Lancome Marketing Analysis - Report Example

Lancôme Male Skin Care Executive Summary It is important to that becoming competitive in the industry of skin care; a company has to take into consideration various economic factors and their influence in the overall industry market. Lancome male skin care firm, therefore, has to consider factors like the prevailing competition level in the global market since this directly affects its pricing policy with a goal of remaining relevant in the business. Its management team is working on various strategic plan options on how to meet the demands of the clients and reconcile that with the profit target of the firm. This explains the analysis of such various external factors that will influence its success in the beauty and male skin care industry. Our Mission: The mission of Lancome male skin care is to offer and supply products and services that will improve the physical appearance of men while maintaining their masculinity, and this promotes appreciation of gender diversity and presentable male appearance in the society. Value proposition Lancome male skin care is in a very competitive market structure that requires great value propositions. In this case, it strives to ensure that the clients enjoy high-end skin care products with affordable prices with a satisfactory feedback. This will boost its client numbers and expand its market base. The Opportunities Lancome male skin care has a lot of advantages that gives it a competitive advantage over similar companies and this entails: • Differentiated skin care products that capture the male client preference diversity • A multi-choice of high-end products and service offer at a significantly cheaper price compared to the competitors hence attracting more clients • Ability to meet immediate demand of customers on products supply and service delivery • Easily approachable services that are reliable and meets the desires of the clients. Target Market The typical consumers of Lancome male skin care include: • Urban male dwellers most of whom are average earners or are elite socioeconomic groups • Clients with middle class annual income estimated at more than $ 50,000/year • Most of the customers love their body appearance and skin texture • Most of the clients show interest in fashionable so that they can gain confidence, feel relaxed, attractive and maintain masculinity. • Most of the customers targeted are male life-longing men in the age bracket ranging from 15-35 years age group. These individuals are still at the heights of seeking appearance Clients’ needs that the firm seeks to meet include; • Provisional of services that will make the clients show their sensitivity to fashion and their personalities at home • Provision of products that will be consistent with the fashion and standard quality as per the client’s taste • Ensure that the prices of the services and products are affordable • Offer more services under same product package at a fairly cheap price as this will substantially save the consumers their money. The Marketing Mix The concept of marketing in this case is vital for the survival of Lancome male skin care. The first approach is to analyze the feature of the products so that potential customers and the existing ones can be made aware of the wide variety on offer. These features include: • High quality premium/materials that are modern and fashionable to the customers • Variety of product combinations and selections to the clients • Ultramodern and safety guaranteed skin care products with immediate results Service features This is Lancome male skin care policy recommendation that emphasizing on expansion of the existing services and optimizing satisfaction of the desires of the customers. These include; • Customized products pre-order so that each client attains his desirable features in a product met • Help various clients in other facial lifting products and safety precautions • Offer online transaction and shopping by the clients. • To offer a consumer flexible financial undertaking when signing mode of payment contract with the clients Pricing policy Lancome male skin care seeks to set an affordable pricing policy that is considerate to the customers and its cost of operation. Effective achievement of this strategy is made possible through; • Setting a price that is profitable to the firm and relatively lower than the prevailing market competitors. Sales and Profit Objectives • Lancome male skin care seeks to sell most of its products at a price that will translate into an annual estimated profit of $ 40,000. Channels of Distribution Lancome male skin care will undertake direct sales thereby interacting with the customers and reducing costs associated with long chain. Selling and advertising Lancome male skin care will undertake this marketing mix in various modes and this include; • Attraction from various skin care products stores promotions to boost its sales • Semi-annual product promotions, etc. • Offering customer care services via e-marketing For Business clients this would be achieved through; Marketing Budget This will be obtained from past data and for the retail customer faction, counting will be done as stores’ operation costs. On the other hand, marketing budgets for business customers will be from part of the management business activity cost and both costs will be low initially because of the marketing methods. Marketing Communication Campaign Planning The nature of competition following the globalization and economic liberalization plays a critical role in the determination of the competitiveness of industries. Through globalization, the economic growth has been realized in the leading sectors of the economy. One of the sectors that are highly affected by the economic integration and liberalization is the fashion and beauty industry. Therefore, given the intensity of the competition in this industry, it is important for all the firms in the industry to undertake an extensive marketing communication campaign in order to remain competitive and break-even in the industry amid these competitions. The success of Lancôme male skin care is founded on how well the organization conducts the promotion of its skin care products for both males and