Introduction:

    The Indian deodorant market is worth Rs 2300 crores as of 2013-14 and is expected to grow to Rs 3000 crore

    by 2017. The following graph gives us a glimpse about the growth story of deodorant market in India.

    The deodorant market is growing at 17-18% year-

    over-year for the past three years. While male

    deodorants contribute 69% to total sales,

    women's categories are driving the market with

    faster growth. Deodorant is the largest category

    in the male grooming space. The number of sub-

    brands and variants is 986 as of April 2014, with

    more than 100 new launches or re- launches over

    the past year, Nielsen's reports show. Urban

    market contributes 90% of the sales.

    2 Industry Analysis:

    The objective of Industry analysis is to gauge the strengths and weaknesses of potential competitors so that

    the firm can contend competitively in various markets. It also helps to identify opportunities for and threats

    to the firm from the industrial environment. While formulating a firms strategy, managers have to consider

    the strategies of the firms competitors. Industry analysis is the driver of an organizations strategy and

    affects how firms act or react to changes in their sectors. The company does industry analysis to measure

    and assess its standing amongst the competitors. The objectives of industry analysis can be grouped under

    the following broad headings:

    1. Competitors- Industry analysis starts with identifying present as well as potential competitors. It

    signifies an essential appendage to conduct an industry analysis, which gives information about

    probable sources of competition. Potential competitors for ITCs Engage Deoare Vini Cosmetics'

    Fogg, Hindustan Unilever's Axe, McNROE Consumer Products' Wildstone & J.K. Helene Curtis

    Limiteds Park Avenue.

    2. Evaluating Competitors This includes evaluating the marketing strategies, revenues, products,

    market penetration of the competing firms. As per market tracker Nielsen India, 12.5% volume share

    is held by market leader Vini Cosmetics' Fogg and 6.9% share each held by Hindustan Unilever's Axe

    and McNROE Consumer Products' Wildstone. ITC's Engage deo stands in the second position with

    8.1% volume share across Indian urban markets - which accounts for 90% of the overall deodorant

    market in India.By value, Fogg is has market share at 17.8%,

    followed by three brands closely sharing the next

    slots- Wildstone at second place with 6.7%, Engage

    at third with 6.6% and Axe at 6.5%, as per Nielsen

    data.

    3. Customer vs Competitor OrientationAmong all

    the brands, FOGG has emerged as the leader in the

    Indian deodorant market. The positioning

    statement of FOGG focuses on the concept that itsbody spray contains only perfumed liquid and no

    Fogg

    17.8

    Axe

    6.5

    Wildstone

    6.7

    Engage

    6.6

    others

    62.4

    Market Share by Value

    0

    500

    1000

    1500

    2000

    2500

    3000

    3500

    2010 2011 2012 2013 2017

    Revenue

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    gas in it and the company is guaranteeing 800 sprays for a bottle containing 100 gm of container. AXE

    also has a substantial share in the market because of the brand equity and brand loyalty that it has

    built and is leveraging the same. AXE has a wide acceptance among the youth which forms the major

    chunk of perfume & deodorant users.

    On the other hand, ITCs Engage has positioned itself uniquely in the market. While most brands

    portray deodorant as a male phenomenon, Engage has focused on engagement and playful chemistry

    between two partners who are equals, thereby lending credence to its positioning as a deodorant forcouples. ITC has also scaled up its variants from 6 to 14 in less than a year.

    Porters Five forces:

    Threat of New Entrants:Emami has entered the already overcrowded personal care space with the launch

    of its men's deodorant brand, 'HE'. It has roped in Hrithik Roshan as brand ambassador. HE deo wants to

    position different from the usual deo positioning of seduction which is a key differentiator. The ad tries to

    convey the message of the HE deo user as a self assured confident and more importantly interesting

    personality. The target group is the youth. The pricing and positioning is not starkly different from others.The brand comes in Citrus, Oriental, Marine, Fougere, Woody and Musk fragrances and has managed to

    create a difference in its packaging which will help it boost trial at retailer end.

