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Tiêu đề International Marketing Plan For Winter Melon Cleanser Of Cocoon Vietnam
Tác giả Huỳnh Xuân Như, Lê Nguyễn Quỳnh Như, Tống Ngọc Hoài Thương, Nguyễn Hoàng Trúc Mai
Trường học Ministry of Finance University of Finance - Marketing
Chuyên ngành International Marketing
Thể loại Group Project
Năm xuất bản 2021
Thành phố Ho Chi Minh City
Định dạng
Số trang 36
Dung lượng 3,59 MB

Cấu trúc

  • 1. Executive Summary (10)
    • 1.1 Problems (10)
    • 1.2 Objective (10)
  • 2. Situation Analysis (11)
    • 2.1. Company Analysis (11)
    • 2.2. Home-country constrains (12)
      • 2.2.1. Political (12)
      • 2.2.2. Economic (12)
      • 2.2.3. Social (12)
      • 2.2.4. Technological (13)
    • 2.3. SWOT (13)
  • 3. Internal Environment of Cocoon (14)
    • 3.1. Market knowledge (14)
    • 3.2. Competitive Advantages (15)
  • 4. External Environment of Cocoon (16)
    • 4.1. Competitors (16)
    • 4.2. Political factor (17)
    • 4.3. Economic factor (17)
    • 4.4. Social factor (18)
    • 4.5. Technology factor (18)
    • 4.6. Others (19)
  • 5. Target Market Description and Entry Mode Selection (19)
    • 5.1. Segmetation (19)
    • 5.2. Targeting (22)
    • 5.3. Positioning (22)
  • 6. International Marketing Goals and Objective (23)
    • 6.1. Goals (23)
    • 6.2. Objective (24)
  • 7. Marketing Program (24)
    • 7.1. Product (24)
    • 7.2. Price (27)
    • 7.3. Place (28)
    • 7.4. Promotion (29)
      • 7.4.1. Communication Objective (29)
      • 7.4.2. Main strategy (30)
  • 8. Action plan and Budget (31)
    • 8.1. Action plan (31)
    • 8.2. Budget (31)
  • 9. Evaluation, Measurement, Control (32)
    • 9.1. Evaluation (32)
    • 9.2. Measurement (32)
    • 9.3. Control (33)
  • 10. List of reference (34)
  • Picture 1: Poster of product (0)
  • Picture 2: Image of breakdown charts of popular (often used) skin care items (0)
  • Picture 3: Positioning map of cosmetic market in Korea (0)
  • Picture 4: Product design of Cocoon (0)
  • Picture 5: Winter Melon Cleanser of Cocoon (0)

Nội dung

15 Trang 9 Expected poster of Winter Melon Cleanser product poster when entering the Korean market: Trang 10 1 1.. Executive Summary 1.1 Problems Korea is considered a leading country

Executive Summary

Problems

Korea is considered a leading country in the world of cosmetics market, when people mention to cosmetics, they will immediately think about Korea, this is considered a "fertile" market that any brand Every cosmetic wants to aim for But not all brands have the courage to bring their products to this market

Cocoon Original Vietnam, a pioneer and famous vegan cosmetic brand in Vietnam, is confident in bringing Winter Melon Cleanser of Cocoon Vietnam to the Korean market for development

Opportunity: Korea is a country that is very fond of beauty, and according to a survey, women here give a lot of priority to using natural cosmetics And Winter Melon Cleanser of Cocoon is the product that meets this requirement

If it can stand firmly in Korea, it will certainly bring Cocoon to a new level of value, bring Vietnam's natural cosmetic brand to the world market and create a firm belief for other cosmetic brands in the future want to enter these markets It will also be a solid premise for Cocoon to go to many other countries in the future

If the plan fails in Korea, this will be a lesson and an experience to help Cocoon build and adjust its ability to penetrate markets, thereby offering many new directions and good ideas and do not give up new market choices in a more appropriate direction

Objective

After one year of operation, the brand awareness of Cocoon and Winter Melon Cleanser of Cocoon has increased in the minds of Koreans

Target customers in this market know and understand the Cocoon brand of Vietnam 7-10% increase in new customers every quarter

Building relationships with customers in new markets

Bringing more product lines to the Korean market.

