(Tiểu luận) industry and competition profile

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CHAPTER 1: SUMMARY...5

CHAPTER 2: INDUSTRY AND COMPETITION PROFILE...6

1. A historical perspective of the industry...6

CHAPTER 3: TARGET MARKET...13

CHAPTER 4: TARGET CUSTOMER PROFILE...15

Four Personas and Use Cases...15

CHAPTER 5: BASICS FORECASTING...22

CHAPTER 6: PRODUCT POSITIONING STATEMENT...23

1. Life Cycle Phases...23

3.1. Sales and Revenue Metrics...29

3.2. Customer Engagement Metrics...29

3.3. Product Usage Metrics...30

3.4. Marketing and Branding Metrics...30

3.5. Product Quality and Performance Metrics...30

3.6. Market Share and Competitive Metrics...30

4. Investment Required...31

4.1. Budget...31

4.2. Headcount...32

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5.1. Technology...34

5.2. Ingredient Selection...34

5.3. Benefits...34

6. Core Features...35

7. User Experience (UX) and User Interface (UI)...35

7.1. User Experience (UX)...36

7.2. User Interface (UI)...36

1.5. Sales and marketing strategy...41

1.6. Sale & Marketing Plan...43

1.7. Pricing and revenue model...43

2. SALES PLAN...44

1.1. Revenue Target...44

1.2. Strategic & Tactics...44

1.3. Pricing and Promotions...45

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2.3. Desire Stage...56

2.4. Action Stage...57

3. Post-launch - Monitor and Evaluation...57

3.1. Key Performance Indicators (KPIs)...57

3.2. Customer Surveys...57

CHAPTER 9: APPENDIXES...58

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We are pleased to present to you our report on new product launch and development plans. This report is prepared on the basis of both primary and secondary data. Primary data is collected by our team members and secondary data is collected on useful websites. Although the purpose of the report is to describe the entire process of developing and promoting the product in the market. We would like to express our gratitude to you for taking the time to give us the opportunity to complete this project.

Our company name for the new product launch is "Maybelline", a cosmetic company that is growing in the Vietnamese market with many products and we are developing its foundation product line.

We want to market a “Shade-Match” foundation bottle with the user’s skin tone. To do this we must take the time to understand the needs and problems our customers are facing. “Customers seek a hassle-free and effective daily makeup solution that effortlessly achieves a natural look suitable for various occasions, including school and professional settings”, “Customers prioritise products that are safe for their skin”, “Customers are conscious of environmental issues and value brands that prioritise sustainability through eco-friendly materials and practices”. Therefore, we have evaluated the criteria for launching our new products as follows: “No matter your skin colour, our foundation product confirm to be adaptable to all skin tones”. “The product foundation formula places a strong emphasis on skin health”.” The product is packaged with an eco-conscious approach”. We also create an effective plan to promote products to consumers. We have offered a reasonable price for the new product that suit the customer's income and creates a balance for Maybelline's foundation products. We will have a competitive advantage because this is the first product on the market.

Our target market includes “Gen Z” and “ Young Ladies” which we segmented from the Demographics, Geographics, Psychographic Behavioural point of view.

A convenient and effective beauty solution for daily make-up: Customers seek a hassle-free and effective daily makeup solution that effortlessly achieves a natural look suitable for various occasions, including school and professional settings. Safe for a healthy skin: Customers prioritise products that are safe for their skin. Sustainability: Customers are conscious of environmental issues and value brands that prioritise sustainability through eco-friendly materials and practices. No matter your skin colour, our foundation product confirm to be adaptable to all skin tones. Skin-Friendly Foundation with the product's foundation formula places a strong emphasis on skin health, incorporating organic ingredients to ensure that it is both safe and beneficial for the skin.

Finally, we hope the product will meet your needs and can sell well because the product is well promoted along with Maybelline's strong media development.

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1. A historical perspective of the industry

The cosmetics industry has a long and diverse history. Below is the history of the cosmetic industry:

1.1: Ancient period: Since thousands of years BC, the Egyptians, Greeks, Romans and Chinese used natural cosmetics such as plant oils, pigments and simple lotions. simple.

1.2: Middle Ages: During this period, the cosmetics industry developed slowly due to the

social notion that white and flawless skin was a sign of nobility and wealth. Natural ingredients such as roses, apricots and aloe vera are used to make lotions and makeup.

