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UNIVERSITY OF FINANCE AND MARKETING MAJOR OF MARKETING FINAL EXAM MARKETING MANAGEMENT COURSE CODE 2311702006001 TOPIC ANALYSIS AND MAKING MARKETING PLAN FOR L’ORÉAL BRAND Lecturer Th S Ngo Minh Trang.
UNIVERSITY OF FINANCE AND MARKETING MAJOR OF MARKETING FINAL EXAM MARKETING MANAGEMENT COURSE CODE: 2311702006001 TOPIC: ANALYSIS AND MAKING MARKETING PLAN FOR L’ORÉAL BRAND Lecturer: Th.S Ngo Minh Trang HO CHI MINH CITY – 2023 UNIVERSITY OF FINANCE AND MARKETING MAJOR OF MARKETING FINAL EXAM MARKETING MANAGEMENT COURSE CODE: 2311702006001 TOPIC: ANALYSIS AND MAKING MARKETING PLAN FOR L’ORÉAL BRAND Lecturer: Th.S Ngo Minh Trang Excutive student Name ID Ngô Ngọc Lam 2121003818 Phạm Thị Lam Oanh 2121002394 Nguyễn Đinh Thanh Vân 2121007705 HO CHI MINH CITY – 2023 TABLE OF CONTENTS CHAPTER 1: REASON FOR CHOOSE THE TOPIC CHAPTER 2: EXECUTIVE SUMMARY CHAPTER 3: SITUATION ANALYSIS 3.1 Market Summary 3.1.1 Analysis of skincare industry in Vietnam 3.1.2 Industry trends 3.2 Macro – environment 3.3 SWOT 3.4 Competition 10 CHAPTER 4: MARKETING STRATEGY 14 4.1 Objectives 14 4.2 Market Segmentation 15 4.3 Target Markets 16 4.4 Positioning 17 4.5 Strategies 18 4.5.1 Product Strategy 18 4.5.2 Pricing Strategies 21 4.5.3 Distribution Strategy 22 4.5.4 Communications Strategy 22 4.6 Marketing Mix 23 CHAPTER 5: FINANCIALS 26 5.1 Revenue forecast (April 2023 – April 2024) 26 5.1 Forecast of Marketing costs and implementation time from 2023-2024 26 CHAPTER 6: CONTROLS 28 6.1 Implementation 28 CHAPTER 7: CONLUSION 30 REFERENCES 31 TABLE LIST Table 1: Vietnam’s per capita income from 2019-2022 Table 2: Matrix SWOT Table 3: Competitors 10 Table 4: Segmentation 15 Table 5: Analyzing Competitor’s Costs, Price and Offers 21 Table 6: Marketing plan 23 Table 7: Revenue forecast 26 Table 8: Marketing Costs 26 Table 9: Implementation 28 FIGURE LIST Figure 1: Innisfree’s cream 10 Figure 2: OLAY’s cream 11 Figure 3: Laneige’s cream 11 Figure 4: Shiseido’s cream 12 Figure 5: Estée Lauder’s cream 13 Figure 6: Positioning map 18 Figure 7: The ingredient list of “LOV” 19 Figure 8: Packaging of “LOV” 20 Work Members Ngoc Lam Lam Oanh Thanh Van Chapter 100% Chapter 100% Chapter 100% Chapter 100% Chapter 100% Chapter 100% 100% 100% Chapter 100% Design product 100% References 100% Word 100% CHAPTER 1: REASON FOR CHOOSE THE TOPIC Currently, with the increasing quality of life, the general trend of cosmetic stores and beauty salons is to return to nature Cosmetic companies are actively building for themselves safe and quality brands, especially taking advantage of beauty ingredients available in nature such as: essential oils, fruits, coffee, tea green, To produce a variety of quality beauty cosmetics In recent days, in Ho Chi Minh City and neighboring provinces and cities, the UV index has continuously reached the red alert threshold According to the World Health Organization (WHO), the current ultraviolet (UV) index of has begun to cause harm and too long exposure to UV rays will cause damage and most seriously lead to skin cancer That siren is gradually waking up women to cherish and take care of their skin more carefully during this period and even later because the skin determines confidence in work and life Recognizing the current situation, our team believes that the decision to choose the topic of developing and launching the LOV skin anti-aging product line is completely reasonable because of the potential market that the product brings That's why we chose this as the topic of our essay CHAPTER 2: EXECUTIVE SUMMARY L'Oréal Cosmetics Group was founded in 1909, its headquarters are located at the Eugène Schueller Centre in Clichy, Hauts-de-Seine, near Paris After more than 100 years of establishment and development, up to now, L'Oréal has become one of the "tycoons" controlling and dominating the world beauty industry The Group does business in more than 130 countries and employs more than 88,000 people worldwide L'Oréal currently holds more than 25 leading prestigious brands, divided into main categories: • High-end categories: Lancome, Shu Uemura, Cacharel, Diesel, • Pharmaceutical and cosmetic categories: Vichy, Skinceuticals Sanoflore, Inneov and La Roche-Posay • Professional Categories: L'Oréal Professionnel, Kerastase, Matrix, • Consumer goods: Maybelline, Garnier, L'Oréal Paris, L'Oréal's facial care products are developed according to a rigorous formula