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CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM Độc Lập – Tự Do – Hạnh Phúc PRINCIPAL OF MARKETING PROJECT REPORT GROUP NAME: THE GROUP CLASS: Q0D1 GROUP MEMBER: PHẠM THỊ THU HƯƠNG NGUYỄN HUỲNH ANH THƯ NGUYỄN VŨ MINH THƯ LÊ CHIÊU ANH THƯ ĐỖ LÊ ANH THƯ LECTURER: NGUYỄN NGỌC ĐAN THANH PROJECT: BODY MIST I/ MACRO ENVIRONTMENT 1) Economic environment: 2) Natural environment: 3) Technological environment: 4) Legal environment: 5) Social and cultural environment: II/ MICRO ENVIRONMENT 1) Customer markets: 2) Resellers: 3) Suppliers: 4) Competition: Body mist market: Competitive landscape: 5) Publics: VI/ MARKETING ANALYSIS 10 10 1) Gender: 10 2) Age: 11 3) Preferences: 11 VII/ MARKETING MIX: 12 1) Product: 12 2) Price: 14 3) Promotion: 15 4) Place: 16 VIII/ BUDGET 16 1) Cost: 16 2) Target: 17 IX/ MARKET SEGMENTATION 17 1) Segmentation: 17 2) Targeting: 18 3) Differentiation: 18 Innovation: 18 Service pre-sale and post-sale: 19 4) Positioning: 19 X/ CUSTOMER VALUE AND RELATIONSHIP 20 I/ MACRO ENVIRONMENT 1) Economic environment: - Compared with previous years, the average GDP has increased to 2,000 USD / person, the GDP growth will stimulate spending increase, creating more opportunities for businesses to attract stronger customers Only when an economy grows steadily and strongly, people's income is getting higher and higher, and material life is guaranteed, the necessities of daily life such as food, accommodation, study, the people's entertainment activities are fully met, the need towards beauty, the need to use body mist to assert their own style, the need to donate high-class cosmetics such as Body Mist increase 2) Natural environment: - Vietnam is a country with many favorable geographical locations that can be invested to get raw materials from the nature Besides, it is also impacted of COVID-19 on Body Mist Market Impact on shopping and out-of-home activities due to coronavirus COVID-19 among urban citizens in Vietnam in 2020 Source: https://www.statista.com/statistics/1102863/vietnam-impact-on-shopping-aftercovid-19-outbreak/ - After the COVID-19 outbreak, also commonly known as coronavirus, around half of the Vietnamese citizens in urban areas reduced their frequency of visiting a supermarket, grocery store or wet market The same survey showed that the majority of the respondents have changed their consumption behavior with regards to entertainment activities and travel plans as well Because of that, we focus on selling online - The ongoing pandemic has prompted people to prioritize their health and hygiene practices, and public awareness has grown This has resulted in an indirect effect on the consumption of body mist as they give a fresh feel and thus, provide a hygienic feeling to the consumers The sudden shock due to the pandemic has also caused a drop in the body mist market The increased emphasis on health and hygiene has led to the rapid growth of the industry, both in revenue and size However, the growth has been more significant than the fall, which has resulted in the net increase of the industry - There has been a slowdown in the production process due to lockdown in different countries Moreover, travel restrictions have ended up causing a downturn in the market and hindered exports However, the industry has quickly picked up pace in growth of the industry The body mist market is forecast to grow further in value and size during the forecast period 3) Technological environment: - The body mist manufacturing industry has a great impact on the development of science and technology because body mist is a product that expresses the luxury, meets the needs of beauty and asserts its own style Quality, natural scent are the top factors These factors depend entirely on machinery, technology and advanced technology - The product substitution of body mist is very high Body mist products are easy to be replaced by other products that incorporate scent if the quality of body mist is not good or the fragrance does not suit consumers' tastes This is also a factor affecting the body mist manufacturing industry 4) Legal environment: - The beauty product business is one of the sectors that have a peak trend The Government has issued many resolutions to create favorable conditions for businesses to invest in Vietnam, July 1/2016, the Government issued Decree No 93/2016/ND-CP regulating cosmetic production conditions, creating many advantages for cosmetic production and trading enterprises Since then, the competitive environment of body mist has become more and more fierce 5) Social and cultural environment: - The structure of the population living in urban and rural areas in Vietnam People living in urban areas are mostly have relatively high incomes, so the preference for body mist products is to favor foreign products For them, product quality is the top factor As for rural people, the need to use body mist is lower, when buying products, they often pay attention to the price factor So, this is also a factor that greatly affects the body mist manufacturing industry in Vietnam II/ MICRO ENVIRONMENT 1) Customer markets: - Over the past 10 years, cosmetic industry has increased by 10-20% total cosmetic sales are about $1B - Our target customer: Age 18-25 => Their economic class locates in low class But they are willing to pay for cosmetics - Young consumers rarely look online for information about products, but mainly to visit them in order to make a purchase, compare prices, and read the opinions of other consumers - Internet usage continues to grow and expand into