Marketing management directs an organisation’s resources to develop and implement the best possible strategy to reach its desired customer segment to maximise sales of a particular product or service. “Marketing management is the art and science of choosing the target market and getting, keeping and growing customers through creating, delivering and communicating superior customer value(Kotler and Keller,2008:5). Marketing is the process used to determine what products or services may be of interest to customers and the strategy to use in sales, communications and business development (Kottler.1996)
FIVE MARKETING MANAGEMENT CONCEPTS
- PRODUCTION CONCEPT
The production concept is used when the demand for a product is higher than its supply. The philosophy here is “Supply creates its market “.Therefore, the focus is on manufacturing more products to make sure it’s widely available.
- PRODUCT CONCEPT
Contrary to the production concept, this concept assumes consumers value higher quality products as approved to price and availability. Therefore the focus is more on quality and less on quantity. The idea is that if a product is of excellent quality, minimal marketing will be required.
- SELLING CONCEPT
Where the production and product concepts focus on manufacturing, the selling concept focuses on the marketing of an actual sale. The number one focus for the manager is to make money, no matter the quality needs of consumers, supply, or demand. The selling concept entails very aggressive marketing.
- SOCIETAL CONCEPT
Marketing managers with this approach are also concerned about the well-being of society and feel a responsibility to tend to the world around them. It creates a balance of social and customer relationships and sales.
The product is either a tangible good or an intangible service that meets specific customer needs or demands. All the products follow a logical product life cycle, and marketers need to understand and plan for various stages and their unique challenges. It is crucial to understand these problems that the product attempts to solve. The benefits offered by the product and all its features need to be understood.
Price covers the actual amount the end-user is expected to pay for a product. How a product is priced will directly affect how it sells. This is linked to the perceived value of the product to the customer rather than an accurate costing of the product on the offer of a product is priced higher or lower than its perceived value, then it will not sell. It is imperative to understand how a customer sees what you are selling.
The marketing communications strategies and techniques all fall under the promotion heading. These may include advertising sales relations. Whatever the channel used, it must be suitable for the product, the price and the end it is being marketed to
Place and placement have to do with how the product will be provided to the customer. Distribution is the crucial element of order. The placement strategy will help assess what channel is most suited to a product.
Lipstick is a cosmetic product containing pigments, oil, waxes and emollients that apply colour texture and protection to the lips. Many colours and types of lipsticks exist. As with most other types of makeup, lipstick is typically, but not exclusively, worn by women. Some lipsticks are also lip balms to add colour and hydration. Lipstick is a key part of many women’s makeup collections, and even women who aren’t as heavily into makeup usually own at least two or three lipstick or maybe just that perfect shade of “RED”.There are many different types of lipsticks matte, glossy, moisturising etc.
- LOREAL PARIS
The loreal Paris is the world’s largest cosmetic and beauty company with its registered office in Paris concentrating on hair colour, skincare, perfume and hair care. The company is active in dermatological tissue engineering and biopharmaceutical research fields and is the top nanotechnology holder of a patent in the United States. The company is a component of the Euro Stoxx 50 stock market index.
Avon products inc known simply as Avon. Avon is an American international manufacturer and distributor of households and personal care. The company sells products through representatives in over 140 countries across the world. As of 2012, Avon had annual sales of $10 billion worldwide. It is the 50th largest beauty company and, with 6.4 million representatives, is the second-largest direct seeking enterprise globally. Avon product is a multilevel marketing company. The company’s CEO is Sherilyn S Mccoy, appointed on April 12. Avon has struggled with global sales falling for five straight years.
Oriflame cosmetic is an international beauty selling direct. The company began operations in 1967 in Sweden and has today a presence in over 60 countries worldwide. The company has over a 9.5million consultants worldwide with annual sales of 1.5billion. Oriflame, the battle standard of the king of France.Oriflame, a cosmetic group French ship Oriflame a cosmetic group of France. Oriflame, a cosmetic group french ship Oriflame, a French ship, sank off the coast of Chile. British ship Oriflame arrived in San Francisco on Jan 8, 1876,256 days from London, via Dartmouth.Oriflame a Branlebas class destroyer of the french navy.