Situation Analysis

Company Analysis

Cocoon has been entering the Cosmetics market for 3 years since 2018 with 100% vegan cosmetic lines and belongs to NATURE STORY COSMETICS COMPANY LIMITED Vegan cosmetics are also starting to become a favorite trend of many people following a green lifestyle That is the reason that motivates the company to research and constantly produce 100% natural cosmetic products that keep the nutrients of Vietnamese plants

For Cocoon, it would be great to include foods rich in vitamins, antioxidants and minerals from Vietnamese plants in cosmetics to enhance skin health - meeting the expectations of customers: safe, effective and not of animal origin

Applying the benefits of the food around us combined with a scientific understanding to create cosmetic products that are safe and effective for everyone

100% ingredients are clearly sourced and safe for the skin

Cocoon cosmetic formulations are researched and tested by laboratory tests (in-Vitro test) or on volunteers (in-Vivo test) They do not perform tests on animals such as rabbits, mice, fertilized egg yolks, etc because of their humanity and undying promise to customers and the community

Cocoon is also the first Vietnamese cosmetic brand to be certified "not tested on animals and vegan" by the global animal rights organization PETA and certified vegan by the World Vegan Association The Vegan Society) To prove it, all Cocoon products have the "rabbit" symbol on the packaging

Home-country constrains

Political and security situation is stable

The legal system is increasingly adjusted to suit the current economy

The economy is open after our country joins the WTO, after our country joins the WTO, the economic policies are more suitable not only for Vietnamese enterprises but also for foreign enterprises who want to invest in the country

According to the General Statistics Office, GDP in the first 6 months of 2021 increased by 5.64% Moreover, GDP in the second quarter of 2021 increased by 6.61%, higher than the increase of 4.48% in the first quarter of 2021

Vietnam is one of the rare economies with positive growth while the whole world is experiencing unprecedented growth Accordingly, inflation was kept below 4%, a large trade surplus of nearly 17 billion USD, foreign direct investment remained high

Covid-19 raises awareness of personal infection prevention and is predicted to increase the demand for safe and healthy cosmetics for the skin

Picture 2: Image of breakdown charts of popular (often used) skin care items

A survey conducted by Q&Me in 2020 shows that in big cities like Saigon and Hanoi, they are willing to spend more on skin care cosmetics and makeup products

According to the survey, the need for women's skin care is increasing The most used skin care product is facial cleanser, accounting for 77%

Consumers increasingly place importance on quality Origin and raw materials are the two factors they are most concerned about, the price factor is no longer as important as before Natural and organic cosmetics remain in the priority of consumers (Source: Euromonitor)

Today, consumers can also check ingredients, see how safe those ingredients are through a phone app

The number of Internet users in Vietnam in January 2021 is 68.72 million

Social network users increased by more than 7 million from 2020 to 2021

The number of mobile connections in Vietnam in January 2021 was 154.4 million.

SWOT

- Cocoon is known as one of the pioneering domestic brands for vegan cosmetics in

- Reasonable price, easily accepted with diverse target audience

- The first Vietnamese cosmetics certified

PETA's vegan and animal-free certification

- The brand always inspires and spreads positive messages through many meaningful programs towards the

- Cocoon has no experience in bringing its brand to foreign markets

- The effect of using it must not be impressive the first time

- Haven't made a difference in positioning yet

- The composition is transparent and public, with clear commitments

- Famous for the effective use and beauty ability of squash and gotu kola

- The Korean market is a place of strong development of cosmetic brands

- The demand for beauty products with vegan natural cosmetics is increasing day by day

- Developing the brand abroad and becoming more widely known, creating a premise for other market penetration plans

- The opportunity to collide with strong competitors in a large market creates more experience to perfect products of the same brand

- Encountering initial risks, difficulties, and challenges in the new market

- Facing strong competitors, having a place in the minds of consumers

- Diversified costs and new policies in new markets other than Vietnam

- Products from different countries can make Korean customers apprehensive when intending to buy products

Internal Environment of Cocoon

Market knowledge

The cosmetics market is an industry with the best prospects for Korea:

