MÔN học ASIAN MARKETING MANAGEMENT MARKETING STRATEGY OF INNISFREE

TỔNG LIÊN ĐOÀN LAO ĐỘNG VIỆT NAM TRƯỜNG ĐẠI HỌC TÔN ĐỨC THẮNG KHOA QUẢN TRỊ KINH DOANH BÁO CÁO GIỮA KỲ HỌC KỲ I / 2022 – 2023 MÔN HỌC: ASIAN MARKETING MANAGEMENT MARKETING STRATEGY OF INNISFREE Giảng viên hướng dẫn: Nguyễn Thị Quỳnh Anh Nhóm sinh viên thực hiện: Thổ dân Châu Á Thành phố Hồ Chí Minh, ngày tháng 10 năm 2022 0 Full Name Student ID 720H1398 Completion 98% Hà Nguyễn Vân Anh 720H0009 98% Hồ Duy Phương 720H1403 85% Trễ 90% deadline, không nộp deadline, bù lại có đóng góp họp Bùi Thị Phương Uyên 720H0235 100% Võ Nguyễn Ngân Uyên 720H1427 100% Huỳnh Thuý Lam 720H0091 100% Có cống hiến, làm cẩn thận, hay góp ý họp Có tinh thần trách nhiệm cao, hay bị gọi làm đêm Viết chuẩn hay, nộp hạn Nguyễn Trọng Quý 720H0155 100% Ph m Th ịKiềều Nhi 0 Note Nộp deadline giờ, có tinh thần đóng góp để sửa lỗi Nhưng trễ họp không tham gia họp nhiều lần Có trách nhiệm nộp hạn, hay lạc đề Contents I EXECUTIVE SUMMARY II.Situation analysis 2.1.Market summary 2.2.SWOT analysis 2.3.Competition III MARKETING STRATEGY 13 3.1.Objectives 13 3.2.Target market 13 3.3.Consumer Insight 16 3.4 Brand positioning model 16 3.5.Strategies: 19 IV TET PROMOTION PLAN 4.1.Idea 4.2.Tagline 4.3.Sales promotion campaign 4.4 Execution 0 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE I EXECUTIVE SUMMARY Innisfree is a cosmetic brand[1] established in 2000 under the Korean cosmetics group AmorePacific The name of the brand is inspired by the poem The Lake Isle of Innisfree which means "an island for the skin to rest" This is one of the few Korean cosmetic brands certified by the French organic certification organization ECOCERT Innisfree's brand concept emphasizes nature, especially related to Jeju Island, Korea It is this idea that has given Innisfree many unique positions in the hearts of consumers in the global market Since then, this brand has reported sales of more than 140.5 billion Won (2011) Innisfree was officially present in Vietnam in October 2016, after nearly years of accompanying the Vietnamese beauty community, Innisfree currently has 21 stores in major cities The brand receives support from a large number of young people and cosmetics-loving consumers across the country Innisfree always works to bring the healthiest and most natural beauty to users They are committed to using only all-natural ingredients in Jeju Island to try to preserve the skin as well as the environment to the fullest Innisfree's products are always famous for the most nutrient-rich lines today Competitors with innisfree mostly come from foreign brands such as: The Face Shop, The Body Shop, Etude House, Laneige In the future, the market will continue to expand and the level of competition the higher the increase It is also a big challenge for Innisfree when it has to compete with big brands in the industry and also an opportunity for Innisfree to assert its brand in the cosmetic market Innisfree's main and direct competitors in Vietnam currently have two brands The Face Shop and The Body Shop Innisfree will still maintain marketing and sales campaigns for the year 2023 despite having achieved high business growth The brand spent billion VND 0 MON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE MON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE to implement this campaign to increase sales and visibility in the media during Tet The campaign includes many activities such as advertising, sales promotion, communication, digital marketing, and e-commerce and will be implemented from November 22, 2022 to January 21, 2023 Most of the expenses are focused on advertising with short films during Tet and sales promotion to promote sales activities on multi-distribution channels The central message of the film is that everyone should overcome their fears to feel that Tet is the most beautiful and meaningful time On difficult days, it is important to choose the most joyful and meaningful path to take II.Situation analysis 2.1.Market summary Vietnam’s cosmetics market is rather young, yet is one of the most dynamic in the region As living standards in Vietnam grow, Vietnamese consumers are becoming more aware of personal care and beauty products besides satisfying basic needs Cosmetics products are a big business in Vietnam The industry is booming thanks to a large number of Vietnamese consumers investing in personal care and beauty products given higher living standards Vietnam has risen to a middle-income from a low-income country, with an increasing middle-income class who are allocating more of their income to cosmetics products A middle-class female in Vietnam spends an average of VND 450,000 – VND 500,000 (US$19 – US$21) monthly on makeup and skincare 0 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MON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE Growing disposable income, evolving beauty standards, the spread of social media, and the Korean wave all contribute to the soaring demand for beauty products in Vietnam South Korea is renowned for its skincare and makeup regime Korean idols and influencers add fuel to self-care trends in Vietnam through social media, campaigns, advertisements, and beauty blogs Moreover, greater financial independence for employed women in Vietnam has driven their demand for beauty care while evolving beauty standards has led males to pay more attention to grooming Since 2018, the percentage of women in Vietnam using cosmetics has climbed up from 76 percent to 86 percent In the next decade, Vietnam’s cosmetics market is projected to witness a growth of 15-20 percent annually Vietnam’s skin care product market size totaled in value at US$850 million in 2019 and is anticipated to reach US$1.9 billion by 2027, indicating a CAGR of 11.7 percent during the 2021-2027 period Overview of the cosmetics market Vietnam is a hotspot for foreign cosmetics brands with up to 93 percent of personal care products imported South Korea is the dominant cosmetics exporter to Vietnam, followed by Europe, Japan, Thailand, and the US 0 