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Marketing plan
San Joaquin valley college Marketing plan
Step 1 Develop the product/services of your marketing plan:
I have decided to create a company that will produce makeup brushes. There are a few different competitive advantage strategies to choose from. A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition (Lamb, 2017). In the makeup industry, there is millions of companies manufacturing makeup brushes. Yet there all different and similar at the same time. Some brushes are cheap and affordable, with good texture, the only downside to them is that they don’t last very long, so they must be
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Which with my company, to target our buyers we don’t need to use aggressive sales force. There are many different of potential groups of consumers to target. When targeting a group of individuals its efficient to use a process called market opportunity analysis (MOA); the description and estimation of the size and sales potential of market segments that are of interest to the firm and the assessment of key competitors in these market segments (Lamb, 2017). When targeting potential consumers, it is important to know what are their needs and wants and preferences. For example, if I wanted to target high end brands with my makeup brushes, yet my company is producing low-cost quality brushes, companies are not going to be interest in my offer. Those high-end brands what good top quality, not poor quality brushes. Target market characteristics; the different characteristics of a target market are geographic, demographic, psychographic, behavioral and product related (boundless, 2016). Geographic target, my company would focus its geographic feature in the big cities. I want to manufacture top quality makeup brushes, being in the city would be a great location to establish my company/store. Which would go great with my focus on my choice of demographic target; A demographic or socioeconomic target market would focus on a specific gender, age group, income level, or education
NASCAR Background: NASCAR stands for the National Association for Stock Car Auto Racing. NASCAR was founded in 1948 by Bill France Sr. Bill France Sr was a mechanic at the time. NASCAR’s first event was held at Dayton Beach in 1948 and that’s where NASCAR’s headquarters are now. NASCAR hosts races all over the United States, Mexico, and Canada.
Assessment of Future Performance Not only has Ulta Beauty shown remarkable growth in its industry, it shows potential for continued growth, both in comparison to its competition and itself. The company has plans for further fiscal growth and store expansion, as well as strategies to improve its current branding and marketing; the company also shows potential to accumulate and retain an increasing amount of new customers. Fiscal Growth In recent years, Ulta Beauty has been able to truly compete with other companies in the beauty industry. While it is impressive that Ulta Beauty is able to outperform its competition, it should also be noted the progress the company makes in relation to itself.
Ulta Beauty is not the top cosmetics and fragrance company and has serious competitors like Sephora, Lush life and Regis Corporation, but at the same time Ulta Beauty uses that to their advantage by focusing on a specific target market. Unlike cosmetic companies like Sephora and MAC, they offer the best product on the market but because they are the best they are more expensive than most makeup companies. This gives Ulta the target market towards women who want better than drugstore makeup, but also don’t want to spend an obscene amount of money on cosmetics. In the future, Ulta Beauty must continue applying their company to this demographic and focus on this specific target market, while offering deals and discounts for loyalty to their customer. This will allow them to have a built in client base for the company.
Introduction Sephora and Ulta are both beauty specialist stores. Both stores have grown tremendously in the United States beauty market. The market for skincare and cosmetics retailer is highly competitive with the participation of lower-price mass merchandisers such as Walmart and Target, and the rise of online retailers like Amazon. However, the specialist store overtakes drugstores to become the second-biggest channel, behind supermarket (Exhibit). Their total market share grows from 12% to 14.3% between 2011 and 2016.
If a brand has a good reputation, customers and businesses, are more likely to purchase that brand. Examples include logos and packaging. (B2B and B2C Similarities and Differences , n.d.) These need to capture the attention of their customers because businesses have competition and therefore need to stand out.