Lakme is an Indian brand of cosmetics owned by Unilever. Lakme started as a 100% subsidiary of tata oil mills (Tamco), part of the Tata group. It was named after the French operations Lakme, the French form of “Lakshmi”, the goddess of wealth, also renowned for her beauty. Indian cosmetic Lakme was started in 1952, famously because the prime minister Nehru was concerned that Indian women were spending precious foreign exchange on beauty products and personally requested Tata to manufacture them in Inda Lakme Lever to HLL for Rs 200 crore.
Pucker up, ladies. Maybelline has plenty of lipsticks to play up your pout. Go from dramatic bolds for a night out to subdued nudes for a job interview, and with a shade that compliments every range as wide as ours, there’s a colour to compliment every skin tone. Now, amp up those luscious lips. The Maybelline company was created by a 19-year-old entrepreneur named Thomas Lyle Williams in 1915; William noticed his older sister Mabel applying a mixture of vaseline and coal dust to her eyelashes to give them a darker, fuller look. He adopted it with a chemistry set and produced a product sold.
- I have selected my product ‘LIPSTICK”, because I love to use lipstick, and it is one of the essential products in cosmetics.
- In today’s modern world, Indian girls have an excellent demand for lipsticks
- Lipstick is one of my favourite products, so I have chosen my product lipstick
- There are many lipsticks we found in the market like matte, glossy etc. Most of the time, ii prefer the matte colour of lipsticks. They are so much proof and very easy to use.
Tagline: Bold as your confidence
USP: Gives you long-lasting colour with smooth lips
Price: Rs 250/- per lipstick
A logo combines text and visual imagery that serves two purposes. It tells people the company’s name, and it creates a graphic symbol that represents your business. Some logos have powerful symbolic associations connected to people’s memory.
A logo is important because of it.
- Reveals your identity.
- Invites new customers to get to know you.
- Distinguishes you from the competition.
- Facilitates brand loyalty.
- It can be everywhere.
Display of information about the production, its container, packaging, or the product itself is known as ad labelling. For several types of consumers and industrial products, the type and extent of information that a label must impart are governed by the relevant safety and shipping laws.
SIX QUALITIES OF A LABEL DESIGN
- The right material
- Colour that POP
- Great graphics
- readable, Eye-catching fonts
- Fabolous Finish
UNIQUE SELLING PROPOSITION
With so many businesses offering the same type of products and services, you can only win over your competition if your offer is available for a particular customer at a specific time, and there is nor-or if your product or service offers something that theirs does not. This is what we call a unique selling point or USP.esentailly. A USP summarises features that make your business unique and valuable to your target market. It tells your target customers that your company offers more value than other brands in the market. It is not just being different from the rest. It is offering something different and valuable.
SWOT analysis is an analysis framework used to evaluate a company’s competitive position and stands for strengths, weaknesses, opportunities and threats. It is a tool that identifies the strategy, weaknesses, opportunities and threats of a business.
- Strengths describe what an organisation excels at and separate it from further competition, things like a strong brand, loyal customers etc.
- Weakness stops an organisation from performing at its optimum level. They are areas where the business needs to improve to remain competitive, things as higher than average industry turnover, high levels of debt, an inadequate supply chain or lack of capital.
- Opportunities refer to favourable external factors that an organisation can use to gain a competitive advantage.
- Threats refer to factors that have the potential to harm an organisation.
PERMISSIONS AND LICENSES
Patent rights are given by giving to employees for having innovative products.No companies can copy design, technology, etc. If the company has the product is secured through patents. The company has to pay fees to the register on a timely basis till the company wants the patent rights.
A part of a brand that is given legal protection is a trademark. Applying for a trademark is a straightforward procedure. The company has to provide a list of brand names for which it needs a trademark. Only one of the names is selected from the list.