- Korea is one of the world's fastest-changing beauty markets, showcasing industry-leading innovations and design trends established globally

- Korean beauty companies are able to penetrate the global market, thanks to the huge demand for K-beauty's beauty products

- Many global companies are strategically acquiring K-Beauty startups and brands to stay on top of the market's latest beauty trends Products and claims with cleaner labels, such as non-toxic and eco-friendly, among others, have become more prominent in the market

- Korea ranks 9th largest cosmetics market in the world, accounting for nearly 2.8% of the global market In 2018, the cosmetics market was estimated to reach $9.3 billion

- The Korean cosmetics market is expected to grow at a CAGR of 5.22% during the forecast period (2021-2026)

Natural cosmetics are gaining popularity of clean, organic and vegan beauty, leading to an increase in conscious cosmetic consumers, enabling halal beauty to flourish In addition, with growing health concerns due to the harmful effects of artificial ingredients used in the production of beauty products, there is a growing demand for halal cosmetics in Korea Korean cosmetics certification is on the rise, supported by the number of halal certification bodies (HCBs) in the country, making Korea the main market for halal cosmetics, so it can be developed in the long term vegan products in Korea

Comments on Korean cosmetic market compared to Vietnam:

Korea is a young market, with a great demand for cosmetics, which is very suitable for penetration, development and creating a long-term foothold However, they will face many challenges, initial risks, encounter strong competitors, need time to confirm the quality of cosmetics, come up with operational strategies, and customer retention policies , especially must have a different color compared to strong competitors, Because Korea is a country of many large and small cosmetic brands, it is necessary to give Cocoon a firm and long-term foothold in the Korean cosmetics market

The development of society still has its downsides as the quality of life is less and less guaranteed due to unsafe food, environmental pollution, pressure Therefore, although the cosmetic market is always growing at a high rate, consumers, especially women, are tending to use cosmetics derived from nature.

Competitive Advantages

The strong growth rate helps Cocoon have a competitive position in Vietnam and is also the foundation to bring Cocoon to other countries

Cocoon confidently asserts its brand in foreign countries accurately, in accordance with the target customer group and makes a difference from competitors

Safe Natural Long Lasting effect Gentle No skin irritation – – – – –

Cocoon with squash Essence and Centella extract give customers beautiful healthy skin Cocoon is the only Vietnamese cosmetic brand with the "no animal testing and vegan" certificate granted by the global animal rights organization PETA

The perfect combination between the two best and most popular natural ingredients in the world helps Cocoon's face wash gel to serve the needs of many different customers.

External Environment of Cocoon

Competitors

Klairs: Dear Klairs was first established in 2010 with a focus on researching ingredients and raw materials for skincare aimed at soothing sensitive skin By 2021, Klairs has appeared in more than 50 countries around the world that have been trusted to use Klairs is currently one of the best- selling product lines in the land of kimchi

Be Plain: A company established in 2018, but Be Plain has quickly gained the trust of customers in Korea This brand also focuses on environmental protection, being friendly to animals, especially the marine environment So much so that they released the 'Ocean Cleanse' cosmetic line to raise awareness and protect the Ocean Be Plain has since won the hearts of consumers in Korea and is on the way to development

Cosrx: This is considered the most famous brand in Korea Founded in 2015, Cosrx is truly a brand you can trust to deliver skin-focused products with effective ingredients Additionally, they pride themselves on providing skin- and animal-friendly ingredients, and using no harmful additives like mineral oil, talcum powder or Parabens

Rovectin: Rovectin was founded in 2018 and they started their journey to create products for cancer patients with dry and damaged skin Over the years, their brand has flourished and focused on excellent and high-quality restorative ingredients Furthermore, the brand is perfect for sensitive skin types and is vegan-friendly

Round Lab: Round Lab is one of Korea's Best Vegan Skin Care Brands Founded in 2017, Round lab has successfully developed a wide range of clean beauty products with a focus on natural ingredients Their products are suitable for all skin types including the most sensitive, which has led to widespread popularity in the Korean Skin Care Community.