    Bargaining power of buyers: Supermarkets and hypermarkets are the main buyers in the global deodorants

    market and often occupy a strong position in the supply chain, which allows them to negotiate favorable

    contracts with manufacturers, thereby enhancing buyer power. A lack of differentiation between products

    increases buyer power even further.

    Bargaining power of suppliers:The deodorant industry has a low bargaining power of suppliers. This is dueto the high number of market players and large supply of diverse products to the market. There are many

    cosmetic products which are developed by both large and small scale manufacturers. Due to the huge supply,

    consumers have the power to influence the market prices as opposed to the suppliers.

    Substitutes:

    Deodorant soaps: Provides body cleanliness alongwith the goodness of a deodorant

    Perfumes: Used primarily to provide sweet fragrance

    Body lotion: Body lotion with considerable alcohol content acts as an antiperspirant

    Competition in Industry:Rivalry in the deodorants market is increased by the presence of large consumer

    product manufacturers and lack of differentiation within the market.

    3 Revenue Model:

    Deodorants is a low involvement consumer good. There is not much brand loyalty in the market and there

    are numerous brands who share the market. In a market with intense competition like this, it is very

    important to make sure that your product is available at as many places as possible. The revenue models

    used in Deodorants market is based on these factors.

    There are majorly three channels through which FMCG sales are conducted, namely:

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    Modern Retailers, General Retailers and online.

    Online retail is not yet significant enough for FMCG products like deodorants even though most of the brands

    are now available at major e-commerce sites. Modern retailers account for around 8% of total market in

    FMCG, while we couldnt find any data specific to deodorant market, it should be a little higher but not much

    higher for the deodorants as the customer base is mostly urban youth which is more internet savvy then

    other segments.

    Most of the revenue is generated through general retailers. With ITCs extensive distribution network, it

    helps them to take advantage through this channel due to high trust between company and traders.

    4 Environment Analysis:

    Political: Advertisements of deodorants are regularly subjected to criticism from the government. Many a time

    in the past, the government of India has cracked the whip on deodorant advertisements because of being,

    apparently, too suggestive and the content and theme were found "indecent, vulgar and repulsive" by the I&B

    ministry.

    Economic: The state of the economy plays a major role in any industry. Consumer spending dwindles as growth

    slows.

    Social: Rapid increase in the middle class population, change in lifestyle, increase in purchasing power and

    urbanization- all these factors lead to more focus on hygiene and hence the usage of deodorants increases.

    Technological: The research and development cost of deodorants is not very high which provides ease of entry

    to new players. Currently there are almost 200 deodorant brands operating in India.

    Environmental: One of the key components in deodorants is aluminium, and many a research paper has

    suggested that it causes both breast cancer and Alzheimer's disease. Recent studies have raised concerns that

    the antibacterial chemical triclosan may affect human hormone regulation and be contributing to antibiotic

    resistance. When triclosan washes off our bodies and down the drain, some of it ends up in surface water.

    There's evidence to suggest that, at current levels, it may be toxic to some aquatic organisms or have impactson their endocrine systems. Also reports suggests that these products are likely to have the highest amount

    of volatile organic compounds, which contribute to the formation of ground-level ozone, a key component in

    smog.

    Legal: Many a time I&B Ministry has taken action against obscene deodorant commercials.

    5 Marketing Mix of Engage:

    Engage

    Engage Deo was launched by ITC

    in 2013. In just over a year, it isalready number two in the

    deodorant market. Deodorant

    industry was crowded with

    similar products with similar

    advertising (man attracts

    women). Fogg changed the

    market by focussing on its

    effectiveness and performance.

    Engage also tried to differentiate

    itself by being a product for both

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    men and women. While deodorant market is mostly dominated by male customers (69%), Engage tried to

    cater to the needs of other 31 % too. They also try to focus on urban youth.

    Marketing strategy of Engage deo is as following:

    4P Analysis

    Product

    Continuing their theme of a deo for couples, they have variants in pair. Engage was launched with three

    pair of deodorants, namely:

    Rush (Male) & Blush (Female)

    Mate (male) and Spell (Female)

    Urge (male) and Tease (Female)

    Now they have 7 pairs of offering, namely (other than earlier three):

    Frost (M) and Drizzle (F)

    Jump (M) and Trail (F)

    Intensity (M) and OWhiff (F)

    Fuzz (M) and Tempt (F)

    Also, they try to differentiate with their packaging. Deodorant is a highly competitive market with numerous

    brands competing for shelf space. In this, a differentiated packaging helps in catching the eye of the

    customer. Packaging is made to appeal to the target group that is youth.

