Final report international marketing history of cocoon this report will develop a comprehensive marketing plan for cocoons pomelo hair tonic in the korean

Final Report International Marketing INS 3042.02 Group Company’s Name: Cocoon Member: Nguyễn Vũ Hoài Linh - 19071411 Phạm Nguyệt Nhi - 19071455 Trần Thu Huyền - 19071384 Hoàng Khánh Linh - 19071402 Trần Khôi Nguyên – 19071449 This report contains 27 pages, including table of contents and cover page Table of Contents INTRODUCTION COMPANY PROFILE CURRENT MARKETING SITUATIONAL ANALYSIS COMPETITIVE ANALYSIS RELATED TO THE INDUSTRY-LEVEL PESTEL ANALYSIS SWOT ANALYSIS OBJECTIVE & GOALS 12 MARKETING STRATEGY 12 MARKETING MIX 14 PROJECTED MARKETING BUDGET 19 ACTION PROGRAMMER 22 CONCLUSION 23 REFERENCES 24 INTRODUCTION With the advancement of society, people tend to pay more attention to health and begin to favour beauty products that are completely plant-based Along with this mindset, vegan cosmetics are also starting to become the favourite trend of many green lifestyle people One of the leading brands to meet this need in the Vietnamese market is Cocoon However, in order to increase production efficiency, expand the scale, diversify business activities and limit risks when doing business in a single market, Cocoon needs to take a new step in expanding the market Korea is one of the potential markets - where the cosmetics and beauty industry thrives in the world, especially famous for products derived from nature This is a market that presents both opportunities and challenges for a business like Cocoon This report will develop a comprehensive marketing plan for Cocoon's pomelo hair tonic in the Korean market to contribute to increasing the opportunity to bring Cocoon's products closer to Korean consumers, thereby increasing revenue and bringing high profit for the business Company profile History of Cocoon Cocoon is a Vietnamese natural vegan cosmetic brand belonging to Nature Story Cosmetics Co., Ltd It was established in 2013 The brand name shows that The Cocoon is the common home for skin, hair and physique of Vietnamese people, helping to honor Vietnamese beauty with simple ingredients Therefore, Cocoon constantly researches and launches 100% vegan cosmetic lines that keep Vietnamese botanicals intact, safe and benign, not use animal ingredients, and are not tested on animals Cocoon has very succeeded in conquering Vietnamese consumers in a professional appearance and outstanding quality (Cocoon, 2020) The vision To become one of the pioneering and successful domestic brands in the field of producing vegan beauty products extracted 100% from nature, safe, benign, of clear origin and committed to not testing on animals (Cocoon, 2020) The Mission Cocoon products are created to give customers healthy, youthful and vibrant skin and hair from the simple and intimate ingredients they eat every day Cocoon always has one mission in mind: applying the benefits of the foods around us combined with scientific understanding in the research and thorough testing of recipes, constantly improving and innovating to ensure that the final products are safe, effective and maximize the use of the customer's skin The arduous journey to true beauty is not your own task, they will accompany you on that journey (Cocoon, 2020) The principle of operation of the cocoon: • 100% of ingredients are of clear origin, safe for the skin: the ingredients in the product have certificates of origin and are studied for 12 to 24 months before being put on the market (Cocoon, 2020) • 100% vegan: not using ingredients derived from animals, but applying and maximizing the potential of plant-based active ingredients (Cocoon, 2020) • 100% never tested on animals: Cocoon cosmetic formulations are researched and tested on human volunteers Raw material suppliers commit not to test on animals during the research and production of such materials (Cocoon, 2020) Main product lines: • Facial skin care: Pumpkin mask, rose makeup remover oil, moisturizing rose jelly…(Cocoon, 2020) • Hair care: Sa-chi serum, grapefruit essential oil, grapefruit shampoo….(Cocoon, 2020) • Body care: Pumpkin shower gel, eucalyptus hand soap, Dak Lak coffee scrub (Cocoon, 2020) • Lip care: Ben Tre coconut oil balm, coffee lip scrub…(Cocoon, 2020) Achievements: • In September 2020, Cocoon was certified "not tested on animals and vegetarians" by the global animal welfare organization PETA and certified vegan by The Vegan Society (Brands Vietnam, 2020) • In November 2020, Cocoon officially became the first Vietnamese brand to appear on Leaping Bunny's list of not tested on animals - Cruelty Free International's commitment program not to test on animals, the “gold standard” has worldwide influence (Brands Vietnam, 2020) Current marketing situational analysis Competitive analysis related to the industry-level The vegan beauty industry was founded on the principles of animal rights protection and integrating natural beauty into product value Cocoon shows clearly the value of the vegan beauty industry from the beginning to the end of the production process Bringing faith and love with nature, their products' ingredients are guaranteed to be rich in nutrients, friendly and safe for customers Cocoon hair treatments are becoming increasingly popular due to their numerous uses, particularly Pomelo Hair