Political factor

Basically, the level of government intervention in the economy Korea is one of the countries with a very developed legal system to protect intellectual property rights, close to the rules on protection of intellectual property rights intellectual property of the WTO and the World Intellectual Property Organization (WIPO) Moreover, it will promote the import and export of cosmetics For trade marks, the protection is carried out in accordance with the provisions of the Law on Trademarks Particularly for famous brands, the protection is carried out in accordance with the provisions of the Law on Trade Secrets Protection and Prevention of Unfair Competition This will help Cocoon thrive without competition problems In addition, Korea has also established support mechanisms (through tax incentives) including support for innovative start-ups (start-ups)

An excellent regulatory environment can protect Cocoon from unfair competition, the legitimate interests of customers and the interests of society from certain unfair business practices.

Economic factor

Ranking 10th among the world's largest economic powers and 4th in Asia in 2021, South Korea is famous for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just one generation Stagnant investment and the failure to spill the boom of the chip sector over into other industries already limited economic growth to an estimated 2% in 2019, before declining to -1% in 2020 According to the IMF's April 2021 forecast, GDP growth is expected to bounce back to 3.6% in 2021 and stabilise at 2.8% in 2022, subject to the post-pandemic global economic recovery This can be seen, this is the right time for Cocoon to penetrate the Korean market without any barriers

Income per capita increased from USD 100 in 1963 to more than USD 31,762 (IMF, 2021) Korea aims to increase the number of enterprises in the top 100 of the world's top 100

9 cosmetic exporters from 4 to 7, enterprises with revenue of over 5 billion won (US$4.2 million) increase from 150 to 7 276 units and created 73,000 new jobs in this industry With the above goal, Korea will strive to rise from the position of the 4th largest cosmetics exporter in the world last year with a turnover of 6.3 billion USD to the 3rd position in the world with a value of 7.9 billion USD USD in 2022 Currently, Korea is in the top 10 largest beauty market in the world Facial skin care products alone account for half of the total market share and are expected to reach

$7.2 billion by 2020 According to Ryan Park - founder of the Korean brand Whamisa - France and Japan have long been considered symbols of the global cosmetics industry However, Korea has caught up in a short time since the development of basic industrial industry, chemistry, science, the same as Hallyu.

Social factor

Tourism: The service sector is the largest and fastest economic sector, accounting for 56.8% of GDP and employing 70.2% of the active population (World Bank, 2020), especially department stores, store chains and supermarkets Tourism was one of the fast-growing sectors, with a rise of 14% in 2019 according to Korean Tourism Organization The rapid growth of tourism has stimulated the cosmetics trade in Korea Since Korea is famous for its famous cosmetic brands all over the world, tourism will also have a strong impact on cosmetics becoming the focal point when tourists are curious about it

Korean skin care culture: Instead of trying to cover up imperfections with makeup or concealer, Koreans tend to focus on products that care for the skin from within and treat problems skin problems before starting makeup Relying entirely on makeup not only makes you look unnatural, it's actually just a temporary solution to a long-term problem There is a pretty big difference in Korean skin care culture with most Western cultures: prevention is better than cure Most Koreans apply sunscreen before freckles start to show, and they also moisturize their skin long before they have to worry about wrinkles.

Technology factor

Technology in Korea has always been at the forefront of trends and quality in recent years Users of social networking and e-commerce platforms always increase every quarter and maintain stability In addition, the internet in Korea is not a big problem because it is guaranteed to be stable and fast to load This will make it easier for Cocoon to spread its brand.

Others

The Vietnam - Korea Free Trade Agreement (VKFTA) took effect from December 2015 with Korea committing to cut 95.4% of tariff lines, in return, Vietnam committed to cut nearly 90% of tariff lines Tariffs After nearly 2 years, it is still difficult for Vietnamese goods to penetrate this market because Korea tightens the technical barriers

There is a high cost of entering the market, both in terms of the fees associated with the required certification and the required resources Product registration, labeling and product shelf life are particularly high concerns in this area

Inconsistencies in the interpretation of regulations among officials at different points of entry and whether they apply fines and penalties more loosely or harshly are also an issue Regulations change with some frequency and without warning Adjusting and meeting these regulations can be time consuming and expensive

Korea requires cosmetic exporters to go through the General Department of Quality Supervision, Inspection and Quarantine Registration can also be done through the import company Importers and exporters can easily search for registration websites and receive instructions in English, easily accessing businesses that also have to work closely between departments to avoid causing unwanted errors

In order to comply with the labeling regulations of cosmetics in Korea, all imported and exported cosmetics must have labels in Korean The label must be approved by the inspection agency.

