Beauty Giant's Marketing Strategy: A Comprehensive Report

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MARKETING ESSENTIALS
PART 2 BEAUTY GIANT
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Contents
STRATEGIC MARKETING PLAN FOR BEAUTY GIANT.......................................................3
INTRODUCTION AND COMPANY OVERVIEW..................................................................3
MISSION.....................................................................................................................................3
VISION........................................................................................................................................3
MARKETING MIX.....................................................................................................................3
SWOT ANALYSIS.....................................................................................................................4
PORTER’S FIVE FORCES........................................................................................................5
SEGMENTATION TARGETING AND POSITIONING..........................................................6
ANSOFF’S MATRIX..................................................................................................................7
BUDGET AND TACTICS..........................................................................................................8
MONITORING AND CONTROL..............................................................................................8
CONCLUSION............................................................................................................................8
REFERENCES..............................................................................................................................10
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STRATEGIC MARKETING PLAN FOR BEAUTY GIANT
INTRODUCTION AND COMPANY OVERVIEW
The Beauty Giant is a growing cosmetic product company with over 50 branches in the UK and
has a variety of men as women toiletries from several brands. As a matter of fact, they don’t have
their single product and hence they are now decided to introduce a new anti-ageing cream for
their customers with the name; Forever Young and hence to gain a new value and position in
their business. This product will be planned to marketise very efficiently as they promote this as
a unique product of its kind and they are willing to introduce it with the best marketing plan
mentioned below. The company is going to target over 30 markets at once to attain a competitive
edge with its unique product.
MISSION
The main motive of the Beauty Giant is to adhere on to their high-quality service and facilitate a
best anti-ageing cream into the markets. The cream will me marketise and promoted as the
unique product in this segment and the company is willing to gain a competitive edge over others
soon (Westwood, 2013).
VISION
To serve people with the best quality products and services in future and attain business
sustainability with the use of effective relationships management for the stakeholders of the
business.
MARKETING MIX
PRODUCT – the company deals in men and women cosmetic products and toiletries and now
they are introducing an anti-ageing cosmetic cream which is unique in the segment and is
prospected to gain significantly good value in the markets. In this marketing plan, the product of
the Beauty Giant is kept at top priority to enhance the value of the company as they can help in
enhancing the profits by satisfying the customers.
PRICE – as of now, in the introductory phase of the new product, the company is willing to keep
the price at premium range but in order to serve different class of people, the same products will
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be available in small sachets or packs so that almost every range of people can utilise it and fee
the benefits. This will also enhance the customer’s base of the company in prospected markets
and attain good reviews from all sectors.
PLACE – as mentioned by the company, it will introduce and promote the product in 30+
markets and hence they are trying to gain attraction from a wide range of customers present in
the markets. In addition to this, the placing strategy of the company till now is based on the
demographics of some locations while now they are planned to expand the brand.
PROMOTION – the Beauty Giant is keen to promote their products and services to its customers
in a variety of ways so that they can reach a wide range of people. Their promotion strategy
involves platforms like Instagram, Facebook, and other social networking sites while the
traditional media will also be utilised like newspaper and television ads to cover all the possible
range of customers (Drummond, et al. 2010).
PROCESS - in the marketing activities, the main processes performed by the Beauty Giant are
marketing planning, decision making, collaborative working with other departments, finance and
funding, implementation of plans and monitoring on regular basis. In addition to this, the
marketing department of the company also works on the monitoring process of the marketing
plans to make things on their right path.
PEOPLE – the people involved in the marketing plan of the company are the marketing
department personnel, company’s management, and stakeholders and basically investors while
the major role is played by the staff members in promoting the brand to their customers.
PHYSICAL EVIDENCE – at present company is in a growing phase and hence with this
innovative and unique product, they are willing to enhance their physical presence in the markets
of the world. In addition to this, it can be said that the physical evidence is necessary for any
organisation to show the growth and value in their markets and hence the company is also
working on this area.
SWOT ANALYSIS
STRENGTHS – Beauty Giant is one of the fastest growing cosmetic product range company
which is getting growth on a regular basis with the help of their effective management and
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leadership skills. In addition to this, the high-quality product range also supports their effective
practices and makes them more potent in their business. Moreover to this, the increasing rate of
new product range to the company by their own will definitely be a good decision for the future
sustainability and continuous growth.
WEAKNESSES – with the increasing rate of competition in the markets and new companies
entering into with their new products and services makes it critical for Beauty Giant to keep their
pace and hence this might be a weakness for a growing firm. In addition to this, lack of
experience to operate with the self-produced products also makes them vulnerable in their
business over others.
THREATS – as mentioned above, the competitiveness in the markets is increasing regularly and
hence the threats to any business increases with this. The Beauty Giant is also facing these
threats. In addition to this, the company may also face some issues with regards to the new
product they are willing to introduce in the markets as it is not guaranteed that the product will
be doing to an extraordinary success for the company which has experience of few years.
OPPORTUNITIES – in this dynamic world, the choice of customers is changing and no one
knows the new opportunities one may have some Beauty Giants are trying to establish their own
product range for future opportunities and gain an additional benefits range in the business.
