“Glow” is a new cosmetic company that is about to be launched in the market. “Glow” believes that Mother Nature has an answer for almost everything, and so they are keeping their ingredients list as close to the earth as possible. Honestly, they do not use unnecessary chemicals, fillers, parabens, or additives. You are the Marketing Team and you would be responsible for positioning and marketing.
1. Who is your target audience? Why do most organizations focus on satisfying the needs of one or more subgroups of a market rather than the entire market? Based on this, provide atleast 5 characteristics of your target audience. (Project on gender, age, income status and other demographics of the target audience. This question aims to find out how well you know your target market.)
2. What are you trying to create? A need, demand, or a want? Why?
3. Who is the current market leader? (Do some research to find out)
4. What are the values you want to bring to your customers?
5. Define who would be the ultimate consumers and organizational buyers. Give examples of each.
6. Would you market this brand only in the U.S? Or, you aim to make it an international brand?
7. Come up with a mission statement and a logo for your company.
8. What are the different kinds of products (product lines) that your company would launch? (Would you only market face packs, lipsticks etc.?)
9. You have to select a brand ambassador to endorse the product. Provide name/s of the celebrity who would endorse your product.
10. What are uncontrollable environmental factors for your company? (5 points) (Think about the legal policies, taxes, rules, regulations etc.)
11. What would be the strategies you would develop for the new growth? (Look at Porter’s strategies if you cannot come up with one of yours)
12. Is there a time of the year when you would prefer to launch the new company?