ASSIGNMENT: Marketing Plan – Part 1 of 2
Product
VeraD Moisturizing Lotion is an organic and natural moisturizer that helps hydrate the skin and protects its natural barrier. It contains natural and organic ingredients, including aloe vera to help get rid of dry skin, soothe skin injuries and sunburns, and help the skin in retaining its moisture. The product is specifically recommended for dry face skin – a chronic skin condition that affects people of all ages.
Market Needs
People want good and healthy skin. VeraD Moisturizing Lotion aims to fulfill this. We have also discovered that most consumers are now inclined towards natural, chemical-free moisturizing solutions due to increasing consumer consciousness. This trend provides VeraD Moisturizing Lotion with a competitive edge as we are committed to delivering a natural and organic product that is nutrition-rich, safe for the skin, and more likely to keep the skin healthy and hydrated.
Target Audience
We are targeting conscious consumers. These are shoppers who are mindful of what they are purchasing and putting on their skin. Specifically, we are targeting women, aged 18 and above. According to Kuman (2021), conscious consumers prefer natural products as they have no chemicals and contain organic ingredients.
SWOT Analysis
SWOT analysis is a technique for assessing four aspects of a business: strength, weakness, opportunity, and threat. The following is the SWOT analysis for VeraD Moisturizing Lotion.
Strengths
VeraD Moisturizing Lotion contains natural and organic ingredients that are nutrition-rich, safe for the skin, and more likely to keep the skin healthy and hydrated. It also contains natural anti-aging ingredients, including coconut oil, rosehip oil, and carrot acid that make wrinkles and other signs of skin aging less visible.
Weakness
As indicated above, VeraD Moisturizing Lotion is good for the skin. But if overused, the skin can start to depend on it and not exfoliate on its own, increasing the risk of developing acne and premature aging.
Opportunities
The market for natural and organic moisturizers is projected to grow. This is because people are now inclined towards natural, chemical-free moisturizing solutions due to increasing consumer consciousness. Besides growth potential, we intend to launch the products in other countries. In the long-run, this will increase market share, increase sales, and eventually increase revenues.
Threats
There is significant competition in the market. Besides that, government regulations for skin care products and cosmetics can directly or indirectly affect the performance of the product in the market.
Potential/Existing Competition
VeraD Moisturizing Lotion is more likely to face competition from other organic and natural products. These include Dr Organic Baby Calendula, Dr Organic Coconut Oil Skin Lotion, and Jergens Ultra Healing Moisturizing Lotion. We intend to meet the needs and challenges of the target market to stand out from competitors.
Potential Growth Rate
VeraD Moisturizing Lotion is likely to perform well in the market. In, 2023, we anticipate making $50,000 in sales. In 2024, the figure is more likely to increase to $70,000. And in 2025, the figure will increase to $100,000. According to reports, consumers prefer moisturizing lotions with natural and organic oils, such as olive oil, aloe vera, almond oil, and shea butter (Reports and Data, 20220. To them, these are active ingredients for restoring and maintaining skin health. This is a clear indication that VeraD Moisturizing Lotion will do well in the market.
Survey
1. Are you satisfied with our product?
· Yes
· No
2. Is the product useful for you?
· Yes
· No
3. Are you likely to use this product regularly?
· Yes
· No
· Maybe
4. Do you think you will recommend this product to a friend?
· Yes
· No
· Maybe
Did you consider any of our competitors?
· Yes
· No
The survey is conducted to learn more about the target market so we can make the product more effective. The marketing team will use the results of the survey to make essential decisions regarding marketing approaches to ensure long-term success.
References
Kumar, S., Dhir, A., Talwar, S., Chakraborty, D., & Kaur, P. (2021). What drives brand love for natural products? The moderating role of household size. Journal of Retailing and Consumer Services, 58, 102329.