(TIỂU LUẬN) FINAL REPORT MARKETING PLAN FOR COCOON’S VEGAN SHEET MASKS

THE MINISTRY OF FINANCE UNIVERSITY OF FINANCE – MARKETING FACULTY OF MARKETING - - Class: CLC_19DMA04 Course code: 2021702006004 FINAL REPORT MARKETING PLAN FOR COCOON’S VEGAN SHEET MASKS Major: MARKETING Specialized: MARKETING MANAGEMENT Ho Chi Minh city, July 3rd 2021 0 THE MINISTRY OF FINANCE UNIVERSITY OF FINANCE – MARKETING FACULTY OF MARKETING - - Class: CLC_19DMA04 Course code: 2021702006004 FINAL REPORT MARKETING PLAN FOR COCOON’S VEGAN SHEET MASKS Students group: Nguyen Thi Lan Nhi - 1921005588 Do Ngoc Thanh Ngan - 1921005543 Nguyen Thuy Nhu Khanh - 1921005461 Ho Chi Minh city, July 3rd 2021 0 CONTENTS List of Figures iii List of Tables iii Executive Summary iv Introduction Situation analysis 2.1 Market Summary 2.1.1 Analysis of vegan skincare industry in Vietnam 2.1.2 Industry trends .2 2.2 Macro Environments 2.3 Competitors 2.4 SWOT Analysis 3 Segmentation & positioning strategy 3.1 Market segmentation 3.2 Target Market 3.3 Positioning & Estimate market share .5 Marketing Mix Strategies 4.1 Product strategy 4.1.1 Five product levels 4.1.2 Product’s attributes 4.1.3 Value propositions product 4.1.4 Packaging product 4.1.5 Product support services 4.2 Pricing strategies 4.2.1 Penetration pricing .8 4.2.2 Bundle Pricing .9 4.2.3 Promotional Pricing .9 4.3 Distribution strategy 4.3.1 Online shopping website & Cocoon Vietnam official website i 0 4.3.2 Agency 4.3.3 E-commerce 4.3.4 Marketing communications strategy 10 4.3.5 Advertising 10 4.3.6 Sales promotion 10 4.3.7 Public Relations 10 4.3.8 Direct marketing 10 Action plan 10 Financials 13 Controls .13 Conclusion 13 References a Appendix c Appendix 1: Porter’s five forces c Appendix 2: Key success factors .d Appendix 3: Competitors analysis in Vietnam vegan sheet masks e Appendix 4: SWOT for Cocoon’s vegan sheet masks f Appendix 5: Five products level g Appendix 6: Financial paper h Cost Forecast h Break-even analysis h Expected profit h Appendix 7: Expense budget i Appendix 8: Survey questions and results j Appendix 9: Member’s group work assessment .n Appendix 10: Plagiarism Check Report o ii 0 LIST OF FIGURES Figure 1: Conceptual map for vegan sheet masks in Vietnam skincare industry Figure 2: Packing of Cocoon’s vegan sheet masks Figure 3: Elastic demand of Cocoon’s vegan sheet masks .9 Figure 4: Timeline summarizing marketing activities 2022 10 Figure 5: Budget for promotion activities of the first year .i LIST OF TABLES Table 1: SWOT analysis for Cocoon Vietnam Table 2: Market segmentation of Cocoon’s vegan sheet mask .4 Table 3: Analyze competitors price iii 0 EXECUTIVE SUMMARY The purpose of this report is to provide a marketing plan for the launch of Cocoon's vegan sheet masks in the Vietnamese market We implemented an online survey with 30 samples to make the plan more objective Vegan cosmetic brands are increasingly present in the Vietnamese market, and Cocoon Vietnam is one of them Cocoon is the first Vietnamese cosmetic brand approved by Leaping Bunny - Cruelty Free International to commit to not testing on animals The SWOT analysis shows that Cocoon is also a formidable competitor compared to the long-standing and famous vegan cosmetic brands in the Vietnamese market Next, we can compete effectively with other sheet masks because we save on raw materials and research on essence by inheriting the formula from the jar masks that the company has launched before But in terms of sheet mask production, Cocoon is still quite young compared to other brands because this is our first time launching this product Besides, because of the impact of the COVID-19 pandemic, it will cause difficulties in the product production process, as well as the pandemic making people not interested in beauty needs In terms of market segmentation, 17-24 years old women and men are selected for our targeting market, to take advantage of young people's growing interest in environmental protection lifestyles This target group has average disposable income and their lifestyle and behavior that they are increasingly concerned about social issues such as the state of the environment According to the positioning map, Cocoon will position itself at a lower price than other brands to gain a competitive advantage as well as match the company's target segment Marketing goal: 35% of brand awareness will be achieved Gross Profit Margin 2% will be achieved in 1-year period The financial goals are to achieve the