This paper will detail a strategic marketing plan for a new product that is ready to “go to market”. A strategic marketing plan is important when presenting a new product or service because it ensures that the maximum amount of profit can be obtained for the product. A good strategic marketing plan provides focus and helps to pinpoint opportunities. A strategic marketing plan incorporates an executive summary, target marketing, place, product, pricing and promotional strategies, and a distribution plan. Product New products need to be constantly introduced to keep up with the ever -changing demands of the consumer. New product introduction is vital to the overall welfare of any organization according to (Ledwith and O 'Dwyer …show more content…
They strive to deliver state-of-the-art products to stay competitive in tomorrow’s world of advanced technology. Objectives Objectives for new product launch should be quantitative and qualitative. Qualitative objectives can consist of awareness of the brand, brand image, and position of the product. Differentiating a new product is very important. The product must stand out from competitive products on the market. It is a good idea to advertise at least three things that makes the product different from others. The objectives should be made using the SMART principles. Specific, Measurable, Achievable, Relevant and Time-sensitive. Marketing objectives should be initiated because it ensures a way to measure the progress of the new product and point out the things that need to be changed. The marketing objective for the first year of introduction of Heaven’s Helper for Hair product is as stated: • Meet or exceed monthly sales target of 1000 products a month. (1000 product X $200.00 each =$200,000.00). • To achieve a 20% return on capital by the end of the first fiscal year, on December 12, …show more content…
The multi-channel distribution strategy allows both indirect and direct distribution methods to be used. Heaven’s Helper for Hair will sell directly to the consumer via their website and will also sell indirectly via beauty shops, beauty supplies and travel agents. Multi-channel can be successful because it allows customer the option of doing business the way they want to do it as told by Fan and Lu (2015). When using the multi-channel distribution strategy, it is a good idea to implement consistency in fundamental practices such as; having the same return or exchange policy if the product is purchased online or from a distributor. Heaven’s Helper for Hair will have a written agreement with distributors ensuring them they if a customer is not satisfied with the product, they are able to return it for a full refund within 48 hours of purchase with no questions
Belle Couleur¡¦s recognition of the constraints of the distribution channel and ability to respond to it would be another major strength. The main constraint in the distribution system would be the limited retail shelf space available to the numerous competing brands. The recent increased preference of retailers as the main choice of distribution for the several competing hair colorant brands has resulted in limited shelf space. So in order to accommodate the limited shelf space, Belle Couleur will introduce only fifteen shades of hair color in the Netherlands as opposed to twenty in France.
“Businesses keep this legacy alive by creating new products or consistently updating versions of the products they already sell. Anything new and improved, or rebranded, helps a salesperson who is creating a sense of urgency,” says Borja Obeso, Founder of Rebel
The beauty industry has great opportunities for companies wanting to profit from the growth and resiliency of the sector. Finding the right niche is important for becoming visible in the industry. Communicating the unique selling point to the target group will distinguish the company from the competition so it can survive. Also, product sales are needed to earn revenue beyond the service income. The success of Sugar Wax Salon will rely on its ability to offer a beneficial service, create the right products, and promote them to the right people at the right price.
Sally Beauty has a heritage as the first choice for professional cosmetologists and consumers alike because of the broad range of products. Their international presence offers Sally Beauty / BSG insight into fashion and beauty trends. It gives buyers and merchandisers a head start on obtaining the tools and products salon professionals need to create the latest fashion looks, as well as the products consumers use to maintain the look between salon visits. Beauty Systems Group stores, along with its outside sales consultants, sell up to 9,500
Key objectives when focusing on marketing, include profitability, finding and maintaining consistent employees or volunteers, and community involvement. Since objectives, are the measurements I will use to track my success, it is imperative I narrow those down as well. The plan to fulfill my objectives, or how I would measure these is by hosting events, adoption services and various other tactics advertising through the use of multiple marketing avenues and the return. Once action is put forth towards this key success factor, it will determine the strengths and weaknesses of the marketing plan designed to meet the
By following the strategy that I have given, we can monitor the sale of our product. Once we see an increase in revenue, we can increase our advertising campaign to directly penetrate household markets through TV and/or radio. All of these numbers and strategies seem to line up for a successful product.
