Identifying potential opponents in Soap Market:RelevantCompetitorTarget Market Points of parityPOPsPoints of differencePODsLifebuoy All age groupsand genders Cleansing agent Affordable,
THUONG MAI UNIVERSITY INSTITUTE OF INTERNATIONAL TRAINING - SUBJECT: MARKETING STRATEGY CASE STUDY: IDENTIFYING MARKET SEGMENTS AND MARKET TARGETS OF A PRODUCT SERVICE THAT YOUR BUSINESS GOING TO LAUNCH TO THE MARKET CLASS: 23100MMGT1117E Lecturer: Dang Phuong Linh Group: Ha Noi, October 3rd, 2022 TABLE OF MEMBERS STT Full name Student code Hoang Thi Han Hoang Thi Thanh Hien Nguyen Thi Ngoc Hai Le Ha Giang Dang Thuy Duong 20K610056 Identifying market segments and targets + Powerpoint Nguyen Cong Dat 20K610042 Developing a brand positioning Hoang Thanh Van 20K610236 Establishing a Brand Positioning 20K610070 Task Alternative approaches to positioning Choosing a 20K610077 competitive frame of reference 20K610069 Choosing a competitive frame of reference Identifying market 20K610061 segments and targets + Powerpoint Score TABLE OF CONTENTS TABLE OF MEMBERS PREFACE I Identify and Analyze potential opponents in Soap Market 1.1 Identifying potential opponents in Soap Market: 1.2 Analyzing potential opponents in Soap Market: II Identifying market segments and targets marketing 2.1 Our brand’s name 2.2 Product 2.3 Identifying market segments 2.4 Target marketing III Crafting Verte Soap’s positioning 11 3.1 Choosing a competitive frame of reference: 11 3.1.2 Identifying Potential Points-of-difference (POD) and Points-of-Parity (POP): .11 3.1.3 Brand Mantras: 12 3.2 Establishing Verte Soap’s Positioning 14 3.3 Alternative Approaches to Positioning: Storytelling 16 Conclusion 17 References 18 MEETING MINUTE 19 PREFACE Building a successful marketing strategy is like taking a road trip You have to know where you want to go, and what you want the experience to be like, and you have to know the starting point Once the starting and ending points have been identified, designing the trip according to expectations becomes a lot easier We made a decision to apply the knowledge gained from marketing and strategy to our business to Identify market segments, targets, and craft our brand positioning I Identify and Analyze potential opponents in Soap Market 1.1 Identifying potential opponents in Soap Market: Relevant Competitor Target Market Points of parity Points of difference (POPs) (PODs) Lifebuoy All age groups Cleansing agent and genders Affordable, PersonalCare Soap for all household Johnson Baby Shower Gel Small babies Cleansing agent and mothers Long-standing title of Skin-friendly Optimum Gold Infant to Pre Provide nutrition Schooler high levels of protein Direct competitors: Lifebuoy is a business that offers similar products and services and targets the same customers in the geographic area our business serves ● Secondary/indirect competitors: Johnson Baby shower gel is a different product and service and targets a different set of customers, but falls under our same general category ● Substitute competitors: Optimum Gold is a different product but targets the same customers in our geographic area Besides baby skins are very sensitive, which is why they need to have good nutrition so the skin can be strong Our Product - Verte Soap is to solve problems with baby skins As a result, Optimum Gold becomes our Substitute competitor 1.2 Analyzing potential opponents in Soap Market: ❖ Lifebuoy: ● Strengths: - Brand Reputation: Lifebuoy has been successful in gaining the trust of customers in the market for nearly 100 years Health-centered approach and communication have helped Lifebuoy gain credibility and a large part of loyal customers - Affordable pricing: Lifebuoy has diversified pricing to suit all types of markets, especially rural markets - Wide distribution: Lifebuoy has a strong distribution channel worldwide, making the product available in the most remote countries Lifebuoy has made efforts to be present in rural markets where there is a really high demand for the product - Product Line Expansion: Lifebuoy has successfully expanded its product line by introducing successful products such as hand sanitizer, shower gel, and hand sanitizer ● Weakness: - Because it contains some cleaning ingredients, Lifebuoy soap will have a slightly strong and pungent smell, not suitable for those who are allergic to scents - Some Lifebuoy soaps can irritate sensitive skin because of their bactericidal action ❖ Johnson Baby shower gel: ● Strengths: - As a product of a long-standing famous brand, Johnson Baby always ensures quality All products have a clear origin, information is fully printed on the packaging - Safe ingredients, extracted from nature, effectively cleanse the skin, completely removing sweat, sebum, dirt, and harmful bacteria on the skin - Balances the pH of the skin - The superior formula does not sting the eyes and does not irritate the skin - Johnson's Baby Shower Gel contains many nutrients to help nourish soft skin from the inside, provide