company's first year revenue of billion VND, keep the break-even in the first year and increase the profit margin to 10% by the beginning of the second year To achieve the desired, strategies include product & brand strategy, service, pricing, distribution and communication To achieve the desired, strategies including product and brand strategy, service, pricing, distribution and communication are implemented and controlled strictly and correlated with each other iv 0 INTRODUCTION Cocoon is a 100% pure cosmetic product with a clear source, safe for the skin, absolutely not tested on animals and vegan registered by The Vegan Society - a longstanding educational charity around the world, providing information and guidance on various aspects of vegan living Brand's desire is always to bring nutritious and useful cosmetics from nature to their customers So, to take a new step forward and create a new opportunity for Cocoon, the brand will launch Cocoon's vegan sheet masks The scope of this report is based on research on the skin care and face mask industry in Vietnam Mission: “Bringing you healthy, youthful and vibrant skin from simple and close ingredients that you eat every day.” Marketing Objectives: - Coverage at more than 300 current retail stores of Cocoon - When mentioning Cocoon, customers will immediately think of the leading number of vegan cosmetics in Vietnam - Increase 35% brand awareness among target customers Financial Objectives - Revenue is expected to reach billion VND in its first year of launch - Reduce advertising and communication costs each quarter while retaining potential customers SITUATION ANALYSIS 2.1 Market Summary 2.1.1 Analysis of vegan skincare industry in Vietnam Industry revenue and growth Vietnam skin care products market size reached $854.3 million in 2019 and is expected to reach $1,922.4 million by 2027, achieving a CAGR of 11.7% from 2021 to 2027 The skin care products market has an opportunity to increase revenue by $1,154.25 million between 2020 and 2027 (Kale & Deshmukh, 2020) Rising disposable income and growing young population are the key factors driving the product market Vietnamese skincare products grow In which, the most potential customer segment in the future is Generation Z, accounting for 39.08% of the total population Overall, these factors have increased the demand for skincare products by domestic consumers Industry Attractiveness Porter’s five forces model is applied to analyze the sheet masks industry’s attractiveness in Vietnam Appendix 1, it shows that the nature of competition in sheet masks industry contributes to a fast pace movement in Vietnam Hence, the sheet masks industry is considered to be attractive as the industry is expected to continually grow 0 2.1.2 Industry trends First, cosmetic and skincare industry has been growing significantly along with the rapid improvement in living standards in Vietnam Consumer tastes and preferences with growing disposable income raise the level of sophistication towards premium skincare products Premium brands become more attractive, while mass skin care products decline Skincare producers have to increase their production volume to serve the demand (Euro monitor International, 2018) The key success factors (KSF) for sheet masks industry in Vietnam is provided in Appendix 2.2 Macro Environments The external forces must be considered in Vietnam's sheet mask industry PESTLE analysis is applied to analyze six factors as follows: Political Analysis The current stable political, social and security environment has created good conditions for business activities of pharmaceutical and cosmetic enterprises Economic Analysis According to The World Bank (2021), Vietnam's economy in 2020 is less affected by the Covid-19 pandemic thanks to the Government; The Prime Minister together with the efforts of the people and business community to implement pandemic prevention But around mid-2021, the situation of the Covid-19 epidemic became increasingly complicated and difficult to control This affects people's disposable income, leading to a decrease in the consumer price index This is a disadvantage for the skin care industry as well as Cocoon Vietnam, because when disposable income is reduced, consumers will be less concerned with beauty needs Social Analysis In general, Vietnamese people have the psychology of buying foreign goods not only because of the quality and design but also the brand reputation of foreign businesses, and