1.3: Renaissance: During the 18th century, cosmetics became more popular and production technology also improved. New fragrances and chemical ingredients are discovered and used in cosmetic production.

1.4: 19th century: During this period, the cosmetics industry developed strongly with the

birth of many famous brands such as L'Oréal (1909) and Estée Lauder (1946). Technology and advertising are increasingly focused on helping cosmetic products become more accessible to consumers.

1.5: 20th century to present: The cosmetics industry continues to grow and diversify. Cosmetic companies not only focus on creating beauty products but also value environmental protection and using natural ingredients. New technologies such as nano technologie and biotechnology have been applied to optimize the effectiveness of products.

Overall, the cosmetics industry has undergone an evolution from using simple natural ingredients to more advanced technology and production processes. At the same time, the industry continues to explore and utilize new technologies to meet increasingly diverse consumer needs.

2. Maybelline

In 1915, the cosmetics brand Maybelline New York was founded by American chemist Thomas Lyle Williams. With his initial idea of wanting to create sharp eyes for women, in a small laboratory, his enthusiasm was rewarded when the Mascara product was born. In 1917, Maybelline launched the Maybelline Cake Mascara product line, revolutionizing the cosmetics industry with the message "modern cosmetics for the eyes every day" and the first modern Masacra product was launched.

To mark its milestone in the US, Maybelline launched the Ultra Lash product line in 1960. 1996, Maybeline merged with L'Oreal company.

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In 2000, Maybelline moved its factory and offices to Brooklyn, New York and took the official name Maybelline New York.

From 2000 until now, Maybelline has continuously launched beauty product lines with good quality and price, and all of the brand's products have been published worldwi de.

3. Brand ambassador

With a hundred-year history of brand formation and development, Maybelline New York owns a list of the most famous brand ambassadors in the world with the names: Josie Maran, Miranda Kerr, Sarah Michelle Gellar, Melina Kanakaredes ,....

Maybelline's current representative faces are Adriana Lima, Christy Turlington,....

4. Five – force analysis

Power of the buyer

Lack of funds and

And collaborate with many celebrities such as: Tlinh, rapper "Gan Li", ... and take advantage of the recently hot social network Tiktok to attract young people, especially the current are end consumers and retailers in the market

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are also a threat

Due to the nature of cosmetics such as similar uses, new features or outstanding packaging, customers have the ability to switch between other brands coming out with good quality SP are also a danger in the future

Engage customers by providing 3 to 4 quality posts of product content to promote every day on social media

5. Positioning map

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FactorMY BUSINESSCLIONEUTROGENA

Product Fit Me SPF22 Foundation

line. Clio Kill Cover Foundation line SPF50+ PA++++

Healthy Skin Liquid Makeup Foundation SPF20.

Skin type Normal,combination skin and oily skin .

Suitable for all skin types, typically dry skin or skin lacking moisture.

For combination skin, For acne skin, For oily skin .

High coverage (80%), able to keep makeup lasting up to 8 hours .

Low coverage (40%), able to keep makeup lasting up to 10 hours.

PackagingProducts

Stored in a compact glass bottle with a black lid, however, the pumb spout is loosely designed, easily leaking out.

Diverse palette versions (glass jar or cushion), included with a makeup brush from a high-end product line. But the packaging is made from materials that are not environmentally friendly.

Cylindrical glass jar design, compact and sturdy, easy to carry. But there's no pump, so it's hard to get and easy to waste the product.

- ColorStay: helps colors last long on the skin - Fit Me!: creates a natural effect and perfect coverage

- Color Capture System technology: creates beautiful colors that last long on the skin - Microfluidic: adjust the ratio and amount of

- Hydro Boost: retains water, improves elasticity and Lazada, Shopee, Tiki,

- 1 online channels:Lazada, Shopee, Tiki, Zalora, and

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Reliability - Suitable for many needs and reasonable price. Clear information about Thoroughly tested to ensure safety and effectiveness for each skin type.

segment Women between the ages of 18 and 35 years old.

Women between the ages

of 18 and 30 years old. Suitable for all ages because the product is more about skin care and benign

Sologan “Make IT Happen” . "Discover Your Beauty,

- Reasonable price - Creativity and trends: experience the latest trends and create your own style.