    Packaging is mostly in peculiarly shaped cans and uses silhouettesas its key design component.

    The brand proposition Playful Chemistry, is well complemented with this innovative and fashionable

    packaging design which helps in making some eye catching billboard advertising as well.

    Engagefor men has a bold, modern look and has been designed in classical

    black with a tinge of effervescent colours. Black represent masculinity and

    bottle being mostly black helps in distinguishing the specific product as the

    male one

    The range for women are in bright hues of Pink, Blue, Yellow and Green

    on a can shape designed with contemporary feminine patterns. Bright

    colours are generally more attractive to women and this kind of packaging

    distinguishes the male and female products properly thus making it easy

    for customers to pick the product.

    Also, colour codes show which specific variant it is from Engage and having

    a colour code will ease purchase for customers.

    Price

    Price of different brands of Deodorants is as follows:

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    Deodorant Price

    Denim 250

    Nike 200

    Adidas 200

    Denver 199

    Park Avenue 185

    Yardley 180Wild Stone 180

    Garnier 175

    Engage 175

    Fogg 185

    Denver 170

    Axe 165

    From this table we can see that the Engage deo is priced toward the lower side of the market. It is focussedon urban youth and tried to provide service at a price well within their means.

    Perceived value of the deo is almost the same as for other products in the same price range. This can also be

    seen by the fact that the market share of engage deo is increasing which can only be because the customer

    is finding value more than the price being charged.

    Place

    ITC has a very extensive distribution network reaching out to far corners of India.

    Also, its available now on major online retailers like flipkart, snapdeal etc.

    ITC can do Direct servicing of 1,00,000 markets & 2 million retail outlets.

    ITC has been doing many innovations in the field of distribution management, one of the recent example of

    that would be the e-choupal initiative which links farmers directly to the company in a mutually beneficial

    relationship.

    Its also gearing up to roll out their products through paanwallahs . ITCs distribution for cigarettes over the

    years meant that there is a high amount of trust between the company and paanwallahs. ITC is planning to

    use them to distribute their product, thus shaking up its distribution.

    This advantage in channels have meant that Engage have been available at every place in India. Especially

    the target group of urban youth is easily covered.

    Brand name of ITC means that they tend to get better shelf space then other brands in different retail outlets.

    This reach has certainly been one of the major factors of them being able to leapfrog brands such as Axe,

    Wild Stone etc. to number two position in deodorants market.

    Promotion

    Engage is being positioned as India's first 'couple deodorant'. In addition to being sold as separate pieces, it

    is also being sold in couple combo packs which offers some monetary benefit over purchasing separately.

    This is to enhance the positioning as a brand for couples.

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    Ad is based on the Chemistry between the couples.

    Its tag line is Lovehas an all new language.

    While Axe and a few other deo were focussed on ads which showed men being desirable after using their

    product, and while Fogg showed itself to be a brand which gives high value, Engage was trying to position

    itself as something which celebrates young love. Its attractive packaging design is meant to attract this

    urban youth population.

    It shows deodorant as a product which is used by both men and women. While, the market is actually male

    dominated with 69% of volumes being consumed by male consumers.

    With such high competition and so many brands competing, a differentiated product is very important.

    A unique positioning coupled with ITCs extensive distribution network has led to the success of Engage.

    One of the promotion technique which used the

    packaging design was executed in Mumbai and

    Bangalore. The strategy was to promote the brand

    among youth while also bringing alive special couple

    moments engaging in a new language of love. This is

    what the positioning of Engage is all about. In rainyseason ITC created umbrellas with the silhouette of a

    couple. These were then handed out to couples

    seated in parks, gardens, college campuses and

    popular streets. They created branding around

    benches in these areas with placed standees. Large

    units were created in the shape of the deodorants as they are sold and placed at famous destinations like

    the romance rocks at Bandstand, Carter Road and Marine Drive.This campaign helped define Engage as a

    brand for young couples.

