MKT 500 Marketing Management
营销管理代考 Forever Young is a beauty and Fitness brand targeted towards young females who wish to be confident in their skin…
Forever Young Marketing Plan
Forever Young is a beauty and Fitness brand targeted towards young females who wish to be confident in their skin, and need products to help make their skin hydrated and rejuvenated. The brand was established with the objective of providing beauty and fitness solutions to young females, who’s self-esteem is highly dependent on their looks. The company aims to expand the business in the upcoming years, which am ambitious target of expanding all over the United States of America and eventually the world.
Based on part A of the marketing plan, there are multiple areas which need improvement, such as that the goals need to be SMART, and should be aligned with the overall company objective. The mission and vision is not clearly aligned, and PEST and SWOT analysis need immense work as not all factors of the market which may affect the performance of the company were visited or discussed. At the same time, competitors were not listed out, especially the direct competitors, as those are the ones based on whom the entire marketing plan would be based. In order to fully expand the business and ensure that it grows, it needs to be positioned correctly, which can only be done after conducting a gap analysis.
Based on this feedback, elements will be considered and included in this paper, which will help in improving the entire plan. Proper competitor analysis would be conducted in order to gain an insight regarding how best to attract the customers, and position the brand. This paper is an extension of the previous paper which will be focused on the branding strategy for Forever Young, along with the primary and secondary target markets, positioning statement, and the consumer behavior.
Branding Strategy 营销管理代考
Following is the branding strategy for the brand that has been selected for this paper. Forever Young targets women who would like to feel beautiful as they work and get a sense of liberation. At the same time, the brand also provides multiple fitness options, however, the primary product range consists of all herbal and natural products.
Brand Name
The brand name we suggest is “Forever Young”.
Logo
The logo would primarily be a combination of typography and vectors to make it more attractive. As the brief states that Nike’s swoosh has become a symbol of Nike, that kind of awareness and recognition takes time, which is why, we would initially be pairing the name with an image, and if eventually it become known by the vector instead, then all the better. However, this transition and connection building in the minds of the customers takes a lot of time.
Slogan
Bringing Out the Inner Beauty to the Surface
Brand Extension
One of the brand extensions that the brand can have is to open up a spa which utilizes all of the beauty products that the brand offers, along with offering fitness related services. This would be an automatic transition for the brand and would allow the brand to actually improve its relations with the customers while providing them consulting services to make them understand which product would work best on their skin and the issues they are facing.
Target Market 营销管理代考
The target market for the brand would be a complex one as it would essentially target females who wish have a healthy and younger looking skin at all times.
Primary
The primary target market consists of young females, aged between 20-40 years, who are searching for a product which allows them to feel refreshed and makes their skin look supple and young. She hates wrinkles, and prefers to apply all-natural products to her skin, for she is wary of chemically composed products and knows the disadvantages of using those. She believes that beauty is skin deep, which is why she wishes to take care of her skin, and links confidence with the way she looks.
She is a working woman, earning $5,000 or more per month and likes to pamper herself every once in a while. She lives in an urban setting and has to meet deadlines and is usually under a lot of stress due to work and other responsibilities that she has. Therefore, she needs products that will give her skin the rest it needs to feel rejuvenated and look radiant.
Secondary
The secondary target audience would consist of female between the age of 40 and 60, who are not only concerned about their skin, but also about their fitness. These ladies are looking for natural ingredient based products which allows them to feel better and see marked differences in their skin. She is a professional working woman who earnings $10,000 or more per month and is a career focused lady, who feels that looks will allow her to confidently present her views across to the other person. She knows the importance of taking care of her skin, and is focused on keeping her body fit and healthy. She leads a life of comfort, and tries to pamper herself at least twice in a month by either going to a spa or shopping for skin care related products. She is a married woman with kids of her own, and lives in an urban setting, where her job and family’s responsibilities leave little time for her to relax and thus finds solace in finding natural products that help up lift her skin, making it seem more radiant.
Positioning Statement 营销管理代考
Forever Young is a beauty and fitness brand that brings out your inner beauty to boost your confidence and self-esteem., while making your skin look youthful and supple. Made with all natural ingredients, Forever Young’s products are nominally priced, making them easy on the pocket and highly beneficial for the skin.
Competitors
The direct competitors of Forever Young would include The Body Shop, Clinique, Estee Lauder, Revlon, Maybelline, Loreal, and Coty. These companies also offer products that offer numerous benefits for the skin. However, of all these, body shop is the only competitor that offers products which have natural ingredients in them. Therefore, these are considered to be the direct competitors of Forever Young.
