Beauty Giant Marketing Strategy: A Comprehensive Report

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MARKETING ESSENTIALS
BEAUTY GIANT
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Table of Contents
INTRODUCTION.........................................................................................................................................3
MISSION AND VISION...........................................................................................................................3
DESCRIPTION OF MARKETING MIX ELEMENTS OF BEAUTY GIANT...........................................4
MARKETING ENVIRONMENT ANALYSIS..........................................................................................10
INTERNAL (SWOT ANALYSIS)..........................................................................................................10
EXTERNAL (PORTER FIVE FORCES)...............................................................................................11
STRATEGY.................................................................................................................................................13
SEGMENTATION, TARGETING AND POSITIONING.....................................................................13
BOWMAN’S CLOCK MODEL..............................................................................................................13
ANSOFF’S MATRIX..............................................................................................................................15
BUDGET.....................................................................................................................................................17
MONITORING AND CONTROL..............................................................................................................18
CONCLUSION............................................................................................................................................19
REFERENCES............................................................................................................................................20
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INTRODUCTION
It can be said that marketing is the backbone of the organization's functions that enable the
organization to make their name in the market in order to attract more people and place name of
the company in customer’s mind. Marketing is the process that helps the organization to promote
and sell their products and services to target customers (Kotler, et al, 2015). This assignment
represents the importance of marketing when the company plans to launch its new product in the
market and includes marketing interrelationship with the other functional unit in order to
accomplish the objective of the organization. How beauty giant makes use of different marketing
strategy to reach its target market in order to aware customers about its new product and satisfy
more customer. It also includes an analysis of internal and external factors that can affect the
growth and progress of the company positively or negatively.
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THE ROLE OF MARKETING
Marketing is an act of promoting the buying and selling of products and services of the products
of an organization. Marketing can also be described as the heart of the business. With effective
marketing strategies and plans, organizations can win new customers and beat their competitors.
Process of marketing involves advertising, selling, delivering products and services to the
customers (Kotler, et al, 2015).
Role of marketing
In an organization, marketing plays an important role, as it promotes the products and services of
the business. Some of the important roles which the marketing department has to follow are-
 Branding /advertising- It is a vital role in marketing. In this process, the marketing
department works on creating the name and logo of the brand. Execution of logo/image is
done under this process through various methods of advertising like hoardings, billboards,
videos, emails etc. Nowadays most of the companies often use social media marketing to
reach the maximum number of customers (Armstrong, et al, 2018).
 Corporate communications- It involves messaging and promoting the organization by the
means of PR, thought leadership etc. organizing public conferences is better of creating
public relations.
 Adapting the appropriate price- Marketing strategies helps to set the fair price of the product.
As price is a critical element of the marketing mix. It should be set according to the targeted
customers of the organization. Price is the factor which is responsible for generating the
revenue of the organization. The unfair pricing policy of the product could lead the
customers to shift to another product (Armstrong, et al, 2018).
 Know the market- During this process marketer captures analyses and collects information
about the needs and attitude of the customers. For an organization, it is necessary to know the
buying behaviour of the customers with whom they are going to deal next.
 Best products should be offered- The products which are to be sold to the consumers should
be packed properly. Designing and packaging of the product is a vital key factor which
attracts the customers. Products should be packed and designed according to the targeted
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customers. For example, if the company is producing a product for children, then the
packaging of the product should be done which should attract the children. Similarly, in the
case of products whose target customers are females, the packaging should attract them
(Baker, 2016).
 Helps to inform customers- It involves defining the services to the customers. At the basic
level, marketing acts as a teaching tool for the customers, where customers get to know about
the product i.e. what the product is and how the product work, which they are going to
experience. The marketing department can use various tools to inform the customers about
their product (Armstrong, et al, 2018).
 Innovate- Marketing department should have new and innovative ideas for the promotion of
the product. Innovation does not always mean creating a totally new plan, but innovating the
small details and continuous improvements can also attract the customers.
 Managing the marketing budget- Planning for the present but keeping in mind the budget for
the next year’s activity. The capital of the organization has to be equally allotted to all the
departments of the organization.
 Ensures the survival and growth of the organization- marketing is a customer-centric tool so
it helps to achieve the goals of the business. Marketing secures the growth of the organization
by connecting with old and new customers as well.
 Calculate ROI- for organization marketing is an investment. So it is necessary to check
whether the expected objectives have been met or not (Baker, 2016).