Nowadays, people attach great importance to appearance. In order to meet different customer needs, each company in cosmetic retailer industry provides various beauty products to customers. Skincare, make-up, hair care products, body care products, perfumes, health and beauty supplements are included.
After studying the cosmetic market we can identify a series of needs in this market:
In this world, creating a new product, as good as it may be, is not enough. The success of any product, in this day and age, depends grandly on the way it is presented to the market. Marketing is responsible in assuring a successful launch of a product, new or reinvented, and to assure its sustainability in this competitive world. For those reasons, billions of dollars are spent each year on tools and strategies to improve marketing research and predict the success of a product: many marketing firms form focus groups, do trials and conduct many tests just to end up with a fairly high percentage of failures.
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
The main objective of this report is to develop and provide a sales and marketing plan for which the company will help to generate more profit and acquire more customers to patronize the product. This report will cover the period of 2016 to 2017 which will serve as guidelines that needs to follow of the employees, managers and management team to reach the desired goals and target for the company.
Based on the information provided in the L’Oreal case, Yue Sai struggled to grow and capture additional sales in the high-end Chinese cosmetics sector. In the past, L’Oreal attempted to position Yue Sai in several different ways which can be viewed as detrimental to the company image, showing uncertainty as the company struggles to see which positioning strategy will stick. The most recent positioning presented in the case, which desires to “deliver Yue Sai’s longstanding brand promise that ‘Nobody knows Chinese skin better than Yue Sai’”, allows the highest probability of success for the company capitalizing on countless fresh trends in Chinese cosmetics (6). The positioning statement would reflect this new strategy: “For the modern Chinese woman Yue Sai offers a line of high-end cosmetics. Unlike other high-end cosmetics Yue Sai combines traditional Chinese medicine and sophisticated technology adapted to the unique skin type of Chinese women.” Yue Sai saw reasonable success and hope in the new Vital Essential line which utilized traditional Chinese medicine and, therefore, resulted in above average repeat purchases. Continuing to focus the strategy around traditional Chinese medicine should benefit Yue Sai considerably. Another suggested strategy would be to wholly reposition Yue Sai, however this is ill advised. As stated in the case, Yue Sai tried numerous different positioning strategies, which ultimately provided no clear path strategy. Repositioning would show uncertainty in the company, lowering brand value in the eyes of the consumer.
There are many different approaches to the marketing planning process. The one most widely recognised is the SOSTAC model developed in the 1990’s by PR Smith. The model is straightforward and goes through the process of building a marketing plan, ensuring that all relevant factors are considered, without excessive and expensive detail. Finally looking at the practical issues of putting the plan into practice.
Mistine is still the number one cosmetic in Thailand and provides more than 6,000 products, which are divided into 5 groups (Mistine Cosmetics, n.d.). Mistine offers Body Care, Personal Care, Make Up, Fragrance, and Skin Care (Mistine Cosmetics, n.d.). All of their products are certified and produced through quality manufacturers (Mistine Cosmetics, n.d.). The distributor, Better Way Company, feels that because of its acceptance throughout the Thai market Mistine can become “number one in the heart of worldwide cosmetics users” (Mistine Cosmetics, n.d.). Better Way recently built a new “state-of –the-art” distribution center (Mistine Cosmetics, n.d.). It is being considered “one of the most advanced technological systems in South East Asia” (Mistine Cosmetics, n.d.).
There are many elements affecting to the success of a launching. The basic factor is to develop product that satisfies consumers’ demands and maintain the brand promise. However, consumers are not only looking for the quality of product but also concerning about the price, the promotion and so on.