Paint is defined as a coating material in liquid orsolid which when spread on to a surface dries to leave a decorative orprotective finish. Every paint manufacturing industry encounter challenges.
The first challenge that is faced in the regionalpaint industry is import policies. Import policies play a very significant rolein determining the prices of paints. Approximately thirty percent of rawmaterials is imported from foreign countries such as India, therefore anychange in import tax will have an impact on the cost of the product.
In India,based on statistics, raw materials is accounted for sixty nine percent of totalexpenses. The second challenge that is faced in the regionalpaint industry is environmental conditions. Humidity and temperature are teamplayers in the paint industry. The Indian paint industry for example is one ofthe most international players in the market that has substantially grown overthe last few years.
Today India has more than 20,000 outlets in operation andis booming in the field of infrastructure and industrial development. Thereforethe paint industry in India is important for GDP growth and revenue. Themajority of paints manufactured in India contain a large amount of lead,mercury and chromium. These elements are very hazardous in nature and can posea threat to health of human beings which can also be another challenge in theregional paint industry. Thousands of chemicals that are used to make paintproducts are being exposed to paint industry workers which is toxic. In humidcountries where the drying time is a challenge companies invest in a humiditytest chamber which can be costly for the company to purchase. In some countrieswhere the temperature is below zero degrees, this becomes a great challenge inusing water borne paints as water is present when the paint freezes.
However, thiscompletely damages the smooth finish of the surface.An organization’s strategy that combines all of itsmarketing goals into one comprehensive plan is defined as a marketing strategy.A detailed marketing strategy should comprise of market research in order togain customer knowledge to focus on the right product mix to achieve profits inthe long run.
Having a marketing strategy explains how an organization reachesits overall objectives. The regional paint industry is hazardous and can betoxic to employee’s health and safety and to the environment. As mentioned,chemical substances such as: mercury, chromium and lead are found in paintproducts in which are not environmentally friendly. In order to gain moremarket share in the paint industry, companies can become environmentallyfriendly in order to help protect the environment which can improve the imageof the company for social change.
The benefits of “going green” in the paintindustry can attract new customers which can also gain market share and willimprove sustainability of the company and therefore have a greater chance oflong-term success. Companies that are “going green” are more profitable and conservethe environment. Another marketing strategy paint companies can useto gain more market share is connecting and communicating with customers viasocial media. Reaching out to existing customers and potentially new customersis a powerful method of communicating to customers who might be searching forthe right products and services. Social media also increases brand awarenessand loyalty thus, building relationships with customers.
Social media can alsohave the advantage of finding out information from competitors and howcompanies in the paint industry can improve its products and services suitableto their customers. Another marketing strategy paint companies can useto gain more market share is by differentiating their business. Differentiatingyour business means being able to provide an innovative and creative idea whichcustomers are attracted to which then creates brand loyalty and buildsrelationship with customers. By differentiating the business the market beginsto seek value that is different compared to its competitors.
Another marketing strategy paint companies can adoptin order to gain more market share is by improving its products and services tocustomers. Companies can conduct surveys, questionnaires, interviews, surveys etc.for feedback from their customers based on their products and services.Companies that put their customers first can gain more market share in thelong-run. Gaining more market share increases sales, customer loyalty towardsthe brand and therefore more profits.