Marketing plan the new product of cocoon brand winter melon sunscreen plus

Trang 1 iUNIVERSITY OF FINANCE – MARKETING Faculty of Marketing FINAL EXAM MARKETING MANAGEMENT MARKETING PLAN THE NEW PRODUCT OF COCOON BRAND: WINTER MELON SUNSCREEN PLUS Lecturer : Ngô

UNIVERSITY OF FINANCE – MARKETING Faculty of Marketing FINAL EXAM MARKETING MANAGEMENT MARKETING PLAN THE NEW PRODUCT OF COCOON BRAND: WINTER MELON SUNSCREEN PLUS Lecturer : Ngô Minh Trang Class : CLC_21DMA01 Class Code : 2311702006001 Ho Chi Minh, 2023 i UNIVERSITY OF FINANCE – MARKETING Faculty of Marketing FINAL EXAM MARKETING MANAGEMENT MARKETING PLAN THE NEW PRODUCT OF COCOON BRAND: WINTER MELON SUNSCREEN PLUS Name ID Nguyễn Thùy Trang 2121007554 Nguyễn Quỳnh Thanh Trúc 2121000435 Tăng Lâm Mỹ Uyên 2121003748 Hồ Thị Thanh Xuân 2121001848 Ho Chi Minh, 2023 ii TABLE OF CONTENTS EXECUTIVE SUMMARY SITUATION ANALYSIS 2.1 Marketing Summary 2.1.1 Market Demographics 2.1.2 Market Needs 2.1.3 Market Trends 2.1.4 Market Growth 2.2 SWOT Analysis 2.2.1 Strengths 2.2.2 Weaknesses 2.2.3 Opportunities 2.2.4 Threats .4 2.3 Competition 2.4 Product Offering 2.5 Key to Success 2.6 Critical Issues MARKETING STRATEGY 3.1 Mission 3.2 Market Objectives 3.3 Segmentation 3.4 Target Markets 3.5 Positioning 3.6 Marketing Mix 3.7.1 Product 3.7.2 Price 10 3.7.3 Place 10 3.7.4 Promotion 11 3.7.5 Customer Service 12 MARKETING TACTICS 12 4.1 General Timeline 12 4.2 Detail Timeline 13 FINANCIAL PROJECTIONS 14 iii 5.1 Break-Even Analysis 14 5.2 Sales Forecast Monthly 14 IMPLEMENTATION CONTROLS 15 6.1 Marketing Organization 15 6.2 Contingency Planning 15 JOB ASSESSMENT TABLE 16 REFERENCES 17 iv EXECUTIVE SUMMARY Cocoon Original Vietnam is a Vietnamese natural vegan cosmetic brand Cocoon belongs to Nature Story Cosmetic Co., Ltd - Vietnam Cocoon products are completely natural and committed to not testing on animals years ago, Cocoon officially launched users with main products: squash extract and grapefruit peel extract, specializing in acne treatment and blurring bruises At this time, Cocoon began to receive a lot of reception from consumers But not stopping there, after years of investment in research and product improvement, Cocoon has officially returned and successfully conquered Vietnamese consumers with a new professional look and outstanding quality In September 2020, Cocoon was certified "not tested on animals and vegan" by the global animal welfare organization PETA In November 2020, Cocoon officially became the first Vietnamese brand approved to participate in Cruelty-Free International's The Leaping Bunny program - one of the famous programs to ensure the production process is not tested on animals as part of a commitment not to test on animals Cocoon buys all-natural ingredients directly from local farmers and combines them with imported active ingredients, vitamins, and foundations to create 100% traceable ingredients Cocoon develops 100% vegan cosmetics using clearly sourced plant-based ingredients instead of ingredients derived from animals The “Green Commitment” is always present in their designs, with all packaging made of eco- friendly paper, no plastic lamination and the inner bottle being recyclable At the same time, inspire and spread good messages about the environment through many related events We realize that the climate is getting warmer, and people are very concerned about protecting their skin So, we decided to launch a new product improved from the old Cocoon product And that product is called "Winter Melon Sunscreen Plus" In the immediate future, Cocoon will update new product information on the company's website system Use media advertising methods to attract young consumers Cocoon will distribute at reputable cosmetic retail systems such as Guardian, Hasaki, Beauty Box, and Beauty Garden to reach more consumers, combined with e-commerce platforms from Lazada Mall, and Shopee Mall Initially being widely distributed, Cocoon's new sunscreen line will have the opportunity to reach more customers SITUATION ANALYSIS 2.1 Marketing Summary 2.1.1 Market Demographics − Geopraphic: + Most people live in urban and big cities + People live in hot and dry climates + Beside that Cocoon also develops a distribution channel in rural and suburban areas − Demographics: + Although Cocoon uses gender segmentation where the consumer market is mainly women, Cocoon products are also suitable for men who want to take care of their skin + Location: The majority live in cities and towns and the rest live in rural and suburban areas as well as dry weather areas + Profession: targeting all professions (Student, housewife, official, singer, actress, model) + Age: 16 - 35, 35-55, 55+ + Income: Cocoon's target is middle to high-income customers − Behavior Factors: + Prefer taking care of themselves + Care about appearance, especially skin + Consumers have acne skin, oily skin, and sensitive skin 2.1.2 Market Needs The demand for skin care products is increasing because humans are constantly exposed to toxins from the photos of the sun, dust causing the skin to be damaged, aging, and melasma In addition, skin care products from foreign brands in the Vietnam market are quite high, and not suitable for most people's pockets Grasping the market demand has not been resolved: − Product: Products are made from natural ingredients, vegan with clear origin, and good for health − Affordable price, suitable for most consumers − Customer service: Cocoon provides a website and hotline to answer questions for customers In addition, Cocoon is committed to protecting customer information to help customers always have the best shopping experience 2.1.3 Market Trends Today, the issue of skin care and protection from external effects is also extremely common But the current products on the market cannot meet all these needs Besides, along with global heat on environmental protection, people are increasingly interested in environmentally friendly products Most individuals also support the green lifestyle, so they are always looking for pure vegetarian products and not check on animals to show their lifestyle Grasping the unpopular needs of the market, Cocoon has launched many new product lines to meet the above needs Document continues below Discover more fmroamrk:eting management MM20212022 Trường Đại học Tài… 654 documents Go to course [123doc] - de-tai- phan-tich-chien-luoc… 47 100% (50) PHAN TICH Chien LUOC Marketing CỦA PHUC… 98% (58) What are some of the things IKEA is doing… marketing 100% (21) management What are the pros, cons and risks… marketing 90% (69) management Bài tập thương hiệu Samsung 100% (4) marketing management Marketing-plan-TH- True-ICE- Cream… 24 2.1.4 Market Growth marketing 100% (1) management The cosmetic market in 2022 achieved impressive revenue in Vietnam According to general research, revenue in the cosmetic and personal care market reached US $ 2,290 million by 2021 The market is expected to grow annually by 6.2% (CAGR 2021-2025) In particular, the most popular skincare products, with more than 60% of consumers using them every day, increasing available income, and increasing young population are the main factors that promote the product market Vietnamese skin care products developed In particular, the most potential customer segment in the future is the Z generation, accounting for 39.08% of the total population In general, these factors have increased the demand for skin care products from domestic consumers 2.2 SWOT Analysis 2.2.1 Strengths − Consumers' demand for natural cosmetics is increasing − The policy of the State is encouraging "Vietnamese people to use Vietnamese goods" − Cocoon's products set cGMP standards of the Ministry of Health of Vietnam and "Animal test-free & Vegan" certification by PETA − Cocoon is the first Vietnamese cosmetic brand approved by Leaping Bunny - Cruelty-Free International is committed to not testing on animals − Cocoon has a dense distribution network with more than 300 sales points in Watson, Guadian, Sammishop, Hasaki, And tends to business on e-commerce platforms 2.2.2 Weaknesses − The psychology of Vietnamese consumers prefers foreign products − In terms of communication, Cocoon has not taken full advantage of the promotion channels, there are still many people who are skeptical about the effects of Cocoon products Therefore, the Cocoon market was not developed at first − Cocoon has a wide distribution channel in major cities and provinces, but in terms of density and coverage, it is still not comparable to a series of foreign cosmetic brands including non- vegan cosmetics − Consumers are increasingly demanding and expect more about the value of products 2.2.3 Opportunities − The demand for beauty from consumers is increasing with the development of human life − Cocoon started with a potential market niche - vegan cosmetics, starting to gain attention with consumers and will certainly become a trend in the future − The rapidly growing information technology network is also an opportunity for Cocoon to take advantage of modern communication methods, which can provide all necessary information to customers about its products and develop channels of Online sales and delivery services to increase sales and profits − Cocoon has reasonable