Marketing Strategy Assignment Cosmetic Industry - Desklib
Added on 2020-05-16
12 Pages3005 Words299 Views
RUNNING HEAD: Cosmetic industry and its marketing strategy COSMETIC INDUSTRY AND ITS MARKETING STRATEGYMAC Cosmetics
MAC cosmetics 1History and IntroductionMAC brand was founded by Frank Toskan and Frank Angelo in 1984. It as a cosmetic brandwhich was founded in Toronto and headquartered in New York City. It is an abbreviation ofMake UP Art Cosmetics. The need for makeup aroused when the people thought there should beavailability of different colors for the many photo shoots. So, the first inspiration of makeupcame from the need of shades of many colors (Benoit, 2014). In 1994, MAC AIDS FUND wasfounded which aimed at supporting the AIDS victims. For it, they also launched many divacollections like lipstick and nail polish. Later in 1995, Estee lauder acquired the whole companyand John Densey became the chairman of the company in 1998. Similarly, the first store of Macwas opened in New York. The company offers huge shades of products to its customers. Thecompany at first used to sell products to only makeup professionals but slowly and gradually itwas liked by models and then from models to their relatives and sisters and friends and manymore. The demand for it kept on increasing day by day and today is had placed itself as a globalbrand preferred by every female. Today Mac cosmetics is sold in more than 15 countries with38500 employees across the globe (Farnetani, 2015). Mission The mission statement followed by the brand is “All races, all sexes and all ages”. It aims to bethe world’s leading makeup brand for the consumers and professionals by providing the bestquality of products. Consumers should feel good, look good after using the brand and made aconcept that pains have gains in the minds of consumers. It aimed at launching the products formales, females, and children. It also introduced “Kid's helping Kids” where kids used to paintmany greeting cards and donate them to pediatric organizations (Basnet, 2015).VisionThis brand was founded with a vision to huge gap between makeup artistry and fashion photo-shoots. The beauty professionals who used to depend on heavy makeups, Mac used to providethem wide range of products which used to enhance visual effects during shoots (Neil, 2014).
MAC cosmetics 2Slogans“All Races, all sexes, all ages” is one of the most common slogan used by Mac.What makes up Mac?Mac is considered to be one of the most leading make up brand. It aims at focusing on diversityand individuality. Mac is one of the proud community where many artists work together tocomplete the company’s mission statement (Rivera, 2016). Products offeredIt includes huge range of products for all men, women and children.it offers make which includeeye shadow, mascara, liner, foundation, lip gloss, lipstick, powder, primer, lip liner, bronzer,highlighters, and many more. It also provide skincare products like moisturizers and removers. Italso offers makeup brushes for eyes, lips and faces and tools like applicators and containers.Moreover, it also include fragrances for men and women in it (Hoang, 2015). Role of Mac brand in cosmetic industrySince, mac is a brand in itself. It makes their product unique and expressive. It catches the eyeand make the consumers spend their money on the cosmetic products. Mac really worked hard tobuild that is not like anything which already exist in the market. It aimed at creating a uniquenessand something different (Brook, 2014). 5 c’s of MacCompany: SWOT analysis of Mac. Strength: it is highly reputed brand and which createda responsible image and goodwill. It is available in 200 locations with 2500 employees in15countries across the globe. Weakness: it has limited number of products if compared to other brands and it has manycontroversies related to its products and services.
MAC cosmetics 3Opportunities: It provides all the required information about its product on its websiteonly and it also sell its products through retailer website as well.Threat: there is huge number of brand that provides the cosmetic products. So, itautomatically creates huge number of competitors too. The major competitors areL’Oreal, Revlon, Lakme, and Maybelline (MBA, 2012). Customers: the company serves all ages of consumers with every genders. It offersvariety of products to the men, women and children as well. Customers who buy thisbrand has some different personality traits like it reflects luxury and lush. So highsegmented income range are preferred by this brand (Weinstein, 2012). Collaborators: Mac provides a digital platform to its consumers where they are providedplenty of information required before buying a product. It makes the customers buy theproducts according to their need and budget and get their products delivered at homeMoreover, mac also has their stores opened in malls and supermarket where customerscan walk in and buy the products as well. It has distributors and retailers across the globeto serve their products worldwide. Competitors: The major competitors of mac are Lakme, Revlon, L’Oreal and Maybellinewhich also provides huge variety of cosmetic products and creates a threat in theindustry. Context: There are also many legal and political factors involved in the brand. There waslegal controversies when the brand was launched and many other factors were creating achallenges to establish the brand in the cosmetic industry. Market research and market intelligenceWhat customers want?
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