Marketing Plan The New Product Of Cocoon Brand Winter Melon Sunscreen.pdf

1, EXECUTIVE SUMMARY Cocoon Original Vietnam is a Vietnamese natural vegan cosmetic brand.. But not stopping there, after 3 years of investment in research and product improvement, Cocoo

UNIVERSITY OF FINANCE — MARKETING

Faculty of Marketing

TÀI CHÍNH -MARKETING TRƯỜNGĐẠIHỌC

FINAL EXAM MARKETING MANAGEMENT

MARKETING PLAN THE NEW PRODUCT OF COCOON BRAND:

WINTER MELON SUNSCREEN PLUS

Class Code : 2311702006001

FINAL EXAM MARKETING MANAGEMENT

MARKETING PLAN THE NEW PRODUCT OF COCOON BRAND:

WINTER MELON SUNSCREEN PLUS

Name ID

Nguyễn Quỳnh Thanh Trúc 2121000435

Tang Lam My Uyên 2121003748

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TABLE OF CONTENTS

REFERENCES

1, 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 6 years ago, Cocoon officially launched users with 2 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 3 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

+ 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

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

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 do 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

2

2.1.4 Market Growth 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

— 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 1s 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 do business on e-commerce platforms

— The psychology of Vietnamese consumers prefers foreign products

— Interms 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

— 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

3

— 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

With such popularity and position, Cocoon still must compete with other benign cosmetic brands Here are some brands that compete with Cocoon:

improve products to meet

customer needs, and

100% pure ingredients

benign, and suitable for

all skin types Klairs products always aim to

be safe for human health (No harmful ingredients

cosmetic brand that is from Korea, Klairs is a domestic cosmetic brand

facial cleansers, masks, cosmetic industry and is lines dedicated to

for Cocoon such as Lazada, Tiki, and

— Innisfree's market in Shopee, to save time

popular thanks to its

environmental protection

campaigns

~ Micellar water ~ Body scrub — Hair conditioner | — Lips scrub

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

5

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

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

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

— Protect your |— Protect your|— Protect your

— The product is | — The product is|— The product is

ingredients, is

safe for the

skin, and does not cause

irritation

— The advanced filter system is suitable for all

protection with SPF 50+

PA++++, which protects the skin from

UV rays for a long time

— Easy to blend

into the skin,

no clumping,

no unsightly white grooves

safe for the

skin, and does not cause

irritation

— The advanced filter system is suitable for all

protection with SPF 50+

PA+++4,

which protects the skin from

UV rays for a long time

— Easy to blend

into the skin,

no clumping,

no unsightly white grooves

safe for the

skin, and does not cause

irritation

— The advanced filter system is suitable for all

protection with SPF 50+ PA+++4, which protects the skin from

UV rays for a long time

— Easy to blend

into the skin,

no clumping,

no unsightly white grooves

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

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

— Labeling: provides complete information about ingredients, instructions for use, expiry date

as well as the place of manufacture

— 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-