good moisture, nourish epidermal cells on the skin, and help your baby always be naturally healthy - The product has a mild, pleasant fragrance, does not irritate the sense of smell, has a positive effect on the senses, brings comfort to the baby when bathing, and helps the baby sleep better and deeper - Johnson Baby Shower Gel is produced in many different types, each with different sizes, weights, and shapes, moms are spoiled for choice with the right product for their baby Document continues below Discover more from: Marketing BLA 2000 Trường Đại học… 565 documents Go to course Chien luoc KD cua 25 cty Vietravel Marketing 97% (35) Bài thảo luận Nhóm 34 Truyền thơng… Marketing 97% (34) Bài thảo luận Nhóm 33 Quản trị Logistics… Marketing 100% (16) Marketing 34 trường đại học Marketing 100% (16) Chiến lược kênh 17 phân phối cà phê… Marketing 43 100% (13) Xây dựng phát triển thương hiệu x… Marketing 100% (12) ● Weakness: - Because this is a famous line of shower gel, favored by many people, the market now has fake products, imitation goods, and poor-quality goods Therefore, it is difficult for mothers to choose to buy this product for their babies ❖ Optimum Gold: ● Strength: - Help children develop comprehensively both physically and intellectually forming beneficial bacteria, preventing the adhesion of pathogens to the intestinal wall of children, along with soluble fiber FOS to help support the digestive system to work well and have a stronger resistance - Helps strengthen the beneficial bacteria in the intestinal tract and enhances the absorption of nutrients in milk and foods that babies eat every day - Help strengthen resistance, support children's immune system, and protect children from common bacterial infections - Help the bone and teeth system in children develop better, thereby increasing the stable and regular height in accordance with the standard - The product that helps the baby to gain weight well is a comprehensive development milk powder - The product is milk powder for babies from birth to years old, so it is very rich - Categories for consumers to choose according to their needs - The product that helps the baby to gain weight well is a comprehensive development milk powder ● Weakness: - Constipation easily if used too much - Easy to get a stomach ache and diarrhea when changing formula milk II Identifying marketing market segments and targets 2.1 Our brand’s name The name of our soap brand is: Verte Verte in French means the green color French brings a sense of elegance, romance, and luxury Green color has strong associations with nature and brings to mind lush grass, trees, and forests Green is often described as a refreshing and tranquil color Other common associations with the color green are money, luck, health, and envy 2.2 Product Handmade Soap These beautiful soaps are manufactured by hand via strict quality control to produce beautiful spa soap or may be used as a soap or deodorant in the bathroom, closet, drawer, or as decoration in your beautiful house 2.3 Identifying market segments The goal segment of soap products is geographic, demographic, and psychologic-behavioral segmentation: Geography: - Major cities and towns throughout the country As this is a large market with a high population density with a large density of children - Reasons: Lifebuoy, Johnson Baby Shower Gel, and Optimum Gold have a strong distribution channel worldwide so their products designs or features are the same in color, scents, and shape for everyone, they are not customized for each customer’s style -> The products are not unique to -> Verte is handmade so it is more diversified in color, scent, and shape Demography: - Age: Focus on the age of children from 3-6 and 8-12 These stages are when our kids need to care about nutrition - Family size: Young couples with smaller than years old children and Young couples with 6-12 years old children - Occupation: Stable income occupations-> the product is affordable - Reason: Lifebuoy is for all generations of family from grandparents, and parents to children Johnson Baby Shower Gel and Optimum Gold are for newborns -> Verte is more focused on Pre Teen and Pre Schooler Moreover, these audiences like eyecatching objects so handmade soap have the advantage Psychology - Behavior: - Need a care product that has a cleansing, non-irritating, pleasant scent, and is not harmful to skin, eyes, or child's nose - The cleaning and drying feature directs users to baby powder products with a pleasant scent - Reason: The three competitors have reputations but customers appeal to new items-> When compared to shape, scent, and color, Verte is a good option 2.4 Target marketing Segmentation Contents Characteristics Geographic segmentation Region Domestic Area Urban and Suburban Demographic segmentation Gender Male and Female Income Middle Class Age (3-6 Years old)-Pre Schooler Baby's skin is still very tender and needs good products that won't harm the baby's skin (8-12)-Pre Teen Entering puberty, some people will have problems with body odor leading to low self-esteem and apprehension So they prefer to choose products that bring out the fragrance Family Full Nest 1- Young couples with smaller than Life Cycle years old children Full Nest 2- Young couples with 6-12 years old children Psychologic segmentation Lifestyle Difficult to change: Use for a long time, feel attached and trusted Vulnerable: the baby's skin or other parts such as the eyes, nose, and mouth are very easily irritated The product must make the baby feel comfortable Style Can freely express their own style of dress Open-minded, exchange: like to exchange and get to know Especially knowing and caring about people around you, especially those of the opposite sex, want to make a good impression Behavioral segmentation Seeking Benefits Cleansing + protecting Beauty effect Scented Gentle without irritation Shopping location convenient and close proximity (grocery, supermarket, ) 10 III Crafting Verte Soap’s positioning 3.1 Choosing a competitive frame of reference: Relevant Competitors: Life Bouy, Johnson Baby Shower Gel, Optimum Gold 3.1.2 Identifying Potential Points-of-difference (POD) and Pointsof-Parity (POP): ● PODs: are attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand - Physical: Handmade soaps use less thickener content than industrial products, so they are usually softer in texture and have poor heat resistance Under the influence of sunlight, Handmade soap easily melts, so it should be stored in cool and dry conditions, avoiding direct sunlight - About the shape: For Handmade products, after creating a mixture of liquid ingredients, they are poured into molds of various shapes and designs, and manually edited so the lines are not as angular as other shapes product of industry - About the color: The coloring agents of Handmade soap are extracted from natural ingredients, such as the yellow color of turmeric, the black-gray color of activated charcoal, the orange color of gac fruit, and the green color of the leaves extremely rich and varied Industrial soaps often have monotonous colors and similarities between brands - About the scent: The flavoring agent in industrial soap is artificial synthetic flavoring, with a strong and pungent aroma, and the ability to keep the scent for many hours In Handmade products, only essential oils are used to create a fragrance, pleasant natural fragrance but not durable - In terms of foaming ability: Foaming agents are usually alkaline anionic emulsifiers that are easy to irritate the skin, in Handmade soaps, it is usually little or not this kind of ingredient Therefore, the foaming ability of Handmade soap is often less than that of industrial soap 11 - Our company organizes some workshops such as: + Let children experience how to make soaps by themselves and they can use or send it as a gift for parents, or friends, (this activity aims to stimulate children's creativity) + Sell soap ingredients that can be made at home ● POPs: are attribute or benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands such as Lifebuoy or Johnson Baby, - Soaps care for the skin and protect against 99.9% of bacteria - The formula contains Silver + ions and milk extract to help moisturize and soften the skin - The formula helps protect against bacteria and supports the best natural skin resistance - Soaps have the main effect of increasing high humidity for the skin, even for babies It also works to take care of dry, cracked, and peeling hands, feet, and soles, providing smooth skin for up to 24 hours 3.1.3 Brand Mantras: “Verte - Wrapped Up With Baby Skin” We want to focus on providing a holistic, natural approach by providing handmade soaps for skin care ‘Wrapped up’ means if someone is wrapped up in a particular person or thing, they spend nearly all their time thinking about them, so that they forget about other things Also the word ‘wrap’ góe ưith ‘baby’ means providing comfort and support for the baby and allowing the parent to focus on other things like working, or cleaning the house as they go about their everyday tasks 12 A logo is a visual product consisting of an image or text or a combination of both images and text to help identify a brand Use a circle as a logo because the shape usually represents: - Perfection, completeness - Warmth and friendliness Circles are especially easy to use in the background design of logos or small icons placed on websites Especially useful for images on online channels (avatar facebook, instagram ) or as stamps for printing and pasting outside “NATURAL SOAP”: - Font: CARDO and size: 12.8 This font is clear for customers to know what we sell “Verte”: company’s name - Font: Brittany, and size:33 It brings viewers the feelings ofelegance, romance, and luxury “Since 2022”: - Font: CARDO and size: 15 The year when our company established 13 Oval shape is like a soap that we sell Jasmine symbol: Jasmine has many uses for health and beauty