Mini summary doc
Positioning
Fig 1(Boston matrix) ‘find quote of boston matrix’’’’
Keihls product line is considered to be positioned as STARS in the Boston matrix. The product range have a high market share in the fast growing skincare market.The product line is considered strong in comparison to its competitors within the market.
Market Analysis and Segmentation
According to Kotler, "a market segment consists of a large identifiable group within a market, with similar wants, purchasing power, geographical location, buying attitudes, or buying habits" (Kotler, 2003). So for the purpose of this report segmenting the male skincare market within the UK is vital as it allows the marketer to identify which group or groups they believe are the most attractive to the organisation’(Moore.K et al,2005). Segmenting the market can also help with meeting customer needs better, retaining customers aswell as identifying growth opportunities.
Research conducted suggests that men’s skincare is the fasted growing category within the beauty industry worldwide. Experiencing double-digits growth every year in the last five years, and expected to further grow through 2016 (Spa Finder trends, 2013). In addition to this, Marketing week,2013 states male consumers account for 25% of Kiehls sales, with continuous growth of 34% year on year.
For these reason in order to gain understanding of the UK male market a segmentation table has been created which illustrates a breakdown of the target market in regards to profile, trends and behaviour.(see fig1) The market segmentation table highlights key traits of the target consumer such as the age range being 25 and 35 years old. A survery by Target group index,2012 suggests useage was highest among respondents aged 25 to 34 (22.7%) and lowest among those aged 65 and over (7.4%) in regards to male respondants that use face creams and lotions in 2012. In addition to this, behaviourally it is believed that convenience and value factors are the
Fig 1(Boston matrix) ‘find quote of boston matrix’’’’
Keihls product line is considered to be positioned as STARS in the Boston matrix. The product range have a high market share in the fast growing skincare market.The product line is considered strong in comparison to its competitors within the market.
Market Analysis and Segmentation
According to Kotler, "a market segment consists of a large identifiable group within a market, with similar wants, purchasing power, geographical location, buying attitudes, or buying habits" (Kotler, 2003). So for the purpose of this report segmenting the male skincare market within the UK is vital as it allows the marketer to identify which group or groups they believe are the most attractive to the organisation’(Moore.K et al,2005). Segmenting the market can also help with meeting customer needs better, retaining customers aswell as identifying growth opportunities.
Research conducted suggests that men’s skincare is the fasted growing category within the beauty industry worldwide. Experiencing double-digits growth every year in the last five years, and expected to further grow through 2016 (Spa Finder trends, 2013). In addition to this, Marketing week,2013 states male consumers account for 25% of Kiehls sales, with continuous growth of 34% year on year.
For these reason in order to gain understanding of the UK male market a segmentation table has been created which illustrates a breakdown of the target market in regards to profile, trends and behaviour.(see fig1) The market segmentation table highlights key traits of the target consumer such as the age range being 25 and 35 years old. A survery by Target group index,2012 suggests useage was highest among respondents aged 25 to 34 (22.7%) and lowest among those aged 65 and over (7.4%) in regards to male respondants that use face creams and lotions in 2012. In addition to this, behaviourally it is believed that convenience and value factors are the