prices, easy to accept for low-middle-income people 2.2.4 Threats − Cocoon is subject to fierce competition in terms of sources of goods, prices, and promotions among brands − Fierce competition with international cosmetics − Challenges from the technology platform in the post-Covid-19 New normal period 2.3 Competition With such popularity and position, Cocoon still must compete with other benign cosmetic brands Here are some brands that compete with Cocoon: Innisfree Klairs COSRX − Innisfree is a famous − Klairs is a cosmetic brand − COSRX is a Korean cosmetic brand that is from Korea, Klairs is a domestic cosmetic brand popular in Korea cosmetic brand that is established in 2014 − Environmentally friendly completely natural, − The company's brand positioning, benign, and suitable for orientation is a cosmetic sharing the benefits of all skin types Klairs brand with natural nature: No mineral oil - products always aim to ingredients and is no colorants - no animal be safe for human health extremely benign to the ingredients - no parabens (No harmful ingredients skin This brand is also - no ethanol In addition, for consumers, no loved for its commitment Innisfree also meets harmful substances, and not to test on animals, so important criteria: no testing on animals) COSRX is very popular environmentally friendly − Klairs' product lines are with Vietnamese packaging, recyclable, popular such as consumers continuous research to Rosewater, face wash, − With a wide range of improve products to meet Klairs Vitamin C products, focusing on customer needs, and essence, Moisturizing many skin care needs of 100% pure ingredients cream, etc In the customers such as pure Vietnamese market, whitening, and anti- − Innisfree's diverse Klairs has created a great aging , COSRX is also product lines (such as buzz in the industry known for its product facial cleansers, masks, cosmetic industry and is lines dedicated to moisturizers, make-up famous for its quality sensitive skin, especially products, makeup cosmetic brands at acne-prone skin along affordable prices with the price quite removers, ) along with quite affordable prices for − Klairs also promotes suitable for the customers are also a great sales on reputable and consumption of choice great competition popular e-commerce sites Vietnamese people for Cocoon such as Lazada, Tiki, and − Innisfree's market in Shopee, to save time Vietnam is also quite for customers popular thanks to its product quality and environmental protection campaigns 2.4 Product Offering Skincare Body care Hair care Lips care − Oil Cleansing − Hand Sanitizer − Shampoo − Lips balm Body scrub − Hair conditioner − Lips scrub − Micellar water − Body wash − Hair serum Body lotion − Cleanser − Body Spray − Toner − − Scrub − − Serum − Face Cream − Mask − Facial mist 2.5 Key to Success To achieve its current success, Cocoon has also implemented effective and outstanding marketing strategies to increase brand recognition as well as attract customers and build customer trust in the brand Some of Cocoon's marketing strategies can be mentioned as: − Tactics for using social media marketing − Leverage influences marketing − Brand positioning strategy − Producing products that are beneficial to health and society In addition, Cocoon also relies on many other factors to succeed such as: − About the focus strategy: Cocoon has always focused on its business philosophy, products must be safe, effective, and not derived from plants − About people: Cocoon always has employees who thoroughly understand the needs and new trends of consumers − About marketing: Cocoon has competitive prices; Product packaging is friendly, and no plastic film can be recycled; Cocoon has quite extensive online and offline distribution channels 2.6 Critical Issues Cocoon has not fully utilized its brand promotion channels Communication about the features and effects of the product is not very prominent, there are still many people who are skeptical about the effects of Cocoon products To strengthen its strong position in the cosmetics market, Cocoon needs to have new forms of highly competitive communication to make its mark in the hearts of consumers Cocoon can communicate by sponsoring programs to protect the natural environment, animals, etc to increase the value of the business in the eyes of customers and at the same time promote the products of the business In addition, enterprises can also organize activities related to schools, students, and students such as supporting disadvantaged people, having good academic performance or big school activities; supporting activities to welcome