The Marketing Concept of Fenty Beauty

Factors Contributing to Firm Success

Factors such as business models, organizational leadership, and the integration of advanced technology play a critical role in contributing to the success of a firm. With the increased competition intensity in various sectors, individual firms have been forced to implement measures that will contribute to an improvement in not only their sustainability but also their competitiveness. Fenty Beauty, a cosmetic brand launched in 2017 by Rihanna, is a company that has in the past year experienced immense growth. One of its products, Pro Filt'R foundation, is currently sold in various countries around the world. In this paper, an assessment is conducted on the marketing elements/concepts that are or can be applied by Fenty Beauty in the production, marketing, and selling of its new product. Some of the marketing concepts including marketing mix, societal marketing concept, and the marketing plan.

1st Marketing Concept: Marketing Mix

The marketing mix is termed as a combination of factors that can be embraced by an organization in influencing consumers to purchase its products. The 4Ps of marketing include products, place, price, and promotion (Hill and Hult 27). The product, in this case, is Pro Filt'R Foundation, a one-of-a-kind beauty commodity that can be used by customers from various cultural backgrounds. Having been launched in 2018, the product has generated millions of dollars for the Fenty Beauty in the form of sales. Under the place category of the marketing mix, the product is sold in various countries around the world. Women are the targeted audience for the Pro Filt'R Foundation product. The price for the commodity ranges from $34 to $40 depending on the market segments (Fenty Beauty). Through price differentiation, the firm has in the recent past captured the attention of a large consumer segment in various parts around the world.

Promotional Strategies

Some of the promotional strategies that are used by Fenty Beauty in the marketing of the newly launched commodity include social media marketing, website marketing, and offers and discounts. Pro Filt'R Foundation has various shades, and this allows for it to be used by individuals with various skin complexions. Based on the marketing mix, it is evident that for companies to maintain sustainability in the sectors where they operate, they have to ensure that they produce high-quality products and they rely on superb marketing strategies. Companies have to ensure that they gather adequate information about the market environment where they would want to sell their products (Dibb 56). Fenty Beauty, a newly launched company, by relying on excellent pricing strategies and meeting the needs of consumers, is expected to expand significantly in the future.

2nd Marketing Concept: Marketing Plan

A marketing plan refers to a document that provides an overview of the marketing strategies that can be or are adopted by an organization. Companies have to ensure that their marketing plans are in line with their set goals and objectives. Fenty Beauty is a new company that was launched in 2017 (Fenty Beauty). The company operates in a sector that is dominated by major players that have been in existence for decades. In the quest for gaining a competitive edge over the rival firms, the company will have to ensure that it implements excellent marketing strategies. Firstly, the firm will have to invest in Research and Development. The R&D will be used by the company for conducting extensive research on the companies that produce products that are similar to the Pro Filt'R Foundation and the needs for diverse customer segments around the world. There are various marketing strategies that the company has already adopted and are slowly proving to be a success. The use of social media marketing techniques such as Facebook and Instagram has provided Fenty Beauty with an opportunity to expand its customer base around the world (Hill and Hult 28). Consumers can also learn more about the firm's products such as Pro Filt'R Foundation by visiting its website. The concept of marketing plan also addresses the various pricing strategies that can be adopted by an organization in cutting down on its costs of production and improving product sales (Ryan 45). The marketing team selected by a firm in implementing a marketing plan has to be skilled and qualified. Subsequently, this will always contribute to an enhancement in the company's ability to meet the needs of the customers.

3rd Marketing Concept: Societal Marketing Concept

The societal marketing concept stipulates that when companies are making marketing decisions, they not only have to put into consideration their consumers but also the long-term interests of the community. Moreover, the strategies that are adopted by an organization have to deliver value to consumers in such a way that they will strengthen the well-being of both the society and the clients. In as much as Fenty Beauty is a newly launched firm, it believes that climate change is an issue of global concern and this call for environmental conservation (Fenty Beauty). The company ensures that on its product packages, it requests consumers to properly dispose of the products after use. According to the firm, an environment that is properly conserved will always reduce cases of global warming. The societal marketing concept also calls for companies to integrate Corporate Social Responsibility as part of their organizational cultures. During marketing campaigns, the selected team of workers will be tasked with the role of not only promoting the products and services but also educating the community about the essence of conserving the environment (Hill and Hult 27). Fenty Beauty is slowly putting emphasis on eco-friendly marketing by specializing recycled packages for their products such as Pro Filt'R Foundation.

Conclusion

Various concepts of marketing are used by companies in expanding their customer bases and making decisions that will give them a competitive edge over their rivals. A marketing mix, for instance, has 4Ps, including product, price, promotion, and place. Fenty Beauty is recognized for its Pro Filt'R Foundation product. The product is currently sold in various countries around the world, and this is partially attributed to the marketing strategies adopted by the firm. Another marketing element that is applied by the company is a marketing plan. A marketing plan is a document that is used by a firm in highlighting the marketing and advertisement strategies that are used by a company. Currently, Fenty Beauty relies on techniques such as social media and website marketing in capturing the attention of consumers in the market. Finally, the societal marketing concept reveals that companies in the quest for making marketing decisions have to ensure that they not only meet the needs of the customers but also the long-run interests of society.

Work Cited

Dibb, Sally. Marketing. Cengage Learning, 2018. Print.

Fenty Beauty. "Fenty Beauty - PRO FILT'r." Fentybeauty.com. N.p., 2018. Web. 14 Nov. 2018.

Hill, Charles W. L, and G. Tomas M Hult. Global Business Today. New York: McGraw-Hill Education, 2018. Print.

Ryan, Damian. Understanding Digital Marketing. London: Kogan Page, 2018. Print.