(Tiểu luận) topic maybelline launching new makeup collectionfor summer 2024

It empowerscompanies to effectively position their products or services in the market, enhancing brandawareness and fostering consumer loyalty, which in turn, boosts sales and profitabil

TRƯỜNG ĐẠI HỌC KINH TẾ TÀI CHÍNH

THÀNH PHỐ HỒ CHÍ MINH

Class: 22D1MKT1102E.A1902 Group: 6

FINAL REPORTSUBJECT: MARKETING MANAGEMENT

SPECIAL THANKS

First and foremost, I would like to express my profound gratitude to Ms Vòng ChánhKiều for her unwavering dedication in guiding, lecturing, and providing feedback to methroughout the process of completing my report Her invaluable advice and attentive guidancehave been a great source of encouragement, enabling us to improve our dissertation significantly

Despite putting forth our best efforts, due to our limited experience, our dissertation stillhas many shortcomings Therefore, I earnestly hope to receive precious feedback from Ms VòngChánh Kiều so that I can apply the research findings to my professional work in the field ofmarketing management in the future

TABLE OF CONTENTS

II

SPECIAL THANKS ii

INTRODUCTION 1

CHAPTER 1: EXECUTIVE SUMMARY 2

1.1 Introduction To The Maybelline 2

CHAPTER 2: MARKET ANALYSIS 2

2.1 Overview Of The Vietnamese Cosmetic Business Market 2

2.1.1 Size and growth of the cosmetics market 2

2.1.2 Current market trends 3

2.1.3 Maybelline persona 4

2.1.4 Competition 4

2.1.5 Customer Need 7

2.1.6 Incompetition 7

2.1.7 Overview 8

CHAPTER 3: SWOT 9

3.1 Analysis SWOT Maybeline 9

3.1.1 STRENGTHS (S): 9

3.1.2 WEAKNESSES (W): 9

3.1.3 OPPORTUNITIES (O): 9

3.1.4 THREATS (T): 9

3.2 SWOT COMBINATION 9

3.2.1 Strategy 9

CHAPTER 4: MARKETING OBJECTIVES 10

4.1 Insight 10

4.2 Objectives: 10

CHAPTER 5: TARGET MARKETING 10

5.1 Market Segmentation 10

5.1.1 Market segmentation by demographics 10

5.1.2 Market segmentation by geography 11

5.1.3 Market segmentation by psychology 11

5.1.4 Market segmentation by behavior 12

5.2 Identify target customers 13

III

Marketing Management

5.2.1 Market analysis 13

5.2.2 Identify target customers 13

5.2.3 Marketing strategy 13

5.3 Target market strategy 14

5.3.1 Multi-segment marketing: 14

5.3.2 Focused marketing: 15

5.3.3 Micro-targeting: 15

5.3.4 Maybelline's Product Specialization: 15

CHAPTER 6: MARKETING STRATEGIC AND TACTICS 15

6.1 Strategies: 15

6.1.1 Creative Social Media Content: 15

6.1.2 Multi-Channel Advertising Campaign: 15

6.1.3 Real-Life Events: 16

6.1.4 Summer Promotions: 16

6.2 Measurement and Evaluation: 16

CHAPTER 7: MARKETING 4P 16

7.1 Product: 16

7.2 Price: 17

7.3 Place: 17

7.4 Promotion: 17

IV

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In the dynamic world of marketing, Marketing Management plays a pivotal role in thesuccess of any brand's campaigns and the establishment of a solid brand image It empowerscompanies to effectively position their products or services in the market, enhancing brandawareness and fostering consumer loyalty, which in turn, boosts sales and profitability

Particularly in the context of launching new products, such as Maybelline's new makeupcollection for Summer 2024, Marketing Management becomes even more crucial Companieswith standout marketing campaigns manage to capture significant market share and creatememorable impressions on consumers

For brands like Maybelline, introducing a new collection is not just about the productsthemselves but also about creating a narrative that resonates with their target audience Thisincludes understanding consumer trends, preferences, and the competitive landscape Effectivemarketing strategies might involve a mix of digital marketing, social media engagement,influencer partnerships, and innovative advertising campaigns, all aimed at generating buzz andanticipation for the launch

Moreover, in such a competitive industry, brands strive to not just launch new productsbut to create experiences that engage and excite their audience This could include virtual try-onfeatures, interactive online events, or exclusive previews to loyalty program members Suchstrategies not only drive sales but also strengthen brand loyalty and consumer engagement

Thus, the role of Marketing Management in the context of launching Maybelline's newmakeup collection for Summer 2024 underscores the importance of strategic planning, consumerinsight, and innovative engagement tactics in capturing market share and ensuring a successfulproduct introduction to the beauty industry

This report not only discusses the influencing factors, impacts, strategies, and SWOTanalysis of the market research but also provides an overview of the overall campaigns and howthe company attempts to capture the market beyond what is apparent The report consists of 10chapters:

