Assignment on Redesigning a Product ALD 3103: Marketing Management Submitted to Sadman Rana Rakin Lecturer Department of Business Administration in Management Studies Faculty of Business Studies Submitted by Fariha Tasnim ID: 2124161117 Section A Department of Business Administration in Management Studies Faculty of Business Studies Date of Submission: October 1, 2023 Table of Contents: 1. Introduction:.............................................................................................................................. 1 Cosco: A Beauty Soap....................................................................................................................1 Reasons behind the Decline of the Brand:...................................................................................1 2. Market Research:.......................................................................................................................1 3. Redesigned Packaging Concept:...............................................................................................1 4. Labeling Strategy:......................................................................................................................3 5. Product Differentiation:............................................................................................................ 3 Points of Differentiation:............................................................................................................... 4 6. Conclusion:................................................................................................................................. 4 Enhancing Cosco Beauty Soap: A New Chapter in Packaging and Branding 1. Introduction: In the competitive world of personal care products, effective packaging and branding are pivotal in capturing consumer attention. This assignment delves into the strategic redesign of Cosco Soap's packaging and labeling, aiming to create a fresh, compelling identity for the product. Through meticulous market research and innovative design concepts, we aim to redefine Cosco Soap's presence in the market, aligning it with contemporary consumer expectations and sustainable practices. Cosco: A Beauty Soap Cosco is a brand of Commander Soap Co. (BD) Limited. The soap had gained popularity in the market since the 70s. Being affordable in terms of price and due to its long-lasting attributes, the popularity of Cosco soap among customers was constantly increasing. As a result, until 1990, Cosco Soap was the top soap in the Bangladesh market. Reasons behind the Decline of the Brand: ● did not bring much variation in their product line since it first came in the market ● unsuccessful in catering to their customers’ needs and providing better options of products to choose from ● unsuccessful in maintaining brand loyalty ● incompetency in development and marketing As a result, the brand gradually lost its popularity to the customers and the demand for Cosco soap in the market also started decreasing. 2. Market Research: A comprehensive market analysis revealed invaluable insights into consumer preferences, emerging trends, and competitive strategies within the soap industry. Feedback from consumers emphasized a growing interest in sustainable products, transparent packaging, and a desire for enhanced user experiences. Competitor analysis highlighted gaps in the market that Cosco Soap could exploit, emphasizing the need for innovative packaging and effective branding. 3. Redesigned Packaging Concept: Packaging is important because it is the buyer’s first encounter with the product. A good package draws the consumer in and encourages product choice. It includes all the activities of designing and producing the container for a product. 1 a. Eco-Friendly Materials: The redesigned Cosco Soap packaging incorporates sustainable materials such as biodegradable plastics and recycled paper, aligning with the brand's commitment to environmental responsibility. By opting for materials that reduce the product's carbon footprint, Cosco Soap takes a significant step towards sustainability. b. Elegant Design: A minimalist design, featuring clean lines and a sophisticated color palette, enhances the soap's shelf appeal. The incorporation of soft pastel hues communicates purity and freshness, capturing the essence of the product within the packaging itself. c. Natural Ingredients: Like the original, the new Cosco Glycerin Soap can contain glycerin derived from natural oils, ensuring it's gentle on the skin. Enhance it further by incorporating organic ingredients like aloe vera,coconut oil, honey, or turmeric, which are popular in traditional Bangladeshi skincare routines. d. Unique Fragrances: Offering a variety of unique and appealing fragrances derived from natural sources. For example, scents like tea tree, lavender and chamomile for relaxation, citrus and mint for revitalization, or floral notes for a refreshing feel. These fragrances can create a sensory experience for users. e. Interactive Elements: Incorporating interactive elements such as embossed patterns or textures on the soap itself enhances user engagement. These subtle additions stimulate the senses, creating a memorable and immersive bathing experience. f. Halal and Vegan Certification: Obtaining certifications to ensure the soap is halal and vegan-friendly, catering to specific dietary and religious preferences in Bangladesh. This can broaden the product's appeal to a wider audience. Figure: Cosco Beauty Soap Figure: Redesigned Cosco Beauty Soap 2 4. Labeling Strategy: A label on a product can range from a basic tag to a detailed design on the packaging. It can contain various information such as the brand name, product details, usage instructions, and safety guidelines. Labels serve multiple purposes, including product identification, grading description of origin, contents, usage instructions, and safety precautions. Additionally, they can also promote the product through visually appealing graphics. a. Clear Information: The labeling provides comprehensive information, detailing the soap's natural ingredients, benefits, and usage instructions. The inclusion of multiple languages ensures accessibility for a diverse customer base, fostering inclusivity and international appeal. b. Visual Appeal: Intricate botanical illustrations, inspired by the soap's natural ingredients, adorn the label. These visuals create an emotional connection with consumers, evoking the essence of nature and purity. The harmonious blend of colors and imagery conveys a sense of tranquility and well-being. c. QR Code Integration: A QR code on the packaging directs consumers to an interactive online platform. Here, they can explore the soap-making process, learn about the brand's sustainability initiatives, and discover skincare tips and DIY recipes. This digital engagement strengthens the brand-consumer relationship, fostering brand loyalty and advocacy. d. New Tagline: “Where Purity Meets Radiance” 5. Product Differentiation: Features of Cosco Soap: The existing Cosco Beauty Soap offered the following key features:● Glycerine Enriched ● Transparent Appearance ● Versatile Use ● Mild and Gentle ● Fragrance-Free ● Moisturizing Properties Features of redesigned Cosco Soap: The new key features of the redesigned Cosco Beauty Soap :● Style of packaging ● Soap with a touch of nature ● Fragrance ● Halal certified ● Eco-friendly packaging ● Suitable for all skin types 3 Points of Differentiation: a. Innovative Packaging: The redesigned packaging positions Cosco Soap as a trailblazer in sustainable design, setting new industry standards. The use of eco-friendly materials not only appeals to environmentally conscious consumers but also showcases the brand's dedication to reducing its ecological impact. b. Customized fragrances: These unique fragrance profiles aim to cater to a diverse range of consumer preferences, from those who seek refreshing and invigorating scents to individuals desiring luxurious and comforting aromas. Each fragrance option can be tailored to specific variants within the Cosco Soap range, offering a variety of choices to consumers based on their mood and personal preferences. c. Enhanced User Experience: The soap's ergonomic shape and engaging textures transform a mundane activity into a sensorial delight. Each use becomes an immersive experience, elevating the product from a commodity to a cherished indulgence. d. Eco-friendly Approach: Cosco Soap's commitment to environmental preservation is reinforced through its sustainable packaging. By opting for materials that decompose naturally, the brand demonstrates its dedication to a greener future, resonating profoundly with socially responsible consumers. e. Modern Appeal: The blend of traditional values with contemporary design elements positions Cosco Soap as a timeless product that appeals to both the older generation, appreciative of its heritage, and the younger demographic seeking authenticity and sustainability. 6. Conclusion: In conclusion, the strategic redesign of Cosco Soap's packaging and labeling not only preserves the brand's rich heritage but also propels it into a new era of innovation and consumer connection. By embracing sustainable practices, enhancing user experiences, and fostering emotional connections through branding, Cosco Soap is poised to captivate the hearts of consumers worldwide. The reasons for Cosco’s failure are understandable and manageable. By addressing these issues and implementing effective promotional and marketing strategies, Cosco can reestablish its presence in the soap industry. Despite competition, there is an opportunity for Cosco to reclaim a significant market share and regain its former popularity. 4