at the same time, Vietnamese goods have not yet created trust among consumers for many reasons In the minds of young people of the 9x, 10x generation, Vietnamese cosmetics are images of poorly advertised cream mixes, and cosmetics of unknown origin widely sold on the market This has greatly affected the confidence of Vietnamese consumers This is a concept that adversely affects Cocoon, especially those directly related to skin care products Technological Analysis Elements of advanced and modern cosmetic production lines will be an important basis to help cosmetic manufacturing and processing units get the best quality products, bringing high efficiency to consumers Cocoon products are born in a modern, closed line, meeting the standards according to cGMP of the Ministry of Health of Vietnam Environmental Analysis Vietnam's climate is hot and humid, with monsoon natural disasters frequently occurring This greatly affects the preservation and transportation of Cocoon's products 0 On the other hand, air pollution in Vietnam is quite serious and working outdoors or in front of a computer for a long time, ultraviolet rays and computer radiation are very harmful to the skin Therefore, it is very important to take care of the skin to protect the skin Legal Analysis Decree 93/2016/ND-CP stipulating conditions for cosmetic production This is considered an advantage for the pharmaceutical-cosmetic business in general and Cocoon in particular, when meeting the Government's regulations, consumers will trust the products produced by Cocoon Decree 98/2020/ND-CP stipulating penalties for administrative violations in commercial activities, production and trading of counterfeit and banned goods and protection of consumers' interests This is both beneficial for consumers to avoid counterfeiting and to avoid losses to Cocoon 2.3 Competitors Appendix details a description of Cocoon's direct competitors Cocoon's indirect competitors are mask brands that, although not vegan, still meet the skincare needs of customers brand well-known competitors in the Vietnamese market are Vedette, The Face Shop, Naruko, and Mediheal 2.4 SWOT Analysis SWOT analysis is indicating the combination of Market strength, weakness of the company and opportunity, threat of the competitors in the competitive market of the world Details of the product's SWOT will be mentioned in Appendix Table 1: SWOT analysis for Cocoon Vietnam Strengths Weaknesses - Cocoon is also considerable competition - New brand, unfamiliar with some compared to other celebrated and long customer parts standing vegan cosmetic brands in - Have not advertised the product Vietnam market widely - Cocoon’s products gain cGMP standards of the Ministry of Health of Vietnam and certified “Animal test-free & Vegan” by PETA - Cocoon is the first Vietnamese cosmetic brand to be approved by Leaping Bunny - Cruelty Free International's commitment to not testing on animals - Dense distribution network with up to 300 sales points at Watson, Guardian, 0 Hasaki website, even e-commerce platforms, etc Opportunities Threats - Cocoon was born in the era of increasingly advanced technology to ensure product safety and cost savings - The 9x and 10x generations in Vietnam are increasingly leading a more active and modern lifestyle, easily accepting new things as well as new brands like Cocoon - The environmental situation is increasingly alarming, so the ecofriendly lifestyle is on the throne - Air pollution, ultraviolet rays and computer radiation motivate people to put more effort in taking care of their skin - The negative impact of the Covid19 pandemic will make some people no longer interested in skinning care - Because of incalculable appearance of unknown origin skin care products from Vietnamese businesses, Cocoon will be equated with those brands - Vietnam's climate is hot and humid, and monsoon disasters often occur that significantly affects the preservation and transportation of Cocoon's products SEGMENTATION & POSITIONING STRATEGY 3.1 Market segmentation Market segmentation could be classified by four segmentation variables; geographic, demographic, psychographic and behavioural segmentations Table 2: Market segmentation of Cocoon’s vegan sheet mask Segmentation Segment A Segment B Segment C Demographic Age 17-24 Gender Life-Cycle stage Income Young, high school kids and university students Limited income 25-35 Female & male Single, in labour force or/and newlyweds High disposable income 36-65 Mature women and men with family and children Higher disposable income and wealthy Geographic Vietnam Location Psychographic Lifestyle Prefer more radiant skin and Active, Modern 0 Prefer brands that provide expert REFERENCES ATPMedia (2021, June 15) Mỹ phẩm chay xu hướng giới trẻ 2021 List.vn https://list.vn/my-pham-thuan-chay-la-xu-huong-moi-cua-gioi-tre-2021/ CHĂM SÓC DA (n.d.) 