PORTER’S FIVE FORCES
BUYERS – for every business, the buyers hold the maximum force of the markets that directly
affect the businesses and similar, the success of new product of Beauty Giant completely
depends on the buyers and hence this is a powerful force of markets for Beauty Giant Company
SUPPLIERS – since, the company is manufacturing their own product in markets and hence this
is a low force of markets. In addition to this, this is also a low threat to Beauty Giant now as they
are planning to work on their own products which reduce the same
NEW ENTRANTS – the opportunities for new businesses in cosmetic is still an area full of
difficulties since this requires a keen knowledge and idea to work in this industry. In addition to
this, this field still needs to have some better facilities for the ones who are willing to gain a
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position and establish their name in this sector and hence there are negligible threats for Beauty
Giant
COMPETITORS – like the new entries, the present businesses in the cosmetic industry operates
with their separate products but they are similar in range and hence it creates a tough competition
in the markets for the organisations working in this sector.
MARKET RIVALRY – as mentioned above the threats in the markets are great and hence the
rivalry increases. The main reason found for this situations is the similar products and hence to
create a competitive edge, The Beauty Giant has started their production with their unique
product range
SEGMENTATION TARGETING AND POSITIONING
In this marketing strategy for Beauty Giant, the company is aiming to facilitate this product
based on the age groups and hence has made segments accordingly. Basically, the main segments
are done among the youngsters and above age group people as this is the cream for them to be
forever young with the same name. In terms of its targeting strategy, the company is aiming at
people beyond the age group of 30 when they generally feel the dull skin and other concerns that
make them old. In addition to this, the product is also available for those who are willing to get
better skin. Finally, regarding the positioning strategy, the Beauty Giant is aiming to deliver the
best possible positioning strategy with the help of several platforms like social media, traditional
media etc. to reach a wide range of customers and serve them effectively (Stokes, 2011).
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ANSOFF’S MATRIX
The above-mentioned image for the Ansoff’s Matrix presents the four dimensions on which a
company can work in general and attain their desired results in the business. The main motive of
this tool is to facilitate a way of direction of working for a firm in order to get the best possible
results in accordance with their core competencies and resources. The dimensions of working for
Beauty Giants are:
MARKET PENETRATION – this is the strategy that is helpful in gaining a competitive value and
position in the markets when a company serves the people more concentratedly in the same
operating markets where they are already present with the same products or services. In this, the
Beauty Giant is trying to reach the customers where they already operate but since the products
are not the same, in this case, the company is switching on to other modes of marketing and
value creation (Levens, 2010)
MARKET DEVELOPMENT – in this segment, a company develops the market with the help of
the same products to new markets so that people can acknowledge the presence of the company
in their markets. Basically, Beauty Giant is willing to reach over 30 markets but since the
products are not same as above, this strategy is still avoided as per now by the company it can be
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utilised in future as it helps in gaining a new range of customers and increase the profitability in
any context.
PRODUCT DEVELOPMENT – here, new products are designed for the existing markets and
hence here comes the main choice of the Beauty Giant to operate at present. Company has
created a unique range of anti-ageing cream that makes people forever young. The range is quite
unique and hence is aimed and prospected at gaining the attraction of the customers present in
their same operating markets at first so that they can make a valuable name at their locations first
and then search for new suitable locations (Levens, 2010)
DIVERSIFICATION – with the help of this strategy, a company modifies its way of conducting
according to the needs and market dynamics. The main motive is to create a unique presence,
solve the concerns related to the present business and hence attain sustainability in the business.
So, Beauty Giant considering this has planned a proper STP model with the synchronised results
of Ansoff’s Matrix to establish a highly successful business marketing plan for the company.
BUDGET AND TACTICS
The overall budget for the marketing plan has been divided into three major tasks of platforms of
marketing, product development and promotion, HR team and some other resources will be
utilised in additional activities of the department. Overall, Beauty Giant is aiming to deliver this
marketing plan with the budget of £100,000 which includes all the budgets regarding this
marketing plan for the company. In addition to this, the tactical approach used for the marketing
of this product has been done with the alternate plans kept at B plans by the management of the
company so that they can introduce some proper actions when things don’t go according to them
after implementation of the plan.
MONITORING AND CONTROL
The monitoring and control strategy of the company will be a regular approach that keeps track
of the practices that the staff is performing and retaining the results from several endpoints.
CONCLUSION
This aforementioned marketing plan of the company is based on their new product range of anti-
ageing cream with the name forever young and company is planning to introduce this in 30+
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markets and hence for that, the marketing plan has been generated. The plan has included the
internal and external aspects of the business that affects the working and so the final decisions
have been taken after the proper analysis of the data.
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REFERENCES
Drummond, G., Ensor, J. and Ashford, R., 2010. Strategic marketing. Routledge.
Levens, M., 2010. Marketing: Defined, explained, applied. Pearson.
Stokes, R., 2011. eMarketing: The essential guide to digital marketing. Quirk eMarketing.
Westwood, J., 2013. How to write a marketing plan. Kogan Page Publishers.
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