Marketing Fundamental

Marketing Fundamental

Introduction

The main aim of this report is to prepare a proper marketing plan to introduce a new product in Australia efficiently. In this, new product Beautigloo is selected for the market entry in highly competitive market of Australia (Lizier, 2018). This new product is an innovative product which can meet the requirement of the Australian customers easily.

For successful entrance in new market, proper marketing strategy and approach is required for achieving growth and development for the company’s product and services. In addition, this report will propose three marketing objectives which are needed to be meet by the organization for sustaining a long term period.

On the other side, it will also identify the market segment, target customer and intended positioning for the new product in the Australian market. At the same time, this report will also justify different marketing strategies which are related with the two of 4P’s i.e., Product and Promotion.

This study also helped in examining the ethical and legal issues which are involved with the market of the new product in new market segment of Australia. Overall, this study will help in understanding the importance of effective marketing plan and strategies for targeting new Australian market with new product.

Product description

Beautigloo, The Refrigerated Beauty Box is a product which is used to preserve the cosmetics products in the cold and help in increasing their effectiveness. In this competitive world, Beautigloo has become more popular product because people are getting aware about the fashionable beauty products (Lizier, 2018).

This product is actually used for the storage of the cosmetic products which help in enhancing the product life and effectiveness. This beauty box is quite effective and high-tech storage box which is used to preserve the cosmetic in small cold storage box respectively.

There are different types of cosmetics products which get spoiled if they are not kept in the proper manner at required temperature. The temperature of this Beautigloo Refrigerated box is 50-dgree Fahrenheit which protects the products from the outside moisture. In this, skin and make up related products need to be kept in this beauty box at the temperature of 10-degree Celsius.

Marketing Objectives

For successful marketing of new product, it is very important to set or develop marketing objectives which need to be achieved by the company in Australian market. The marketing objectives set the direction There are three marketing objectives behind the marketing of new product of Beautigloo are as follows:

  • To achieve the sales target efficiently
  • To enhance the brand management
  • To target and retain customer by satisfying their demand

Segmentation, Targeting and Positioning 

Marketing Fundamental

Market Segments

In Australia, the market is segmented on the basis of demand and requirement for such products and services by the customers. The market segmentation is essential way towards the success of the company because it divides the market into small segment in respect of characteristics, behavior and needs for which there is requirement of proper market strategies.

In other words, Jary and Wileman (2016) stated that marketing segmentation is used for identifying the groups of customer as per their needs and requirement. In concern to this, for Beautigloo product, the market is segmented on the basis of demography, psychographic and behavior.

  • Demography- Age and Gender
  • Behavior- Loyalty level and Usage rate
  • Psychographic- Values and lifestyle

Through this market segmentation, the company Beautigloo can easily sell its new innovative product in the mass market of Australia. These above stated metrics are considered as market segmentation for the new product marketing.

Target Customer

For identifying the target customer, for that market segmentation is also considered for deciding which customer need to be served with the new product. In simple words, West et al., (2015) stated that after market is segmented, it is necessary to identify and define the target customer base which should be offered with the company product.

In respect to this, the target customer for Beautigloo, The Refrigerated Beauty Box is high profiled women including celebrities, sportsperson and well-known person, young women and so on. These customers are targeted because there are the one who continuously uses the cosmetics products on a daily basis.

In addition, He & Lai (2014) illustrated that women are more conscious about their skin for which they uses the high quality product which need to be kept in their defined temperature rate. However this, requirement is related to this new product which can protect and preserve the beauty product efficiently.

Intended Positioning

This product can be positioned in the market by arranging the products or services in such a manner that occupy clear and desirable place in the minds of target customers. The product need to be positioned in the market in such a manner that it can be differentiated from large varieties easily and develop company image in the international competitive market.

In a similar manner, Beautigloo, The Refrigerated Beauty Box product is need to be market in such manner that it develop its position in high competitive Australian market successfully. For the company Beautigloo, it is very important to maintain its image and goodwill in the Australian market by positioning the new product efficiently.