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE - Increase Customer Loyalty and Retention 25%-40% - Increase brand awareness more than 20% III TARGET AUDIENCE + Demographics: ● Age: Between 20 and 35 years of age ● Gender: Women ● Income: middle and upper middle class + Geographics ● Place: urban suburban area ● City: Everywhere in Vietnam, but mostly in big cities + Psychographics ● Budget: > million ● Lifestyle: modern, healthy lifestyle, ● Attitudes: Love to use natural product + Behaviour: ● Problems: acne skin, oily skin, tanned skin ● Mobile phone use: Usually ● Purchasing style: card payment, cash ● Media consumption: Usually IV KEY RESULTS + Sale promotion metrics - CVR - CLTV - Discount rate - Channel ROI - Time to purchase - RPV - AOV - Shopping cart abandonment 0 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE + Digital Marketing Objective: - WTS - Leads - Page view - Returning visitor + Communication objectives: - CLTV - Repeat purchases V BUDGET VI THE CHALLENGES OF THE BRIEF After analyzing the Innisfree brand, we can comment as follows: Tet is a season with many competing brands 0 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE E-commerce: Innisfree also sells its products through digital channels, such as its official website and e-commerce sites like Shopee, Lazada, Customers can easily learn how to use it, save money on travel time, and buy things quickly This is a popular way to shop, and it's expected to make up about 40% of all sales, since many customers still want a more real experience with the product 3.5.4 Promotion Digital marketing: Innisfree does not yet have many channels through which to reach its customers It should be invested in running advertisements on social networking sites such as Facebook, Instagram, and Twitter as well as YouTube Although Facebook and Instagram are obvious platforms for content sharing, multimedia apps such as TikTok and Pinterest are gaining popularity With a single quote post cut from a movie or a short video optimized for each platform, Innisfree can reach thousands of people Furthermore, social media allows for direct communication with customers, allowing them to form a bond 0 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE with the company According to research, 70% of people are more likely to use a brand's product or service if it responds or reaches out on social media Seeding articles, cosmetic review groups, and beauty groups is also a good strategy because many people want to hear other people's opinions Communication Despite having been in Vietnam for a long time, Innisfree still does not have its own brand representative for this country, but instead employs images of Korean representatives This can make it difficult to connect with customers, particularly those who are uninterested in Korean culture Similarly, reusing Korean advertising may be ineffective because the characteristics of the Vietnamese market may differ from those of Korea Furthermore,innisfree does not really invest in advertising in Vietnam, so this may affect the manufacturer's communication and access to customers as well as retail stores Promotion: The company should regularly organize incentive programs to stimulate buyers because customers always want to buy goods at good prices In addition, if 0 and distributes to other wholesalers and Innisfree expands its channel structure retailers (not part of the company), it must develop separate programs for 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MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE ( p p y) p p p g 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE different levels to ensure attractiveness and profitability Wholesalers and retailers can see that they benefit from cooperation with Innisfree Organizing attractive campaigns such as giving free samples to customers who buy products (Valentine's Day, Tet holidays ) or vouchers, discounts to new and current customers Besides, organizing online and offline events to promote customer engagement 0 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE IV TET PROMOTION PLAN 4.1.Idea CAMPAIGN NAME “Xuân sang, có Innisfree sang” Everyone wants to have shiny skin, not to pour oil at any point and especially Tet, a big holiday of the year with a lot of active meanings Therefore, a coating that is not too thick but has good oil control is essential that people look for Among all the oil-control cosmetic brands, it is impossible not to mention Innisfree, which is not only famous for its powder but all its other equipment products are also very interesting because they are not extracted from the main ingredients from benign nature but extremely expensive for students 4.2.Tagline “Tự tin da xinh – Lung linh đón Tết” The most popular product line today cannot fail to mention Innisfree Just extracted from nature, benign, less irritating, but also extremely affordable, is the priority of all women Innisfree's products can solve all skin problems, from oily skin to sensitive skin Many activities take place on New Year's Day, so owning Innisfree products right away to always be confident with firm skin strong Message: With Innisfree you will no worry about your defect 4.3.Sales promotion campaign For Innisfree's Marketing strategy on promotion mix, Innisfree invests in advertising campaigns using Influencer Marketing as well as deploys promotions Influencer Marketing 0 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MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREEMON.hoc.ASIAN.MARKETING.MANAGEMENT.MARKETING.STRATEGY.OF.INNISFREE Currently, with the development of the Internet and social networking sites, Influencer Marketing is becoming an effective form of marketing used by many famous businesses and brands to advertise products / services to a number of customers large number of potential customers 0 Influencer Marketing will focus on identifying influential individuals for a group of potential customers and directing marketing activities around those 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