new students at universities, and teamwork with foreign companies and businesses to promote their products and names A few more important issues that Cocoon needs to address are product packaging and product quality Therefore, Cocoon needs to improve its packaging and product quality MARKETING STRATEGY 3.1 Mission − Bringing you the always healthy, youthful, and full-of-life skin from simple and close ingredients that you eat every day − Always keep a task in mind: Apply the benefits from the surrounding food in combination with scientific understanding so that is a safe and effective cosmetic product − The arduous beauty journey will always have a cocoon as a companion 3.2 Market Objectives − Cocoon is always excited to discover familiar ingredients from fruits and vegetables in the daily life of Vietnamese people These foods are rich in vitamins, antioxidants, and minerals to enhance the health of the skin The formulas are formed and completed through the research and testing process They worked and met the expectations of Vietnamese people: safe and effective − Having achieved results from the Vietnam Discovery Campaign, Cocoon has More than 7,100 participants; More than 3000 comments out of two stages; the order payment rate increased by 20%; The number of orders increased by more than 300 orders compared to normal − Increasing identity to customers about a good quality vegetarian cosmetic brand from Vietnam − Transferring the right message to the target customers about the use of organic products does not contain chemicals and micro seeds that are harmful to the environment − Environmentally friendly solutions such as recycled materials, and "natural" design protect nature, and the environment and encourage sustainable living 3.3 Segmentation Segment Variables Age 15 – 18 18 – 35 35 – 55 Gender Male & Female Demograph Income Male & Female Male & Female ic >8 million Natio Urba All cities in All cities in All cities in Geography n n Vietnam Vietnam Vietnam Rural Everywhere Everywhere Everywhere − Protect your − Protect your − Protect your skin from sun skin from sun skin from sun damage damage damage Reason for − Product − Product − Product purchasing ingredients are ingredients are ingredients are Behavior benign and benign and benign and environmental environmental environmental ly friendly ly friendly ly friendly − The product is − The product is − The product is Benefits made from made from made from natural natural natural ingredients, is ingredients, is ingredients, is safe for the safe for the safe for the skin, and does skin, and does skin, and does not cause not cause not cause irritation irritation irritation − The advanced − The advanced − The advanced filter system is filter system is filter system is suitable for all suitable for all suitable for all skin being skin being skin being treated Has treated Has treated Has good sun good sun good sun protection protection protection with SPF 50+ with SPF 50+ with SPF 50+ PA++++, PA++++, PA++++, which protects which protects which protects the skin from the skin from the skin from UV rays for a UV rays for a UV rays for a long time long time long time − Easy to blend − Easy to blend − Easy to blend into the skin, into the skin, into the skin, no clumping, no clumping, no clumping, no unsightly no unsightly no unsightly white grooves white grooves white grooves Does not Does not Does not cause stinging cause stinging cause stinging or irritation or irritation or irritation when used when used when used Can improve Can improve Can improve skin tone skin tone skin tone when used when used when used Loyalty status Medium High Medium Usage rate Daily Daily Daily 3.4 Target Markets − The main customers of the new sunscreen line are women between the ages of 20 and 35, graduating students, working people, financially independent, with a good average income and using skin care products They are in the period when they are more concerned with appearance − The second target segment is girls aged 15-18, mainly students, who are in the development stage, dependent on family finances − The third customer is men who need to beautify and protect their skin 3.5 Positioning Winter Melon Sunscreen Plus with the outstanding advantage is a 100% vegan product, using ingredients clearly derived from vegetables and herbs This will create the impression and trust of customers Moreover, Cocoon is inherently a vegan cosmetic brand "Made in Vietnam", not tested on animals and produced with pure Vietnamese ingredients that are not harmful to the environment such as squash, coffee, coconut oil, and rose These favorable conditions