new areas of life One of the most impacted groups of the virtual world is a group of young people who grew up in an environment open for personal computers, the Internet and mobile technologies Modern technologies make major changes in the behavior of today’s youth How they spend their free time, has influenced their purchasing trends New media in the goods market allow you to overcome virtually unlimited time and space, thus providing consumers with the opportunity to purchase products from all over the world without leaving home Progressive changes in the behavior of young consumers are particularly important for businesses that cater to this segment of customers Internet, which is the fastest growing medium without a doubt becomes an area for action and opened wide opportunities for communication with the consumer, and how to provide them with sufficient, personalized offers The strong influence of the Internet on the lives of young people and trends that are the consequence of market behavior, should encourage companies to build relationships with young consumers through the virtual world 2) Resellers: - Resellers, such as Shopee, Lazada or AEON mall are distribution channel businesses that help company find customers or make sales to them 3) Suppliers: - We found a perfect partner to provide us natural essential oils, Vimax Pharmaceutical and Chemical Company Limited The company has a variety of types, with a team of experts in natural oils and outstanding quality - When it comes to plastic bottles, Phu Hoa An company is definitely a great choice They also have a wide range of plastic bottles - Printing is an important part for our products so we chose Lam Hong Printing Company Limited to support us with printing logo and designs on the Body mist bottles 4) Competition: Body mist market: - The fragrance market is highly fragmented with both international and national competitors Victoria’s Secret, Bath&Body Works, Christian Dior, Estée Lauder, dominate the market with the help of major strategies, including acquisitions, expansions, and product launches The rest of the market is occupied by small businesses, who are specific in manufacturing various personal care and cosmetics products - Companies compete on different aspects, including product offerings, price, ingredients, and marketing activities in order to gain a competitive advantage in the market Key players are focussing on the online distribution channels for the online marketing and branding of their products to attract more customers Some of the other prominent businesses in the market are Shiseido, Chanel, Hermès International,… MAJOR BUSINESSES: Christian Dior Estée Lauder The Body Shop Victoria’s Secret Bath&Body Works Competitive landscape: - In August 2018, Christian Dior launched a new women’s fragrance Joy de Dior, nearly 20 years after the launch of its first perfume for women, J’Adore The new fragrance is created by Dior’s exclusive fragrance designer Franỗois Demachy and embodied by the US actress Jennifer Lawrence - In April 2019, Victoria’s Secret, a leading player in body mist market, launched a limited-edition, summer-themed scent, ‘Bombshell Paradise Eau de Parfum’, a new addition to the brand’s signature, award-winning Bombshell fragrance collection It also includes a Fragrance Mist, Rollerball, and Velvet Body Cream - In March 2019, in honor of Nation Fragrance Day, Bath & Body Works announced the launch of its newest fragrance – Gingham – created by Firmenich master perfumer Honorine Blanc Gingham is the latest addition to the company’s extensive portfolio of some of the world’s most iconic and exclusive fragrances, ranging from Cucumber Melon and Japanese Cherry Blossom to Rose and In The Stars SWOT ANALYSIS STRENGTHS Offering customization to customers An affordable price Using friendly and natural ingredients such as recycle plastic that helps WEAKNESS Brand awareness Difficult to obtain materials at wholesale prices Only sell product which is carved their initials on in flagship store protecting the environment Use of Ecofriendly campagns OPPORTUNITIES Create more scents Maintain better standards of quality THREATS Competition from big fragrance brand such as Victoria’s Secret, Japanese Cherry Blossom, The Bodyshop, Advertising with social networking technology and social media Affilate program (Shopee, Lazada, …) Being copied by competitors Change in purchasing habit and drop in demand Growth of target market ( upperclass, middle age ) 5) Publics: - Scent Care is newly established brand, we need a steady amount of capital This amount of capital will be influenced by investors, banks and farms providing fuel, research So we need to carefully identify the partners of the stations Here are the partners with the most potential for cooperation: Techcombank Vimax Pharmaceutical and Chemical Company Limited Phu Hoa An Company Lam Hong Printing Company Limited - In addition, we also have to create relationships with newsletters, articles, blogs, magazines, … First, we should create a fan page on Facebook, Instagram and a website Next, we will contact major magazines to ask them to write an introduction and review of our products - One thing to keep in mind is that government rules and regulations must be updated on a regular basis in order to determine the best means of product development 10 VI/ MARKETING ANALYSIS 1) Gender: - According to our research, the number of men did the survey are higher than women 2) Age: - People who did our survey are mostly in the age group from 18 to 25 years old 3) Preferences: + Scent 11 - It is obvious that