Tonic However, even when Cocoon is being favoured by customers, the small brand from Vietnam has encountered many big foreign competitors such as Sukin, LUSH, The Body Shop, (Maneki, 2022) In the vegan beauty market, hair care products that aim to grow, provide nutrients, and give a healthy look are translated into a variety of genres and styles such as: shampoo bars, hair sprays Hair care products like Cocoon's Pomelo Hair Tonic are still new on the Korean market and might attract the interest of the majority of users Cocoon’s Pomelo Hair Tonic will focus on competition posed by effective uses, including the following: • Sukin: Born in 2007, Sukin, the number natural skincare brand in Australia, has always been at the forefront of the health & wellness movement One of the first to say 'NO' to artificial additives and harsh ingredients that can cause harm to customers, • • Sukin offers a wide range of hair care products which are all formulated using only ingredients that can be found in nature Its famous NO list specifies 13 synthetic ingredients that are and will never be used to make the company’s products With a price range of 5$-25$ for each product, customers said the affordability and excellent smell were the primary factors contributing to their buying decision By successfully proving that it is the dominant player in the field of natural hair care products, Sukin revenue for the fiscal year 2021, reached 95 million Australian Dollar, an increase of 16% compared to 2020’s figure Sukin made its debut to Korea in December 2012 LUSH: Founded in 1995, this British cosmetics retailer uses only vegetarian recipes, 80% of which are vegan In 2017, the brand relaunches its global hit shampoo bar to campaign against animal testing At the time, Lush relaunched this product to over 1.7 billion consumers who supported cruelty-free cosmetics (Lucy, 2017) Shampoo Bars are made from organic materials with non-plastic packaging that sold 12,000 units in just two days The best part is that each bar lasts the equivalent of medium-sized shampoo bottles, or around 80 washes The total sales of Shampoo Bars in 2021 was about 1.9 million bars only in the UK (Lush, 2021) The Body Shop: Established in 1976, they are the botanical beauty brand which has been advocating for animal rights since 1989 by not testing on animals The brand has launched new vegan hair care products including shampoo, scalp serum, scalp scrub and other hair care items The Moringa Shine & Protection hair mist which is made with 92% of natural ingredients helping protect hair from daily pollution and giving it a shinier, smoother look The brand sold over million vegan products both in the US and UK during 2018 which is an increase of 6% in sales for vegan products in the US and 7% growth in the UK (Vegconomist, 2019) According to a user trial, 90% of them would recommend the Vegan Silk Protein’s hair care products to their friends (SHEamazing, 2021) On the other hand, Cocoon has indirect competitors Recently in Korea, spas have become more popular providing products and services that meet the needs of customers In order to see the results of Pomelo Hair Tonic, customers must use the product consistently for weeks or months Instead, some people prefer to have their hair done at hair salons, where they can have long hair within a day PESTEL Analysis • Political factors An advantageous change In South Korea, cosmetics are regulated by the Ministry of Food and Drug Safety (MFDS) Cocoon’s Pomelo Hair Tonic falls under the functional cosmetics category and is reviewed for pre-market approval by this governmental department In 2021, the MFDS simplified the registration of some functional products that contain certain ingredients or a combination of ingredients This means that in the case ingredients and contents are registered according to the regulations, these functional products, which include Pomelo Hair Tonic, can be distributed and sold by submitting data without reviewing Hence, the registration process is now shortened from 60 days to almost immediately (Lim, 2021) • Economic factors An ultra-competitive and innovative market Korea is one of the top 10 beauty markets in the world, and it is constantly growing The market size was estimated to be $9.4 billion in 2019 and has been constantly growing since then Korean domestic brands draw their strength from a particularly dynamic local market, where fierce competition calls for a capacity for innovation and a speed to market to which foreign brands are not used But that doesn’t mean Western cosmetics are powerless If Cocoon decides to enter this market, it will have to face very intense competition from both Korean and other foreign brands On a country-by-country basis, France ($462 million) was the largest exporter to Korea in 2019, followed by the U.S ($360 million) and Japan ($207 million) • Sociocultural factors "The good-looking wins over half." In Korean society, attractiveness is considered a priority Many Koreans (especially the younger generation) think that a good appearance plays an important role in success When it comes to Korean beauty standards, there are a number of conditions: slim body, slender face, V-shaped face, slim lips, straight eyebrows, smooth skin, big eyes and of course, beautiful hair Korean celebrities usually have long, straight hair, sometimes