Custom «Slanket» Essay Paper Sample
BCG Matrix analysis:
Slanket is basically a great concept product which was introduced in 2006 by Clegg brothers. The product has got a great character and great quality. However, due to tough competition it got some great blow for the competition Snuggie which was basically a low quality product with very much competitive pricing and great marketing tactics. During the 2006 the market was new for these kinds of products but eventually with the advancement of the customer needs these blankets with sleeves got a great attention of the customers. In 2008 this product got a great exposure and the market was booming at that time.
But, somehow due to the low marketing budget and high dependency on the word of mouth promotion, the Slanket started losing market shares to the Snuggie. According to the BCG matrix the positioning of the Slanket should be at the Box Marked Question Mark. This is a grid or box where the product is put while it is having low market share but in a relatively fast growing market. And as far as the product life cycle is concern, they are in the growth phase leading towards the maturity.
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During the 2008 the market was highly competitive, and that means that the growth rate in the market for the particular product was very high. The biggest competitor of the Slanket was Snuggie launched by All-Star in mid 2008. However, Slanket must not forget that Snuggie concentrated on the branding activities instead of quality of the product. Even though it became a Joke out of a product but still it kept on spending money for the branding and marketing activities in Facebook, different TV channels, celebrity endorsement etc to keep the strong position within the market.
And that was the only reason of Snuggie wining over the Slanket for the brand reminder affects. However, with the growing number of competitors like Snuggie and other the market became the place for the survivors. And for that only Slanket must concentrate on the marketing and branding activities and may be some line extension thought for the future market. In this stage Slanket mush pump up some advertising budget towards the building of the brand identity of the product to face the competition.
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