- In-depth support and advice: helps customers have the necessary information and instructions on skin care more in-depth than other

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Mixing, SuperStein vs. Milk Tea or SuperSteen vs. Gym.

Advertising Advertising campaigns through images and videos spread on all of their social platforms and TV commercials ."TikTok"is the most effective advertising tool MV “Mấy Bé Lì 3.0” got 188 million views.

- Daily advertising posts on social media platforms

- Advertising campaigns through banner ads and videos included product information and coupons to drive sampling.

Brand image - Youthful and Trendy - Innovation and Quality product are produced for each country depending upon the local demand

- Korean Pop Culture

Weakness - Shade Range Limit - Cosmetic products don’t suit people with sensitive skin

- Brand Recognition - Distribution Challenges - The color palette is not diverse, and the oil control

- High product prices - Low level of concealer (only suitable for skin with few blemishes)

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Here are some key points and insights:

7.1. Cosmetics market

In 2022, the Vietnamese cosmetics market will be worth about 2.3 billion USD (According to Mintel). According to Statista research, the growth rate of the number of cosmetic stores nationwide increases by 40%, from 87 in 2021 to 124 in 2022. The majority of stores are concentrated in two major economic centers, Hanoi and Ho Chi Minh City. Noi and Ho Chi Minh City. This is a market that experts assess as having a lot of potential and good growth.

7.2. Nature of the Product

Foundation is a makeup product with the same color as the skin that is applied on the face to create a uniform color for the skin, to conceal imperfections and sometimes change the natural skin tone.

7.3. Competitive landscape

Foreign players’ dominance in the market is mainly due to the Vietnamese’s preference for imported products. Vietnamese consumers perceive foreign brands as having higher quality and a wider variety of products that can cater to individual needs

Vietnam’s cosmetics market also holds challenges for Western brands like Maybelline due to consumers’ stereotypes. Consumers believe Asian-made products are a better suit for their skin type than European-made products owing to physical differences.

7.4. Distribution

These are popular cosmetic distribution places: Traditional retail stores such as supermarkets, cosmetic stores, pharmaceutical stores and specialized cosmetic stores. E-commerce platforms or direct channels from manufacturers,

7.5. Technology Application

AI is used in the cosmetics industry as it uses information to create personalized experiences for each customer. With the development of computer science and artificial intelligence, the trend of personalization in cosmetics will expand and become more effective.

7.6. Opportunities

Most women in the world like to use cosmetics for beauty. This is a huge opportunity for the Maybelline brand to continue to grow and dominate market share.

Maybelline New York is the number one most popular cosmetics brand in the world, present in over 120 countries. By applying and combining advanced technological formulas to produce outstanding product lines. The brand was founded in 1915 by a 19-year-old businessman, Thomas Lyle Williams, when he saw his sister using Vaseline, charcoal and ash to makeup her eyebrows. Maybelline New York is most loved for its collection of fit me foundation, fit me concealer, waterproof mascara, lip balm and matte lipstick. The brand offers outstanding quality products that appeal to all women. This brand owned by L'Oreal has beaten out the parent company as well as a series of other competitors such as Estee Lauder or Revlon, in terms of attracting multi-channel interactions since the beginning of this year, according to statistics. Statistics and analysis from ShareIQ - a social network analysis

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company. For example, on Instagram, Maybelline attracted more than 59 million likes between the beginning of the year and around October 20. Meanwhile, L'Oreal only attracted about 27 million likes, and for Estee Lauder that number was only stopped at 5 million likes during this same period. At the same time, Maybelline actually outperformed the Pinterest race, attracting 730,000 repins, compared to 167,000 repins for L'Oreal and 28,00 for the Estee Lauder brand. According to Mr. Jonathan Gardner, Marketing Director of ShareIQ, who directly conducted this research, most beauty brands believe that the amount of visual content shared on Instagram and Pinterest brings more value than data on Twitter.

CHAPTER 3: TARGET MARKET

DemographicsAge: 15-23 - Gen Z has become a

key demographic for brands across different categories to recruit new customers (Nielsen IQ

Age: 24-35 - The group is among the most

frequent and highest spending on make-up products (Q&Me 2022)

Gender: FemaleIncome: Middle income

Averagely, a Vietnamese middle class female spends VND450,000 – 500,000 monthly on makeup and skincare (Cafebiz 2023).