with a little texture This has become quite a standard and a key component for countless girls and women both in Korea and around the world, especially when Kpop idols are having more and more influence globally By taking advantage of this demand, Cocoon’s Pomelo Hair Tonic can actually make a spectacular breakthrough in the Korean market with a suitable marketing plan and strategy Cocoon also possesses the first-mover advantage as there is currently little or no brand offering vegan hair tonic to the market • Technological factors A huge block to success The upcoming trends in the Korean market for skincare products lie in organic ingredients, sustainability, personalisation, and the use of technology such as AI and LED With extensive background and infrastructure in technology, a lot of beauty-tech companies are now coming to the fore as driving forces in the K-beauty industry by highlighting Korea’s strength is not only cosmetic procedures, such as plastic surgeries but also cosmetic products for their advanced innovation and promising results However, with vegan cosmetics, it’s not that easy The vegan category had the perception of not performing as well as its traditional, non-vegan counterparts - often legacy beauty brands which had years of history, science and research backing up the products It’s very difficult to effectively mimic the effects of animal-sourced ingredients, meaning that the results seen by the consumer can match/exceed those of a non- vegan formula Therefore, constant research, improvement and evolution will be inevitable if Cocoon’s objective is to penetrate the Korean market • Ecological factors Environmental and customer-friendly Over the last few years, the term ‘Natural’ has been on cosmetic packaging and used by countless brands for marketing purposes when in fact, most of the time they’re not 100% natural The beauty industry has a negative impact on the environment when the toxins and chemicals in the traditional cosmetics and toiletries are being washed down our sinks and end up in lakes, rivers and even water supplies This is when Cocoon proves itself to be the pioneer in the market by using 100% natural and vegan ingredients for every product With this feature, Pomelo Hair Tonic is not going to cause any chemical-related issues to customers and it also benefits the environment in the most practical way • Legal factors The regulation of the market that is in the top 10 globally Cosmetic products placed on the Korean market must comply with the Cosmetics Act, with the Cosmetic Regulation as well as with the Cosmetics notice from the Korean government Foreign cosmetics manufacturers, in this case Cocoon, are required to designate an importer or a distributor within Korea, which has its own storage facility, to secure the quality of the product In the past, the importer had to go through a pre-market registration process but thanks to the new change in regulation in 2021, this process can now be skipped if Cocoon meets all the conditions that were set out for functional products In the case of functional cosmetics, the manufacturer or importer is required to submit technical documents to the MFDS in order to evaluate the safety and effectiveness of the cosmetic, called the technical document review process According to the Cosmetics Act, cosmetic product labels must conform to the specific requirements for labelling Special attention must be paid to the language, claims and price used on the labels as well The label must be written in Korean However, it may include other languages also SWOT analysis Strengths Affordable price and high quality Cocoon’s products are extremely affordable (about 35,000-750,000 VND) Grapefruit essential oil is priced at 145,000 VND Cocoon’s pomelo hair tonic price is only 145,000 VND, which is not expensive for a product with a clear origin, a safe and environmentally friendly production process, and a high quality Besides, Cocoon also offers a variety of beauty combos at a much lower price compared to the retail price This will allow Cocoon to attract a wide range of customers with different types of income One of the pioneering brands in the field of vegan cosmetics in Vietnam Many brands on the market have been pursuing eco-friendly beauty trends, such as BareSoul (2015), Naunau (2013), Herb n' Spice However, it was not until the appearance of Cocoon that the cosmetic industry truly began to bloom and receive a great number of attention and acceptance Referring to Cocoon, consumers will immediately think of the spirit of "humanistic beauty" that the brand is pursuing Cocoon takes the maximum advantage of the benefits of Vietnam's natural ingredients while rejecting animal testing in order to create safe, non-harmful product lines Weaknesses Cocoon is a relatively new brand that is not widely known in other countries It is undeniable that Cocoon has made a special mark on the Vietnamese cosmetic market, however this brand is not well-known in the international market Because there are still many people who are skeptical about the product's effectiveness and are concerned that Cocoon is a Vietnamese cosmetic product At the same time, because Cocoon has not focused on marketing to promote its products in the international market, the company's market has not grown significantly Cocoon’s organizational