26 Sep Develop the Segmentation, Targeting, and Positioning (STP) for your Complete Marketing Plan. Segmentation strategy Targeting strategy Positioning strategy Submission Instru

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Complete marketing plan Alma G Gonzalez Verdasco

St Thomas University

Market demographics

The beauty industry is comprised of many people of different ages and characteristics. My product, however, targets women mainly. These are women from the age of 16 to 40 years. This demographic has different characteristics. Firstly, people in this bracket and gender are self-aware and care about their looks. Unlike men, women prefer to enhance beauty. Since time immemorial, women have been using products to enhance beauty; this is because women are visual human beings. They care about how they look and believe beauty revolves around any things. Therefore, making a product that allows them to enhance beauty correctly gets their attention quickly. Another characteristic is that it can inspire people in this bracket if the products are of good quality. The segment welcomes products depending on their effectiveness. Therefore, coming up with the best product can get the segment's attention because it is easy to inspire them and capture their attention (Chernev, 2020). Targeting this segment is also sensible because it is a working-class segment. In many countries, people start working at 18 years; in other countries, people at 16 years and in high school are allowed to work. This means targeting a segment that is earning. This benefits the brand because the customers make their own consumption decisions and know where to put their money. Therefore, even marketing strategies are focused on the targeted segment, which helps the brand to reach the segment correctly. This segment is also dealing with skin conditions due to hormones and adolescence. Our skin care products will help this demographic deal with such problems. Therefore, the demographic targeted is women who are working and in need of makeup and skincare products. This segment is targeted because the brand aims to inspire women and enhance beauty to boost women's confidence.

Market needs

There are several market needs of the targeted segment. The brand has exploited these needs fully to ensure they meet the customers' needs. These needs include the need to enhance beauty. As stated before, women are interested in products that enhance their beauty. Women are willing to invest in good products which make them appear more beautiful. This is because, to women, beauty is associated with confidence. This is one important market need that the brand aims to meet. The products are of good quality to meet the customer's needs. There have been makeup products in the market that completely change the user's appearance instead of enhancing beauty. This leads to many people not wanting to use the products for fear of looking different. The aim of makeup should be to maintain real and natural beauty while enhancing it. Therefore, our brand has done good work ensuring this problem is dealt with (Han et al., 2019). Customers feel included because they can find their shades and also the shades that they prefer. Our products do not change the color of people’s skin but match it to give a perfect look.

On the other hand, our skincare products do not bleach. They nourish the skin and make it healthier. This leads to the customer looking more beautiful without changing their skin color. Much research has been done to ensure inclusivity and that skins of all different types are included when making any of our products. Customers have different needs; for instance, some customers retire products for sensitive skin while others require products for dry skin. All these factors are considered, and the needs are included so every customer can find their desired product.

SWOT analysis

Strengths

Several strengths are properly exploited to bring the best results. The brand's biggest strength is its inclusivity, which focuses on meeting its customers' needs. The brand targets a significant segment in the market. The segment's needs have been studied, and the brand aims to meet them. This is very important because it attracts loyal customers. Customers love and stick with the brand when they know their needs will be met.

Weaknesses

A distribution channel can be a weakness. The brand must develop a strong distribution channel to ensure it reaches many people on different continents. Inclusivity is vital for the brand; hence, all people from all locations must be included (Sumarwan, 2019).

Opportunities

There are opportunities to continue exploiting different areas of marketing, learning more about the segment and the products they require. The brand can continually expand by learning more about the customers' needs and meeting them.

Threats

There is a threat of other brands copying the formulas used in making the products and competing unfairly. The brand targets international markets, and some countries do not have restrictions on counterfeit goods; therefore, copying might occur.

References

Chernev, A. (2020).  The marketing plan handbook. Cerebellum Press.

Han, Y., Qu, S., Wu, Z., & Huang, R. (2019). Robust consensus models based on minimum cost with an application to the marketing plan. Journal of Intelligent & Fuzzy Systems,  37(4), 5655-5668.

Sumarwan, U. (2019).  Pemasaran Strategik: Perspektif perilaku konsumen dan Marketing plan. PT Penerbit IPB Press.