Occupation: Young professionals

GeographicsUrban cities including Hanoi, Ho Chi Minh City, Da Nang, Hai Phong,Can Tho - Urban areas have higher population densities, greater economic

development, thus leading to a higher concentration of potential consumers (CIA 2023). Consumption of personal care products in urban areas is higher than in rural areas (17.9% compared to 13.1%) (Nguyen 2021). This can be explained by the fact that they are becoming more self-conscious, leading to an increase in spending of urbanites on aspirational demands and the bloom of the beauty industry in the past recent years (Carrasco 2019).

PsychographicPersonality Characteristics:

Trendy, open-minded, impatient, expect quick responses and solutions

Personality Characteristics:

Value-conscious, increasingly focused on product ingredients, formulations

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active on social media, social media influencers, online trends shaping their daily habits (Nguyen 2020).

personal life, seeking convenient and effective beauty solutions

BehaviouralBenefits Sought: easy to use and

create natural make-up look for everyday use

Usage Rate: 30% make-up every day/almost every day (Q&Me 2022

Media Consumption: YouTube,

Instagram, TikTok for beauty tutorials and product

recommendations

Benefits Sought: convenient and effective

for daily make-up

Usage Rate: 55% make-up every

day/almost every day (Q&Me 2022)

Media Consumption: Blogs, YouTube,

beauty magazines, and social media for product reviews.

Purchasing behaviours:

- 48% of Gen Z and 61% of Gen Y buying health & beauty products via mobile (Euromonitor 2021), especially from e-commerce platforms (Q&Me 2022).

- Factors most influencing skincare purchase decisions include quality, safety and pricing (Deloitte 2021). The increase in educated and health-conscious consumers drives a demand for natural products with transparent ingredients.

CHAPTER 4: TARGET CUSTOMER PROFILEFour Personas and Use Cases

2. Beauty-Enthusiast 3. Young professional 4. Health-Conscious Harper

Persona 1: Eco-Conscious Ms. Phuong (Age: 32)

- Values: Sustainability, organic living, cruelty-free products

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- Concerns: Wants makeup that aligns with her eco-conscious lifestyle, cares about clean ingredients

- Shopping Behaviour: Prefers online shopping, researches product sustainability - Media Consumption: Follows eco-friendly influencers and reads sustainability blogs

Persona 2: Beauty-Enthusiast Ms. Nhi (Age: 18)

- Values: Self-expression, staying updated on trends

- Lifestyle: Active on social media, enjoys experimenting with makeup

- Shopping Behaviour: Buys makeup both online and in-store, follows beauty tutorials - Media Consumption: Watches beauty vlogs, follows makeup artists on Instagram

Persona 3: Young professional Ms. Trinh (Age: 28)

- Marketing professional

- Values: Convenience, effective beauty routines

- Lifestyle: Busy balancing work and personal life, minimal makeup routine - Concerns: Seeks a foundation that provides coverage and skincare benefits in one - Shopping Behaviour: Prefers quick online shopping, values product reviews - Media Consumption: Follows beauty brands on social media for product updates

Persona 4: Health-Conscious Mr. Hung (Age: 29)

- Health-conscious lifestyle with regularly exercises, practices yoga, and enjoys outdoor activities.

- Values: Clean and organic ingredients, Prioritising overall health and wellness, Simplicity and minimalism in her beauty routine.

- Shopping Behaviour: Research products extensively before making a purchase, prefer minimalist and eco-friendly packaging.

- Media Consumption: Follows wellness and clean beauty influencers on social media, read health and beauty blogs that emphasise organic and natural products.

Use Case 1

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Use case name Eco-Conscious Ms. Phuong (Age: 32)

Use case goal To find a foundation product that aligns eco-conscious lifestyle, ensuring it contains clean ingredients and promotes sustainability.

Preconditions - Values: Sustainability, organic living, cruelty-free products

- Concerns: Wants makeup that aligns eco-conscious lifestyle,

cares about clean ingredients

Basic flow1. Initial consideration

- Aware of the importance of eco-conscious beauty products through eco-friendly influencers’ content or sustainability blogs

2. Evaluation

- Extensive research by carefully examining product details, ingredients, certificates, reading customer reviews - Discover recommendations from eco-friendly influencers

3. Moment of purchase

- Eco-friendly packaging options are selected, confirming her commitment to sustainability

4. Post-purchase

- Leave a positive review highlighting its sustainability, clean ingredients, and how it meets her expectations

Alternative flows - Product Doesn't Meet Criteria: If the product doesn't meet her sustainability or ingredient criteria during the evaluation phase, Emily excludes it from her consideration.