structure is still small and financial potential is not strong enough Although Cocoon has established a strong reputation in the Vietnamese beauty industry, the company's structure and financial potential not allow it to easily enter the international market Entering the international market earlier than other brands in the same industry necessitates Cocoon having a large and stable capital source to cover the pioneering cost This cost includes any failure costs that the company may incur due to a lack of experience Opportunities Korea has a developed economy and high GDP per capita Korea has the fourth largest developed economy in Asia and the tenth largest in the world, thus Koreans have a high standard of living According to The World Bank data, the average GDP per capita of Koreans in 2020 was 31,597 USD (approximately 732,892,415 VND) Because of their high income, Koreans are less concerned with product price but pay much attention to product quality and origin They highly prefer environmentally friendly and healthy products Korean people (both male and female) are very interested in beauty care and especially natural beauty Digital marketing strategy Recognizing the opportunities and potential of Cocoon, we intend to establish a digital marketing strategy to extend the brand to the international market This will be a social media strategy ideal for a small firm like Cocoon that is pretty new to the Korean market - a world of beauty - because it can save money and time when compared to opening an actual store Furthermore, Korea holds the second position in terms of social network usage, with 89.3% which is 1.7 times greater than the global average (53.6 %) According to a research, more than 70% of social media users have online buying habits that is one of the potential prospects in this ratio (WebFX, 2021) Furthermore, according to statistics from a Korean online application called Coupang, more than 34% of customers aged 30-40 shop online at least once a day and 40% shop online 2-3 times per month (Ruche, 2022) Based on this information, our target clients will be: • • • Customers tend to range from 20 to 40 years old, with 20-25 generally young people who prefer new experiences and 25-40 are mostly working people who not have much time to go shopping in person The majority are women who are aware about their overall look They live in Seoul, Korea with high aesthetic preference They often change hairstyles and trendy hair colors Insight: These customers are not only interested in a natural beauty, but also care about environmental and animal protection issues due to the feature of the brand as a vegan cosmetic They are those who choose natural cosmetics due to its peaceful nature and health benefits In order to develop more effective set of actions in the strategy, our strategy includes the following goals related to the master plan: Increasing social media impressions by 15%: • Increasing Instagram, Naver, Twitter followers to 10,000 for each • SNS ad reach 40,000 viewers Optimizing conversion stages by 10%: • Encouraging users to visit beauty content • Switching from advertising page to product introduction page by click • Adding ‘1-Click Checkout’ option beside the Add to cart option Partnership with influencers One of the most characteristic features in Korea is the growth of the entertainment industry, which generates hundreds of millions of celebrities and idols every year Not only that, but with the widespread use of social media, the influence of social media on client decisions is considerable There are many influential Koreans on social media with a huge following, and whatever items they use will catch the interest of many people and become highly desired after or even out of stock in a few minutes This demonstrates that famous people's influence dominates Korean preferences Our target clients are primarily young people who are interested in and keep up with current social media trends Cocoon will create a campaign in collaboration with influencers after learning about the requirements and interests of Korean users They will be one of the first images of the brand in the Korean market To be appropriate for spreading the brand's message, they should have good pictures, influence and frequently convey messages of natural beauty Their image in the early phases of brand awareness will have a long-term impact on the brand image As a result, we will need to carefully examine the partner's profile Video marketing In addition to raising brand awareness, our strategy strives to provide customers with specific information about the products we sell Using video marketing will make it easier for us to deliver information to consumers and attract potential customers More than 90% of video viewers will make a purchase decision which is a significant percentage that helps in offering a product experience for customers (WebFX, 2021) Because of the nature of the vegan beauty industry, the production stages will differ significantly from conventional cosmetics, stimulating the curiosity of users As a result, the video genre will revolve on behind-the-scenes information to provide customers with a more in-depth insight of the items and how they are manufactured Because all interests appear in their search bar, especially in Korea, the videos will assist us in enhancing our