process that ensures safety and effectiveness for users, especially for sensitive skin L'Oréal facials are committed to providing dermatological care to as many people as possible At the same time, the brand always listens and absorbs feedback through the process of working with dermatologists in the countries where the brand is sold L'Oréal's facial care products have undergone multiple trials before being officially launched and recommended by more than 90,000 dermatologists around the world These are relative numbers for a cosmetic pharmaceutical brand With the development of online commerce platforms as well as the growing awareness of consumers about facial care, the above numbers promise to increase in the future We will start a new L'Oréal project using this report "LOV" will be the name of the new product It is an integrated anti-aging lotion from green tea and caffeine and nutrients with the effect of nourishing the skin safely and effectively, freezing aging, forever youthful At the same time, with that use, the birth of the product is also meaningful associated with the purpose of raising charity funds for the community of people with skin cancer with the hope of bringing healthy young skin in the beauty community in general and Vietnam in particular Campaign activities: • Cooperate with KOLs, celebrities to receive products and use and post photos and videos of the results before and after using the product, thereby highlighting the skin rejuvenation and skin care benefits of the product • Applying the campaign after 24 hours, each review photo when using the product will be donated 40,000 VND to the skin cancer charity Mission : “LOV” wants to bring to women and men around the globe highly effective products suitable for all skin types including the most sensitive to improve the quality of life of anyone with skin problems, from from acne to aging, and help spread the word about safe sun protection through high-quality products and raise consumer awareness about skin cancer Purpose : Bringing "LOV" a new line of skin care cosmetics to customers easily and at the same time improving brand recognition when it comes to skin rejuvenation with the message "Aging is a fact of life, let LOV" preserve your youth” Make “LOV” the number one choice for everyone from young people to middle-aged ladies CHAPTER 3: SITUATION ANALYSIS 3.1 Market Summary 3.1.1 Analysis of skincare industry in Vietnam Industry revenue and growth Vietnam's skin care product market size reached 854.3 million USD in 2019 and is expected to reach 1,922.4 million USD in 2027 Skincare products market can increase revenue by 1,154.25 million USD from 2020 to 2027 (Kale & Deshmukh, 2020) Increasing disposable income and a growing young population are the main factors driving the product market 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 skin care products by domestic consumers 3.1.2 Industry trends The cosmetics and skincare industry has been growing rapidly along with the rapid improvement of living standards in Vietnam Consumer tastes and preferences with increasing disposable income raise the level of sophistication towards premium skin care products Luxury brands become more attractive while mass leather products decline 3.2 Macro – environment Demographics Vietnam has more than 93 million people in the group of young people (average age is 32.5 years old), the young population accounts for 65% People's lives are stable and the demand for beauty increases, especially from men Consumers have more product choices Once a brand has captured the minds of users, their destination is trust And L'Oréal is one of the brands that does this very well Economy Per capita income has increased over the years, contributing to the growth of Vietnam's economy The year 2021 is considered a difficult and challenging year for the world economy, including Vietnam However, Vietnam's economy still maintains its growth rate with GDP growth rate estimated at 2.91% And the US cosmetics market share in Vietnam accounts for 10% Year Average income 2019 3.425 USD / Year 2020 3.526 USD / Year 2021 3.694 USD / Year 2022 4.110 USD / Year Table 1: Vietnam’s per capita income from 2019-2022 Politics Advantages: The business of skin care products tends to increase, in Vietnam there is a stable government, providing a stable and friendly business environment, creating favorable conditions for enterprises to produce and trade in cosmetics