Marketing Strategy and Planning for Fenty Beauty by Rihanna
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This report analyzes the marketing strategy and planning of Fenty Beauty by Rihanna, including its strengths, weaknesses, opportunities, and threats. It also examines the brand's segmentation, targeting, and positioning strategies, as well as its social media presence.
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Running Head: MARKETING STRATEGY AND PLANNING MARKETING STRATEGY AND PLANNING Name of the Student Name of the University Authorâs Name
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1 MARKETING STRATEGY AND PLANNING Table ofContents Introduction:....................................................................................................................................2 Discussion........................................................................................................................................3 Firmâs segmentation, targeting and positioning strategy:............................................................6 Social media presence of Fenty Beauty:......................................................................................9 References:....................................................................................................................................11
2 MARKETING STRATEGY AND PLANNING Introduction: Fenty Beauty by Rihanna is not just another cosmetic brand which focuses to strengthen its celebrity endorsement game rather the launch of this cosmetic rand in the year 2017 (Walters, 2018) was meant to be a strongchanging force behind the existing conversation about beauty. Fenty beauty has primarily aspired to be a brand which initiates a visibleshift in the existing makeup culture.The brand largely emphasized on the concept of building a makeup range forâall womenâ,irrespective of their skin ton, texture and other such superficial attributes. This was the primary reason that even before the brand could complete its first financial quarter, it did bring noticeable change in the mindset of the consumers who were hesitant enough to come forward and opt for cosmetics as they did not seem to match well with the societal standards of beauty. Fenty Beauty initiated a storm in the market when it launched its 40 shades of foundation and addressed the age old taboo associated with dark tone and not so fair complexion (Vorster, 2018). Diversity, quality, innovation and customer satisfaction has been identified as the key attributes the brand aims to address through its market operation. Therefore this project report will highlight on the strengths, weakness, opportunity and threats that the brand incorporates along with analyzing the brandâs segmentation, targeting and positioning strategies. Moreover the social media presence of the brand will also be analyzed through this report.
3 MARKETING STRATEGY AND PLANNING Discussion Using celebrity figures in launching new cosmetic products or popularizing a novice brand is not a new advertising and promotional technique. However what differentiates Fenty Beauty from its rivals is the aim of the brand to create a sustainable brand image and not just function as an international cosmetic brand. Therefore to gain a better insight regarding the existing market competition, present market scope and future challenges that the brand might encounter, it is necessary to conduct a market environment analysis also known as marketing audit (Ismail, 2018). Variedmacro and micro economic factorscast an important impact on the overall brandâs performance. Thus, these factors can be analyzed by conducting a SWOT Analysis. SWOT Analysis is identified as a strategic planning technique, therefore Fenty Beauty needs to ascertain its market position applying this strategic marketing framework. Thus, the SWOT Analysis will help this cosmetics brand identify: Strengths: 1.The most crucial strength of Fenty Beauty is its ideologies and what it stands for. Thee brand has helped in bringing a revolution and break free the idea of those superficial standards of beauty. It has also helped in changing consumersâ perception of how beauty brands promote and advertise their product and in turn has liberated the mindset of the society. This is indeed identified as the Unique Selling Proposition of the brand. 2. The next major strength identified is choosing Rihanna as the face of this brand a Rihanna herself represents a woman of color, vibrancy, diversity and creativity hand set perfect example
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4 MARKETING STRATEGY AND PLANNING of how the society and its age old taboos needs to be challenged. With over 62.3 million followers on Instagarm and being a youth sensation who is often considered as a style statement for many and has made appearance at various prestigious events like Met Gala 2018 (Okojie, 2018) wearing makeup from her own collection and standing confidently as âThe Fenty Fcaeâ, Rihanna undoubtedly has given the brand a unique appeal and helped in creating the buzz. 3. Consumer satisfaction is identified as the core essential that the brand focuses on. Therefore Fenty Beauty emphasizes on its proper availability of its cosmetic products both in-store as well as online.Especially at Sephora, store ensures to provide a unique experience to all its customers by allowing them a trail before making any purchase. 4. Exclusive range and variety of products backed with magnetic packaging off the goods adds an innovative as well as a playful element to the brand and ultimately leads to extremely high consumer satisfaction. Weakness: 1.While more and more brands are emphasizing on going unisexual in their appeal, Fenty Beauty still advertises only as âFor womenâ brand. This often limits the brandâs penetration making it very gender specific and affecting its market penetration 2.Celebrity endorsements have its own pros and cons. Rihanna being the brand ambassador and face of Fenty Beauty is often not well accepted by those who personally do not prefer Rihanna or dislike her (Rantanen, 2017). This directly impacts on the brandâs purchase performance. Her
5 MARKETING STRATEGY AND PLANNING strong opinionated outlook and stern believes often do not go well with many customers and they directly intend form a negative impact about the brand. Opportunities: 1.The ever growing demand of color cosmetics and beauty product definitely helps the brand better target profitable markets and increase brandâs penetration. Moreover Fenty Beauty has a huge collection when it comes to their range of cosmetics for varied skin tones and skin texture, therefore this automatically helps the brand expand more into varied cosmetic product segment, experiment and innovate in new lines of product (Cho, 2018). 2.Fenty Beautyâs strong presence on social media is another significant attribute rather a very positive aspect for the brand because almost over 44% of women discover new products and about different new brands on social mediaitself. Moreover the interactivity of social media provides new venture for the brand to constantly communicate with the potential consumers and gives greater opportunity for the brand to tap international markets with its strategic social media communication 3. Fenty Beauty can potentially use its YouTube channel for uploading interesting tutorials regardingmake up. Smalltricksand tipsaltogetherwillhelpthe brand tobuild better connectivity with the audience also maximize the brandâs reach. According to market statistics more than 25% of women rely on these YouTube channels to get an easy access to various makeup tips at no added cost (Carlson and Lee, 2015).
