Marketing Management
The cosmetics industry and market continually change to present players in the field with new opportunities and threats. In the context of the dynamic and competitive industry, Estee Lauder is seeking to introduce a new product line to better serve the changing needs of customers. The new product line would be sold with the Beautiful fragrance and would be distinguished by the fact that it is based on components such as antioxidants, peptides, minerals or growth hormones. The Beautiful product line addresses women in the baby boomer category and they target issues of skin rejuvenation.
The success of the new campaign and product line is based on the identification of all threats, opportunities, strengths and weaknesses. Upon the assessment of these features, two important issues are derived -- the barrier raised to the specific market segment by the cost, and the potential threats pegged to distribution channels. The future success of the campaign and the product line is directly linked to the ability to address these issues, and this is why the marketing campaign is crafted so that it answers these specific problems.
The campaign is expected to retrieve positive results starting from the first year of retail, and an important component of this triumph would be played by the precise and dedicated control system.
2. Current marketing situation
The cosmetics industry is a highly dynamic and competitive industry, often characterized by maturity and steadiness. The cosmetics industry is mature due to the presence of numerous players in the industry and the fact that the presence and market shares of the leading firms is undeniable and suffers few modifications. In terms of steadiness, the cosmetics industry provides established companies with the benefit of constant demand due to the commodification of cosmetics products (their transformation from luxurious items into daily commodities).
The primary consumers of cosmetics products are the women, of all ages and belonging to all income categories. The consumption of cosmetics products has been gradually increasing throughout the recent past, and this is due to the fact that there is an intense pressure on the representatives of the female gender to stay young and to look beautiful for as long as possible.
The cosmetics industry has also been impacted by the changing consumer demands. The needs of customers develop rapidly and some notable examples in this sense include new demands for the cosmetics products to be safer for users, to have higher qualities, to not have been tested on animals or to be friendlier towards the environment.
The manufacturers of cosmetics products must as such operate in a manner in which they satisfy the complex needs of their clients. And aside from the clients, they also have to respond to the requests of other stakeholder categories, such as the threats or strategic developments of the competition, or the regulations imposed by governments and other regulatory institutions (Panalytical, 2011).
The macroeconomic environment in which Estee Lauder operates is highly intricate and the company has to respond to these challenges to the best of its abilities. One important feature of the macro environment is represented by the changes developed in technologies. This brings about a situation in which the firm has to investigate new technologies and allocate new funds to the purchase and usage of newer technologies.
From a strictly economic standpoint, the issue to consider mostly is represented by the internationalized economic crisis which is affecting the global consumers and restricts their buying power. The disposable incomes are as such decreased and the demand for cosmetics products could subsequently be negatively affected.
In this dynamic and quickly changing environment, Estee Lauder sets out to launch a new product line, addressing specifically the women in the X and Y segments, but mostly emphasizing on the female baby boomer consumers. The products in the Beautiful line address them as they promise younger and healthier looking skin and the identification of this distinctive market segment increases the success rates of the company by adequate resource targeting (Franklin).
Specifically, the Beautiful product line is composed from age-defying products, oil free and with SPF induced. These items are mineral based; they integrate antioxidants, and peptides. Additionally, aside from all these, the products in the Beautiful line also include growth hormones, which stimulate the cellular regeneration and the restoration of vitality. The products are expected to be groundbreaking, even more so when they would be introduced alongside with the Beautiful fragrance. Ultimately, from a marketing standpoint, the items are luxury products, meaning as such that the customers they...
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