females. This calls for intensive marketing promotion among the desired and potential consumers. Lancôme male skin care therefore has no choice but to invest heavily on marketing through communication by reaching out to its potential customers in order to achieve market dominance and leadership. The main objective of marketing communication is to build brand image of the skin care products of Lancôme male skin care among the consumers and to increase the volume of sales and hence revenue that is enough to drive the organization forward and remain competitive in the industry despite the stiff competition brought about by globalization and economic liberalization. Besides, it is important for Lancôme male skin care to conduct extensive market communication so as to retain its current customer based other part attraction new customer to love its products. The marketing communication campaign is a strong show of popularity and winning the loyalty of potential customers. Lancôme male skin care has allocated substantial amount resources to conduct marketing promotion and campaign. Although the founder of Lancôme male skin care did not invest in marketing communication, the organization later realized the need to popularize its luxury skin care products through marketing communication. The company diversifies its marketing communication promotion strategy by seeking all the alternative promotional and marketing methods. Lancôme male skin care communicates the value of its luxury skin care products through sales promotion, advertising, direct marketing, personal selling, publicity and public relations. The first communication strategy deployed by Lancôme male skin care in popularizing and promoting its products is advertising. Advertising is the most popular method of marketing communication used many companies because of its effectiveness. Therefore, in order to reach out to a large population of potential consumers, it is important for Lancôme male skin care to allocate resources to promote its product through advertising. The most common and popular forms of advertising include mass media, television, billboards, radio, and other forms of visual and audio methods. The main advantage of Lancôme male skin care using advertising as a method of marketing communication is the cost and financial factors behind advertising. However, this method of marketing communication is limited to group persons. For instance, the visually impaired and those suffering from any form of physical disability are locked out by this method. Besides, some most forms of mass media communication and advertising tools have suffered from obsolete and technological irrelevance. Billboards are prone to distractions, hence not an appropriate method of marketing communication. Lancôme male skin care should therefore minimize the amount of resources it spends in this outdated form of product communication and popularization. The second method of marketing communication that is effective in winning consumer loyalty is a sales promotion. This is the process of conducting extensive product promotions through sales alternatives including deploying a sales team to promote the products of Lancôme male skin care. Under this approach the company emphasizes on the importance and the value of its luxury skin care products. This method of marketing communication is essential as it helps Lancôme male skin care to build personal contact with the consumers. Besides, sales promotion gives the consumers the opportunity to access the products on quality and standardization before making their decision on whether or not to consume Lancôme male skin care products. One limitation of this method of marketing communication is based on the economic factors. Since sales promotion entails traveling and related promotional costs, this method is not preferred when a firm is operating cost minimization policy. Lancôme male skin care also uses direct marketing and public relations as methods of marketing communication. Through public relations, a firm aims at building a strong public image among the consumers. On the other hand, public relation marketing strategy is beneficial to the firm as it strengthens the relationship of the firm with potential consumers. One major weakness of public relations marking strategy is that the image of Lancôme male skin care may be tainted negatively among the public through propagandas and unfounded facts. This drives away the consumers hence a decline in the volume of sales. Direct marketing is preferred for its ability to establish direct and interpersonal contacts with the customers. Lancôme male skin care therefore allocated sufficient amount of financial resources to direct marketing. Through its sales team, Lancôme male skin care is able to get direct touch and response from the customers on matters relating to the products of the company. Like sales promotion, direct marketing is relatively expensive hence preferable when the firm is financially stable. Finally, Lancôme male skin care uses modern communication and social interaction sites to market its skin care products. These forms of modern marketing communications include web development, and social media. These strategies are of great benefits as they communicate valuable information about Lancôme male skin care products to a large number of consumers at ago, hence economical and should be pursued by the firm at the expense of other marketing strategies. Marketing Communication Plan Marketing Communication Method Proportion of Resources Invested Advertising 25% Sales Promotion 15% Direct Marketing 15% Experimental 7% Public Relation 8% Social Media and Networks (Web sites) 30 % References Abrams, Rhonda M. 2003. The Successful Business Plan: Secrets & Strategies. Palo Alto, Calif: The Planning Shop, pg.43-44. Print. Ferrell, O. C., & Hartline, M. D. 2011. Marketing strategy. Australia, South-Western Cengage Learning. Fisher, P. H., Pride, M. M., & Miller, E. G. 2005. Blueprint for your library marketing plan: a guide to help you survive and thrive. Chicago, American Library Association. Hillestad, S. G., & Berkowitz, E. N. 1991. Health care marketing plans: from strategy to action. 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