6 MARKETING STRATEGY AND PLANNING Threats: 1.More and more brands are following the same pattern of being inclusive, accommodating variety of cosmetics for different skin tones and texture for breaking the age old taboos pertaining to set standards of beauty and hence Fenty Beauty is losing its exclusivity. 2.Fenty Beauty products specially address the beauty needs of Black Women and it has been found that black women are more inclined towards following natural beauty techniques rather than opting for synthetic cosmetic products 3.Fenty Beautyâs too much online indulgence might serve as risk for the brand specially catering to those range of customers who might not be very much comfortable making online purchase. Therefore in order to address this issue, the brand needs to provide sizeable attention in growing their in store brand availability and presence. Firmâs segmentation, targeting and positioning strategy: Barbadian Superstar Rihannaâs Fenty Beauty has witnessed an unrivalled growth in the cosmetic industry since its launch in September 2017 (Black, 2018) Therefore it is necessary to analyze the brandâs segmentation, targeting and positioning strategy (STP) to understand what factors have led to its unprecedented growth pertaining to the cosmetics industry. Firstly, market segmentation helps the company to understand its potential customer base, how they behave and what their individual expectation from the products are.
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7 MARKETING STRATEGY AND PLANNING Fenty Beautyâs market segmentation approach includes: 1.Demographic segmentation- the basic age group that Fenty beauty aims to include as its potential market is from 15 to 45 years. The range is so huge because Fenty Beauty has a whole range of products starting from teenage makeup cosmetics, to vital skin nutrition creams and varied other skin nourishment lotions. Moreover as already mentioned the aims to cater to all races, all skin tones and skin textures (Andaleeb, 2016). 2.Geographic segmentation- Fenty Beauty specifically targets the Hispanic and Asian females. However with the brands strong online presence, it intends to break free all these Geographic boundaries and emerge as a strong global brand. 3.Psychographicsegmentation-thisintendstotakeintoconcernthecharacteristicsof consumers. Fenty Beauty as a brand specifically aims those consumer segments who have a liberal mindset and are not guided by the set standards of beauty. Rihanna being the face of the brand, particularly aims to reach out to those segments and women who intends to create their own style statement and do not wish to go with the usual trend. Fenty Beauty has always aimed at creating a more positive and inclusive market strategy which would help to uplift the confidence of women and enhance the concept of beauty with a purpose. Targeting strategy of Fenty Beauty:
8 MARKETING STRATEGY AND PLANNING Fenty Beauty ensures to build a larger targeting strategy which is necessarily not niche in its approach. This is because the brand has a huge variety of products to offer. Moreover all its products specifically aim to provide a look which is completely natural and does not seem to be made up. The targeting can be best understood by analyzing one of the very famous product of this cosmetics brand which is the Pro Filt'r foundation available in 40 different shades for every possible skin tone. Therefore the targeting strategy is very wide as well as equally strong. Moreover the product rangers are kept very minimal so that it is easily accessible by all and does not burn a hole in oneâs pocket (Hicks, 2018). The main target market also includes the consumers who are quite pro at social media usage because Fenty Bauty engages in a strong social media marketing and communication with its customers. Positioning of Fenty Beauty as a cosmetics brand: Fenty Beauty since its inception has shown tremendous growth and success. It was specifically because of the brandâs unique positioning strategy that aimed at challenging the usual definition of being beautiful (Walters, Jenna, 2018). This is exactly the reason why Fenty Beauty at its very first month of being launched could easily beat a brand as strong as Kylie Cosmetics by earning a revenue which is 5 times more than that of its rival brand.The brand specifically uncashed on its variety and positioned itself as an inclusive brand for all skin type pinpointing on universal shades. Fenty Beauty also strongly emphasizes on building up a strong social media position as the brand recognizes the power of the social media and positions itself as brand which has a very strong and active social media presence. Moreover the smart and very innovative packaging of the products make it very much travel friendly and attractive to consumers along with its easy to use stick make up for instance the Shimmer Skin sticks
