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Researching and designing a new cosmetics range for Maybelline.

Extracts from this essay...

Introduction

Contents: Introduction page 3 Market research page 4 Webpages page 5 Timeline page 6 Magazine pomortion Interview page 7 Example of questionnaire page 8 Analysis of questionnaire page 9 Where people from the questionnaire live page 10 Maybelline information page 11 Employment opportunities page 12 Valitity of market research page 13 SWOT analysis page 14,15 PEST anaylisis page 15,16, 17 Banned adverts page 18 Boston Box analysis page 19 Ansoff matrix anlysis page 19,20 Marketing mix page 20 21, 22, 23, 24 Principles of marketing page 25,26 Evaluation page 28 Presentation and notes page 29,30,31,32,33 Bibliography page 34 appendix Introduction: Over the next few weeks I will be researching and designing a new cosmetics range for Maybelline. The line I have chosen to create is nail varnish. However, it will not be ordinary, this new varnish will be ultra high shine glitter polish which changes colour depending on the individual's mood at the time. The company Maybelline has been in business since 1913, as you can see from the timeline I have produced in my secondary research section. From doing my market research I will aim to find out in which market to circulate my product in. For example, it would be less beneficial to advertise nail varnish in Gardeners World, than in Heat or New Woman. This is because teenagers are likely to read magazines like Heat and New Woman more frequently than Gardeners' World, or Horse and Hound!!The market research I will be carrying out will take the form of questionnaires, interviews, a focus group and observations. Furthermore, I will carry out secondary research into the competitors, market, product and company through finding information in text books, magazines and through reputable valid websites on the internet. Market Research: Based on the analysis of the socio-economic and lifestyle data for teenagers it would appear that there are five million girl teenagers that fall into the category of either receiving £30+ per month pocket money or, having middle class parents or earning their own money.

Middle

The Boston Box Matrix A STAR is a product that has a high or rising market share within an expanding market because a STAR is in a high growth market. A lot of investment is needed to keep the product ahead of the competition. The investment can be in terms of product development, market and sales promotion in order to retain your competitive position or even in supporting price reductions to beat-off aggressive competitors using price as a weapon. Furthermore, with its dominant market position, the product would have greater influence over the distribution channels to the end market. Therefore, this product is unlikely to be as profitably as a CASH COW which it may become once market growth declines. A CASH COW is a product which has a high market share in a relatively low growth market. Typically, the company will have invested in obtaining its high market share position and many of the competitors will now be investing in newer, high-growth markets. Therefore, the company will need to invest less in product development and marketing to retain its market share and the product can therefore be highly profitable. The PROBLEM CHILD is a product which has low market share in a high growth market. The product is not in a dominant position in the market and is therefore having to react to competitors and employ aggressive and often expensive marketing techniques in order to increase its market share as it has not got a significant share of the market. It is possible that sales revenues will not generate the profits to invest in increased market penetration. A DOG is a product in a low growth market with a low market share. It is likely to be under pressure from competitors with a higher market share. Increasingly, its market share would be extremely costly against competitors who may have much greater profits to defend their position, eg CASH COW and it is questionable whether further investment in defending this product in a low growth market would be profitable.

Conclusion

However I believe that Mood Varnish will do well as it is aimed at the right market and priced to match. SATISFACTION SURVEYS Many businesses undertake analysis of their customer satisfaction surveys. These are detailed surveys designed to identify the reactions of customers to their products. They use this data to asses the extent to which marketing plans are leading to increases or decreases in customer satisfaction. Maybelline has not released Mood Varnish so a customer satisfaction survey cannot take place yet. But before designing the details of the Mood Varnish product I did a survey about existing products. This helps me to understand what the customer will want and therefore leading to a greater sense of satisfaction when the product is released. Furthermore once the product has been released it is likely that Maybelline will carry out a further survey into customer satisfaction to ensure the customers are getting what they want. Ways the customer can complete a survey is through the internet, if they return or complain about a product they will be obliged to complete a questionnaire to improve the product and lastly questionnaires will be available at outlets stocking Maybelline. This will ensure that if a customer would like to comment on the product the option is there. NUMBER OF ENQUIRIES GENERATED Many businesses may pay very careful attention to the numbers of enquiries generated in particular aspects of their business. For example Maybelline would want to find out which of their promotions are noticed the most and who see's them. This will give them a wider view of where the customers are and what they do. Furthermore if some of their promotional strategies work and some don't the ones which do will be improved and exaggerated to try to encourage yet more sales. In conclusion I believe that Mood Varnish will be a success for Maybelline and fulfil the criteria laid out for it. This includes a 5% sales increase in the first year and a large number of consumers which will spread the word and hopefully generate a lot of business for Maybelline.

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