products Difficulties: However, the tax policy is still complicated, creating difficulties for imported products, thereby directly affecting L'Oréal's profits Culture Nowadays, people don't want to go to the skin care salon but want the products so that they can organize their own skin care at home and our company is providing such products to the consumers In general, Vietnamese people have the mentality of buying foreign goods not only because of the quality and design, but also because of the brand reputation of foreign enterprises, and at the same time, Vietnamese goods have not yet created trust among consumers for many reasons In the minds of the 9x and 10x generations, Vietnamese cosmetics are images of poorly advertised mixed creams, cosmetics of unknown origin widely sold on the market This will be a great advantage for L'Oréal Group in general and LOV products in particular, because the product is manufactured with modern technology and natural ingredients are completely imported from abroad and circulated in Vietnam Vietnam should ensure safety and meet the needs and psychology of customers Nature Advantages: Vietnamese consumers are more interested in products with natural ingredients L'Oréal has created a friendly environment and activities that positively impact the environment Difficulties: Vietnam's climate is hot and humid, with monsoon frequent natural disasters This greatly affects the preservation and transportation of L'Oréal's products 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, skin care to protect the skin is extremely important Technology The advanced and modern cosmetic production line element will be an important basis to help cosmetic manufacturing and processing units get the best quality products, bringing high efficiency to consumers L'Oréal offers virtual try-on's of the company's products before consumers actually pay We also offer tailored solutions for individuals interested in in-depth diagnosis of skin problems 3.3 SWOT Table 2: Matrix SWOT SWOT O - Opportunities T - Threats L'Oréal O1 - Large consumer market T1 - Compete with many O2 - The demand for skincare products opponents is increasing T2 - Diverse customer needs O3 – Environmental pollution, T3 - Modern technology plays a ultraviolet rays, computer radiation decisive role and requires high push people to make more efforts in capital taking care of their skin T4 - Consumers today have a O4 - The cosmetics industry is on the high level of understanding and rise consideration when buying the skin smooth, elastic and gradually improves and rejuvenates after a period of using the product Positioning strategy At the forefront of being a trendy product, aka the best anti-aging skin cream on the market Show customers better functionality at a price that's right for a modern society where glowing, healthy and radiant skin at any age is paramount Targeting the First Segment Segment size: 16-30 years old, this is the segment with strong growth and the largest number of customers using anti-aging creams because of the increasing demand for skin care and beauty Segment structure attractiveness: Competitors: Affects the brand's popularity and trust, or the number of best-selling products, as L'Oréal has occupied one of the leading positions in the Vietnamese cosmetic market.Buyer power: products at average prices, can also buy Power of supplier: L'Oréal's manufacturer is not located in Vietnam, so all products are imported from other countries L'Oréal always has enough stock, but when the market suddenly changes, it can't meet the needs of customers immediately 4.4.Positioning 17 Figure 6: Positioning map On the market today, there are many skin care brands such as Innisfree, Eucerin, Laneige, Vichy, Pond's, Shiseido, Olay, Estee lauder, After we consulted the prices and quality of the above brands , can position L'Oréal relative to other brands as shown below We will price L'Oréal products at low prices compared to: Shiseido, Estee Lauder, and above: Eucerin, Olay, L'Oréal offers a suitable mid-high pricing strategy with the target segment Customers will benefit from using a cream with high quality natural ingredients suitable for sensitive skin, while other brands have similar quality products but are picky about skin type and price higher Thereby L'Oréal can gain competitive advantage through trust and value brought to customers 4.5.Strategies 4.5.1 Product Strategy For the marketing