Chapter 1: Executive Summary

Chapter 2: Market Analysis

Chapter 3: SWOT Analysis

Chapter 4: Marketing Objectives

Chapter 5: Target Market

Chapter 6: Marketing Strategy and Tactics

Chapter 7: Marketing Budget

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CHAPTER 2: MARKET ANALYSIS

2.1 Overview Of The Vietnamese Cosmetic Business Market

2.1.1 Size and growth of the cosmetics market

a Scale

According to research by Mintel - a global market research company, the Vietnamesecosmetic market is worth 2.3 billion USD Sales of the cosmetics market have been growingsteadily over the past two decades, averaging around 15-20% per year According to estimates,Vietnam's cosmetics market will reach 11.59 billion USD in 2021 By 2025, the market willreach 14.42 billion USD, up 24% compared to 2021

b Grow

Consumers' interest in cosmetics is increasing, along with the explosion of e-commerceplatforms, which have been affecting the cosmetic consumption habits of Vietnamese people.According to Kantar Worldpanel's Insight handbook 2021 report, sales of personal care productsincreased by 63%, skin care products increased by 55%, and makeup increased by 25%compared to 2018

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However, Vietnamese cosmetic businesses only account for 10% of the market, staying

in the low-priced segments They are trying to win back this market

c Comment

The cosmetic market has a relatively large scale and the consumer's demand forcosmetics is increasing due to the change in awareness, lifestyle, and income level, Not onlywomen but also women Male customers are also interested in cosmetics This largeconsumption will turn the cosmetics market into a fertile business ground in the future

2.1.2 Current market trends

a Sustainability and Ethical Practices

Consumer Surveys: A growing number of consumers indicate that sustainability is a keyfactor in their purchasing decisions For instance, Nielsen reports that 73% of global consumersare willing to change their consumption habits to reduce their environmental impact

Market Growth: The global market for organic and natural beauty products is expected to reach

$54.5 billion by 2027, growing at a CAGR of 9.4% from 2020 to 2027, according to a report byGrand View Research.Sustainability and Ethical Practices

b Digitalization and the Role of Social Media

E-commerce Sales: The beauty industry's e-commerce sales have seen significant growth,with online sales accounting for approximately 13.7% of total beauty and personal care salesworldwide in 2020, a figure that is expected to continue rising

Influence of Social Media: According to a survey by Facebook, 74% of consumers rely on socialnetworks to guide their purchase decisions, highlighting the impact of platforms like Instagramand TikTok on beauty trends and sales

c Personalization and Customization

Consumer Demand: Data from Epsilon indicates that 80% of consumers are more likely

to make a purchase when brands offer personalized experiences

Technology Adoption: Advances in AI and AR are enabling brands to offer personalized beautyrecommendations and virtual try-on experiences, significantly enhancing online shopping.L'Oréal's acquisition of ModiFace, a leader in AR beauty tech, underscores the industry's movetowards high-tech personalization solutions

d Inclusivity and Diversity

Product Range Expansion: Following Fenty Beauty's launch with 40 foundation shades in

2017, many brands have expanded their product ranges to include a wider array of shades Datafrom Mintel shows that launches of foundation products with 40 or more shades have increased

by 140% since Fenty Beauty's debut

Consumer Expectations: A study by Accenture found that 70% of millennials are morelikely to choose one brand over another if that brand demonstrates inclusion and diversity in itspromotions and offers

e Health-Conscious Beauty

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Market Size: The global market for clean beauty products is projected to reach $11.6billion by 2027, according to Statista, growing at a CAGR of 12% from 2020 to 2027.

Consumer Preferences: A survey by Kari Gran found that 75% of women read the ingredientlabels on beauty products before making a purchase, emphasizing the importance of non-toxicand beneficial ingredients

f Innovative Product Formats

Product Innovation: The lipstick market has seen the introduction of new formats such asliquid lipsticks, lip powders, and lip stains, catering to diverse consumer preferences for finishand longevity

Consumer Adoption: According to Mintel, 55% of beauty consumers are interested in tryingproducts with new formats or applications, indicating a market open to innovation

2.1.3 Maybelline persona

Motivation

Affordable, trendy makeup

Enhancing natural features

Self-expression and experimentation

Youthful, skin-friendly products

Keeping up with makeup trends

Interest & Hobbies

Makeup experimentation, tutorials

Fashion and beauty blogs

Theater, dance (possibly)

College events, socializing

Exploring cafes, and hangouts

Pain Points

Budget limits for makeup

Young, sensitive skin concerns

Trend upkeep

Peer comparisons, self-esteem

Social Media Presence

Instagram, Pinterest, Facebook, Twitter,Snapchat

MAC Cosmetics

is renowned forits range ofmakeup productsfor the face, eyes,cheeks,eyebrows, lips,etc This brand isalso very famousfor its line ofmineral-based

Innisfree is knownfor its skincareproducts made fromnatural ingredients,notably green tea,volcanic ash, etc.The beauty productsfrom Innisfree rangefrom makeup items

to specializedskincare sets

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eyeshadow,eyeliner, kohlpencil, andmascara for eyemakeup; andlipstick, lipgloss, and lipliner for lipmakeup

Uniquepackaging, aswell as colorsand designs thatappeal todifferent agegroups, makeCovergirl apopular choice

