Table of Contents
1. Mission Statement 2
2. Market Research2
3. Customers’ Needs4
4. Market Analysis 7
5. SWOT Analysis9
6. Porter’s 5 Forces Model10
7. Product – Design and Features11
8. Benefits 13
10. Management 18
11. Marketing Strategy23
13. Limitations 25
14. Long Term Objectives26
16. Appendix A29
17. Appendix B30
We want to bring out the unique beauty in every woman through customized cosmetic products.
To better understand and identify our target market, we conducted market tests by approaching 120 female working adults. These women are aged between the ages of 25-35, and were either executives or in managerial positions, have a monthly income of more than $2000 a month. Make-up is important to them as they need to be presentable at work. Therefore, they spend average of $150 on cosmetics product monthly. We asked them to evaluate and improve Goddess.
Most of the women liked that Goddess was personalized and how it made putting on make-up an enjoyable experience. Most of them were also willing to pay an average of $900 for Goddess, if it were endorsed by cosmetic professionals. However, some issues they raised against this product were the accuracy of the skin tone test, and how user-friendly it would be.
Our targeted market size during our initial launch is 240,800, which includes employed women from the ages of 24-40. The market share we will be targeting is estimated at 1%, which is 2,400. We will target the mass market size of 500,000 after 5 years. We are estimating that we will be targeting 1% of the market share in Year 3, the product launch year, and 3%, 6% and 10% in the subsequent years.
Having a clear outlook of the customers’ needs plays an important part in our success. In order to find out what maximises the fit of our product with the customers’ requirement, we conducted a survey targeting mostly at women at the age of 18 – 40. Questions were mainly constructed on the basis of the problems and needs revolving around face cosmetics, categorised under eye shadows, foundations and blushers, and application of cosmetics. The summary of our results is as follows.
Most women find that there are many incidents where they have an impulse to put a certain colour of eye-shadow to match their mood and clothes, yet they do not possess that particular colour. Hence, they have to make do with the colours they have and this results in a similar look most of the time. This colour may be a colour which they used to have, but it is no longer in the market, therefore even if they intend to buy that particular shade of the eye-shadow, it will be tedious to source for it from another brand.
Furthermore, women needs special colour for certain functions, shades that they will not purchase for daily usage. Even though they find it wasteful to buy it simply for the occasion, there is no other alternative than to purchase them. Above all, women love to have a wide variety of colours, yet the price, which is at an average of S$20 for an upper-end, mass-market brand, and the short product lifespan, deters them from purchasing these colours regularly.
Foundations and Blushers
Most Asian women have the problem of locating a foundation tone best suitable for their yellow-based skin tone, thus they are unable to achieve an optimal look. Furthermore, some women nowadays like the idea of having a healthy bronze glow; hence many spend hours under the sun. However, the problem arrives when they have to purchase yet another foundation tone that suits their tanned skin tone. As they get fairer, the foundations that they had purchased when they are fair and tanned will not match their...