strategy on products of “LOV”, L'Oréal has attracted customers with product quality as well as product brand L'Oréal uses state-of-the-art technology to produce high-quality products, scrutinizing the world's leading advanced manufacturing processes 4.5.1.1.Product’s Attributes Product quality 18 Anti-aging skin cream "LOV" has a list of ingredients containing many natural extracts such as green tea, caffeine, so it is very benign and gentle on the skin Suitable for all skin types including super sensitive skin Not only the cream also contains moringa extract, which softens the skin, maintains the necessary moisture, rejuvenates tired skin, brightens and reduces dark spots 100% of our products have to go through 12-24 hours of testing in the lab or on volunteers before being put on the market Figure 7: The ingredient list of “LOV” Product Features The difference from UNIQUE INGREDIENTS: the texture is mainly made from green tea and caffeine, completely natural, gentle ingredients suitable for all skin types, safe for sensitive skin This is also an innovative combination of ingredients that can be more natural than other alcohol-based skin care products on the market that can be harmful to your skin The difference from product quality: Anti-aging lotion "LOV" is used modern production technology, completely imported from abroad The cream has a lotion form that penetrates quickly and deeply into the epidermis, so it is easy to apply on the skin without much manipulation, does not cause greasy or greasy clogged pores, the cream penetrates dry and helps customers feel comfortable and confident throughout use process At the same time, it protects the skin for 24 hours, neutralizing harmful factors from the environment so that the skin is continuously rejuvenated Difference from market price: Compared with some anti-aging creams on the market today, LOV products are completely suitable for the pocket of many customer segments from students to adults There are prices to choose from for product capacities of 480.000 VND and 600.000 VND, the above price is in the middle and reasonable range for a product 19 that is completely suitable from demand to price level and countless uses as well like the prestige that the product brings 4.5.1.2.Packaging Product Packaging: The outer packaging of the “LOV” lotion has a minimalist design made form completely eco-friendly paper, the graphic design of green tea leaves and coffee also introduces and highlights healthy ingredients in product Color: Taking green as the main color of the product as the image of a fresh green tea leaf represents the vitality and dynamism of youth, highlighting the skin rejuvenation properties of the product Figure 8: Packaging of “LOV” Brand: Building the trust of customers with the LOV anti-aging cream product line is largely thanks to the brand's reputation, the product packaging is prominently mentioned with the L'Oréal brand name to help attract customers to look for new products to the product Provide full information about ingredients, usage instructions, expiry dates for users to be able to understand their own products Product support services Fresh customers’s service Employees will be assigned to the company's main website to help them learn more about the product and how to use it When buying goods over 3,000,000 VND, customers will become L'Oréal's VIPs with special privileges to enjoy loyal customer service 20 Loyal customers’s service Loyalty customers can receive loyalty cards to accumulate points every year In addition, with the customer's permission, L'Oréal staff can obtain their email address or mobile phone number They can then track customer satisfaction after using L'Oréal's "LOV" anti-aging lotion Especially, the company will send products as gifts on the birthdays of loyal customers Or every time the company launches a new product, loyal customers will be given priority to buy first and buy at a discount 4.5.2 Pricing Strategies 4.5.2.1.Penetration Pricing L'Oréal applies a market penetration pricing strategy This strategy helps the company find new customer segments, identify potential customers for the future, and also retain loyal customers to the brand Higher sales volume will lead to lower unit costs and higher longterm profits In addition, low prices discourage actual and potential competition Table 5: Analyzing Competitor’s Costs, Price and Offers Direct competitor Indirect competitors