MAC offers awide range ofmineral-basedcosmetics inalmost all theirmakeupcategories,available in bothcream andpowder forms

Their productscome in a variety

of vibrant colors,making thempopular amongthe youngergeneration andeven among men

Innisfree's productsare naturally safeand suitable for allskin types, includingsensitive skin Thebrand excels indiversifying itsproduct range, withall items priced fromlow to medium,making themaccessible to a wideaudience

The strongcompetitionfrom onlineretailers andglobalcosmeticsbrands selling

MAC Cosmeticsproducts arepriced relativelyhigh, targetingindividuals withhigher incomelevels who canafford theirmakeup MAC'sresearch andproductdevelopmenthave been

Innisfree, despite itsunique and naturalproduct offerings,does not receive therecognition itdeserves Itspackaging is not asappealing as that ofother cosmeticbrands Productsmade from naturalingredients aredesigned to ensure

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primarily focused

on fair skin,making theircosmetics moresuitable forlighter skin tonesand less so fordarkercomplexions

This has led toMAC being lesspopular in Asia,where diverseskin tonesprevail

safety, but theireffects may beperceived as slowercompared to otherbrands

$374, withannual revenue

of $1.028billion, adecrease from

$1.063 billion

in previousyears

MAC Cosmeticshas 10,000employees andannual revenue

of over $2billion, alongwith 500standalone stores

Innisfree has seen adecline in revenueover the years In

2020, revenue was348.6 billion won,down from 551.86billion won in 2019and 767.88 billionwon in 2016

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2.1.5 Customer Need

Customers in the lipstick market have specific expectations that brands must fulfill togain and retain their loyalty One of the most critical aspects is the availability of a broadspectrum of shades This variety allows individuals to find colors that not only match their skintone but also align with their personal style preferences Ensuring a diverse color palette isessential for catering to the wide-ranging tastes and needs of consumers, making it a pivotalfactor in the success of lipstick brands

2.1.6 Incompetition

a Lip Care Products

Lip balms, chapsticks, and lip treatments offer moisturization and care without the color payoff

of traditional lipsticks While their primary function is to hydrate and protect, many consumersmight opt for these products over lipstick for a natural look or to address lip health concerns

b Lip Glosses

Though lip glosses are closely related to lipsticks, they often serve a different aesthetic purpose

by providing a sheer, shiny finish compared to the opaque coverage of lipsticks Consumersseeking a more subtle or casual look might prefer lip glosses, making them an indirectcompetitor

c Tinted Lip Balms

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Blurring the line between lip care and makeup, tinted lip balms provide both hydration and a hint

of color For consumers prioritizing comfort and a natural appearance, these products can be anattractive alternative to traditional lipsticks

d Lip Stains

Lip stains offer long-lasting color with a more natural finish, appealing to consumers who wantdurability without the texture or weight of a lipstick They cater to the need for low-maintenancebeauty routines

e Multi-Use Beauty Products

Products designed for multiple uses, such as cheek and lip tints, can be indirect competitors tolipsticks These versatile products appeal to consumers looking to streamline their beauty routine

or seeking value through multi-functionality

f Digital Beauty Apps

With the rise of augmented reality (AR) and virtual makeup applications, some consumers mightturn to digital solutions to experiment with different looks without purchasing physical products.While not a direct substitute, these apps can influence consumer behavior and spending.Maybelline is a budget-friendly cosmetics brand specializing in makeup products, established inthe United States in 1915 The brand name Maybelline was created by combining the nameMabel with Vaseline Maybelline is a subsidiary of the French L'Oréal Group More than 100years since its founding, Maybelline has expanded its presence to over 129 countries worldwide

2.1.7 Overview

Recognizing the attractiveness of the Vietnamese market, in 2007, the L'Oréal Group(France) decided to open a subsidiary in Vietnam, introducing brands such as Lancome, L'OréalParis, and Maybelline New York into one of the 15 markets identified as having potential by theGroup While L'Oreal's revenue in some other markets grows by only 7-8% per year, in Vietnam,there have been times when revenue increased by up to 17% per year

Maybelline has grown steadily over the years and has become beloved among manyyoung Vietnamese people Maybelline boasts a list of brand ambassadors that includes some ofthe most famous names worldwide, such as Josie Maran, Miranda Kerr, Sarah Michelle Gellar,Melina Kanakaredes, Zhang Ziyi, Siti Nurhaliza, Fasha Sandha, Sheetal Mallar, Julia Stegner,Jessica White, and Kristin Davis

In Vietnam, the brand's representative aligns well with the New York cosmetics brand'simage, targeting Gen Z singers because Maybelline is a makeup brand for young, confident,dynamic, resilient girls who are always successful in their endeavors

Prices range from 100,000 to 150,000 VND, making it very affordable for students,people with low to moderate incomes Today, despite the influx of various cosmetics into theVietnamese market, from high-end to budget-friendly, and especially with the rise of Koreanmakeup products and trends like lipstick and cushion foundations, Maybelline still maintains astrong position both in the minds of consumers and at sales points, thanks to a sensible marketapproach and development strategy

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