- Negative Reviews: Emily may reconsider her choice if she

encounters multiple negative reviews

- No Suitable Product: If Emily can't find a suitable product,

she may continue her search or explore alternatives, marking a temporary halt in her customer journey.

Assumption: By offering a foundation product that aligns with Emily's values and meets her

criteria for eco-consciousness, we can capture her interest and loyalty.

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- Collaborating with eco-friendly influencers and providing informative content about our product's sustainability and clean ingredients will attract Emily's attention and influence her purchase decision.

- Our production and packaging processes allow for the implementation of eco-friendly packaging options that align with Emily's sustainability expectations.

Use Case 2

Use case name Beauty-Enthusiast Ms.Nhi (Age: 18)

Use case goalTo discover and purchase makeup products that allow for self-expression and align with the latest beauty trends.

Preconditions - Values: Self-expression, staying updated on trends

- Interests: Active on social media, enjoys experimenting with

Basic flow1. Initial consideration

- Stay updated on beauty trends, follow makeup artists, beauty influencers, and watch beauty vlogs/ tutorials to discover the latest trends and product recommendations.

2. Evaluation

- Evaluate its features, and its suitability for her makeup needs, check the comments for user reactions and engages in discussions

3. Moment of purchase

- Convinced by her research and the positive feedback from other users and make purchase decision

- Online shopping via e-commerce sites

4. Post-purchase

- Share experience/ results on social media, or provide feedback through reviews or comments on the online shopping platforms.

Alternative flows - Product Unavailability: the Beauty-Enthusiast may explore alternatives rather than wait for restocking

- Negative Reviews: If she encounters multiple negative

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reviews about the product's quality or performance, she might reconsider her purchase decision.

Assumption: By offering unique and trendy makeup products that align with her desire for

self-expression and the latest trends, we can capture her interest and engagement.

- Collaborating with these influencers and providing informative content about our products' trendiness and features will attract her attention and influence her purchase decisions.

- Our e-commerce platform and online shopping infrastructure provide a seamless and user-friendly experience for the Beauty-Enthusiast, facilitating her purchasing journey.

Use Case 3

Use case name Young professional Ms. Trinh (Age: 28)

Use case goal To discover and incorporate a foundation into her daily makeup routine that meets her values of convenience and effective beauty routines while addressing her concern for a product that provides both coverage and skincare benefits.

Preconditions - Values: Convenience, effective beauty routines

- Lifestyle: Busy balancing work and personal life, minimal

makeup routine

- Concerns: Seeks a foundation that provides coverage and

skincare benefits in one

Basic flow1. Initial Consideration:

- Browse the internet, visit popular beauty websites and e-commerce platforms to explore available products.

2. Evaluation:

- Read social media posts from beauty brands promoting a foundation, review multiple foundation options to understand which ones align with her needs.

- Examine the product description, ingredients, and reads user reviews on brand website

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- Online shopping via website or e-commerce sites

4. Post-purchase

- Become a loyal customer, leaving a positive review or sharing her experience on social media

Alternative flows - Unsatisfactory Product: initiate a return or exchange process to obtain a refund or try a different product. In some cases, she might leave a negative review or share her experience on social media, potentially leading to a service issue for the brand.

- Customer Support Interaction: encounter questions or

issues related to the product, shipping, ... In such cases, she may reach out to customer support for assistance, which could involve phone calls, live chat, or email communication.

Assumptions: By offering an all-in-one foundation that aligns with her need for a convenient

and effective beauty routine, we can capture her interest and loyalty.

- Providing detailed product descriptions, ingredients, and user reviews on our brand website will engage Sarah during her evaluation phase and influence her purchase decision.

- Our customer support is readily available to assist her with any inquiries or concerns.

Use Case 4

Use case name Health-Conscious Mr. Hung (Age: 29)

Use case goal To find makeup product that complements her active and health-focused lifestyle

Preconditions - Values: Clean and organic ingredients, prioritising overall

health and wellness, simplicity and minimalism in her beauty

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organic ingredients, Concerns about synthetic chemicals in conventional cosmetics.

