Marketing Plan for Beauty Giant: Essentials, Strategies and Analysis

This report provides a detailed marketing plan for Beauty Giant, focusing on the launch of their new anti-ageing product, 'Forever Young'. It begins with an introduction to marketing's role and its key elements within an organization, particularly emphasizing the integration of marketing with other departments like finance, human resources, and production. Task 1 delves into the role of marketing in a modern organization, highlighting aspects like product quality, consumer needs, pricing, and economic growth. Task 2 outlines the marketing plan for the Beauty Giant, including its mission, vision, objectives (SMART goals), STP analysis (segmentation, targeting, positioning), and SWOT and PESTLE analyses to assess the company's internal and external environments. The report concludes with a discussion on how the marketing plan is controlled and monitored, offering a comprehensive overview of strategic marketing principles and their application in a real-world business scenario.

MARKETING ESSENTIALS

Table of Contents
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
Role of marketing in Beauty giant and their key elements, inter-relation of marketing
function from other functions of organisations.....................................................................2
TASK 2............................................................................................................................................5
Marketing Plan for the Beauty Giant.....................................................................................5
CONCLUSION.............................................................................................................................12
REFERENCES............................................................................................................................13
1

INTRODUCTION
Marketing refer to activities that is being undertaken by the company for the reason
to promote buying as well as selling of product as well as service. It also includes other
aspects that are delivering of products to consumers, selling and advertising. In current
report, an organisation is considered which Beauty giant. It is a company having the wide
variety of cosmetics and a good name in the market but they are not producing and selling
their products at own. Now recently company has decided to launch the anti-ageing
product termed as 'Forever Young'. For this the company has make the various strategies
to become the leader in the market. This report contains the role of marketing in the
modern organisation and the key elements of marketing function and their inter-relation
with the other functions.
TASK 1
Role of marketing in Beauty giant and their key elements, inter-relation of marketing
function from other functions of organisations
Role of marketing in modern organisation
For any organisation major role of marketing will be of integrating need and demand
of customers after identifying changes which are occurring into market. As marketing plays
the important role in the success of company. Finance operation as well as the other
functions of department not matter if there is not having the good demand in the market, so
it is important for the marketing department to create the demand in the market for the
product that is to be launched. Some role of marketing in the modern organisation is:
Offering better quality products
It is very much important that all companies are offering better quality products only
after analysing the market demand and supply. The products need to be well packaged,
putting label of brand is essential for identification and then placing it into market in good
and proper condition (Tadajewski, 2015). All sort of service which is attached with products
are regarded to as intangible and inseparable as well thus need to be given to customers.
So this shows that marketing is also playing essential role into managing and designing of
products which are offered to customers.
Meet the needs of consumers and wants
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Companies need to identify the needs of the consumers and then they have to
adopt the marketing strategy accordingly. They also influence the wants as these are
being shaped by cultural as well as the individual personalities. Needs and wants are
being satisfied through the exchange process.
Adapting right price
As price is the critical element of marketing mix for the manufacturer as it is the
factor that ultimately generates the revenue. Various strategies of the marketing help in
setting the fair prices, incorporate the appropriate changes and prepare the right approach.
Sale of the product increases if the price of the product is being given in favourable
manner (Powell and Rey, 2015).
Economic growth
Marketing is very important in creating demand of any product into market which
means that it will encourage increased number of production and distribution as well. Thus
this will mark with industrial growth, boosting up income of people working and improving
their standard of living as well. This shows that there is economic growth of company and
thus allowing them to produce superior goods and improved services.
Key elements of marketing function and their inter – relation with other functions of
organisations
Marketing function is the key element for the launching of any product as it helps
the company to identify the source that makes the product potentially successful for the
market place as they also operate on the as well as promote them by doing the
differentiation from the products similar to it. Key elements of marketing function are:
Gather the marketing function
It is important to gather and analyse the marketing function as it is the important
function of the company. In this the efforts have to be made to understand the consumer
through different ways like their expectations, price affordability etc. (Luchs, Swan and
Griffin, 2015).