In addition, the company needs to maintain the position by becoming a leading seller for the best innovative beauty box product. However, this achievement of position will also provide the Beautigloo with new marketing opportunities n order to expand and develop its sales in the international market efficiently.

Marketing Strategy

For entering the competitive market of Australia, for that proper marketing strategy is need to be developed for targeting the selected market segment efficiently and effectively.

For this, differentiation focus strategy is suitable marketing strategy which will help the company in targeting the customer with some different product which is highly demanded or meeting the requirement of the women in the competitive market.

Davcik and Sharma (2015) also explained that differentiated marketing strategy is an effective strategy which is used for marketing the product with different features and benefits. This strategy help customer is differentiating the products in the large varieties of similar or different products easily.

In addition to it, this market strategy is found suitable for two different 4 P’s i.e., product and promotion because customer demand for innovative product and for that this strategy can be used effective product promotion. This differentiation marketing strategy is also useful for raising the sales for the product in the customer Australian market efficiently.

Wensley (2016) also elaborated that differentiation market strategy is an effective strategy which helps in selling the new differentiated product to customer efficiently and also support in reaching to different new market easily. For product promotion, this strategy also found useful as this promotes the product with its different benefits and features for the customers.

Ethical & legal issues when marketing new product

There are different ethical and legal issues that might create a huge influence over the company reputation and growth in the highly competitive market.

The ethical issues related to marketing determined that use of selective marketing approach leads to negative influence on the public relations which affect directly on the brand reputations and also customers backlash (He & Lai, 2014). The major ethical issues which could be faced by the company in Australian market is related to the price, product, promotion and quality standards which need to be met.

The legal issue which is related to the marketing of new product is privacy right which develop some certain and uncertain risk. The other legal issue which is related to the marketing is miscommunication of new product information to customers i.e., misleading advertisement (Darrow et al., 2015).

This is illegal activities to covey the customer wrong information regarding the product features i.e., misleading advertisement which is considered as a consumer protection law. These ethical and legal issues somewhere restrict the growth and sell of the new product in the new Australian market to some extent.

Conclusion

From the above study, it can be concluded that Beautigloo product is best new product which can satisfy the customers with their requirement for such product effectively. This study also defined three marketing objective which need to be achieved i.e., achieving sales target, retain customer and meet satisfaction level and also enhancing brand management.

For attaining the marketing objectives, for that market segment is defined for selling the new product directly to the customers. The market segment for the new product Beautigloo in Australia is defined on the basis of psychographic, behavior and demography.

In this, target customer of the product in Australia is mainly women i.e., young and adult who demand for such Refrigerated Beauty box for keeping their product preserves. The new product can be positioned in the competitive Australian market efficiently by introducing the product in such a manner that customer get targeted easily.

Moreover, the marketing strategy which is suitable for this new product introduction in new market as per two of the 4 P’s is differentiation focus strategy. This study also identified different ethical issues and legal issues i.e., consumer protection act, privacy right, etc which creates huge influence on successful growth and development of the new product in the competitive market efficiently.

References

Darrow, J.J., Sarpatwari, A., Avorn, J., & Kesselheim, A.S. (2015). Practical, legal, and ethical issues in expanded access to investigational drugs.

Davcik, N.S., & Sharma, P. (2015). Impact of product differentiation, marketing investments and brand equity on pricing strategies: A brand level investigation. European Journal of Marketing49(5/6), 760-781.

He, Y., & Lai, K.K. (2014). The effect of corporate social responsibility on brand loyalty: the mediating role of brand image. Total Quality Management & Business Excellence25(3-4), 249-263.

Jary, M., & Wileman, A. (2016). Retail power plays: From trading to brand leadership. USA: Springer.

Lizier, C. (2018). Beautigloo, The Refrigerated Beauty Box. Retrieved From. https://www.kickstarter.com/projects/claralizier/beautigloo-the-refrigerated-beauty-box?ref=popular&ref=discovery

Wensley, R. (2016). The basics of marketing strategy. In The marketing book (pp. 75-107). UK: Routledge.

West, D.C., Ford, J., & Ibrahim, E. (2015). Strategic marketing: creating competitive advantage. Oxford University Press, USA.

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