II.Current market situation:1
III.Strengths, Weaknesses, Opportunities and Threat Analysis6
1.Marketing and Product Objectives8
4.Marketing Communication Strategy:10
VII.Budget ( in one year from 7/2012 to 7/2013 )13
I. Executive summary:
Lancôme is preparing to launch a new anti-aging cream concluding the perfect result of 10 years exploring in lab and be recommended as “A miracle elixir exists”, the Absolue L’Extrait, in Vietnam cosmetic market. Our product offers a competitively unique combination of the latest advanced technology in dermal stem cells and great beauty effects after testing and launching in other countries. We are targeting specific segments in the consumer and taking advantages of opportunities indicated by the huge demand for beauty in such a dynamic economic. The primary marketing objective is to achieve first-year Vietnam sales of 10,000 units. The primary financial objectives are to achieve first-year sales revenues of $3.5 million and break even early in the second year.
II. Current market situation:
Lancôme is founded in 1935 by Armand Petitjean in France. From the beginning till now, Lancôme has brought beauty for women in 160 countries worldwide through 28.000 retailers and stores all over the world. After gaining a large amount of market shares in European market and become a market leader, Lancôme turns the target into Asia, and Vietnam in special. Penetrating in Vietnam in 2006 through the only retailer channel- Parkson, Lancôme has gained a certain amount of market share and has occupied a strong position in the eye of the upper- class. However, we also have to compete with some strong brand names in cosmetic about pricing and gaining customer’s loyalty such as Clinique which is the pioneer in dermatologist-developed cosmetic brand. Exploring that most of Vietnamese women (about 75%) care much more about skincare than makeup, the newest product which is in the expansion of the premium ABSOLUE line – Lancôme’s Absolue L’extrait, will be about to launch into Vietnam market and possess a strong advantage to differentiate from other competitors.
1. Market description:
Method: Concentrated marketing
Absolue L'Extrait is a new- launched and luxury product, therefore concentrated marketing help the company gain a strong market position. Table 1: Segment Needs and Corresponding Features/Benefits of L'Extrait Cream Target Market| Customer need| Corresponding feature/ benefit| Upper- class women| A cream can slow down and push back the aging process.A therapy can bring them back to the confident and youth like they were before.| Rose stem cells extracted from the Lancôme Rose are claimed to be capable of “stimulating human dermal stem cells”. The formula will also contain Proxylane, a proprietary anti-aging active ingredient of L’Oréal.|
2. Product Review:
Absolue L’extrait is the latest anti-aging cream of Lancôme as well as the first product to feature a high concentration of a kind of native cells-rose stem cell. Rose stem cells is said to be extracted from the Lancôme Rose- a species specifically created for Lancôme in 1973 and resisting various environmental aggressions (cold, insects…). It is claimed to be capable of “stimulating human dermal stem cells”. Each 50 ml jar of formula is claimed to contain “2 million rose stem cells”. Apart...