Marketing Strategy for Women Lipstick Product

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Marketing Strategies for Increasing the Sales of Women Lipstick Product

Marketing is very paramount for every business to be successful in the competitive world we live today. Marketing is a broad discipline, which entails raising awareness of the existence of a particular product or service to the targeted customers. For purpose of this paper, I will focus on the marketing strategies which can successfully increase the number of customers and profit margin of women lipstick product. Due to the increasing number of companies producing similar products, I have to extensively market the lipstick product in order to be the market leader and also to acquire a larger market share.

Developing a Brand Name and Product Attributes

One of the effective marketing strategies that I will use to market the lipstick product will be to develop a brand name that will attract a pool of prospective customers. With my main focus being on the cosmetic industry, I will ensure that I hire an expert to develop a name that will set the pace in the cosmetic industry. At this juncture, I will professionally develop product attributes which will increase the competitive advantage of the lipstick product. For instance, I will choose a lipstick color which is more attractive to women. Other product attributes that I will use in the marketing plan will be the shape and size of the lipstick (Ottman). After product attributes, I will proceed to provide a product profile depicting the components which have been used to produce the product. This approach is prudent since it increases the confidence of the customer to purchase the lipstick.

Market Segmentation and Customer Needs

Launching a new product is quite challenging and necessitates top-notch marketing analysis and research. I will ensure that I identify the market niche, where most of the customers will come from. Based on the fact that lipstick is a women's product, my market target will be women aged from 18 to 45 years. This will reduce wastage of resources caused by marketing the lipstick product to the wrong clientele. Marketing segmentation will entail identifying geographical locations with large populations of middle-aged women who regularly use lipsticks as a cosmetic product. I will also consider customer purchasing behaviors, demographics, and psychographics to increase the chance of marketing success (Yang and Peter pp.147-160). Meeting customer needs is integral during product marketing, and hence I will take advantage of such connotations to improve the quality of the lipstick product and customer expectations. To meet the needs of diverse customers, I will have different sizes and prices for the lipstick product.

Competitive and SWOT Analysis

A competitive and SWOT analysis will also be part of my marketing plan to sell the lipsticks. I will use information from competitor and SWOT analysis to make my product more unique. In reference to ensuring my product becomes the market leader, I will envision the goal and objective of the company to satisfy the customers, provide quality products, use mass promotional strategies, create brand loyalty, and emphasize continuous product improvement. To further increase the sales of the lipstick product, I will develop a competitive pricing strategy which will retain and attract more customers. To acquire a strong position in the cosmetic market, I will utilize promotional strategies effectively. Advertising the lipstick product in the mainstream media will be my most valued method of marketing the lipstick product (Marchand et al pp.336-354). I will pay TVs, radios, and digital media to advertise the lipstick product on daily bases. Social media arenas such as Facebook, social blogs, Twitter, and Instagram will also be used since they capture a large audience. Most women today can access social media, and this will be an effective promotional platform. In summation, personal selling and personal relations will also be used to market the lipstick product.

Work cited

Marchand, Andre, Thorsten Hennig-Thurau, and Caroline Wiertz. "Not all digital word of mouth is created equal: Understanding the respective impact of consumer reviews and microblogs on new product success." International Journal of Research in Marketing 34.2 (2017): 336-354.

Ottman, Jacquelyn. The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. Routledge, 2017.

Yang, Man, and Peter Gabrielsson. "Entrepreneurial marketing of international high-tech business-to-business new ventures: A decision-making process perspective." Industrial Marketing Management

64 (2017): 147-160.

September 18, 2023
Category:

Business

Subcategory:

Marketing

Number of pages

3

Number of words

713

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63

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