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The market size of Vietnam's retailers is the highest compared to other countries in the ASEAN region, showing the growing economy and demand of customers and the demand for many new products - The community is harsher and harsher in making purchasing decisions, condemning products of unsafe origin, environmental pollution, testing on animals - It is not too difficult for new businesses to access necessary inputs in the production - Increasing competition, availability and convenience of products have given buyers in this industry high power - The variety of skin care products from home and abroad - Customers are in a position to influence the price of the product which makes it difficult to maintain the long-term profitability of the business - More and more distributors online - There are no major differences in industry inputs - Large supply in the industry - The presence of products that substitute inputs and the impact on costs is not high - The demand for the number of facial services at spas and beauty salons is increasing, but the price is high - The level of competition among competitors in the industry is high - Consumers easily switch brands c 0 Level High High Low Moderate High Appendix 2: Key success factors The key success factors (KSF) for the sheet masks industry in Vietnam involve the following aspects Key success Descriptions factors Positioning and relationship with the consumer Sheet masks producers require consistently delivering good products and services in order to create and maintain good relationships with customers and thereby gaining consumer preferences Vietnam consumers generally look for high-quality products that fit their needs Thus it is important that brands to be well positioned in the consumer’s mind Distribution channel Three major distribution channels for sheet masks brands include luxury department stores, spas and online distributions Shopee and Lazada are major websites that provide multiproduct, especially skincare and cosmetic products Advertising also play important role in KSF Advertising on Advertising billboards (eg magazine) is always an effective and useful communications tool Also, advertising on broadcasting media and television, press radio and outdoor event are also beneficial The most popular social media such as Facebook and Instagram Social Media are used for sharing information Most brands use this distribution channel to communicate with their customers Customer care plays a very important role in a consumeroriented marketing strategy In the field of skincare and beauty, Customer satisfaction the level of competition between enterprises is becoming increasingly fierce Business must understand the great power of customers which to create value and sustainable development for brand d 0 Appendix 3: Competitors analysis in Vietnam vegan sheet masks Price Klairs The Body Shop Innisfree 62,000 VND 139,000 VND 33,000 VND Franchising Strategy Strengths - The main ingredient is extracted from natural ingredients with cleansing and antibacterial factors to help eliminate acne-causing bacteria - Developing products according to the trend of sustainability, environmental protection - Developing products according to the trend of sustainability, environmental protection - The price is a bit high compared to students - Expensive Weaknesses - Diverse products, solving many skin care problems for customers - Empowering women, more than 72% of their employees and franchisees are women - Supply of raw materials - unstable materials - New law banning animal tested products could increase competition by marketing this policy e 0 - Low average price - Use ecofriendly campaign - Product contains organic ingredients - Recycle containers - High selling price due to high production cost Appendix 4: SWOT for Cocoon’s vegan sheet masks Strengths Weaknesses - Cocoon's sheet masks make use of input natural materials, technology and characteristics of jar masks jars released previous That make the cost is lower than other brands Therefore, Cocoon