Dressed in the beauty of pure white, gentle, romantic and a seductive scent, jasmine has conquered the hearts of flower lovers Color used is a collection of green so it brings freshness, lightness, and freshness 3.2 Establishing Verte Soap’s Positioning - Announcing category benefits: Children at the age of 3-6 are extremely hyperactive and curious, so it is completely normal and inevitable to get their hands and feet dirty due to mischief So instead of parents trying to prevent their children from growing just because they are afraid their child will get dirty, why not join with the children, play with them and participate in that natural development process in order to be able to more bonding with your child? Worried about getting dirty? Don't worry, our soap which is in form of liquid and bar will solve that fear for beloved parents When you choose to buy our products, it means that you have shown yourself as a parent who really cares about your children So, what are you waiting for, let’s join the fun with your kids right now? - Relying on the product descriptor: With modern production technology, environmentally friendly packaging, pleasant scents, eyecatching colors as well as being produced in many different funny shapes, our bar soap product children will surely make your beloved kids wash their hands more often without you having to remind them anymore "Accompanying parents on the path of their children's growth" - that is the goal we aim to reduce the worry of children getting dirty for parents - Communicating POPs and PODs: Handmade soap/ washing gel Industrial soap (hand–washing gel) Unique (scents, ingredients, colors) Popular (just few basic chemical scents/ingredients/colors (white/light 14 pink/yellow/ light green) Affordable The ability to clean is better Require strict rules to store Easier to store Expire date is shorter than non- The amount of industrial soap bar is handmade soap/washing gel fixed, and normally this can’t be changed flexibly according to the customer’s needs Foaming ability is weaker in The ability to protect customer’s hand comparison with industrial skin is weaker than handmade soap soap/hand-washing gel Color, size, shape, and scents can be Ability to retain scents is better adjusted correspondent to purchasers demand (Flexibility is high) Can be used as gifts on some special Fixed function: used to clean/wash occasions hands Can contact directly with Can’t connect with manufacturers in manufacturers in order to provide case product has problems feedback on merchandise Haven’t got a reputation in body- Famous, good reputation (Lifebuoy) cleaning segments 15 3.3 Alternative Approaches to Positioning: Storytelling “ Chemistry must have been the most haunting subject of your students' time, right? So have you ever thought about when you will create products from complicated chemicals and chemical reactions by yourself? For me, I thought it was impossible But when I sat and watched “the babies” with white creamy soap, I felt very curious Soap making is a combination of Chemistry and Art Sometimes, I felt like a lab expert, a barista, or a baker Thoughts kept going through my head, then suddenly I wanted to make handmade soap for my children and wanted to let my children experience these wonderful things!” Conclusion It is virtually impossible to satisfy all customers, so it is up to each company to select the specific parts of the market which they can best serve Therefore, 16 businesses could identify market segments, select a few profitable segments, and develop products and marketing mixes that are aimed at particular customers Verte’s target marketing is made up of three stages: market segmentation, marketing targeting, and product positioning Our process has a number of advantages and enables the information needed to design an effective plan for each segment We use target marketing to consider the most appropriate market coverage strategy according to resources, and the type of service Customers have different perceptions of products or services As a result, we find the value propositions to differentiate our Verte Soap from other competitors Future work: Although it is still a lot of work to successfully apply the strategy we made into reality, we are going to work hard so the products can reach people who have the same ideas we want to deliver 17 References [1] Philip Kotler, Kevin Keller Marketing Management New Jersey: Pearson Prentice Hall, 2006 18 CỘNG HÒA XÃ HỘI CHỦ NGHĨA VIỆT NAM Độc lập - Tự - Hạnh Phúc MEETING MINUTE Group – 23100MMGT1117E Group Members: ● Dang Thuy Duong ● Hoang Thi Thanh Hien ● Nguyen Thi Ngoc Hai ● Hoang Thi Han ● Le Ha Giang ● Hoang Thanh Van ● Nguyen Cong Dat Location: Thuong Mai University Date: September 24th, 2022 Attendances: All memmbers Content: ● Leader gives out the topic ● Everyone gives ideas and makes plans ● Each member takes charge of each part and gives a deadline date Leader Minute taker Nguyen Cong Dat Le Ha Giang 19