Target Market Description and Entry Mode Selection

Segmetation

Student, Officer, White-collar Worker, housewife

Officer, White- collar Worker, Housewife

Family situation Single Single, Dating,

Looking for vegan, safe, age

- appropriate cosmetic products, eye- catching product packaging, and experiencing Vietnamese natural ingredients

Looking for vegan, safe skin care products, wishing the skin to be cleansed with natural ingredients, experiencing Vietnamese products

Want to experience vegan cosmetics, focus more on ingredients, want to try new cleansers.

Activeness, creativity, Curious, want to experience

Activeness, go out regularly, enjoy, want to experience, often use cosmetics, skin care is important go out regularly, enjoy, discovery, often use cosmetics

Be attracted by social media, KOLs, the crowd effects, friends. be attracted and known about the product mainly by social media, friends, colleagues. be attracted and known about the product mainly by celebrities, friends, colleagues.

Frequency of use low, medium high medium, high

Loyalty level medium, high high medium

Benefit expectation s trendy products safety safety

Geographic Country Korea Korea Korea

Targeting

Our team decided to choose the Winter Melon Cleanser of Cocoon Vietnam brand under Nature Story Co., Ltd to penetrate the Korean market First of all, we realize that Koreans, both men and women, are especially interested in skin care and beauty care At the same time, this is also a very developed country in the cosmetics industry In addition to the young generation in Korea (from 16 to 35 years old), the product can also attract customers such as international students, tourists,

After analyzing customer segments, we choose the target customer group for Winter Melon Cleanser products, who are between the ages of 20 and 25 This is a group of active and modern people who have a stable income and have a very high need for skin care, always wanting to own a cleanser of natural origin but still ensure the cleanliness to protect the skin instead of products with a lot of chemicals.

Positioning

Cocoon is trying to become a reputable brand with reasonable prices, safe and guaranteed product quality, completely natural ingredients, minimizing irritation At the same time, the brand also focuses on designing trendy packaging that is suitable for all countries

Picture 3: Positioning map of cosmetic market in Korea

The entry method that we choose to enter the Korean market is the whole-owned subsidiary Under this entry, Cocoon can use its own brand, color scheme, logo, and can also maintain control over management and marketing decisions

Building a subsidiary not only has the advantage of maintaining control over the company's activities, entering the market does not need to share decision-making power or profits with other parties, but joining The first time will take time and money, if there is no local partner, the whole cost of joining will be based on the holding company.

International Marketing Goals and Objective

Goals

According to the above Internal and External Analysis, it is easy to see that the broad marketing goals for the products of Nature Story Cosmetics Co., Ltd are countries in Asia, especially Southeast Asia and East Asia Therefore, our team want to bring Cocoon's Winter Melon Cleanser to the Korean market, based on the following specific marketing goals: Promote marketing communication to research and strengthen activities to reach target customers: This is an important factor, it affects the development of a brand, especially when bringing the brand abroad Marketers must do thorough research on their customers before coming up with an effective marketing strategy correctly

Increase brand awareness: propagate the Vietnamese culture of using vegan natural products to Koreans

Researching the for a reasonable S-T-P process, capturing the right target customers to be able to build a suitable pricing strategy: Cocoon has been very successful in Vietnam when it researched and selected the right customer segment , suitable for product nature, therefore, when entering the Korean market, the company will choose a target customer group that is young people

At the same time, the price of the product will also be reasonable, possibly cheaper than the cosmetic products currently on the market

Objective

Earnings estimate of Cocoon Winter melon cleanser for the first 5 years:

1st year 2nd year 3rd year 4th year 5th year

Table 3: Objective for the first 5 years

- Winter Melon Cleanser of Cocoon will be displayed and sold directly at more than 30 cosmetic stores in Korea

- Increase 200 000 followers on TikTok and Instagram annually

- Increase 7-10% new customers for each quarter

- Building relationships with customers in new markets.