Market Planning
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It aims in achieving the marketing objectives of company. These objectives also
involve in increasing the presence of market, dominate the market and increase the share
in market. The market planning covers all the aspects of the production levels, promotions
and other actions programme.
Marketing function and their Inter – relation from other functions of organisations
Finance department
Marketing department need to work in the coordinate way from the finance
department to ensure that there must be having the adequate budget so that they can
meet the need of research, promotion as well as the distribution of the launching product
(Wirawan and Oktivera, 2015). Finance department is having the whole organisation to
ensure about that all the business operates are must be according to financial capability at
the same all the department must work according to the allocated budget that is being
define by the finance department. This department is being more focused towards the
cash flow, covering cost and paying back in the investment as soon as possible.
Human Resource Management
Marketing department also need to work closely with Human resource department
to ensure that there is adequate staff available for performing various marketing activities.
Also, there are skilled and experienced candidates hired by HR as per the requirement of
marketing department. This department is having much recruitment and training demand
across the organisation (Homburg, Schwemmle and Kuehnl, 2015).
Production department
Production department is that which produce daily products for customers, allow
selling department to sell them and marketing to promote them into market. This
department is very closely linked and associated with marketing department (Luchs, Swan
and Griffin, 2015). As the latter section will analysis market demand and supply of product
by identifying the need and want of customers. After this only production department could
be able to produce the products according to customer need or want and allowing selling
department to sell these products. It is very much important that all products and services
must be designed, manufactured and sold according to client’s demand and need only.
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There are huge bulk of orders which are been generated with help of marketing
department so that they could be delivered at right time to right person. The collaboration
of marketing and production department will allow company to reach towards competitive
advantage of firm in long and short run both.
TASK 2
Marketing Plan for the Beauty Giant
Executive summary
It has been described about the marketing plan of Beauty Giant and its aims and
objectives. Also, it is discussed about marketing mix and STP through which company will
target people in the market. Moreover, SWOT and PESTLE analysis is been done. At last
it is been explained how marketing plan is controlled and monitored.
Mission and Vision
Mission of the Beauty giant company is to ensure that they give the complete
satisfaction and well-being to the clients, their motive is to manufacture the high -
performance anti-ageing cream and gives the natural skin care and make the product that
is great for the skin.
Vision of the company is to take over the position from the leading market in the
segment of the cosmetic products or in the range of anti – ageing cream and become the
market leader as well as the ultimate choice for the consumers who are using and also
wants to try the anti- ageing cream (Kilenthong, Hills and Hultman, 2015).
Objectives
Objective of the company while launching the product is to maximise the sale of
product in the market and wants to achieve and accomplish the goal over the specified
period of time. This may be that the company wants to earn profit as well as growth and
development that they can give the quality of product to their customers and also protect
the environment. Objectives of marketing are to be SMART that are specific, measurable,
acceptable, and realistic and time- bound (Homburg, Schwemmle and Kuehnl, 2015).
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Specific: It can be added that company is planning to increase its turnover which is
indicating that the current turnover is not satisfactory at all. So it is very much important
that company is getting increase their turnover for realistic goal.
Measurable: every SMART goal is having the starting point as well as the finishing point.
They are the indications for the efforts to be made for the quality, as it is the method and
the procedure that must mention and determine the extent at which the target moment is
being achieved
Acceptable: It is also important that company’s goal is acceptable within the limit of
company including individual and group as department as well. For all managers it is very
much important that they are supporting these goals and making employees motivated and
work harder for achieving the goals.
Realistic: Realistic goal is being taken into the account for the practical situation and in the
work where everyone is being employed. It is impossible that focus of everyone is on the
same goal.
