Exploring the Marketing Mix Assignment
Added on 2021-02-20
13 Pages4126 Words231 Views
New Hair CareProduct
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Description on the new product..................................................................................................1Analysis of the market for this product ......................................................................................2Strategy for the segmentation, targeting and positioning of the product ...................................5Marketing Mix for this product...................................................................................................5REFLECTION.................................................................................................................................7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9Books & Journals........................................................................................................................9.......................................................................................................................................................10
INTRODUCTIONToday, viral marketing or word-of-mouth consider as no enough process to promote aproduct. The reason behind this is competition, where availability of same commodities oncompetitive price rates, sates a firm to adopt digital technology for making their brand visible.Instead of planning the budget, a company requires to create an experience within digital age. Inthe present report Fenty Beauty is chosen as the base company so that the analysis will beconducted in an effective manner (Chen and Jermias, 2014). It is a cosmetic company which waslaunched in the year 2017 by a world famous singer Rihanna. Robyn Rihanna Fenty is aBarbadian singer who is a fashion designer as a business woman also. In this report varioussections are going to be covered which includes detail description of the hair care products whichis going to be launched by Fenty Beauty within the marketplace of UK. For this, various aspectsare required such as STP approach along with marketing mix elements. In order to analyse theinternal as well as external marketplace, SWOT as well as PESTLE analysis are conducted inthis report. MAIN BODYDescription on the new productIn the present report, Fenty Beauty is chosen as the base company which was establishedin the year 2017 by a Barbadian singer Rihanna. Company mainly provide cosmetic products totheir customers and its products are available in around 15 countries. Fenty Beauty is a cosmeticlabel which attract large number of customers towards their brand within one year which providethem huge amount of profitability at the marketplace. In order to expand their product line, FentyBeauty is going to launch a new hair care product at the marketplace. Company introduce newhair care products which is hair straightening serum which is prepared with organic and naturalmaterial. Along with this, there are different advantages of hair straightening serum as it is aproduct which is purely organic and does not includes any kind of chemicals. It will protect hairfrom damage and provide smooth & straight hair. These are biggest benefits for using naturaland organic hair straightening serum (Davies, 2016). Along with this, best organic and naturalhealth care products helps an individual reversing damage and strengthening hair. Here are thedifferent advantages of the organic hair straightening serum such as Environmental friendly,good for skin health, natural ingredients, strong and long hair etc.
Analysis of the market for this product In order to examine the external marketplace for Fenty Beauty, management team of thecompany conduct PESTLE analysis so that they can identify the present marketplace. FentyBeauty is a new make-up and cosmetic brand who tries to attract young and teen age girlsbetween the age group of 18 to 35. For examining the current marketplace of the organisation,management team of Fenty Beauty conduct a PESTLE analysis which are going to be discussedas follows: Political Factor: There are ample number of political factors which need to beconsidered by the management team of Fenty Beauty. Some of these elements includes legalissues, trade regulations, taxation laws, political stability and so on. In context of Fenty Beauty, ithas been analysed that the political state of the country is stable (Goffee and Scase, 2015). Allthese factors need to be considered by the managers of Fenty Beauty so that they can performtheir activities in an effective manner. They provide new health care product which is hairstraightening serum includes organic material along with this it is also very important for them tofollow all the political conditions of the country.Economic Factor: It is the factor which consists of different elements such as economicgrowth, inflation, saving & interest rate and many more. In the present context of FentyBeauty, it has been said that company mainly offers high range products which can not beaffordable by every individual. Therefore, it is essential for the managers of company to analysecurrent marketplace along with the per capita income of individuals living within the country.Apart from this, business entity need to adopt economic pricing model which is compatible withthe majority of individuals person income group. Social Factor: It is another factor of PESTLE analysis which includes lifestyle, beliefs,attitudes, change in trends as well as behaviours of users. In the present context, it is identifiedthat individuals become more active and concern about the environment and chose thoseproducts and services which is eco friendly. Fenty Beauty is a new and innovative venture whichmainly provide cosmetic products to their customers (Jeston, 2014). After doing market analysis,it has been analysed that female customers have a lot of concern about their hair which leads toincrease in the demand of hair care products at the marketplace. In order to grab this opportunity,management team of the company decides to launch innovative hair care products at the marketwhich is hair straightening serum includes organic and natural raw material.
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