The process involves creating a unique image for a product in the consumer’s mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the e-market that attracts and retains legal customers.
- Branding promotes recognition
- A brand sets us apart from the competition.
- Strong branding generates referrals.
- Branding sets expectations
- A strong brand adds value
Grading s the process f sorting individual units of a product into well-defined classes or grades of quality. The goods are graded or sorted into different lots according to the specified standards. The established standards lay down the grades of the product. In the case of manufactured goods, goods can be of uniform quality. But agriculture products like fruits and vegetables etc., vary in quality. Therefore classes or grades of quality are set, and different product units are sorted into the established standard grades. Thus, grading involves dividing products into categories made up of units of similar size and quality characteristics and standardisation to refer to the process of setting up basis measures.
Packaging refers t the process of designing the package, such as containers, wrappers etc. It plays a significant role in the marketing success or failures of many products, especially non-durable consumer products.
- PRIMARY PACKAGE
It refers to the products immediate packaged. In some instances, such a package is retained until the consumer is ready to use the product, such as a plastic packet of socks.
- SECONDARY PACKAGE
It is the additional packaging given to a product to protect it. Such packaging is retained till the consumer counts to start using the product. For example, Pears Soap usually comes in a cardboard box.
- TRANSPORTATION PACKAGE
It refers to packages essential for storing, identifying or transportation. For example, the -use of a corrugated box
CHANNELS OF DISTRIBUTION
A distribution channel is a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself. Channels are broken into direct and indirect forms. A “direct” channel allows the consumer to buy the good from the manufacturer, and an “indirect” channeenablesle the consumer to buy the good from a wholesale or retailer. The first channel is the longest in that it includes all four, from producer to the end consumer. The wine and adult beverage industry is a perfect example. The second channel is where the producer sells directly to a retailer, who then sells the producer’s product to the end consumer. The third channel is direct to consumer model.
WAREHOUSING AND TRANSPORTATION
Warehousing is a key component of the overall business supply chain. The supply chain consists of the facilities and distribution options for the procurement of materials from the manufacturer to the customer and all points in between. It includes the production of materials into components and finished products and then the distribution to customers. The storage housing would be a centralised system for our product. It would act as a master storage zone.
Weekly orders would be dispatched to local retailers and shop owners from the centralised distribution centre. While monthly stock would be updated at the centralised stock centre depending upon the location, quantity and availability, the mode of transportation would be selected.
Promotion and advertising can be heavy expenses, especially for a new business that wants to make itself known in a community. However, a home-based business, more often than not, has a minimal budget for advertising. The home business owner needs to make the public aware of their product or services at the lowest possible cost.
Here are some points which prefer for promotion
- Community Services
- Celebrate holidays
- So, where the people are
- Mailing list
- News creations
- Build a website for the business
- Use free publicity
- Create partnerships with other organisations
FOR THE ENVIRONMENT
The body of the used lipstick will be collected and recycled during the production of a new lipstick.
FOR THE SOCIETY
- Every month a certain percentage of profit will be donated to the poor sections of the society.
- The colours of lipstick will contain natural colours from non-harmful sources.
From this marketing research. I have understood the importance of marketing mix. I have learned to take the following decisions regarding the 4P’s of marketing and follow things.
- I have gathered and analysed market information.
- How to design a product.
- Branding a packaging
- Pricing a product
- Marketing and promotion etc.
I want to express my special thanks of gratitude to my teacher and our principal, who gave me the golden opportunity to do this wonderful project on the topic, which also helped me do a lot of research. I came to know about so many new things. I am thankful to them. Secondly, I would like to thank my parents and friends who helped me a lot in finalising this project within the limited time frame.
This is to certify that a school class has completed his project under my supervision. He has taken proper care and shown at most sincerity in the completion of this project. I certify that this project is up to my expectations and per the guidelines issued by CBSE.
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