people prefer using gentle and natural scents + Price This is the percentage of preferable prices we gathered from our research: No use - 200-300 Over 300 Under 200 The average price that people are pleased to pay is around 200.000 to 300.000 VND 12 VII/ MARKETING MIX: 1) Product: - The company’s name comes from the use of the product, SCENT CARE A Body Mist that not only hydrates your skin but also makes your hair softer and silkier (Fragrance for body and hair mist) With a simple slogan “Scent for your life” which is perfectly fit with our company’s orientation that is to bring the best experience for the customers, the products that can be used in every occasion and also eco-friendly - Combining body spray with hair conditioner or specialized hair care products However, it's not just spraying it on your hair To achieve optimal hair spray, reduce tangled hair, and also to make the scent stays longer, before spraying you need to brush your hair thoroughly, then gently massage your hair with your hands This will help your hair to absorb the nutrients in the spray bottle Orange Peach: Soft, sweet scent - just like you'd smell on a baby Deep Ocean: The scent is a unisex scent The ideal fragrance option for those that prefer that just-out-of-the-shower fresh smell 13 Jasmine Green Tea: The light scent that brings you a real summer feeling with its special mix of flowers, tea and wood This fine spray is also suitable for your surroundings with its delicate aroma so don’t hesitate to use it as room fragrance Starry night: This is a lovely, unique and gracious scent The fragrance itself unfolds like a distinguished lady, subtly, never loses her allure She is very mature, knows her way around a man but never gives away her secret Rose's pomegranate: The combination of all the scents above, creating a clean tantalizing citrus scent that is calming and relaxing PACKAGING: The brand focuses on simple packaging of every product 14 Different tones of color with eye-catching packaging, each unique in style and design It is very handy, attractive, decent and simple Ensure that 100% of our plastic packaging is designed to be fully reusable, recyclable or compostable Fresh outlook, simple, and friendly with nature The take-away bag is made of paper, easy to disintegrate 2) Price: - First, the company adopts a psychological pricing strategy to impact the customers emotionally Because most of the customers psychology will rely on the first number of prices to make a purchase decision The goal of this strategy is to increase demand by creating an illusion of value for consumers With a psychological pricing strategy at 229.000VNĐ, instead of rounding to 230.000VND consumers also buy more products 15 - Second, our company will apply a bundle pricing strategy, with this strategy our company will offer lower prices of products when customers buy multiple products at the same time Bundle pricing gives customers a feeling they are getting a lot with that amount of money Combo price when buying bottles at a price of 439.000VND 3) Promotion: - Mass communication can be utilized through the use of free-to-air television, radio, newspapers and magazines, as well as other methods like cinema and outdoor advertising All its campaigns revolve around the central theme of Seduction where girls make the first move It has, absolutely, subliminal implications The brand assumes that men want to be seduced That feeling gives a big boost of self- confidence to a man - While many brands have attempted this, Scent Care has perfected it In the majority of Scent Care commercials, just very average skinny people are attacked by beautiful ladies As a result, the brand becomes more approachable It helped to make the brand more attractive 3.1 Product marketing within month in which gift program applies - The company will hire salespeople and have manager for operating main store - employess will respond and advise online consumer via Facebook, Instagram, Shopee, - Consumers can take advantage of the promotion by purchasing one commodity at a discounted price of 229.000VND and receiving one crunchies If they purchase a combo, they will receive a good deal, paying just 439.000VND and gift is one mask 3.2 Hiring a KOL for reviewing our product - A KOL will make a short video about our product and post it on Facebook, Tiktok, and Instagram 4) Place: - The process of efficiently making and effectively serving the product to the final consumer requires a marketing logistic network Essentially, the physical 16 distribution of the proposed products should convey through a series of intermediaries as a fast-moving consumer good, typically purchased by consumers Everywhere the product is capable of selling is developed an in-store communication through educating retailer staff to be aware of competitors also the promotion campaigns for Scent Care products, as well as providing special promotional information about products and potentially, increase sales Places where we can find the product to purchase it: => Websites: www.shopee.vn www.lazada.vn www.tiki.vn www.scentcare.vn => Social media: Facebook & Instagram: ScentCareVN - First: We plan to rent a place for the store in Le Van Sy Street of District This is a busy street with big fashion shops and restaurants, so if we rent space here, it will attract many potential customers The main store that distributes all of the brand’s products to retailers or ships directly to customers wishing to order online - Second: In addition to direct selling, we also have sales channels on Facebook, Instagram and Shoppe In these sales channels we