KEY ELEMENTS OF MARKETING
Marketing is a broader term which involves a number of different activities. Apart from these
activities, there are some crucial elements of marketing which act as the backbone of marketing
and makes the process of marketing success. Four main key elements of marketing are-
 Research- Research is the backbone of the marketing plan. In marketing research, we have
to analyse what the market/customers actually want. Research helps in gathering the data
which is further required for the actions to be done. Marketing research should be done
systematically. It primarily consists of investigation, analysis and measurement of market
demand. Research should also contain the product details of the competitor (Wood, 2019).
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 Strategy- During the research the company gets to know about the strengths and weaknesses
of the product/ company. Now it's time to make and implement the strategies which help in
meeting the customer's demand and also helps to beat the competitors. Strategies should be
made with proper focus as these strategies will lead to achieving the goals of the
organization. Promotion- Another important key factor in marketing. Promotion is done to
make people aware of our product. Companies often use various promotional tools like
advertising (such as print advertising through newspapers, billboards, pamphlets etc.,
television advertisements, internet advertising etc.) and public relation (such as company
event, news coverage etc.). During this process, telephonic and door-to-door promotions can
also be done. Promotion of the product is basically done to make people aware of our
products and it also tells the customers about the qualities of our product (Wood, 2019).
 Service and support- To maintain a healthy relationship with the customers it is necessary
to provide them with better support services. During this process, the organization ensures
that the end product successfully reaches the targeted customer. Once the customer
experienced the product it is also important for the organization to know about the
experiences and complaints of the customers. Follow up calls or communication through the
internet can be done to assist the customers. There must be a number of marketing activities
which must be followed by several organisations but all those marketing activities come
under these four basic key elements (Wood, 2019).
HOW DOES IT INTERRELATE WITH OTHER FUNCTIONAL UNITS OF
AN ORGANIZATION
Marketing is the process of promoting the buying and selling of products and services of the
organization. Generally in the organisations marketing is carried by separate marketing
departments but they have close links with the other functions of the organization.
Marketing supports sales-The major function of marketing is to promote the sells activity of an
organization. Marketing works with the sales department in order to increase sales and also
provides them with the data required to enhance the quality of the product which is affecting the
sales (Worren, 2016).
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Marketing interrelates with human resource management- Marketing works with the HRM
to ensure that the company recruits the person having appropriate knowledge and skills. As there
are several functions in an organization to be performed and one person cannot carry out all the
functions to be performed, so choosing a right person can help the organization to achieve the
goals of the organization (Worren, 2016).
Works with the finance department-Marketing works with the finance department to work
according to the budget of the company. Finance department allocates the budget focusing on the
cash flow and other investment of the company (Wilson, 2016).
Marketing works with production department- To ensure that the product being
manufactured should meet the needs and desires of the customers. Marketing department keeps
an eye on the quality of the product. With the production of the goods and services the marketing
department also keeps an eye on the packaging of the product. Packaging of the product also
interrelates with marketing. Proper and attractive packaging will attract the customers, so it must
be done properly (Jagpal and Xia, 2019).
Marketing works with the distribution department- To make sure that the product is reaching
to the targeted audience. Distribution department focuses on the distribution of goods and
services and marketing function focuses on satisfying customers need so there must be
collaboration between marketing and distribution department of the organization (Worren, 2016).
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DESCRIPTION OF MARKETING MIX ELEMENTS OF BEAUTY GIANT
7P’s of marketing objective
In an organization, there are several frameworks which are applied in regular working. One of
these frameworks is also applied by the marketing department. The toolkit or framework used by
the marketing department is the 7Ps of marketing. In 1960, Edmund Jerome McCarthy came up
with the concept of the 4Ps marketing mix. The 4Ps consist of Product, Price, Place, and
Promotion. But with the development in the economy 3 more Ps of marketing are included they
are People, Physical evidence, Processes (Pomering, 2017). Let's have a look at the 7Ps of the
marketing-
Product- the product should be according to the need of the customers. During the research
process, the marketing department gets to know about the need and wants of the customers, so
the Company should ensure the production of the product should be of the right type.
The product of our company is "Forever Young". It is an anti-ageing product. To meet the need
for the growing demand for anti-ageing products among the customers, the company decided to
launch this product (Išoraitė, 2016).
Place- The product in which the organization is dealing with should be easily available so that
the product should be easily accessible to the customers. For better services, the company should
also make their products available on online shopping websites also.
Our product ‘Forever Young' is available on all beauty marts. Along with the shops the
customers can also purchase our product from online shopping websites like Amazon, Flipkart
etc (Kokemuller, 2019).
