The significant decrease in sales volume of m cooking oil in XYZ company

Abstract

XYZ Company, established in 1992 was once a prominent name in the cooking oil industry. However, the company has been experiencing a marked decline in sales of its M cooking oil over the years. Through the review of literature, analysis of company data, secondary data, and qualitative interviews, the primary issue identified is low brand awareness. This issue has led to decreased profits and sales, loss of market share to competitors, increased marketing and advertising costs to engage potential customers and difficulties in raising capital. The root cause of this problem has been identified as a lack of advertising. Therefore, it is crucial for the company to find the most effective strategy to enhance brand awareness for its M cooking oil through targeted advertising. Two potential solutions have been proposed: video advertising on YouTube and video advertising on national TV channels. Each option was carefully evaluated for its pros and cons. Ultimately, "video advertising on YouTube" was chosen as the optimal solution due to its advanced targeting capabilities, high engagement rates, flexibility, cost-effectiveness, and robust analytics. To implement this solution effectively, a comprehensive action plan has been developed, detailing the steps required to boost brand awareness and drive sales for XYZ Company's M cooking oil.