help Cocoon bring its new sunscreen product to the market and compete with other competitors 3.6 Marketing Mix 3.7.1 Product 3.7.4.1 Packaging design − Simple, round cylindrical design, printed with the brand name, product name, and illustration for the natural ingredients in sunscreen − Color: White − Labeling: provides complete information about ingredients, instructions for use, expiry date as well as the place of manufacture 3.7.4.2 Product characteristics − Products are manufactured under a closed and strict process, the source of raw materials is directly managed by the company, and product safety and hygiene are controlled − Especially with the new sunscreen line, not only benefits customers like other Cocoon products but also helps protect customers' skin optimally by improving the defects from the cream line old sunscreen 3.7.4.3 Support service − Fresh customer service: Employees will be assigned to help them learn about the product and understand how to use it When buying goods over 2,000,000 VND (including second- hand products), customers will become Cocoon's VIPs with special rights to enjoy loyal customer service − Loyalty service: Loyal customers are given a loyalty card to accumulate points every year Cocoon will provide free facial treatment for certain spots with specific staff In addition, Cocoon employees can obtain email addresses or mobile phone numbers to track customer satisfaction levels after using Winter Melon Sunscreen Plus Especially, the company will send products as gifts on the birthdays of loyal customers − Customer care service: Customers with questions can contact the hotline: 028 3832 8228 or email: we@cocoonvietnam.com, in addition, customers with questions that need to be answered can contact the Cocoon Vietnam fan page − Delivery: Customers can order through Cocoon's website, and the goods will be delivered to customers in the fastest time 3.7.2 Price − The old sunscreen lines are quite expensive compared to the quality Therefore, the new version of sunscreen, although improved in quality, will have an average price of 250.000 VND - 300.000 VND suitable for the pocket of both students and students − Listed price: 300.000 VND − Promotion pricing strategy: Cocoon will discount Winter Melon Sunscreen Plus sunscreen from 5% to 15% on scheduled promotional days to stimulate customers to buy its products − Cocoon will price yogurt products on the e-commerce platform higher than at supermarkets and other retail distribution stores to ensure the benefits for members in the company's distribution channel 3.7.3 Place Retailers: supply products to retail outlets at branded stores and are frequently chosen by many people to buy cosmetics such as Guardian, Hasaki, Beauty Box, and Beauty Garden, this is indirect further help Cocoon get detailed information about the interest level, personality, and tastes of customers Website: Cocoon's two main websites, cocoonvietnam.com and myphamthuanchay.com, help provide the most detailed information about products outside of retail outlets or e-commerce platforms This helps customers choose as well as feel more secure after choosing products to use 10 E-commerce platform: E-commerce platforms such as Shopee, Lazada, and Tiki help Cocoon connect and contact customers faster and can distribute products continuously, without time limitations and distance addresses 3.7.4 Promotion 3.7.4.1 Advertisement Media: Tiktok Format: − Many people think that it is very difficult to wear makeup when using anti-whitening cream Cocoon organizes a contest "Makeup with Winter Melon Sunscreen Plus" to prove that the above is not true of Cocoon's sunscreen − Filmed a TikTok makeup clip with Winter Melon Sunscreen Plus with hashtags # WinterMelonSunscreenPlus #Cocoon Reward: − 3.000.000 VND and a Winter Melon Sunscreen Plus for the contestant with the most interaction − 2.000.000 VND and a Winter Melon Sunscreen Plus for the contestant with the 2nd interaction − 1.000.000 VND and a Winter Melon Sunscreen Plus for the contestant with the 3rd interaction Media: Cocoon Vietnam fanpage Format: Share your first impressions when using Winter Melon Sunscreen Plus and a picture of you using the product in your favorite style (from to pictures) with hashtags # WinterMelonSunscreenPlus #Cocoon Reward: − 2.000.000 VND and a Winter Melon Sunscreen Plus for the contestant with the most interaction − 1.000.000 VND and a Winter Melon Sunscreen Plus for the contestant with the 2nd interaction − 500.000 VND and a Winter Melon Sunscreen Plus for the contestant with the 3rd interaction 3.7.4.2 Sale promotion − Free quarterly beauty