9 MARKETING STRATEGY AND PLANNING (Schaefer and Cheung, 2018) which no doubt has a diverse global appeal as well as audience. The brand manages to cater to such a huge target market segment because of its unadulterated product quality which ensures photo-ready," long-lasting, and climate-adaptive make up finish. Moreover choosing Rihanna being the face of the brand is another positioning strategy of this brand as Rihanna stands as symbol of being bold, stylish and courageous. She was the one who represented her brand while she walked in Met Gala 2018 creating a stronger brand position. Therefore the STP Strategy of Fenty Beauty is mainly built around these specific considerations: 1. Prioritizing customer needs as the top most concern for the brand 2. Choosing the right time to launch a brand. For instance: Rihanna launched her brand during the most talked and prestigious event pertaining to makeup and fashion industry which is New York Fashion Week. 3. Never compromise on product quality 4 .Be updated with brandâs social media presence. 5. Constantly monitor the feedback of the customers and device changes accordingly. Social media presence of Fenty Beauty: Itisveryevidentthatmoreandmorebrandsareengagingintosocialmedia communication because of the immense benefit that the channel brings along with it. Going by the statistical records, Fenty Beauty has over 4 million Followers on Instagram, and largely
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10 MARKETING STRATEGY AND PLANNING emphasizes on building up its social media presence. Rihanna being the face of Fenty Beauty personally engages in communicating with the followers (Kadekova and HolienÄinovĂĄ, 2018), sharing her own personal experience with the customer or potential buyers as well as uploading mini demonstration make up videos to increase the brandâs consumer engagement. The prime reason for Fenty Beauty to stick to a strong social media marketing strategy is that the brand acknowledges the fact that more than 41% of women learn about any new brand through social media to stay updated (Alalwan,et al.2017). Moreover constructive brand review about the qualityofFentyBeautyproductsisundoubtedlyanotherstrongreasonforthegrowing popularity of the brand. In todayâs competitive market scenario, peer reviews paly a very crucial role in building up the image of the brand. Therefore positive brand reviews has exclusively worked or strengthening brandâs market position. The above brand performance analysis of Fenty Beauty gives a detailed overview regarding how this cosmetics brand has grown leaps and bounds and has a strong market dominance. It portrays the significance of using the digital media strategy to successfully dominate the present competitive market and most importantly proves how significant a brandâs message is when it comes to building up the brandâs image. The inclusivity of this brand long with its noble intention of breaking the age old of taboos associated with fixed standards of beauty have worked wonders in associating with the consumers and making a significant mark in the minds of these consumers.
11 MARKETING STRATEGY AND PLANNING References: Alalwan, A.A., Rana, N.P., Dwivedi, Y.K. and Algharabat, R., 2017. Social media in marketing: A review and analysis of the existing literature. Telematics and Informatics, 34(7), pp.1177- 1190. Andaleeb, S.S., 2016. Market segmentation, targeting, and positioning. In Strategic marketing management in Asia: case studies and lessons across industries (pp. 179-207). Emerald Group Publishing Limited. Black, Z., 2018. How to Make a Self Portrait. Carlson, A. and Lee, C.C., 2015. Followership and social media marketing. Academy of Marketing Studies Journal, 19(1), p.80. Cho, H., 2018. Advertising in the beauty industry: digital media and conceptions of beauty. Hicks, A., 2018. BLACK BEAUTY, WHITE STANDARDS: A PHENOMENOLOGICAL STUDY OF BLACK AMERICAN WOMENâS PERCEPTIONS OF BODY IMAGE AT A PWI (Doctoral dissertation, University of Alabama Libraries). Ismail, A., 2018. International Marketing Strategies in the Celebrity Cosmetics Industry: A Dual Case Study: Huda Beauty and Fenty Beauty.
12 MARKETING STRATEGY AND PLANNING Kadekova, Z. and HolienÄinovĂĄ, M., 2018. INFLUENCER MARKETING AS A MODERN PHENOMENONCREATINGANEWFRONTIEROFVIRTUALOPPORTUNITIES. Communication today, 9(2). Okojie, V.O., 2018. Consumerism in the Digital Age: Exploring Innovative Commerce as a Design Strategy for Brand Creation and Implementation (Doctoral dissertation, Kent State University). Rantanen, J., 2017. Celebrity Endorsement in Social Media Marketing. Schaefer,D.andCheung,W.M.,2018.SmartPackaging:OpportunitiesandChallenges. Procedia CIRP, 72, pp.1022-1027. Vorster,A.,2018.Doesyourbeautybrandcatertoalldemographics?.SouthAfrican Pharmaceutical and Cosmetic Review, 45(8), pp.38-39. Walters,J.,2018.âFINALLYSOMEDIVERSITYâ:Anexplorationintothepublicsâ perceptions of the âFenty Beautyâcampaign in relation to how it challenges the lack of diversity in the mainstream Westernized beauty industry. Walters, Jenna. "âFINALLY SOME DIVERSITYâ: An exploration into the publicsâ perceptions of the âFenty Beautyâcampaign in relation to how it challenges the lack of diversity in the mainstream Westernized beauty industry." (2018).
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