(Tiểu luận) topic import goplay cosmetic to vietnam market

VIET NAM GENERAL CONFEDERATION OF LABOR TON DUC THANG UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION FINAL REPORT GLOBAL MARKETING TOPIC: IMPORT GOPLAY COSMETIC TO VIETNAM MARKET Lecturer : Mrs Trần Thị Thanh Vân Class : 20K70401 Group : Corona LECTURER COMMENT pg DISTRIBUTION TABLE STT NAME TRẦN MỸ BỬU ID DESCRIPTION COMPLETE D (Leader) 720K002 - 2.2 Best trade area 100% 2.3 Target market identification - 2.4 Selection of targeting - Negotiating conditions (Sales contract) - 5.4 Communication budget - 6.2 International overhead expenses VÕ HỒ VÂN ANH 720K001 - Format report 2.1 Concentration 100% 3.3 selection of clients, distributor and partner - 3.4 Negotiating conditions (Sales contract) - 5.3 pg Communication tools - 6.3 Project income statement TRẦN ĐẶNG MỸ DUYÊN 720K003 1.1 Internal 100% analysis - 1.2 External analysis - 4.4 Term and procedures - 5.3 Communication tools CHÂU GIA HUỆ 720K004 6.1 Sales forecast 3.1 Market entry 100% strategies - 3.2 Choosing method of market entry - 3.4 Negotiating condition (Sales contract) - 5.4 Communication budget pg - 6.2 International overhead expenses TRẦN VŨ THU NHÂN 720K010 4.1 Product and 100% service - 4.2 Standardizaion and adaptation - 4.3 Pricing Strategy - 5.2 Positioning in target market HỒ NGỌC TRÂN 720K016 6.1 Sales forecast 1.3 SWOT 100% analysis - 1.4 Preliminary assessment - 4.3 Pricing strategy - 5.1 Brand - 6.3 Project income statement pg Contents LECTURER COMMENT Section 1: Background analysis 1.1 Internal analysis .7 1.2 External analysis 11 1.3 SWOT (Vietnam market) 11 1.4 Preliminary assessment .12 Section 2: Market selection .13 2.1 Concentration (Vietnam) .13 2.2 Best trade area .14 2.3 Target market identification .15 2.4 Selection of targeting (Ho Chi Minh city) 16 Section 3: Target entry .18 3.1 Market entry strategies .18 3.2 Choosing method of market entry 18 3.3 a b 3.4 Selection of clients, distributor and partners .19 Clients .19 Companies that provide cosmetics import in Vietnam 23 Negotiating conditions 24 Section 4: Product and price strategy .51 4.1 Product and service selection 51 4.1.1 Product and service selection 51 4.1.2 Target Customer 55 4.2 Standardization and adaptation 56 4.3 Pricing strategy 57 4.4 Term and procedures 59 Section 5: Communication strategy 61 5.1 Brand 61 5.2 Positioning in target market .62 a Companies Target 62 b Organisata Model 62 c Brand meaning .64 pg Document continues below Discover more from: Marketing Asian Management 704129 Đại học Tôn Đức… 52 documents Go to course 01 - Cocoon 24 72 Asian Marketing… 100% (4) Tet Promotion Thu Maggie Asian Marketing… 100% (3) Phân tích chiến lược 26 marketing mix của… Asian Marketing… 83% (6) Phân tích SWOT innisfree Asian Marketing… 100% (1) IMC Planning Model 29 Asian Marketing… 100% (1) Bài vấn 13 d Asian Marketing… 100% (1) Company’s personality 64 5.3 Communication tools 64 5.3.1 Building strategic partnerships 64 5.3.2 Trade shows and exhibitions 65 5.3.3 Content marketing 65 5.3.4 Localizing offerings .65 5.3.5 Customer service and support .65 5.4 Communication budget .66 Section 6: Business plan 67 6.1 Sales forecast 67 6.2 Expenses .69 6.3 Project income statement 70 COGS 70 Break even point 71 Section 1: Background analysis 1.1 Internal analysis Welcome to GoPlay Cosmetics, a company dedicated to providing high-quality, innovative beauty products that empower individuals to express their unique style and personality Our unique product allows you to mix and match different colors and shades to create a lipstick that is uniquely yours Whether you prefer bold and daring hues or subtle and understated tones, you can customize your lipstick to reflect your personality and style We understand that finding the perfect lipstick shade can be a challenge, and that's why we created this customizable product With just a small amount of our special formula, you can create a lip color that is perfectly suited to your skin tone, ensuring that you look and feel your best every time you wear it pg a Product portfolio: Go Play Cosmetics offers a range of makeup products including lipsticks, lip scrub, makeup remover balm, moisture drops,  The strengths and weaknesses of current offerings: pg Their product offers users a fascinating and distinctive feature by providing a plethora of lipstick color options, which can save both time and money With just one product, users can create numerous different lipstick shades, and this feature can also help them find their perfect match that may not be available in the market Despite offering a fascinating and unique product, the brand awareness and distribution of Go Play Cosmetics within their domestic market not meet the expected standard The company's marketing strategy appears to be inefficient, and their packaging is not attractive enough to entice potential customers As a result, the company is struggling to reach its target audience and expand its customer base To address these challenges, Go Play Cosmetics may need to re-evaluate its marketing and branding strategies, invest in more attractive packaging, and explore new distribution channels to reach a wider audience  Manufacturing: Go Play Cosmetics should assess its manufacturing processes to ensure that they are efficient and cost-effective The company should evaluate whether it is using the latest technology and whether it is optimizing its production processes to minimize waste and reduce