magazine when you buy Winter Melon Sunscreen Plus 11 − Organize gift-giving on holidays and New Year's Eve: lucky money bags, eco-friendly cloth bags, lovely keychains, greeting cards, etc In addition, 20% off all Cocoon products − In the first month of the product launch, customers will be given a Winter Melon Micellar Water 3.7.4.3 PR − Product promotion through Influencers, Tiktoker is Makeup Artists Quach Anh, and Bui Xuan Thao (Goc Cua Ru) − Sponsoring programs with elements of environmental protection, helping people in difficult circumstances − Deduct 10% from a sold product, to build a charity fundraising program for upland children 3.7.5 Customer Service Cocoon will establish and train a team of customer consultants at the distribution site as well as online retailers At the same time, we will also contact our partners to collect feedback from customers who have purchased and used the product, thereby supporting customers if they feel unsatisfied with the product MARKETING TACTICS 4.1 General Timeline Phase Objective Timeline Phase 1: − Launching a new sunscreen line and Quarter III/2023 Awareness impressing consumers − Increase customer awareness with Winter Melon Sunscreen Plus (new packaging design and new name) − Increase customer interaction with products through the marketing plan Phase 2: Engage Changing customers' feelings about Quarter IV/2023 Winter Melon Sunscreen Plus: − Products always focus on natural factors, benign and safe for all skin types 12 Phase 3: − Improve all the shortcomings of the Quarter I/2024 to quarter Amplify old sunscreen line (Winter Melon II/2024 Sunscreen) − Upgrade packaging design to suit the price segment − Bring the value of Winter Melon Sunscreen Plus to consumers − Motivate customers to participate in trials to experience the improvements of new products and buy them 4.2 Detail Timeline From quarter I/2024 to quarter Quarter Quarter II/2024 III/2023 IV/2023 Timeline Mar - Tik Tok challenge Apr “Makeup with Jan - Feb May - Jun Winter Melon Ads Sunscreen Plus" Share your first impression of Winter Melon Sunscreen Plus on the Cocoon Vietnam fan page PR Collaborated Sponsoring Deduct with makeup programs with 10% from a artists Quach elements of sold Anh and Goc environmental product, to Cua Ru to protection, build a promote products helping people in charity fundraising 13 on Youtube and difficult program Tiktok platforms circumstances for upland children Sale Free Winter − Free quarterly beauty magazine when you buy Winter promorion Melon Micellar Melon Sunscreen Plus Water when − Organize gift-giving on holidays and New Year's Eve: customers buy a lucky money bags, eco-friendly cloth bags, lovely Winter Melon keychains, greeting cards, etc In addition, 20% off all Sunscreen Plus Cocoon products − Discount on each product (10/10, 11/11, 12/12, 1/1, 2/2, 3/3, 4/4, 5/5, 6/6) FINANCIAL PROJECTIONS 5.1 Break-Even Analysis Break-Even Analysis Break-Even Analysis Monthly Units Break-Even 1695 product Monthly Sales Break-Even 508.500.000 VND Assumptions: Average Per-Unit Revenue 300.000 VND Average Per-Unit Variable Cost 5.000 VND Estimated Monthly Fixed Cost 500.000.000 VND 5.2 Sales Forecast Monthly (Original price of the product: 200.000 VND) Months Expected sales (unit: Expected revenue Expected profit (unit: product) (unit: VND) VND) 1800 540.000.000 180.000.000 1900 570.000.000 190.000.000 1700 510.000.000 130.000.000 10 1850 555.000.000 185.000.000 11 1755 526.500.000 175.500.000 14 12 1996 598.800.000 199.600.000 2000 600.000.000 200.000.000 2100 630.000.000 210.000.000 2050 615.000.000 205.000.000 2200 660.000.000 220.000.000 2300 690.000.000 230.000.000 2500 750.000.000 250.000.000 IMPLEMENTATION CONTROLS 6.1 Marketing Organization The marketing activities will be the responsibility of the Brand Manager 6.2 Contingency Planning Emergency Contingency plans Most customers have not yet adapted to Update and survey consumers' the newly launched product line opinions, thereby offering appropriate solutions such as increasing or decreasing raw materials, increasing marketing, promoting products to consumers, etc Poor quality goods, imitations, floating Upload copyrighted images, easily on the market identify fake product lines, and point out unique points for consumers If the KOL that Cocoon cooperates with Careful in finding KOLs to cooperate has problems, it will greatly affect the Priority is given to KOLs that have a image of the business high reputation and prestige Delay in responding to comments or Regularly organize training for staff in inquiries from customers departments, especially customer care staff 15