BRANDS PRICE Innisfree 600.000VND /60ml OLAY 400.000VND /48ml Shiseido 1.850.000VND 50ml Estee Lauder 2.800.000VND /50ml Laneige 1.500.000VND /50ml From the above analysis, we decided to price our products at 480.000VND/30ml and 600.000 VND/50ml (tax included) 4.5.2.2.Bundle Pricing Using mixed product bundle pricing, we combine several products and sell them for less than if the products were purchased individually We use this pricing strategy for mixed combos – 3-product combos (including newly launched products and products in the same company) and Tet combos 4.5.2.3.Promotional Pricing 21 After the product launches, L'Oréal uses this strategy to stimulate customers to buy the product For example, 10% discount, buy one get one free, or 5% discount when paying with e-wallets 4.5.3 Distribution Strategy Our channel strategy is to use selective distribution, marketing L'Oréal anti-aging moisturizers through popular stores and online retailers 4.5.3.1.Online shopping website & L'Oréal official website Some popular cosmetic websites like Watson, Guardian, Beauty garden and Hasaki are perfect places to send free samples to customers Or through shopping centers or supermarkets such as Vincom, Big C, Vinmart, 4.5.3.2.Agency We will allied or cooperate with agents such as beauty salons, spas and medical centers Ordering and selling skin care products at these locations will be a good opportunity to expand the sales channel 4.5.3.3.E-commerce With daily exposure to blue light and UV rays, it is necessary to put anti-aging skin care products on shopee, lazada, tiki, and sendo to reach customers aged 20-45 4.5.4 Communications Strategy Pull Strategy: • Customer appreciation: Promotion for longtime customers of L'Oréal • Advertise by using TVCs that select Vietnamese KOLs models to promote and convey messages to customers such as singers Truong Ngoc Anh, Trinh Pham, Chloe, • Run ads on Facebook, Instagram, Youtube • Bring anti-aging cream products to the counter and let customers experience the product Push Strategy: 22 • Run ads on social networking sites, newspapers, magazines about cosmetics, beauty • Promotion: On special occasions: December 24: Noel; January 1st: New Year's Eve; January+February: Lunar New Year & Valentine; March 8th: International Women's Day; October 20: Vietnamese Women's Day • Sponsor a charity fundraising program to support skin cancer patients to increase brand awareness: Articles introducing products and brands; Logos appear on media publications; The challenges of posting food and videos to receive gifts are products and vouchers 4.6.Marketing Mix Table 6: Marketing plan TIME 14/4 -14/5/2023 Target Customer access Implementation PR, running media on newspaper pages activities Digital Marketing: advertising, promoting content on websites, organizing mini games Tools used PR: Digital Marketing Reach potential customers, increase Build a tiktok channel brand awareness, remind old with content sharing customers skin care knowledge with short videos of Post on pages such as Beauty Place STAGE 15-30s Blog (a site specializing in reviewing skin care products), student pages or Promote interaction fanpages with high engagement on with customers on Facebook (Một Review, Cột Facebook, Instagram sống Gen Z, Đẹp Chanh Sả) Upgrade website with eye-catching interface, update complete information, optimize customer experience KPIs Monthly number of visitors increased by 1500 customers 23 The number of interactions, consulting reaches 800 times/1 month Website visits doubled in previous months TIME 15/5 – 15/8/2023 Target Launch and increase awareness of new anti-aging lotion Implementation Promote images and messages of new products activities Bringing products to market Run attractive promotions Tools used STAGE PR: POSM: Digital marketing: Sponsor a charity Promote the Book KOLs, program to the printing of banners KOCs, famous and community of and catalogs for influential people people with skin products and be in the beauty world cancer placed at the to promote brand locations of awareness distributors throughout the system KPIs 70% of target customers recognize “LOV” skin care beauty products 30% increase in customers to L'Oréal's exclusive distribution systems TIME 16/8/2023 - 16/1/2024 Target Increase sales and build customer loyalty Implementation In mid-November, the design for the Christmas festival begins STAGE activities Product packaging is decorated in the typical