search bar ranking This can boost user traffic and bring in more lucrative leads for Cocoon Marketing Mix Price The product price is kept relatively low Compared to the vegan competitor, The Body Shop or other indirect competitors, which have a relatively high price (over $15 ~ 19 thousand KRW) (SHEmazing Team, 2021) Cocoon’s pomelo oil always has an affordable price (included export charges) about $9 ~ 11 thousand KRW Initially entering a new market, hitting the weak point of the relatively high prices of competitors is a boon for Cocoon With this price, Cocoon will also attract customers of all walks of life, and of all ages Regular discount campaign In order to increase customer awareness, excitement and increase revenue, the company will apply gratitude incentives such as 5% or 10% discount on holidays such as the founding anniversary, the anniversary of the arrival of Cocoon in Korea, Black Friday… Product Hitting the weak points of chemical, non-vegan cosmetic competitors in the market Most women love nature and pursue the spirit of 'humane beauty', in the cosmetic market, the shift towards ethical trends, not testing on animals is being strongly encouraged and promoted The fact that Cocoon has outstanding strengths is Vegan and Cruelty Free, making the most of the strengths of local natural ingredients In today's context, the fact that chemical cosmetic companies that test on animals are increasingly being excluded, at the same time, the trend of green, clean and humane living is being promoted is a bright spot that Cocoon needs to focus on promote The main ingredients of pomelo oil products are Grapefruit Peel Essential Oil, Xylishine™ (extracted from wood and brown algae Pelvetia canaliculata), Vitamin B5 (D-panthenol) Going through the production process to meet the CGMP criteria of the Ministry of Health Besides, the company also applies the most advanced extraction technologies to retain the maximum content of vitamins, minerals as well as antioxidants in the ingredients (Cocoon, 2020) With the fierce competition of the Korean cosmetics industry, Cocoon will conquer customers thanks to beautiful stories and strict commitments on the safety of each product's ingredients The response of a large number of people will increase the interaction rate and also spread a meaningful message about protecting the living environment An easy to use and outstanding result product With a liquid texture consisting of layers: oil and lotion, users just need to shake well before use, spray the product on the hair roots and hair, avoiding the eye area Gently massage for nutrients to penetrate deeply with a pleasant original scent This product is recommended for daily use with weak hair who is experiencing breakage that needs to be restored, and hair needs nourishment to grow thick and strong again This is easier to understand and saves time than other products on the market, for example, having to take the solution with a pump, so you cannot balance the amount of product taken out With results from previous consumers in Vietnam, after at least months of use, the hair has reduced breakage, enhanced shine and is extremely strong, moreover, they have a lot of compliments that Pomelo oil can provide nutrients to make hair smooth and soft (Quynh Trang, 2021) This utility will definitely impress the Korean market because it is really effective and has many real experiences from customers Promotion Advertising Influencer advertising According to a report released by Korea Trade-Investment Promotion Agency (KOTRA), the influencer marketing market in Korea reached billion USD in 2017 and is expected to grow to 10 billion USD by 2020 Due to budget limits, we will choose influencers instead of celebrities Moreover, influencers are not like celebrities, they can be anywhere and be anyone Thus, Cocoon's request for collaboration is the influencers with good images, good influence, and often spread natural beauty messages to be a good fit with the brand's message Their image in the early stages of brand awareness will have a long-term influence on the brand’s image in the future As a result, we will need to research the partner's profile thoroughly Influencer advertising brings extremely good results because the influencer is usually an expert with extensive knowledge and understanding of the field, so their advertisements, recommendations, and advice are frequently of high value They have a great effect on their followers Influencers interact with their followers by responding to their comments and live chat via live stream in order to share products Alternatively, they share stories and beauty tips while incorporating products to advertise This is considered to be a very natural way of advertising a product, and it helps to build extremely high trust with customers about the product's quality Therefore, Cocoon will use this form to raise brand awareness and send promotional messages to customers Social media advertising South Koreans rank No in social media use, with usage rate at 89% So social media will undoubtedly be used as an advertising channel by Cocoon We will promote our products through articles, photos, and videos on social media platforms such as Naver, Instagram, Facebook, KakaoTalk, etc Advertising through social networks has a high spread, making it easy for Cocoon to reach