Marketing Program

Product

Facial cleansers and scrubs are Cocoon's main products and are especially made from natural ingredients taken from Vietnamese farms

Cocoon constantly updates and innovates its products for the purpose of expanding the market and increasing market share Following are the main products of Cocoon:

- Pumpkin juice balances the skin

- Dak Lak coffee cleanses the body's dead skin

- Dak Lak Coffee Body Butter

- Sa-chi hair restoration serum

Attributes: "Winter melon cleanser" is used to help deep clean dirt in the skin's pores, moisturize the skin, not make the skin tight, support acne treatment and anti-inflammatory, help tighten pores and control Effective oil control, whitening and smooth skin According to traditional medicine books, winter melon has cooling, heat-reducing, anti-inflammatory and bactericidal properties that help treat acne and inflammatory acne

Value proposition: Winter melon cleanser is a product containing natural ingredients including winter melon, centella, tea tree, and added Vitamins B3, B5, Betaine Winter melon cleanser with pH 5.5 helps to deeply clean dirt and excess oil, reduce the formation of hidden acne while retaining natural smooth moisture and does not cause skin dryness after use

Our company will implement product quality positioning to position the brand The company will continuously add new products to suit the tastes and needs of customers and

17 invest in training staff with the best service style to improve the quality of Cocoon's products and services

The image of a young woman wearing a conical hat symbolizes the beauty of Vietnamese women The words The Cocoon Original Vietnam has the meaning: Vietnamese organic cosmetics < Organic cosmetics Cocoon Vietnam helps Vietnamese women become more and more beautiful and perfect and always accompanies Vietnamese women

Picture 4: Product design of Cocoon

The main color of the product is very simple but has a characteristic of Cocoon With a white and yellow label background, the text will stand out, making it easy for customers to read and find information on the product In addition, there is an illustrated squash image to help Korean customers easily know the ingredients in the cleansing gel Product overview looks very natural, simple but vegan, creating a perfect product

Picture 5: Winter Melon Cleanser of Cocoon

Packaging: Plastic bottles have been processed by Cocoon to reduce harm to the environment, in addition, the eye-catching, easy-to-use compact bottle is a plus point of Cocoon Create a feeling for being environmentally friendly

Official website: CenBeu will provide products with different capacities, ingredients, and uses of products to help customers easily learn

Shipping: After the order is successfully placed, the order will be confirmed through the email provided by the customer before sending and and offer free shipping for customers if they buy orders from 500,000VND or more

Customer service: directly advise customers enthusiastically on both social networks and directly on whether the customer's skin is suitable for this product or not so that customers feel satisfied, increase sales and keep customers loyal to the brand.

Price

When setting the price, Winter Melon Cleanser of Cocoon needs to consider all the pricing strategies they will use to market the Cocoon face gel to the Korean market Cocoon will build 4 different pricing and pricing strategies for Winter Melon Cleanser

When Winter Melon Cleanser of Cocoon expands to Korea, this strategy is a good one because the company will evaluate set prices higher or lower than competitors' pricing This

19 strategy will cost a large amount of advertising, in the beginning, to attract customers, so that they can buy the company's facial gel products At first, there will be unhappiness in terms of income, but in the long run, the company will attract customers again, then it will increase costs to recoup the income The initial price will be set starting at 14,899 won The initial price above is classified as the normal price for the product This strategies will be implemented from January to June

This strategy will hit the customer's psychology, they will buy products through emotions For this strategy, here is a vegan cosmetic instead of the company that will sell 15.000won for 140ml, it will choose a 14.899 won price because when shopping, customers will see that the number 14.899 won will be cheaper than 15.000 won This product will be preferred by young women to buy, so hitting on women's psyche may be the safest option Competitors will feel that we are new brands and will be reckless in, taking risks when entering new markets But this will retain customers Especially for cosmetics, in addition to stable quality, price is something that shoppers always consider

