Report On Marketing Audit Of FM Cosmetics

Added on - 23 Sep 2019

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Page1FM CosmeticsGroup[Document title]FM Group l.t.d.1.Introduction2.Strategic Audit2.1MACRO2.2MICRO2.3 INTERNAL2.4 SWOT2.5 CONCLUSION3.Objectives MISSION/VISION3.1CORPORATE OBJECTIVE3.2 MARKETING OBJECTIVES4.Strategic decisions4.1MODELS4.2 OPTIONS4.3 STP4.4 BRANDING5.Tactics MARKETING MIX6.Controls6.1TOOLS TO CONTROL IMPLEMENTATION6.2 CRITICAL SUCCESS FACTORS7. Budget8. Recommendations9. References
Page2FM CosmeticsGroup[Document title]1.INTRODUCTIONThis report has the aim to conduct a Marketing Audit of FM Cosmetics. It will begin from a MacroEnvironment analysis, to the Micro and finally make a deep development of their InternalEnvironments. Additionally an evaluation of their strengths, weakness, opportunities and threatswill be provided with a conclusion of audit. The company main objectives will be researched andpresented: Mission and Vision. Also the description of these report will analyse the strategicdecision taken by the company, in specific segmentation, targeting, positioning and branding.Beside it a deep investigation of the company’s marketing mix will be provided; and to concludethe company budget and critical success factors will be examined followed by a deliveredrecommendations.FM Cosmetics is based in Poland; and it is a very fast growing company in the perfume market. Ithas been created by young people, which is why they are able to respond to needs and wishes oftheir customers and distributors quickly. FM offer large range of fragrances of all types: fresh,flowery, oriental, woody, and fruity and many more. Their primary goals are, to always haveavailable products at the best possible prices, to focus on the customer and distributor satisfactionby being able to satisfy customer’s requests. They offer their products branded in the name ofFederico Mahora, FM and AurileSince 2004 FM Group has enjoyed rapid expansion in over 50 countries. Fragrance for theperfumes is created by the one of the biggest companies in the world with the 100 years traditionwhich is growing up very fast and has its bases in Europe, Australia, United States, China andBrazil. In 2004 FM Group launched an exclusive range of fragrances and complementaryproducts. This young and exciting company has behind it a wealth of experience in perfumecreation, marketing and direct sales and has in a short amount of time already expanded into morethan twenty countries. FM Group UK office opened in January 2006.The audit will provide the necessary information that will help to develop their reason of theincapacity of holding a strong position in UK.2.STRATEGIC AUDIT2.1 MacroFew brand has launched an online prescription skincare service, giving patients access to licenseddermatologists. The rise in online consultation services presents more opportunities for the beautycategory.”(BPC – UK, June 2015).PESTEL analysis is an essential management tool which assesses the macro-environmentalfactors. The analysis will helps decision-making and other management processes. It studiesmany elements under the following factors which are; political, economic, social, andtechnological.POLITICAL:Legislation for the nation and the quality of products and services are changing, and they areintroducing new instructions programmes for the beauty fields. Moreover the government isintroducing higher taxes for business, and this is badly affecting the business environment. Theconsumer goods supplied, in the market meet the general safety requirements. If a particularcosmetics or skin product is found to have breached the requirement. Firstly conviction penalty, animprisonment of one year. (Legislation.gov.uk, 2016).
Page3FM CosmeticsGroup[Document title]We believe the FM Group Buyers Club offers the perfect solution! It’s only shopping from homeinstead of the Supermarket, and sharing those benefits with people you know it is really easy.ECONOMICAL:Mintel consumer research 2015 shows that high class customers aged 16-44 tend to buyexpensive and branded beauty products (Mintel, 2016). The economy in UK significantly improvedby 2015. There is an increasing cost of cosmetics with a decreasing personal income of people.However middle class customers are still purchasing wisely fancying the high quality luxuryproducts (Mintel 2016).SOCIALNowadays people tend to use make-up a lot for outing, to look more presentable and changetheirs looks. FM creates a good value gift sets for both men and women. However the greatest giftof offers comes on Christmas period, New Year season, Mother’s Day, Valentines and summerdeals.Researches in cosmetics show that customers switch to organic and natural cosmetics(Mintel 2016). However which FM is dedicating and that will also help to build a firm position in themarket.TECHNOLOGICALAccording to Mintel 2016, over 19% of customers have researched about desired products onlinebefore purchasing the product.The advancement of technology has created opportunities for FMto reach their customers. Many companies also invest more in mobile applications using any toolsof integrated communications to promote the band (Mintel 2016). The use of the internet ispromoting FM to get the opportunity for customers to notice them through online. In additional ishelping FM to improve business on both operating and promoting, and increasing sales and thepresence in the marketing.ENVIRONMENTAL:Nowadays the environmental protection issue has become a very delicate topic, in where moreamendments in environmental law are presented from 2015 (Legislation.gov.uk, 2016).Howeverhas been able for FM to introduce the natural wellness skin care such as Aloe Vera, Beta-GlucanActive, Skin Lab, Honey Collection; and other nutrition wellness like infusions, natural coffee, teaand functional coffee. (uk.fmworld.com)LEGAL:Health and safety regulations, safe packaging, labelling regulations (Gov. 2016). Also all EUoperating companies has the necessity to adopt new regulations:"changes in fragrance allergenlabeling laws; for this reason it is suggested that FM should set strict selling and distributionregulations in order to prevent any damaging consequences for the brand itself.2.2 MICROPORTER’S FIVE FORCES MODELThe MIRCO environment consists of factors in an organisation that affect its performance andmore the decision-making. These factors include customers, competitors, general public, suppliersand distribution channels. Therefore Porter`s Five forces model developed by Porter will be usedto analyse the company competitiveness.NEW ENTRANTS. The beauty and cosmetics industry has a low threat of new entrants due tohigh entry cost, stricter from the Government and also huge capital for quality product, costly
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