costs  Distribution: The company currently distributes its products primarily through its main website, and offers free shipping for orders over $80 While this approach ensures that customers can conveniently purchase products directly from the company, it limits the number of available channels for customers to access and purchase their products Customers must visit the company's website or Facebook page to place an order In the future, the company should consider expanding its sales channels by exploring opportunities to sell its products on popular e-commerce platforms This would allow the company to reach a wider audience and make it easier for customers to discover and purchase their products  Financials: pg GoPlay's brand may sell the product primarily through it's own website, and may partner with beauty influencers to promote the product on social media 4.2 Standardization and adaptation As living standards in Vietnam grow, Vietnamese consumers are becoming more aware of personal care and beauty products besides satisfying basic needs Cosmetic’s industry is booming thanks to a large number of Vietnamese consumers investing in personal care and beauty products given higher living standards  Adaptation There are a few colors that are not popular in Vietnam In order to suit Asian preferences, especially colors with bold tones or nude That is the reason why we have to minimize and change some colors in the palette Because some colors will be picky for Vietnamese’ users, not suitable for their skin tone  Packaging and labeling As a technology-driven cosmetic brand with a commitment to the environment, in each packaging we strive to reduce plastic waste, to use plastic-neutral & sustainable To comply with regional regulations and preferences, Go Play product's packaging and labeling can be modified This may entail adapting the product information to Vietnamese clients' demands and following localized packaging and labeling regulations 4.3 Pricing strategy a Company-base pg 57 DIY makeup system: A DIY makeup system allows customers to create their own makeup products, giving them a sense of control over the ingredients they use and the final result This approach can also reduce waste by allowing customers to only make as much product as they need EWG green grade ingredients: The Environmental Working Group (EWG) rates ingredients based on their potential health hazards and environmental impact By using EWG green grade ingredients, the brand can offer customers products that are safe and environmentally friendly b Competitor-base In recent years, the cosmetic industry has seen a shift towards targeting behaviors and demands of customers that prioritize sustainability, inclusivity, clean and natural ingredients Besides concentrating on sustainable products, we target customers who are into unique experiences By DIY system, they can make their own preferable colors for customized lipstick By offering a wide range of color options and allowing customers to mix and match colors to create their own unique shade, brands can appeal to customers who want to express their creativity and individuality through their makeup choices c The skimming strategy Thus, we chase the skimming strategy due to reasons below:  Maximizing profit: By setting a high price initially, the company can maximize its profits from early adopters who are willing to pay a premium for the product pg 58  Creating a perception of high quality: A high initial price can create the perception that the product is of high quality, which can attract customers who value luxury and exclusivity  Building brand image: A high-priced customized lipstick can help build the brand image as a premium, high-end cosmetic company  Encouraging early adoption: A high price can create a sense of urgency among customers who want to be among the first to try the product, leading to early adoption and positive word-of-mouth marketing 4.4 Term and procedures Terms and Procedures means the distribution terms and procedures governing, among other matters the form and manner of the shipping of the Products, supply of promotional material and service and warranty policies; In section VI (28 - 38 ) Products of the chemical or allied industries (330410) Beauty or make-up pg 59 preparations and preparations for the care of the skin (other than medicaments), including sunscreen or suntan preparations; manicure or pedicure preparations : Lip make-up preparations pg 60 Section 5: Communication strategy 5.1 Brand Phase 1: Establishing brand awareness and brand image In the initial year, we convey the brand identity and image to customer through brand mission, values, and visual elements like logo and color palette Besides that we use social media marketing as a tool to promote our brand such as Facebook, SEO and Tiktok Another activity is building a community of fashion enthusiasts Phase 2: Brand Response In the second year, we collect the feedback users and develop the features as well as service according to users’s satisfaction and encourage repeat usage The more good experiences, the more positive emotion customers have We have considered us as highquality and high-price Therefore, we need to ensure that every interaction with our brand is a positive one This includes not only the product or service itself, but also customer service, communication, and any other touchpoints By consistently providing exceptional experiences, we can build a strong reputation and loyalty