On the other hand, the indirect competitors of the brand would consist of YSL, Lacoste, Lancome, MAC, and all those cosmetics and skin care brands which offer products for beneficial purposes for the skin, such as removal of dark spots, an-aging creams, wrinkle free and other that are being provided by Forever Young.
Perceptual Map
Figure 1: Perceptual Map for Forever Young
This perceptual map shows where Forever Young can place itself and the gap that exists in the market. While Forever Young is catering to the Mass market, it will be priced at a lower rate as compared to The Body Shop which is its main competitor in this category. On the other hand, it also shows where all the other brands which are considered to be the direct competitors of this brand lies, thereby, allowing the brand to develop a strategy which would allow them to follow a targeted approach in order to attract customers and retain them.
Consumer Behavior
Consumer behavior is defined as the process whereby individuals decide whether, what, when, where, how, and from whom to purchase goods and services,” (Petoria, 2018) The primary reason why the brand name, logo, and positioning would likely click with the customer is that they will be able to relate with the brand. The target market had already been explained in the aforementioned section, which primarily consists of females. One of the main reasons why a person is likely to connect with the brand is because of the name, after all, who doesn’t like to be young forever, and thus, the brand will speak directly to the hearts of the customers, and in turn they will be able to relate with the brand.
An emotional connection, or an emotional appeal will help the brand in attracting customers, and many females are worried about the harmful side effects of cosmetics which are chemically based. An all-natural product will allow them to put their fears at ease and use the products without any anxiety. Understanding consumer behavior actually results in insights which allow the person to not only devise a strategy and a brand campaign which speaks to the right target audience with the right message but also allows them connect with the customer in a way which other brands cannot. Any activity which is based on consumer insights will allow them to develop a sound strategy which is effective in garnering results. For example, when The Body Shop first introduced its products, it was based on the insights that chemically treated products are distrusted and that the consumers are looking for natural ingredients based alternatives. This allows them to target the right audience which eventually led them to become one of the most renowned brands of the world.
Conclusion 营销管理代考
To conclude I would just like to summarize all that has been discussed in this paper. The target audience for the brand Forever Young should be young females who are looking for healthier and natural skin care alternatives, which allows them to take care of their skin and actually pamper it. Forever Young was created with the sole purpose of providing our customers healthy solutions for their skin, so that they can have soft and younger looking skin at all times.
The target market would consist of female between the ages pf 20-60, with the primary target audience being 20-40 years of age and the secondary target audience being 41 to 60 years of age. The psychographics of both the audiences are similar in the way that they are looking for healthier looking skin, with products that have little to no chemicals involved in them. Forever Young was introduced and designed keeping in mind the target audience and how they can be attracted. A gap was identified in the market which showed that hardly any brands are available which are based in natural ingredient. Apart from The Body Shop, the rest of the brands include products which are chemically treated.
The positioning of the brand will be kept around the theme of bringing out your inner beauty which is targeted towards helping the customer become more confident and experience better self-esteem by using these products and seeing the marked difference in their skin. Based on the perceptual map that has been prepared for this paper and shown above, it can be determined that Forever Young’s direct competition will be minimal, whereas, indirect competition, which primarily includes any alternatives that can be used by the customer, will be intense.
What the brand needs is a sound strategy and an integrated marketing communications plan, that gets the message across to the customers that this brand is made with natural ingredients and helps address their skin problems and treats them quickly.
References 营销管理代考
Elif Negiz, Developing a Marketing Plan, 2015, retrieved 30-10-18 from;
Marleen ter Heide, Katarzyna Monika Gontarz, A brand positioning strategy recommendation for an Asian cosmetics giant: Shiseido in Western and Central Europe, retrieved 30-10-18 from;
http://studenttheses.cbs.dk/xmlui/bitstream/handle/10417/6170/Marleen_ter_Heide.pdf?sequence=1
University of Pretoria, Consumer Behavior Theory, retrieved 30-10-18 from;
https://repository.up.ac.za/bitstream/handle/2263/29162/02chapter2.pdf?sequence=3
Aleksandra Ilina, Social Media Marketing Strategies for Customer Retention in Fitness Industry, retrieved 30-10-18 from;
https://www.theseus.fi/bitstream/handle/10024/88098/Ilina_Aleksandra.pdf?sequence=1