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    6 Competitor Analysis:

    6 1 Fogg

    CompanyVini Cosmetics

    Segment:

    Outdoor oriented, Fashion oriental, trendy

    TARGETING:

    Concentrate on customers seeking products which give value in excess of its price or for sophisticated

    customer.

    It focusses on youth (15-30) in Urban and Semi-urban areas, who are value oriented and will be attracted

    by the longevity and quality offered by Fogg

    Occupation: Students, bachelors, young professionals

    Income: middle income group

    POSITIONING:

    The company started an aggressive TV campaign with

    a high number of ads being broadcasted at prime

    time and high viewer segments such as cricket

    matches.

    The brand tried to differentiate itself from other

    products which were only focussing on advertising

    which shows the same concept of boy attracting girl.

    They have positioned the brand based on a very

    logical appeal where they focus on the positive

    qualities of the product and how much better its

    performance is in comparison to other products

    which they say only consist of gas while FOGG is

    without gas and full of product.

    The positioning statement of FOGG body spray focusses on the fact that it contains only perfumed liquid and

    no gas in it unlike other products and the company is guaranteeing 800 sprays for a bottle containing 100

    gm of container. This have created a differentiation for FOGG in terms of quality of product.

    The tagline is- "Bina Gas wala body Spray"- in English it means -"A body Spray without gas"

    Product:

    The USP of the product is that it is perfume based deodorant unlike its competitors which are gas based. It

    promises long lasting fragrance and 800 sprays per bottle of Fogg deodorant. It comes in various fragrances

    targeted for men and women, and in various fragrances like Marco, Napolean, Royale, emperor, Fresh,

    Black, Majestic, etc.

    Price:

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    Fogg is priced at Rs. 179 per 150 ml bottle, and its Black range of deodorants as priced at Rs.199 per 150 ml

    SKU. With promise of no gas and only perfume, and 800 sprays pr bottle it is priced as a value for money

    product.

    Place:

    Vini Cosmetics, the parent company which manufactures and markets Fogg range of deodorants has a wide

    and deep distribution network in India. It is available in modern trade as well as rtail trade stores all over

    urban and rural India.Promotion:

    Fogg has positioned the brand based on a very rational appeal where they have shown a customer who is

    using a normal brand and gets fed up with it because the body spray consists of only gas, and only gas comes

    out instead of the perfumed liquid. Then a comparison is shown between a normal body spray and the FOGG

    body spray where the normal body spray fills glass less than half with liquid where as the rest evaporates as

    gas, where as the FOGG body spray fills the glass more than half with almost none of the liquid getting lost

    due to gas.

    The tagline is- "Bina Gas wala body Spray"- Which in english means -"A body Spray without gas"

    6 2 Axe

    TARGETING:

    Concentrate on single-segment (male 15-30) in Urban and semi urban areas, who are lifestyle oriented, trendy,

    cosmopolitan with regular and high usage of deoderant,

    Occupation: Students, bachelors, young professionals

    Income: middle income group

    POSITIONING

    The company extensively uses the TV ads and conducting many Campaigns. Besides TV commercials the brand also

    uses internet media and sponsoring some events.

    The biggest strength of this brand is the underlying message that the brand users are high on confidence and always

    go for the Axe. It also ensures that consumers are mostly engaged with new Fragrances. In 2014, Axe had a profile

    lunch of its new fragrance "Axe Peace".

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    The male models used in Axe advertisements are regular guys, unlike those of its competitors, who use models with

    perfectly chiselled bodies. This conveys the message that Axe is for everyone, and your confidence and Axe Effect can

    cast a spell on girls.

    4Ps

    PRODUCT:

    Variety of AXE DEO's: Axe offers a wide range of fragrances in their deodorants. Some variants of AXE are : peace,

    harmony, anarchy, apollo, excite, dark temptation etc. Axe comes up with new fragrances and range of deodorants

    every 4 months to keep the freshness of brand alive.

    Quality: All the variants of AXE deos are dermatologically tested and do not have any kind of side effects on the skin,

    it offers good fragrance which has long lasting effect.