among our customers Phase Brand Resonance In the third year we make a deep and emotional connection with a brand The aim to brand becomes a part of a customer’s identity and lifestyle Customer loyalty ca be pg 61 difficult to achieve, but it can be carried out in long-term period and lead to the sustainable growth for a brand 5.2 Positioning in target market a Companies Target  Psychological - Appeal to consumers conscious about value customisation and personalisation in their makeup products, those who enjoy DIY projects - Sustainable enthusiasts, eco-conscious - Self-expression: Go Play allows individuals to convey their personality, mood, and style - Who wants to try creating, mixing something that is genuinely their own  Behavioural - Focus on consumers who are interested in purchasing sustainable and ecofriendly products - Who wants to use multiple colours b Organisata Model pg 62 pg 63 c Brand meaning To make all colors accessible to all makeup lovers while reducing waste resonates with customers who value inclusivity, sustainability, and affordability GoPlay Cosmetics is a brand that believes in making all colors accessible to all makeup lovers without the inconvenience of wasting time, energy, and money on products that not match their skin tone The brand's commitment to providing a range of shades that cater to all skin tones is a testament to its dedication to meeting the needs of all makeup lovers d Company’s personality The personality of GoPlay Cosmetics describes it as innovative, eco-friendly, and customer-oriented The brand's focus on "No more out-of-stock favorites" reflects its commitment to customer satisfaction and ensuring that its products are always readily available and always in stock The brand is demonstrating its commitment to meeting the needs of its customers and providing a seamless shopping experience Additionally, their emphasis on protecting the environment suggests prioritizing sustainability and ethical practices in their production processes Those prioritizing environmental responsibility will draw to the brand's eco-friendly approach Customers will likely see GoPlay as a trustworthy and socially responsible company prioritizing quality and sustainability 5.3 Communication tools In 2019, a new cosmetic brand emerged as the pioneer in the niche market of lipstick mixing, which differs from conventional lipstick After conducting research, we have decided to pursue a Market Expansion Strategy as its approach to entering the Vietnamese market 5.3.1 Building strategic partnerships Partnering with local cosmetics manufacturers, retailers, or beauty salons can help the brand increase its market share in Vietnam's B2B market Communication tools: Direct mail or email marketing campaigns to reach out to potential partners, sales presentations, and in-person meetings or calls to establish relationships with potential partners pg 64 5.3.2 Trade shows and exhibitions Participating in local beauty industry trade shows and exhibitions can help the brand showcase its products and capabilities to potential B2B customers in Vietnam Communication tools: Pre-show marketing to promote the brand's participation in the event, in-booth promotions and activities to engage potential customers, and post-show follow-up campaigns to stay in touch with leads and prospects 5.3.3 Content marketing Creating informative content such as case studies, white papers, or product guides that showcase the brand's unique features and benefits can help attract and engage potential B2B customers in Vietnam Communication tools: Email marketing campaigns to promote the brand's content, social media marketing campaigns to increase visibility, and influencer partnerships to help promote the brand's content to a wider audience 5.3.4 Localizing offerings Adapting the brand's product offerings and capabilities to better suit the preferences and needs of B2B customers in Vietnam can help the brand better connect with its target audience and build trust and credibility Communication tools: Direct mail or email marketing campaigns to promote the brand's localized offerings, in-person meetings or calls with potential customers to discuss specific needs and requirements 5.3.5 Customer service and support Providing excellent customer service and support to B2B customers in Vietnam can help the brand build long-lasting relationships and increase customer loyalty Communication tools: Email marketing campaigns to follow up with customers after sales, in-person meetings or calls to address customer concerns or issues, and social media marketing campaigns to promote the brand's commitment to customer service pg 65 5.4 Communication budget pg 66 Section 6: Business plan 6.1 Sales forecast pg 67 The given table and bar chart compared the revenues the GoPlay cosmetic brand earned in a year spanning from the first month to the last GoPlay reached more than 23 billion VND in revenue annually, with a 25% growth of each product monthly The most striking feature is that the company witnessed remarkable yearly growth due to specific policies While the first one remained the lowest figure, the last month of the period held its highest position in money earned We focus on selling our main product - a Lipstick color kit Besides that, we also offer other small products to support the main ones, such as lipstick bullets, reusable pots and moisture drops pg 68 6.2 Expenses pg 69 6.3 Project income statement COGS pg 70 Break even point pg 71