660LorealQuestions_CorinneN

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Suffolk University *

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Marketing

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Jun 22, 2024

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Case: Marketing Plan Corinne NP Product : 1. What is your product/service? The products are divided into four unique divisions, “with each one developing a specific vision of Beauty for its respective market: Professional Products Division, Consumer Products Division, L’Oréal Luxe and the Active Cosmetics Division”, as depicted from its website. These complementary brands provide beauty and hygienic solutions from makeup, haircare, fragrances, and skincare. 2. What problem does your product/service solve? L’Oreal Products compose of beauty, personal care, and hygiene products that solve a range of problems. From hair care, cosmetics, personalized skin care, to professional care products, there is something available for every age, gender, and race. 3. What is the differentiating key feature(s) of your product/service? L’Oréal products serve different segments and populations, so there is something from a simple, drugstore pricing, to higher end/professional products that can only be acquired through specialized channels like salons and department stores. Since 1909, innovation has been the prime motivator for product formulation. It allocated a whopping € 985 million in 2019 for R&D. 4. Who is your Ideal Customer? The ideal customer would be someone who takes great care of oneself and prioritizes selfcare, beauty, and hygiene. 5. Who are your top competitors? Top competitors in the makeup segment include Revlon, Tresemme, Unilever, Procter & Gamble, Coty, Edgewell Personal Care, Avon. 6. Stats:

 1-Visual Stat :  Determine Case Industry… ideas for L’Oréal …Health and Beauty, etc. It’s your call.  Search and review … industry Stats…  Choose/post/discuss After researching and reviewing the Research and Innovation (R&I) at L’Oréal ( https://beautytmr.com/loreal3dprinting-19cdc3229a63 ), it is no wonder that it is incorporating cutting-edge technology to develop prototypes and even products within 1-2 days. It enables L’Oréal to skip steps in the design process, dramatically reduce time to produce packaging prototypes. Thus, it also reduces the time going from concept to protypes, and to the market as well. Before the 3D technology became effective, it used to take 18 months for a product launch. Today, it takes only 1-2 days to validate new designs. L’Oréal has in-house printing technology in its six research centers in United States, China, Japan, India, France, and South Africa to create brilliant packaging prototypes. This revolves all around the ability to innovate and market products that “create customized and interactive purchasing experiences” for the customers. It is a very encouraging sign as the company moves to create beauty around the world, leading-edge technology is at the core of its sustainable value chain.  1-Case Stat :  From case…after reading…consider “stats” mentioned in case, review Exhibits, choose/post/discuss. What jumped out to me was in the Consumer Products, Luxury Division, and Active Cosmetics, North American market was relatively lower than the Western Europe and New Market counterparts, garnering only 22.7%, 22.6%, and 9.0% of 2010 sales, respectively. Why is this? Do American men and women not regard and prioritize beauty, healthcare, selfcare as something that is essential? As there is much more proliferation of “beauty goals and awareness” on social media with bloggers and vloggers expanding information and videos on beauty nowadays, does this stat accurately represent the consumption of the population? If “beauty is not priority” the case, then how can a company like L’Oréal do more than what its doing to amplify and expand the awareness? Maybe recruiting more associates or through affiliated marketing, hire more selfcare-conscious men and women to create digital campaigns, promotions, and product orientation pages on social media like Facebook and IG so there is more digital footprint. Education is pivotal to product consumption so the more one knows, the greater the usage, purchase, and consumption of L’Oréal products. Price : 7. MSRP: $5.99 $5.99 Sell Price to Retailer: $4.49 $2.99 PM%: 25% 50% Cost of Item: $1.49 $3.00

Place : 8. Place- Channels of Distribution?  Brick & Mortar …How will L’Oréal’s products reach your ideal customers in local market… Grocery , Specialty , Mass Merchants (Wal*Mart, Target), Drug Stores?  Choose 3 and describe why each channel is a great choice in which to distribute your product. i. Collaboration with partners like Target, CVS/Walgreens to allow direct access and quickest path to products ii. Grocery stores are also important and surprisingly useful channel b/c consumers are accustomed to make purchases in the same shopping run iii. Specialty beauty merchants like Ulta will also be useful. For more personalized products or limited/seasonal runs of products, a more specialized store like Ulta can distribute these products with great interest from the public  E-Commerce …DTC… L’Oréal.com, Amazon.com, specialty.com, Social Media (Instagram, Facebook Marketplace, Twitter, etc)?  Choose 2 and describe why each channel is a great choice in which to distribute your product. i. Online, online, online: everything starts from the digital channel to greatest and easiest access to products. Its own platform L’Oréal.com should be a primary place to actually sell products ii. Amazon has obviously a huge online presence so it can make a mark with that aspect iii. Shopify is also a great online marketplace so it should also traverse over the channels such a way too Promotion : 9. Media Channels?  Where will you tell your story? TV , Print , Radio , OOH (out of home…billboards, transit, parks, etc.), Events , Influencers , social media, SEO/SEM ?  Choose 5 Media Channels and describe why each is an optimal choice to promote your product…in relevant market.

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