This strategy will affect the profit of the company and the retailer Discounts may be valid under certain circumstances Discounts can help gel cleansers attract more consumers, encouraging customers to try the product Discounts can be detrimental to existing customers Therefore, businesses need to be careful and mindful when implementing this strategy to limit unexpected negatives, applying a discount of about 7% to 10% depending on the density and level of purchase

It will be carried out from October to December

Cocoon uses arbitrage to increase profits and build awareness for the squash gel cleanser This strategy is to charge low prices compared to other famous products, to capture the mind of customers, to calculate different prices at different times of the day, week or year to reflect the price treatment of the face wash gel squash Will be implemented from July to October 2022

Place

Cocoon will export Measure sale

Quarter III/2022: Organize promotional campaigns, activation programs at shopping centers, and increase advertising on social media => Increase brand awareness, increase reach to customers target

Quarter IV/2022: Using promotional campaigns to increase sales productivity when the business starts to stabilize => Increase revenue.

Budget

TYPE Quantity Cost for 1 st quarter

Promotional campaign Mall 20.000$ Promotional campaign

Sale promotion Price-off-deal 4.000$ Sale promotion

Promotional campaign Mall 20.000$ Promotional campaign

Table 4: Budget for the first year

Evaluation, Measurement, Control

Evaluation

Natural cosmetics are very popular in Korea, so Winter Melon Cleanser of Cocoon squash face wash has a chance to gain a foothold in the Korean market

When entering a new market like Korea, Winter Melon Cleanser of Cocoon has to face a new breakthrough that can help Cocoon mark Vietnam's natural cosmetic brand in foreign markets

Cocoon has never had experience in bringing products to a new overseas market, so this squash face wash has to face a lot of difficulties, especially in terms of costs and new policies There are also big and small competitors Therefore, Cocoon must have many backup plans and alternative plans in times of difficulty

Its products are put into multi-brand store chains in Incheon city, this is the second largest center in Korea and has the most potential market for squash face wash, so Cocoon has to bear the costs fees such as shipping fees, tariffs, etc

Cocoon faces an entirely new challenge: Korean consumers will be apprehensive about new products in another country, accustomed to buying well-known Korean brands

Measurement

Currently, Korea is among the top 10 largest beauty markets in the world Face care products alone account for half of the total market share and reach $7.2 billion by 2020

As one of the leading countries in the beauty market, Korea is very strict in importing cosmetics This market is also extremely fastidious with strict regulations on tariffs, laws has caused many obstacles for cosmetic exporters

In Korea, Cocoon not only competes directly with more than 6 leading brands of vegan skin care cosmetics, but also indirectly competes with more than 500 large and small cosmetic brands.

Control

Initial push strategy in the first 5 months to increase Cocoon brand awareness by promotions, offline advertising through forms such as advertising on buildings, on vehicles, , Advertising on the Korean social network Naver attracts many young people, and Cocoon's Korean website will update product information for easy access by customers Combine with a pull strategy to pull customers to Cocoon by promoting 5 to 15% or discount when buying product combos When Cocoon is known, focus on pushing ads through newspapers, magazines, bloggers to better highlight the advantages of the product, provide incentives to customers when referring new customers, often including discounts on future purchases, to receive word-of-mouth referrals

Control of efficiency: Marketing director, marketing department and HR department will manage by monitoring the effectiveness of sales staff, advertising, promotion, )

Strategic control: Senior management will control all activities by ranking the effectiveness of marketing activities, production level of marketing activities, overview of responsibility, ethics company ethics to provide timely solutions

Control of the annual plan: Department managers will control by analyzing sales, market share, financial sales,

List of reference

International Marketing reference book - The University of Finance - Marketing https://vi.wikipedia.org/wiki/Incheon http://cocoonvietnam.com/ https://qandme.net/vi/baibaocao/xu-huong-tieu-dung-my-pham-tai-viet-nam-2020.html http://hanoimoi.com.vn/tin-tuc/the-gioi/952947/han-quoc-voi-muc-tieu-cuong-quoc-ve-my- pham#:~:text=Hi%E1%BB%87n%20H%C3%A0n%20Qu%E1%BB%91c%20n%E1%BA%B1m

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