Price- Pricing is an important component of the marketing plan, which contributes to the profits
of the company. The price set for the product should represent the value for the money. Before
deciding the price of the product it is necessary to do proper research. The factors on which a
company should focus before setting the price are-
 Price of a competitor's product
 Consumer buying behaviour
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 Low-cost service providers
 High-cost service providers
These factors should be reviewed by the company before setting their pricing strategy.
Pricing of ‘Forever Young’ has been also done after analysing the data collected during research.
It is expected that the company will maintain or lower its price for most of the product including
‘Forever Young’ (Išoraitė, 2016).
Promotion- it is the process of marketing by during which the company makes customers aware
of their products and services. It should be done by means of advertising and public relation.
Nowadays the company's strongly focuses on the advertising process as this is the process which
attracts the customers.
For the promotion of our product ‘Forever Young' company is using different methods of
promotion like social media marketing, paid advertising, public relations, billboards etc. under
social media marketing our product is being marketed on most of the social media platforms to
reach a maximum number of customers. For paid advertising company hired a celebrity for the
television advertising of our product. In print, media advertisement has been given for publishing
in major newspapers. Company is also organizing some conferences for maintaining good public
relations. Company is also providing some free samples to the customers as the tool of
promotion so that the customer can experience our product and tens to buy it from their own
(Kokemuller, 2019).
People- people in the process of marketing represent the members of the organization who are
involved in delivering the services to the customers. Therefore, the company should do
recruitment very efficiently. The company needs to find smart people with innovative ideas who
could work for the growth and development of the company (Išoraitė, 2016).
Process-this step of marketing mix looks after the system which is used to deliver the services to
the customers. Processes are the step where the delivery of the service is done to the customers.
It involves the actual delivery steps which the customers experience.
‘Forever Young’ also started a community website “Forever Young idea” to collect feedback and
suggestions from the customers. Our company operates through joint ventures with customer products
business partners (Išoraitė, 2016).
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Physical evidence- physical evidence includes all the tangible representation of the services such
as letterhead, brochures report format and equipment. When you think of sports, the names Nike
and Adidas comes to your mind. The market leaders of these companies established physical
evidence as well as the psychological evidence of the company. For the physical evidence of our
product and company, the company has issued business cards, brochures, business reports,
signage, letterhead etc. (Kokemuller, 2019).
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MARKETING ENVIRONMENT ANALYSIS
MISSION AND VISION
The mission statement of Beauty Giant is to develop high performance and quality cosmetics in
order to ensure complete customer satisfaction and establishing a pleasant working environment
to do best in order to contribute for the welfare of the society at local as well as the broader level
(Compact, 2015).
The vision of the Beauty Giant is to become a market leader in the cosmetic industry and known
for the quality of beauty products in the market.
INTERNAL (SWOT ANALYSIS)
SWOT analysis is the tool or method that helps the organization to evaluate and analyse its
environment and helps to review negatives and positives of the organization and industry in
which the organization operated (Gürel and Tat, 2017).
STRENGTHS WEAKNESSES
 Effective sales activities by understanding
customer’s needs and requirement better.
 Good quality products give the power to
attract new customers.
 Business models are effective and
differentiated that helps the organization to
emerge as a prominent player.
 Products of the company are made up of
organic and natural products that are safe
for all type of skins (Phadermrod, et al,
2019).
 Low market share as compared to other big
brands of the UK.
 Presence of the company is in limited
areas.
 A profit margin of the company is low.
OPPORTUNITIES THREATS
 Emerging market.
 Can enter the market of new countries
 Strong competitors are present in the
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where there is less and no presence of the
company.
 Opportunity to expand the product line and
can introduce new products in the product
mix.
 The high demand for organic and natural
cosmetics.
market.
 Dependency on third-party suppliers.
 Effective and competitive distribution and
advertising channel of competitors.
 Nature of the cosmetics industry is
dynamic(Phadermrod, et al, 2019).
EXTERNAL (PORTER FIVE FORCES)
Porter’s five-force model is the framework that enables the organization to analyse and identifies
five competitive forces that are key elements to shape any organization in any industry. This is
the framework that helps the organization to analyse itself in the competitive environment in
order to formulate an effective business strategy to gain competitive advantage.
Bargaining power of customers-This refers to the ability of customer of the organization to
affect the price of the products. The factors affecting this force are substitute products, the
dependency of the customer on the product, availability of purchasing information etc.This force
for Beauty Giant is high because there are so many substitute products are present in the market.
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BARGAINING
POWER OF
CUSTOMER
BARGAINING
POWER OF
SUPPLIERS
THREAT OF
NEW
ENTRANTS
THREAT OF
SUBSTITUTES
INDUSTRY
RIVALS