Time Bound; it is important for the short term goals, time bound is often confused from
measurable and having the clear difference in between the two. Time bound is actually
used in the context of the time that is being allocated to reach the goal.
STP
Segmentation
Market segmentation is having the vital success for the company in this the market
is being divided into smaller segments and having the distinct needs. That requires the
separate strategies of marketing. Segmentation can be done on following ways that is
Demographic, Geographic, Psychography, behaviour basis as it helps the company to
decide the area, zone and can target to particular segment of people (Jaiswal and Gupta,
2015). Segmentation is being done on the demographic market. The company will target
women.
Targeting
After the company is being segmented the next step in this process is targeting. In
this it is being evaluated about market segments and decides which one to serve (Luchs,
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Swan and Griffin, 2015). This is being scanned into two main dimensions that is
attractiveness of segmentation and capacity of company. There is always having the
internal and external factors that refuse the company to address the particular market
segment. In this the company target in the particular area and to specific class of people.
In this the company is targeting women between age 20-40 who are possessive for their
looks (Homburg, Schwemmle and Kuehnl, 2015).
Positioning
In this the company has done the positioning of its brand, it is the art that creates
the mental shelf space that company wants to occupy in the mind of consumer. Positioning
is all about the brand perception by the customers that is being determined by the variety
of different factors and it can be achieved by the different combination of marketing mix.
SWOT Analysis
Strength
 Beauty Giant is having the strong
brand name.
 Significant research is being done on
the product before its launching
(Hennigs and et.al., 2015).
 Having widely spread distribution
network.
Weakness
 Having the higher limit of price for
customers they are targeting.
 Increased instances of product recall.
 Having the excessive dependence.
Opportunity
 Explore many untapped countries
especially rural markets or countries
like Ireland, India.
 Developing natural and herbal
cosmetic products.
 Expanded online presence.
Threats
 Threat of new entrants
 Difficulty in having brand loyalty in
favour.
 Existing strong competitors in market.
PESTLE Analysis
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Political factors
Political concern in UK and in other European countries impact the skin as well as
personal care industry in the significant way because their products often considered as
luxury products as the UK has been decided to withdraw from the Brexit and their
withdrawal is being negotiated and affect the general political framework and also to the
cosmetic industry in UK (Hennigs and et.al., 2015).
Economic factors
Economic factor let us know about the state at which the company is going through
especially for monetary value of company. This factor is playing very important role as will
be able to improve the economic value of firm into market (Hackley and Hackley, 2015).
There are many factors like that of price of product which is mostly impacted with the
economic state of company. Thus this price will be changing according to regions into
which company is operating and thus having affordable range at place which are having
higher chance of selling.
Social factors
It encompasses from the technical trends of society. As modern society is being
more interested in fashion trends or in the beauty products. The society is having the
sense regarding the latest trends and always welcomes the innovations that are being
done by the Beauty Giant by launching the Forever Young cream.
Technological factors
One can buy almost any product online and it will be delivered in a day or two. As
there was a time when all this industry is fighting among the similar brands to keep their
products on shelves. Now due to advancement in technology one can buy the products at
any time at the same company also using this advantages and increasing their sale by
doing the various advertisements.
Legal factors
Company is having many competitors such as Olay, L'Oreal etc. so in order to
maintain the success of graph, it is incumbent to fulfil all the formalities that is pertaining to
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legal aspects of the region where they are working. As they are launching the cream
'Forever Young' is for the upper middle class as well as for the elites of every society.
Environmental factors
It encompasses from the various global environment safety laws and that must be
abide by the global standards. As the beauty industry is being focus on more than ever try
to go green. Their packaging is to be like eco - friendly and having the less negative impact
in the environment. But still there is having the growing issue of heavy plastic usage within
this segment. But still the company has to take the initiatives to improve the ill effects of
environment.
Marketing mix
It refers to the activity that is being undertaken by the company to promote the
buying and selling of the product and service. Marketing includes advertising selling and
delivering of products to consumers and other business.