a large number of customers not only in a small area of Korea but also across the country Cocoon, if successful, has the potential to create a community of people interested in vegan products, natural beauty treatments, and a green lifestyle Consequently, social media marketing is a long-term marketing strategy in which Cocoon invests to maintain its reputation among Korean consumers Sale promotion Cocoon will hold big sales on special holidays of the year in Korea such as New Year, Christmas, Black Friday… The discount is necessary to catch up and compete with other brands in the industry Additionally, a discount will increase sales while creating a word-ofmouth effect With affordable but effective quality products, sale shoppers will re-introduce the product to friends and family or return to purchase again the next time These introductions will be one of the quick ways to increase brand awareness in a "new" market like Korea Public relations (PR) Second-hand collection point: Cocoon will cooperate with environmental organizations in Korea to organize campaigns with humane meaning and environmental protection such as: buying old batteries, refilling items… These campaigns have been implemented and are proven to be very successful in the domestic market On the Korean market, every month Cocoon will organize 1-2 days to place collection stations scattered in crowded places The location will be announced ahead of time on Cocoon's Facebook page or website Customers can stock up on used batteries and plastic bottles and exchange them for various Cocoon products at collection points This allows Cocoon to gain points and create a positive impression of the eco-friendly lifestyle that the brand is pursuing and conveying At the same time, giving away products other than grapefruit essential oil will be a way for Korean customers to try new products and facilitate the brand when intending to market those products to the Korean market in the future Organize mini-games and giveaways: On environmental anniversaries throughout the year, such as World Environment Day (June 5), International Mother Earth Day (April 22), Earth Hour (March 3), etc Cocoon will organize beauty-related mini-games or giveaways with enticing prizes to attract a huge number of participants The goal is to appreciate and celebrate loyal customers while directly promoting brands and products Place Through e-commerce platforms: Along with the development of technology, the trend of online shopping is growing The popularity of online shopping through various e-commerce channels has continuously increased over the years According to Statistic Data, the value of e-commerce sales in Korea has continuously increased sharply in recent years, and the number has reached more than 187 trillion Korean won by 2021 (Figure 1) Almost all people of different ages use online shopping services, in which the 20-29 and 30-39 year old segments are the most using this form of shopping (Figure 2) As a result, Cocoon will concentrate on marketing primarily through the most well-known Korean e-commerce sites, such as Global Gmarket, Street, Tmon, Auction, and so on, in order to easily reach a large number of potential customers because they tend to surf the web hours of the day to looking for the products they want Moreover, marketing through an e-commerce platform is not only more suitable for Cocoon's financial potential than opening a retail location, but it also has a quick effect Source: Statista 2022 Online shopping transaction volume in South Korea from 2010 to 2021 Source: Statista 2022 Internet shopping usage rate in South Korea as of September 2021, by age group Integrate product sales in cosmetic distribution systems: Cocoon will sell through wellknown and prestigious cosmetic distribution systems located in commercial centers or crowded areas, such as Boots, Chicor, Lalavla, Olive Young, etc It will be quite easy for Cocoon to join these modern retail distribution chains because the brand has met basic criteria such as legal documents, quality certification, packaging designs…Sales through large distribution agents will enhance the reputation of Cocoon's quality in the eyes of consumers Besides, when Cocoon is ordered with other cosmetic products, customers will feel convenience, save time and enjoy the benefits of comparing Cocoon's products, features, and prices with other products which have the same hair care function Via Cocoon's official website: Currently, Cocoon has an official website on the Vietnamese market with full details of brands, products, prices, etc to meet the different consumption purposes of buyers such as: retail, agent…To adapt to the new markets, Cocoon will add Korean language to facilitate Korean customers who want to search for information or buy goods directly from the " Shopping Cart" section on the website Projected marketing budget No Items Action Details Cost of trademark Register (trademark) for brand identities and taglines Trademark registration fee abroad $65 - $70 (trademark registration in other (VietAnLaw, countries usually takes 12-24 2022) months) Cost of campaign Video marketing Including the cost of hiring $5,000 - $10,000/ actors, screenwriters, directors, video cinematographers, video editors (Boosted lightricks, 2022) Contract for influencer endorsement Influencer The selected