direction of winter Tools used PR: Digital marketing: Run PR about "Anti Aging" Continue to maintain and program on online promote interaction on social newspapers, Kênh 14, Elle.vn networking platforms and advertise on Fanpage, Instagram and Tiktok to attract Run ads on Google, Facebook, and increase the curiosity of Instagram, Shopee, Lazada 24 potential customers and Tiki Up to articles a week on skin care topics and find out why KPIs Increase sales and build customer loyalty 80% of L'Oréal's target customers know the brand The number of customers buying products increased by 50% TIME 17/1/2024 – 14/4/2024 Target Create a competitive position with competitors in the market, improve the existing position Implementation Gifts attached, jubilant discounts in the opening month activities STAGE Sale on cosmetic congress days like 2/2, 3/3, 4/4 For customers who are hard fans on Facebook, when buying in the opening month, they will get 15% off Tools used Digital marketing: Continue to push the interaction network with customers on Facebook, Instagram KPIs Revenue in 2024 will double last year 90% return rate of old customers 25 CHAPTER 5: FINANCIALS 5.1 Revenue forecast (April 2023 – April 2024) Table 7: Revenue forecast REVENUE FORECAST Stage Stage Stage Stage Stage (14/4 - (15/5 – (16/8/2023 – (17/1/2024 – 14/5/2023) 15/8/2023) 16/1/2024) 13/4/2024) Revenue (billion 2,52 8,04 5,04 4.000 30ml 8.000 30ml 8.000 30ml 1.000 50ml 7.000 50ml 2.000 50ml VND) The number of products 5.1 Forecast of Marketing costs and implementation time from 2023-2024 Table 8: Marketing Costs PROGRAMME COSTS STAGE (14/4 -14/5/2023) Beauty Place Blog posting fee 15.000.000 VND Một Review posting fee 5.000.000 VND Cuộc sống gen Z posting fee 5.800.000 VND Đẹp Chanh Sả posting fee 7.200.000 VND Website upgrade 10.000.000 VND Advertising on Facebook and Instagram 40.000.000 VND Total 83.000.000 VND STAGE (15/5 -15/8/2023) Charity fund 200.000.000 VND Public relations (trade fair, sale point, banner, ) 44.000.000 VND Book KOL, KOC 75.000.000 VND Run promotions 50.000.000 VND Total 319.000.000VND STAGE (16/8/2023 - 16/1/2024) Campaign "Anti-Aging" 200.000.000 VND Advertising on Facebook and Instagram 40.000.000 VND 26 Kênh 14 posting fee 60.000.000 VND Elle.vn posting fee 54.000.000 VND Production of Christmas packaging 150.000.000 VND Total 190.000.000 VND STAGE (17/1/2024 -13/4/2024) Included gifts 60.000.000 VND Sale 40.000.000 VND 15% off 50.000.000 VND Advertising on Facebook and Instagram 40.000.000 VND Total 190.000.000 VND 27 CHAPTER 6: CONTROLS The purpose of L'Oréal's marketing plan is to serve as a guide for the organization The following areas will be monitored for performance evaluation • Revenue: Monthly and Annual • Cost: Monthly and Annual • Customer satisfaction: New product development 6.1.Implementation Table 9: Implementation PROBLEMS Product • The product is out of date and has a SOLUTIONS • manufacturing defect Promotion Have a test team before all components in the process • Too much inventory in production • Damaged products are identified carefully checked for quantity and during shipping and manufacturing appearance • Many brand-influenced discounts • • Before starting, the finished product is Set business goals and know the different approaches • We will need accurate metric estimates to ensure that we can achieve our goals Article PR • Post content is not as • approved/misinformation Actively contact and request to remove the post if it is not the same as the information exchanged KOLs • The discussion thread is not as • intended, influenced and not well effected by private fans or personal • Verify and resolve the issue as quickly as possible • Centralize information into one focal life point for complete control over During the process of representing information consistency the brand, KOLs, got into a scandal • • The process of exchanging The discussion thread is not as information with KOLs is clearly intended, influenced and not well recorded in the contract, if there is an effected by private fans or personal unexpected situation, it is based on the life contract to resolve 28 • During the process of representing the brand, KOLs, got into a scandal Gifts • Complaints of customers not • Publicize gift information on Fanpage receiving gifts such as notifications and immediately contact the source of Discussion lines are not as intended, the problem, find out the cause and influenced