Ulta Beauty, Inc. was incorporated on January 9, 1990, and is now the nation’s largest retailer of cosmetics, fragrances, and skin and hair products in the United States. As the company progress, Ulta Beauty operates 1,010 stores across 48 states, Washington, D.C. and website, in which more than 20,000 products are distributed. These beauty products come from over 500 well established and emerging beauty brand across all price points and categories into cosmetics, fragrance, haircare, skincare, bath and body products and salon styling tools. No wonder why our slogan is “ALL THING BEAUTY, ALL IN ONE PLACE” is fitting for the company. In addition, Ulta Beauty has its own beauty label that is sold in store at a lower price point, as Ulta Beauty
If business marketers are able to know who their customers’ final customers are, what are their needs, and what exactly they are expecting to
Their strategic marketing efforts have played a vital role in establishing themselves as a market leader. The brand's strong visual aesthetics, emotional appeal, and consistent messaging have established a powerful brand identity that resonates with people. It is clear through the nature snd intent of their beauty campaigns that their advertising not only generates sales and brand exposure, but it additionally strives to shape beauty standards and promote diversity in the industry. Ulta Beauty has gained a devoted client base and maintained its position as a dominant force in the beauty industry by grasping the attention of their target audience through recognizable color pallets, neon oranges, pinks, and bright whites, and impactful messaging, motivating them to discover their beauty
Zuhei. M GLPO Spring Essay This is second semester soon to be a senior, it's nerve wrecking but exciting at the same time. Throughout my second semester I have grown in investigating the world and communicate ideas and grown my knowledge and College Career Readiness as a student. This semester has me stressed more than I have before, so stressed about AP exams and college readiness.
I am interested in Howard University because it is an HBCU that encompass the themes of cultural diversity and education. Your commitment to scholars ensures me that at your school I will be right at home. Since I intend on on going down a medical path, I know that Howard University will provide me with best resources to follow my dreams. As a child I was always interested in the worlds around me and how things worked. As a result I participated in a Summer Enrichment Program located at Indiana University in Bloomington.
There is a growing trend of women, the primary demographic of Ulta and other companies in the beauty industry, taking a more minimalist approach to makeup use. Other trends are often brought about by beauty bloggers. According to Hoovers, “Trends and fads drive sales for many beauty products, and consumer preferences and fashion trends can be unpredictable. For example, a celebrity endorsement can create sudden demand for a particular product in a short period, but as the celebrity fades from the limelight, sales for associated products can diminish” (Hoovers Industry Challenges). If a company is not able to forecast demand trends, it could be caught behind the competition and lose valuable
Diversification: Upstream integration with suppliers, Sephora exchanges data collected from their digital channels with their manufacturers for new products development. Role of Sephora digital channels in company’s marketing mix Product: Sephora has more than 250 brands with approximately 13,000 products which include skin care, makeup, bath, fragrance, beauty accessories, hair products as well as other beauty and body care products and each of these categories has various sub-categories (CNBC, 2017). The company's product offering is able to meet the diverse customers' needs. Even though most of the products sold by the company were manufactured by so many other brands, each of these brands have a different product concept which aligned
Stay has an extremely large potential market that can be split into many smaller segments. In general we will be targeting members of the middle class who are aged between 20 and 45, male and female, and live anywhere in the nation. This is because the middle class largely has disposable income that can be used on trips around the nation. In addition, this age group will have a strong grasp with technology and mobile phones which will only benefit their usage of our application. Furthermore, hotels are spread nationwide and once our network grows anyone who travels the country can use it to find an affordable, quality hotel room.
Their target customers are young people in all kinds of education levels, religions, race and nationality. The occupation of their target customers could be very wide but mainly are sports player and athletics. It is because athletics are more rapidly to use sports products than other people. Their target customers are from different generations: Generation X, Generation Y. Psychographic Their target customers are people who care more about the utility and quality of the product than the price.
Consumers always prefers to the most famous and trustful brand. Product quality and price of brand also affect the consumer buying behavior. Consumer wants the product having best quality and wo talk about cosmetics no one take risk for it because it directly affects our skin. Product quality is the expectation of a consumer. If brand is not able to meet the consumers expectations, consumer consider it’s a low-quality brand.