    Packaging: The bottle of Axe deodorant looks more sturdy and its twisting on top which is better than older design.

    Unique bottle helps in brand differentiation and better recall.

    PRICE

    AXE deodorant is priced to offer its customers good value for money. The price of all variants of axe is same. They just

    have different fragrances and flavours. Rs. 150 for 150 ml of deodorant.

    PLACE

    Placing and availability of product plays significant role in determining the sales of product. Axe relies on location and

    distribution channels. There is high availability of Axe deos in all stores such as modern retail, traditional mom and

    pop stores, drug stores of all sizes.

    PROMOTION

    Advertising:Primary tool used by AXE is TV commercials, print ads and billboards which increase brand awareness.

    Interactive Marketing:Engage customers and directly or indirectly raise awareness through social media and online

    campaigns like theaxeeffect.com. Various campaigns "Call me", "AXEfeather", "AXELand" for an increased customer

    engagements.

    Central Theme of Campaigns: Seduction where Girl makes the first move. Brand assumed that Men like to be seduced.

    Tagline:THE AXE EFFECT

    6 3 Wildstone

    The idea, is to create occasion specific offerings, such as mild fragrances for office-goers; stronger ones for party-goers

    and so on.

    Under consideration

    Wild Stone is also mulling an entry into gas-less deo varieties.

    TARGETING:

    Concentrate on single-segment (male 15-30) in Urban and semi urban areas, who are lifestyle oriented, trendy,

    cosmopolitan with regular and high usage of deodorant.

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    Occupation: Students, bachelors, young professionals

    Income: middle income group

    Same as AXE, but high regional concentration of sales in its home turf East India, with rising sales and market share in

    southern and western markets.

    POSITIONING

    Product was positioned as a sexy or naughty product for young males which transformed an uninspiring average

    Joe into the jealousy-inducing Chick magnet.

    While sexy was the buzzword in the segment, the communication was not personalized to the Indian clientele.Axe

    and Set Wet propagated their message through foreign models in foreign locations. While they did capture attention

    and communicate, the characters werent relatable to the audience. This is where Wild Stone differentiated. Adopting

    to the Indian tastes,they communicated through Indian men and women, who the audience can relate to, set in

    typically Indian scenes like Durga Puja, Holi or Monsoon season.

    While others promised the user the attention of hordes of girls, Wild Stone promised inciting deep passion and frenzied

    fantasies in a single womanIndian, traditional, mysterious and not overtly sexual. Unlike others who were tagged as

    playful and youthful, Wild Stone became associated with passion and mystery.

    4Ps

    PRODUCT:

    Wildstone too offers a wide range of fragrances in their deodorants. Some variants of Wildstone are: Red, Aqua Fresh,

    Ultra Sensual, Thunder, Smoke, Night Rider etc. keeping in view the mystery element associated with the product.

    PRICE

    Wildstone deodorant is priced to offer its customers good value for money . The price of all variants of Wildstone is

    same and is priced similarly as its competitors.

    PLACE

    Wide distribution network ensures high availability of Wildstone deodorants in all stores such as modern retail,

    traditional mom and pop stores, drug stores of all sizes pan India. Also available for sale on ecommerce sites like

    Flipkart.com.

    PROMOTION

    Advertising: Primary tool is TV commercials, print ads and billboards which increase brand awareness.

    Central Theme of Campaigns: Seduction where Girl makes the first move. Brand assumed that Men like to be seduced.

    7 Perceptual Map

    A perceptual map is created to identify how customers form a mental picture of the various deodorant products,

    including Engage and other brands. Two prominent attributes of deodorants are chosen as dimensions over which

    the position of various products were plotted.

    The perceptual map helps identify the degree of likeness or differentiation among different products available in the

    market. Thus is helps the marketers take decisions pertaining to the following questions: how much to differentiate

    the product from competitors products? ; and how to position a particular product on the basis of prominent

    attributes to cater to the target consumer segments.