ensure revenue and profit of the unit will increase rapidly in a short time - Company is not as experienced as competitors who have been releasing sheet masks for a long time - Lack of brand awareness - No reputation in the sheet masks industry like other brands (Klairs, Innisfree, The Body Shop) - Serve many different audiences: both men and women can use Simultaneously, types of sheet mask meet different needs for each individual skin type - Gain cGMP standards of the Ministry of Health of Vietnam and certified “Animal test-free & Vegan” by PETA - Sheet masks with convenient usage and faster and more timely results than jars masks Opportunities Threats - Air pollution, motivate people to put - The Covid-19 pandemic affects input more effort in taking care of their skin by prices, causing difficulties for means of cleansing sheet masks transport and preservation product, etc - Busy social life makes people need a Besides, the decrease in disposable quick skin care product like sheet masks income of consumers leads to their lack of interest in skin care needs - The environmental situation is increasingly alarming that motive people use vegan sheet masks f 0 Appendix 5: Five products level Figure 5: Image of Tet combo packaging for Cocoon’s vegan sheet masks g 0 Appendix 6: Financial paper Cost Forecast Estimated per-unit variable cost Packing, packaging 2,000 Cellulose 2,100 Essence 3,400 Marketing Total 7,500 15,000 Estimated Year Fixed cost Production line 750,000,000 Salaries 1,050,000,000 Depreciation 400,000,000 Research 300,000,000 Packaging design 25,000,000 Other fixed costs 675,000,000 3,200,000,000 Total Break-even analysis The break-even analysis indicates that 6.2 billion VND will be required in sales revenue to reach the break-even point: Break-Even Analysis Year units break-even 200,000 Year sales break-even 6,200,000,000 Asumptions Average per-unit revenue Average per-unit variable cost 31,000 15,000 Estimated Year Fixed cost 3,200,000,000 Expected profit First year Price Fixed Cost Per-unit variable cost Units sold Expected Revenue Cost Forecast Expected Profit Gross Profit Margin 31,000 3,200,000,000 15,000 209,677 6,500,000,000 6,345,155,000 154,845,000 2% h 0 Appendix 7: Expense budget Figure Budget for promotion activities of the first year Unit: 1,000,000 Q1 Ads on social network Ads for posts Ads at 300 sales branches Giveaway KOLs Post and advertise 20 Influencers “Review Cocoon sheet masks draw to receive attractive gifts” 125 20 20 20 Total 700 20 Q2 20 Total 470 20 Total 230 Q4 10 11 12 20 20 20 20 20 20 25 25 25 25 25 25 450 65 30 250 10 30 Target to sell 200 units/mask at each branch Sponsor gifts for envent Ads on ecommerce channels Q3 30 30 30 30 30 30 30 30 "Year-end gift giving" program on ecommerce i 0 Total 200 Appendix 8: Survey questions and results j 0 k 0 l 0 m 0 Appendix 9: Member’s group work assessment SOCIALIST REPUBLIC OF VIETNAM Independence-Freedom-Happiness MEETING MINUTES OF ASSESSING THE COMPLETION OF WORK Time: Saturday, July 3, 2021 Meeting: Online Members present: Full Members absent/Reason: No member is absent Chairperson of the meeting (Group leader): Nguyen Thi Lan Nhi Secretary of the meeting: Do Ngoc Thanh Ngan The evaluation results are agreed and summarized as follows: STT Name Student code The degree of completion of work (%) 01 Nguyen Thi Lan Nhi 1921005588 100% 02 Do Ngoc Thanh Ngan 1921005543 100% 03 Nguyen Thuy Nhu Khanh 1921005461 100% Meeting ends at 10:00 a.m on the same day Secretary Group leader Ngan Do Ngoc Thanh Ngan Nhi Nguyen Thi Lan Nhi n 0 Appendix 10: Plagiarism Check Report DOCUMENTATION INFORMATION Authors Do Ngoc Thanh Ngan Nguyen Thi Lan Nhi Nguyen Thuy Nhu Khanh Document name MARKETING MANAGEMENT FINAL REPORT Time 30-06-2021, 16:44:51 Report creation time 30-06-2021, 16:45:44 PLAGIARISM CHECK RESULTS Điểm Nguồn trùng lặp tiêu biểu [text.123doc.org, 123doc.org] o 0 ... FINANCE UNIVERSITY OF FINANCE – MARKETING FACULTY OF MARKETING - - Class: CLC_19DMA04 Course code: 2021702006004 FINAL REPORT MARKETING PLAN FOR COCOON’S VEGAN SHEET MASKS Students group: Nguyen... for the purchase of sheet masks FINANCIALS Total first-year sales revenue for the Cocoon’s vegan sheet masks is projected at 6,5 billion Break-even calculations indicate that Cocoon''s vegan sheet. .. Plagiarism Check Report o ii 0 LIST OF FIGURES Figure 1: Conceptual map for vegan sheet masks in Vietnam skincare industry Figure 2: Packing of Cocoon’s vegan sheet masks Figure