will have at least 1,000 subscribers to their YouTube channel and at least 5,000 followers on their Instagram account and need at least 10,000 subscribers to follow their TikTok account $500/one post/ platform/person $1,000/one video/ platform/person Social media advertising Run ads on Naver, Instagram, Facebook, KakaoTalk… $120/month/ platforms (Nguyen Vy, 2021) Cost of promotion Cost Sale promotion Big sales on special holidays of the year in Korea such as Tet, Christmas, Black Friday $2,000 $3,500/program (Cocoon, 2020) Public relations Second-hand collection stations (PR) $500 $800/station Organize mini games, giveaways $1,600 $2,000/program (Cocoon, 2020) Outsource Expert on the Korean language $1,500 $2,000/month (Achautrans, 2022) Form the Brand Leadership Team Marketing Manager $3,500 - $4,000 (Lương Hanh, 2022) Research and development expert $800 $1,200/person/m onth (Career Builder, 2022) Data analysis $500 $1,300/month (365 Tim Viec, 2022) Graphic designer $500 $900/person/ month (Arena Multimedia, 2021) Cost of human resources Cost of Distributio n Marketing intern $140 $150/person/mon th (Viet Nam works, 2022) Social media manager $1,700 $3,000/person/M onth (Lương Hanh, 2022) Information Technology Manager $1,750 $2,100/month (Viet Nam works, 2022) E-commerce platforms Global Gmarket, Street, Tmon, Auction, $150/platform/m onth Shopping mall Integrated with the famous cosmetic distribution system at Boots, Chicor, Lavalla, Olive Young, etc $200 $300/month Official website Cost of physical evidence Warehouse in Korea $1,000 $2,000/month (Bleo group, 2022) Office in Korea $1,200 $1,500/month (Bleo group, 2022) Total marketing cost $300,000/year Action Programmer Action Responsibility Resources Timefra me Form the Brand Leadership Team Foundation members Marketing Manager Research and development expert Data analysis Graphic designer Marketing intern Social media manager Information system manager weeks Update the Korean version for the website IT Outsourcing an expert on the Korean language weeks Trademark registering fees months Register (trademark) for Marketing brand identities and Manager taglines Contract for graphic design marketing, and social network advertising services Brand Leadership Team Design, upload to social media, print, frame and distribute brand awareness posters Graphic designer Social media manager Marketing intern month Graphic design application weeks Collect feedback, research and development for Korean customers’ specific needs Data analysis Management information Information system system manager Research and development experts month Design, upload to social media, print, frame and distribute 5%-10% discount program for holidays Graphic designer Social media manager Marketing intern months Contract for celebrity endorsement Brand Leadership Team months Create new and updated social media campaigns for Phase Brand Leadership Team Social media manager month Contract for professional video and still photography Marketing Manager Graphic design application Graphic designer application weeks CONCLUSION An overview and in-depth assessment of the market to be entered will make it easier to decide where to export Along with that, an effective marketing plan will help the company survive outside the harsh international market, create a buzz and become an international brand After researching and analyzing the development of Vietnamese Cocoon pomelo essential oil products to the potential Korean market, the team carefully considered and planned a Marketing plan for the product with the desire to develop the product Cocoon products, first of all grapefruit essential oil From there, we also hope that Vietnamese brands and products can approach and become close in foreign markets Cocoon in particular and Vietnam in general will increasingly develop in export and international marketing REFERENCES Wikimedia Foundation, June 5, 2022 “Economy of South Korea” Wikipedia Online available at: 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https://www.arena-multimedia.vn/tin-multimedia/luong-trung-binh-thiet-ke-do-hoa/ 38 Viet Nam works, 2022 “Mức lương cho Marketing Intern”, Viet Nam works website Available at: https://www.vietnamworks.com/muc-luong/Marketing-Intern-sk 39 Viet Nam works, 2022 “Mức lương cho Information Technology Manager”, Viet Nam works website Available at: https://www.vietnamworks.com/muc-luong/Information-Technology-Manager-sk 40 Bkns, 2022 “Đăng ký tên miền”, Bkns website Available at: https://www.bkns.vn/ten-mien/dang-ky-ten-mien.html 41 Bleo group, 2022 “Chi phí thuê & mua văn phòng Hàn Quốc”, Bleo group website Available at: https://www.bleogroups.com/international-service/post-detail/chi-phi-thue-mua-vanphong-han-quoc-1752/vn ... female) are very interested in beauty care and especially natural beauty Beauty care has been a part of Korean culture As a result, both men and women in Korea began taking care of their appearance... as: shampoo bars, hair sprays Hair care products like Cocoon'' s Pomelo Hair Tonic are still new on the Korean market and might attract the interest of the majority of users Cocoon? ??s Pomelo Hair. .. expand the export market for Cocoon This brand will make its first international appearance in Korea This plan will need to achieve the following specific goals for the brand: • • • Increasing the