Basic flow1. Initial Consideration:

- Social media content about wellness and clean beauty, influencers’ recommendations, promoting clean and organic beauty products.

2. Evaluation:

- Visit brand’s website via influencer's affiliate links, sponsored posts

- Find out more about the brand, ingredients, and sustainability practices, verify the product's clean and organic credentials and positive user feedback

3. Moment of Purchase:

- Harper selects her shade, adds the foundation to her cart, and proceeds to checkout, choosing eco-friendly packaging options.

4. Post-purchase:

- Harper shares her positive experience on social media, expressing how the foundation complements her health-conscious lifestyle.

- She may also consider signing up for your newsletter to stay updated on future clean beauty releases.

Alternative flows - In-store purchase: visit a physical store that stocks clean and organic beauty products, prefer the in-store experience to test products in person and get recommendations from knowledgeable staff.

- Product Unavailability: feel disappointed but decide to sign

up for email notifications regarding the product's availability.

Assumption: By offering a shade-match foundation with a formula that is 100% clean and

organic, we will attract Health-Conscious Customers and address their pain points related to synthetic chemicals in cosmetics.

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- Collaborating with these influencers to promote our foundation will increase our product's visibility and credibility among Harper's community, ultimately driving sales.

- As the beauty industry shifts towards cleaner and more sustainable products, our foundation's focus on clean ingredients and sustainability practices will position us as a leader in this emerging market segment.

- Leveraging influencer partnerships and social media platforms will effectively reach Health-Conscious Harper and her community, driving brand awareness and product adoption.

- As more consumers prioritise health and wellness, our foundation's unique value proposition will resonate with a broader audience, expanding our market reach over time.

CHAPTER 5: BASICS FORECASTING

Three basic types—qualitative techniques, time series analysis and projection, and causal models.

Time Series Analysis

Use historical sales data of Maybelline products to identify trends, seasonality, and patterns, which can then be employed to project future sales for the upcoming product line. For short-term forecasting, specifically within a three-month timeframe, techniques such as moving averages and exponential smoothing offer relatively high accuracy. These methods also have a short development process, typically requiring only 1-2 days, and cost-effectiveness, making them suitable choices for short-term sales projections.

Qualitative Analysis - Market Research & Surveys

Gather insights from potential customers. Quantify the responses to estimate demand for the new product line

Excellent accuracy in short-term and good in long-term; however require higher costs for forecasting and longer time to develop

Regression Analysis:

Using regression analysis to build a predictive model can help you understand the impact of factors influencing sales (e.g., pricing, advertising spend, promotions), and make forecasts accordingly.

CHAPTER 6: PRODUCT POSITIONING STATEMENT

Name of product Shade-match Foundation

Life cycle phase 2024 - 2035

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Product manager’s name Trần Thị Thảo Vy

Name of engineer Vũ Nguyên Đan , Đặng Duy Anh

Name of marketer Đoàn Tuấn Đạt , Trần Gia Bảo

Name of team members

1. Life Cycle Phases

Figure 1. Expected product life cycle for Shade-match Foundation1.1. Introduction

In this stage, the product is introduced to the market with a large marketing campaign created to raise awareness and generate interest. Sales during this stage are usually low initially, and the focus is on building brand recognition. We predict this stage will last 6 months, despite depending on how quickly the product gains traction in the market.

1.2. Growth

During the 3-year growth stage, sales begin to increase as the product gains popularity, more customers try the product, and market share expands. Competitors may enter the market as they see the potential for growth; therefore, it could last longer if the product continues to innovate and attract new customers.

1.3. Maturity

Sales remain relatively stable, but the market is saturated. During this stage, there will be intense competition between brands; therefore, the duration depends on the product's ability

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to maintain customer loyalty and its competitiveness in the market Marketing efforts are.

essential to shift towards customer retention and loyalty programs.

1.4. Decline

In the decline stage, sales begin to decrease due to market saturation, changing customer preferences, or competition from newer products. It is time to rebrand or revamp the product to extend its life cycle, sell at clearance prices or through promotions to minimise losses.