and not well effected by solve it as soon as possible private fans or personal life • In the process of representing the brand Financials • Loss of money during operation • Failure to meet sales target • Accurate cash flow calculations and planning based on specific reports • Increase the number of consumer acquisition strategies used Distribution • Lack of sales in retail channels • Customers complain about where to analyzes inventory and distributes buy products products on a weekly basis, then Retail channels raise product prices deploys manufacturing and shipping beyond the allowable limit parties to work quickly to meet • • Have a team that manages and retailers' needs • Closely monitoring and developing policies to encourage distribution channels to generate high income and ensure goods reach customers in the best condition and highest satisfaction 29 CHAPTER 7: CONLUSION L'oréal with its position as a large enterprise in the cosmetics industry in Vietnam By carefully researching, learning and creating a safe direction in building marketing, positioning and distribution strategies that are reasonable and tight to bring to the market a line of skin care products LOV anti-aging Once again L'oréal can elevate its position to a new level from the feedback from customers about the use and prestige that the product and the brand have brought Not only in terms of use, the product also has a high value with the purpose of contributing to charity for the community of people with skin cancer At present, the problem of skin cancer is gradually becoming painful and becoming a red siren with dangerous level UV rays as it is now, skin care is extremely urgent and important Therefore, the birth of the product is like an arrow that hits two goals, both satisfying the tastes of customers with the use of skin care in the present time, and affirming the hearts of Vietnamese people when supporting the fund skin cancer community Therefore, with the new LOV product line, L'oréal has built more and more quality for itself in terms of the image of professionalism, dedication and increasingly gaining trust and prestige in the hearts of customers Besides the achievements, effectiveness and positive points that the new product line brings, there are still limitations that need to be overcome Typically, in terms of volume, the product has not yet met a group of customers with diverse needs in choosing, or in terms of use, the product strongly focuses on anti-aging effects, so in terms of uses Others are still limited In terms of investment capital, due to quality assurance, the production of products is entirely by modern foreign technology with high cost, but it is from that weakness that confirms the product's own strengths in terms of product quality Quality ensures customer needs, can be called turning weaknesses into strengths From those limitations, by learning and constantly improving the business, we constantly explore and offer solutions that combine the strengths of the product so that customers can see the diversity and the quality that the product brings thoroughly In short, L'oréal's investment with the desire to develop to its fullest is to bring truly valuable experiences to customers in terms of product quality, meeting customer needs in the best possible way body Although there are still many limitations, with the potentials from the new LOV product line and the strength and current position of the business, L'oréal can certainly improve and promise to grow more and more in the future In the future, continuing to strengthen its position and taking steps closer to leading the Vietnamese cosmetic market 30 in the present, to be able to give L'oréal customers the most worthy experiences is what we are always aiming for REFERENCES [1] Thong tin dien tu Tong cuc Thong ke (2021) “Tong dieu tra kinh te nam 2020-2021” Retrieved from: https://www.gso.gov.vn/ [2] Shastri, A (2020) “L’oréal marketing strategy” Retrieved from: https://iide.co/casestudies/loreal-marketing-strategy/ [3] “L’Oréal Group Competitors”, (2023) Retrieved from: https://www.comparably.com/companies/loreal-group/competitors [4] “L’Oréal Cosmetics Market”, (2021) Retrieved from: https://www.lorealfinance.com/en/annual-report-2021/cosmetics-market/ [5] L’Oréal Website Retrieved from: https://www.loreal.com/en/ [6] History of L’Oréal Retrieved from: L'Oréal's history: the adventure of beauty (loreal.com) Similarity index 31