will post offers for new products and types of purchases We will support customers through online consulting, receiving comments and ordering online for customers - We not have a stable partner for retailers, so there will be a plan and policies in place for them For the time being, we continue to apply wholesale prices and discounts to them - And for the online delivery, we will cooperate with a joint stock company “Giaohangtietkiem” to send the products to the customers VIII/ BUDGET 1) Cost: - Hire sales staffs: 3,000,000VND/person TOTAL: 12,000,000VND/ months - KOL: 17 + Tiktoker Bong Tim 20,000,000VND TOTAL: 20,000,000VND - Gift cost: + Scrunchies: (200 x 3,000) =600,000VND + Mask: ( 100 x 15,000 ) =1,500,000VND TOTAL:2,100,000 VND - Advertising on Facebook, Instagram, Shopee: 7,000,000 VND/social media TOTAL: 21,000,000 TOTAL ALL: 55,100,000VND 2) Target: Target at store: Within months will sell atleast 200 products Revenue: 45,800,000VND Target selling through Shopee, Lazada, Tiki is 200 products within months Revenue: 45,800,000VND Total profit for campaigns of marketing and selling Scent Care product is 91,600,000 – 55,100,000 = 36,500,000VND IX/ MARKET SEGMENTATION 1) Segmentation: - Segment 1: Students from 13 to 18 years old - Segment 2: Men and women from 18 to 25 years old who often use fragrance products - Segment 3: Men and women above 25 years old 18 2) Targeting: - According to our research, we have determined that segment will be our target market People in that age group are able to make money or have a steady income Furthermore, they are also interested in fragrance market and will consent to buy our product Our product has a wide range of different scents, making it suitable for both men and women and it is reasonably priced with high quality - On the other hand, 13 to 18-year-old students are still not dependent to have an income Their incomes mostly come from the parents so it might be difficult for the students to afford a product with a price above 200.000 VND Men and women over the age of 20 prefer products that stay on longer, such as perfume because they have to work for a long period of time 3) Differentiation: Innovation: - In the post-recession era, promotions have become very familiar to consumers who are bombarded with deals on a daily basis Meanwhile, the traditional holiday box set has peaked and sales are declining, implying that brands must go deeper to entice consumers to try something new - As a result of this shift, an increasing number of brands are turning to personalization to reassure consumers that perfume is more than just a boring gift When it comes to embracing the “Pindividualism” (Pinterest/individualism) – demanded by millennial consumers – the perfume market is ahead of the competition Another example includes Burberry offering consumers the chance to carve their names on a bottle to make their own distinctive fragrance - A Body Mist that not only hydrates your skin but also soften and smoothen your hair (Fragrance for body and hair mist) - Consumers also have the opportunity to create scents for their own body mist Creating a special commodity 19 Service pre-sale and post-sale: - Customer care service: For customers who purchase online, we will provide support in the form of direct and online consultation We will then send a short letter or email to each customer to confirm their order, and we will continue to meet and chat with them in the near future Also, remind them that they are always valuable customers to our company - To create a good relationship between our company and customers, we will send thank you cards to customers who have purchased our products as well as a 10% discount voucher when buying from items 4) Positioning: Position Scent Care as high quality and low-cost item that customers can easily afford 20 X/ CUSTOMER VALUE AND RELATIONSHIP - Product: High quality but preferential price Using ingredients from nature, safe with the environment 21 Many different scents for customers to choose Product designs satisfy the eyes of buyers - Service: Collect customer’s suggestions to improve products Flexibility in direct and online sales Available on popular sales channels like Shopee - Communication: A hotline for customers to easily contact when needed A team of 24/24 customer care The store’s sales pages, facebook, Instagram or Shopee will all interact regularly with customers such as: sending thanks, sharing the store’s preferential policies… - Experience: Each month, store will send surveys to customers to evaluate their satisfaction and absorb their comments Customers participating in the survey will be awarded points to be able to receive vouchers for the next purchase Customers can not only evaluate the product, but also assess the service attitude of the store’s staffs or customers care team In the direct store, there will be a mailbox for customers to talk about their experiences when using the brand’s products 22 ... the necessities of daily life such as food, accommodation, study, the people''s entertainment activities are fully met, the need towards beauty, the need to use body mist to assert their own style,. .. mist as they give a fresh feel and thus, provide a hygienic feeling to the consumers The sudden shock due to the pandemic has also caused a drop in the body mist market The increased emphasis... relatively high incomes, so the preference for body mist products is to favor foreign products For them, product quality is the top factor As for rural people, the need to use body mist is lower,
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