2. Positioning Statement

This product is designed for 2 main segments including the older gen Z (16-23) and young millennials (24-35). The validated needs of this customer target include:

- A convenient and effective beauty solution for daily make-up: Customers seek a

hassle-free and effective daily makeup solution that effortlessly achieves a natural look suitable for various occasions, including school and professional settings. - Safe for a healthy skin: Customers prioritise products that are safe for their skin

- Sustainability: Customers are conscious of environmental issues and value brands

that prioritise sustainability through eco-friendly materials and practices.

The product meets the needs of this customers with the following features or attributes:

- Shade-match Foundation: No matter your skin colour, our foundation product

confirm to be adaptable to all skin tones

- Skin-Friendly Foundation: The product's foundation formula places a strong

emphasis on skin health, incorporating organic ingredients to ensure that it is both safe and beneficial for the skin.

- Eco-Conscious Packaging: The product is packaged with an eco-conscious

approach, aligning with the values of environmentally conscious consumers and promoting sustainability.

This customer target will benefit from using this product because it provides a hassle-free

and effective daily makeup solution that effortlessly achieves a natural look suitable for various occasions, from school to professional settings. It prioritises skin health with its skin-friendly foundation formula and organic ingredients, ensuring customers can enhance their beauty while caring for their skin. Furthermore, it aligns with the values of environmentally conscious consumers by using eco-conscious packaging, promoting sustainability in the beauty industry.

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the frustration of finding the perfect shade and making it accessible to individuals of all skin tones. Unlike some makeup products that may contain harmful chemicals or neglect skin wellness, our product takes a skin-first approach. Its emphasis on skin health and the incorporation of organic ingredients set it apart from the competition, providing a safer and more beneficial option for customers. Additionally, our commitment to sustainability through eco-conscious packaging distinguishes it in a market where many brands may not prioritise eco-friendly practices.

And it compares favourably to available competitive products because of its inclusivity,

skin benefits, and sustainability commitment. While some competitors struggle with offering a wide range of shades or prioritise appearance over skin health, our product excels in addressing these issues. It caters to diverse skin tones with its universal shade-match foundation and prioritises skin wellness with a skin-friendly formula. Furthermore, it resonates with environmentally conscious consumers who seek products that align with their values due to its eco-conscious packaging, showcasing our dedication to sustainability in a market where such commitments are highly valued.

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Product NameShade-match FoundationVision“Join us on a journey to redefine beauty”

Our product envisions a world where beauty is accessible, sustainable, and enhances the natural beauty of every individual. We aim to empower and inspire a diverse range of customers, by providing them with a versatile and eco-conscious shade-match foundation. This foundation not only delivers a convenient and natural look but also promotes skin health and aligns with environmentally responsible values.

Product Description

This is a makeup essential designed for the modern beauty enthusiast

with key features including Effortless Natural Beauty, Skin Health Priority, and Environmental Responsibility

1. Effortless Natural Beauty: Our foundation offers a

user-friendly solution for daily makeup routines. Whether you're heading to school or a professional work environment, achieving a natural appearance has never been easier.

2. Skin Health Priority: We prioritise the well-being of your

skin. Our formula incorporates organic ingredients, ensuring that your skin not only looks great but also stays healthy and radiant.

3. Environmental Responsibility: Sustainability matters to us.

Our eco-conscious approach to packaging reflects our commitment to using environmentally friendly materials and practices, aligning with the values of conscious consumers.

Team 1. Product manager, development team, designers, GTM team, Sales team, etc.

1. Background

1.1. Industry background

The beauty and cosmetics industry in Vietnam has been growing steadily, driven by various factors including the increasing disposable income, a growing middle class, and changing beauty preferences. Vietnam's young population, including a significant Gen Z and

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Millennial demographic, had been a major driver of beauty product consumption. To be more specific, the revenue in the Cosmetics market amounts to US$528.90m in 2023 and the market is expected to grow annually by 3.21% (CAGR 2023-2028) (Statista 2023). One notable trend in the Vietnamese beauty market is the shift towards natural and organic products, which are believed to be both healthy and eco-friendly compared to chemical-based cosmetics (Pham 2022). Consumers are increasingly seeking beauty items that not only enhance their appearance but also offer added benefits and prioritise skin health. This trend aligns with global preferences for safer and more environmentally friendly beauty solutions.