Product
Beauty Giant is the global brand that provides the variety of beauty products, now
they are targeting to the young as well as middle aged women globally by launching the
new product called Forever young to target the new segment in the market. They are being
majorly tried to come up with the moisturiser that stay looking young (Chan and Mansori,
2016). As compared to this Olay is the global brand that is providing the beauty products
as they majorly target to young and middle aged women globally. And it also come-up with
the anti-ageing product to target the particular segment of market.
Price
Price is the most important and essential factor of any product which includes the
monetary value which customer need to pay for purchasing product or service and which
decide about profit margin of company. There is variety of pricing policies which Beauty
Giant need to follow so that they could be able to distribute their products into market to
customers with gaining specified profits as well. The company is having its goodwill and
brand into market due to quality of products which they are all providing. As their product is
being successful in increasing the fairness and reduce the dark spots, as their pricing
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policy is also dependent from international competitors. As there are many competitors of
company like that of Olay and Garnier that are having higher price for their products as
they are using premium pricing policies.
Place
It is the distribution strategy that is being adopted by the company. Beauty Giant
has started from UK, they have the strategy to spread their product worldwide and must be
accepted widely. Forever Young is the anti-ageing cream that is being launched in UK.
Company is having the high distribution network and having many stores so that it can
easily be available at all the stores even on the online e-commerce sites as well (Hackley
and Hackley, 2015).
Promotion
Company follows the unique kind of strategy as their products never depicted about
what their products did instead of carrying the tag-lines that attract the youth and also write
the personal message that is fictitious. They also created the image about that, they are
focussing on the quality of the product they are offering. They did the promotion through
the various mediums that are Television, print media, social media, and hoardings as all
these are used for the promotional activity (Ardjouman and Asma, 2015). As compare to
these they are doing the promotion through the hoardings.
People
Target market and the people are having direct relationship from business, still the
research is important as it discovers that there is having the enough people in target
market and having the demand for the certain type of product and services. It is important
for the company to find the genuine people that are creating the business and for these
employees also have to perform at the best (Chan and Mansori, 2016).
Process
The system and process of company is having the affect in the execution of service.
They must have to make sure about the well organised procedure that is to be taken in
place and to minimise the cost. It is the entire sales funnel, pay system and having the
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systematic procedure to make the business ensure and run effectively (Homburg,
Schwemmle and Kuehnl, 2015).
Physical Evidence
Physical evidence is considered as the final product and pertains that how the
business and the product physical evidence is being perceived in the market. It is termed
as branding and when the consumers think about the anti-ageing product than the 'Forever
Young' come in their mind.
Budget
To launch the new product for any business it is very essential to consider the
budget and the budget of the company is usually designed according to the requirement
and demand of market so need to estimate the cost for launching the new product and
service in market and the budget must include all the cost that is pertaining to developing
the new product (Powell and Rey, 2015).
Particulars Estimated Cost
Raw Material $5000
Labour $3000
Product Development cost $2500
Promotion Expenses $3000
Contingency cost $5000
Total cost $18500
Evaluation and Monitoring
Monitoring and evaluation enables that how effective the strategy is being made and it
is the key element that is often overlooked. This element not only checks about the
performance of strategy but also helps in informing the future marketing strategy
(Ardjouman and Asma, 2015).
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CONCLUSION
From the above report it is being summarised that this report is about the Beauty
Giant that recently plan to launch the anti-ageing cream and make the strategies to
become the market leader. There are various roles of marketing such as better offering of
products, adapting right price, etc. Also, there are various elements of marketing. The
marketing department is interrelated to other department such as finance, HR, etc. in
marketing plan Beauty giant objective is to maximise sale of their products in the market.
For this they are targeting women between ages of 20-40 who are possessive about their
looks. The overall budget required for implementing this marketing plan is $18500.
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REFERENCES
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