    Methodology: Deodorant users were asked to fill up an online survey, ranking the performance of each deodorant

    brand over different pertinent attributes. The ranking table used for the survey is as shown hereunder:

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    Brand Very Bad Bad Neutral Good Very Good

    Engage 1 2 3 4 5

    Wildstone 1 2 3 4 5

    Fogg 1 2 3 4 5

    Axe 1 2 3 4 5

    Park Avenue 1 2 3 4 5

    Questions on the survey used to determine the rank of deodorants across different attributes were as follows:

    1. What do you perceive about the PACKAGING of the following brands?

    2. What do you perceive about the FRAGRANCE of the following brands?

    3. What do you perceive about the PRICE of the following brands?

    4. What do you perceive about the ANTI PERSPIRANT quality of the following brands?

    5. What do you perceive about the DRYING QUICKNESS of the following brands?

    6. What do you perceive about the STORE AVAILABILITY of the following brands?

    These questions, coupled with the scoring table provided above, allowed the users to rate the attributes provided in

    capitals in that particular question. Moreover, survey questions were presented in different order to different

    respondents to remove any bias arising due to fixed sequencing of questions

    Survey outcomes

    The respondents provided following ratings to different brands that were surveyed:

    Brand Packaging

    Store

    Availability Fragrance Price

    Anti perspirant

    quality

    Drying

    quickness

    Engage 2.93 3.20 2.80 3.07 2.60 3.00

    Wildstone 3.27 3.47 3.53 2.93 3.00 3.15

    Fogg 3.00 3.29 3.13 3.14 3.00 3.14

    Axe 3.60 4.53 3.80 3.14 3.40 3.00

    Park Avenue 3.87 3.80 4.20 3.43 3.53 3.29

    Regression Analysis

    To identify the correlation among different attributes that were used to evaluate deodorant products, regression

    analysis was carried out amongst the variables shown in the above table. The coefficient of correlation (R) came out

    to be the highest for fragrance and packaging

    of deodorants, and was equal to 0.98:

    Regression Statistics

    Multiple R 0.97839047

    R Square 0.957247912

    Adjusted R

    Square 0.942997216

    Standard Error 0.094835502

    Observations 5

    Therefore, these two attributes were chosen

    as axes for the perceptual map, which is shownin the figure:

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    8 RecommendedStrategies:

    Universal Approach

    Till now the positioning of Engage have focussed only on a specific target group. But they could try to have a

    universal approach to positioning. Right now they only focus on playful chemistry for urban youth. But they could

    instead shift to a positioning which caters to a bigger customer base.

    One recommended strategy would be as a symbol of love for all ages. This positioning would be similar to its current

    positioning in the respect that they try to focus on romance aspect of it. But now its positioning could be as a

    timeless symbol of live which would increase its universal appeal

    Combo Offers

    Right now they only have one kind of combo offer that is for a pair of deodorants for couples.

    They could expand upon it and introduce other combo offers like budget combo, family combo etc. Budget combo

    could be an offering which offers lower prices when u buy in bulk any combination of deodorants. While Family pack

    could offer combos which includes products for all family members.

    These combo offers with a universal approach can help differentiate Engage while still making it appeal to a

    universal audience

    Product

    Right now they only focus on products for couples. They could introduce more products which can be differentiated

    on some other variety. For example, if we continue the above universal approach then it can produce products

    which are named after different moods related to love.

    A premium variant can also be introduced down the line.

    They should continue with their differentiated packaging as it helps them gain more eyeballs on shelf.

    Price

    Current pricing strategy gains them the access to a large customer price.

    A premium priced product can help them gain more market share from upper class people

    Place

    ITC should continue using its supply chain capabilities to drive the growth of Engage Deo. They could use their

    superior supply chain to develop and gain rural markets.

    Promotion

    A shift to a universal approach should be shown in advertising campaign too.

    Ads should try to position Engage as a symbol of love for all ages.

    Suggested Tagline: Engage inimmemorial love

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    9 References

    1. http://www.itcportal.com/businesses/fmcg/personal-care-products/Engage-Deo.aspx

    2. http://www.engagedeo.com/

    3. http://marketingpractice.blogspot.in/2013/06/engage-deo-couple-deodorant.html

    4. www.itcportal.com/about-itc/shareholder.../ITC-Corporate-Presentation.pdf

    5. http://www.authorstream.com/Presentation/santukarmakar-717869-distribution-channel-of/

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