1.2. Competitive landscape

The competitive landscape of the beauty and cosmetics industry in Vietnam included both international and domestic players. The industry is dominated by well-established foreign players, in which by 2023, . South Korea is the dominant cosmetics exporter to Vietnam and 82% of sales in the Cosmetics market will be attributable to Non-Luxury goods. Foreign players’ dominance in the market is mainly due to the Vietnamese’s preference for imported products. Vietnamese consumers perceive foreign brands as having higher quality and a wider variety of products that can cater to individual needs (Pham 2022).

2. Strategic Imperatives

Our business aims to disrupt the beauty industry by offering a shade-match foundation that prioritises inclusivity, sustainability, and organic ingredients to appeal to Gen Z (16-23) and young Millennials (24-35). To achieve this, we've outlined the following strategic imperatives:

Goal 1. Market Expansion: Gradually expand our customer base beyond Gen Z and young

- Analyse market trends and demographics to identify new target segments, adjust marketing strategies, and tailor product offerings.

Goal 2. Product Innovation: To innovate our foundation formula to ensure it aligns with

evolving beauty trends and customer preferences.

- Invest in research and development, conduct user testing, and gather feedback to refine our product.

- Expand our shade range to include a wide spectrum of skin tones, ensuring that everyone can find their perfect match.

- Continuously research and develop new shades, collaborate with makeup artists and

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beauty influencers to validate inclusivity, and actively engage with diverse communities.

Goal 3. Sustainability Practices: Promote sustainability and safety by using organic

ingredients and eco-friendly packaging.

- Source organic ingredients, implement sustainable packaging solutions, and educate customers about our commitment to the environment.

Goal 4. Digital Presence and Engagement:Build a strong online presence and actively

engage with our target audience on social media.

- Educate customers about the benefits of our product, the importance of clean ingredients, and our sustainability practices

- Develop an engaging website, create informative and entertaining content on social media platforms, collaborate with influencers, and encourage user-generated content. - Create informative blog posts, videos, and webinars; launch an email newsletter; and

actively respond to customer inquiries.

Goal 5. Brand Loyalty and Advocacy: Cultivate brand loyalty and turn satisfied customers

into advocates.

- Launch a customer loyalty program, encourage user-generated content and reviews, and implement referral programs.

3. Evaluation Metrics

Measuring the performance of the shade-match foundation product with organic ingredients is essential to understand its success and identify areas for improvement. Here are some metrics to consider:

3.1. Sales and Revenue Metrics

- Sales Volume: The number of units sold over a specific period. - Revenue: The total income generated from product sales.

- Average Transaction Value: The average amount spent by a customer per transaction. - Customer Lifetime Value (CLV): The total revenue generated from a customer throughout their relationship with the brand, which helps assess long-term customer value.

3.2. Customer Engagement Metrics

- Customer Acquisition Rate: The number of new customers acquired during a specific time frame.

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- Customer Retention Rate: The percentage of customers who continue to purchase the brand’s product over time.

- Customer Satisfaction (CSAT) Score: Surveys or feedback forms to gauge customer satisfaction levels.

- Net Promoter Score (NPS): Measures customer loyalty and their likelihood to recommend the product to others.

3.3. Product Usage Metrics

- Usage Frequency: How often customers use the foundation product. - Conversion Rate: The percentage of website visitors who make a purchase. - Churn Rate: The rate at which customers stop using the product.

- Feature Adoption Rate: Measures which features or benefits of the product customers use most.

3.4. Marketing and Branding Metrics

- Click-Through Rate (CTR): Measures the effectiveness of online ads or marketing campaigns.

- Cost Per Acquisition (CPA): The cost associated with acquiring a new customer. - Brand Awareness: Surveys or brand recognition studies to assess how well the brand

is known.

- Social Media Engagement: Metrics such as likes, shares, comments, and follower growth on social media platforms.

3.5. Product Quality and Performance Metrics

- Return Rate: The percentage of products returned by customers due to dissatisfaction or issues.

- Product Reviews and Ratings: Feedback and ratings from customers on the website or e-commerce platforms.

- Product Defect Rate: The percentage of products with defects or quality issues.

3.6. Market Share and Competitive Metrics

- Market Share: The product's share of the total market within its industry.

- Competitor Benchmarking: Compare product's performance metrics with those of key competitors.

- Customer Preference Surveys: Understand why customers choose the brand’s product over competitors.

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(Tiểu luận) industry and competition profile

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