Research Paper on "Marketing Plan Project"

Research Paper 6 pages (1839 words) Sources: 5 Style: APA

[EXCERPT] . . . .

Marketing Plan Project: Introduction of Pond's Face Moisturizer Cream from the United States' Market to Turkey

Pond's face moisturizer cream is one of the common and essential products' brands in relation to cold cream and beauty products. The brand focuses on the maximization of the strong brand image, recognition, and critical history. In the development of this market plan project, the focus is on the Pond's face moisturizer crime. The main objective of this project is to facilitate the transfer of the products from the United States' economy to the Turkish market through application of critical innovation strategies. The main components of the plan will include market trend/facts, analysis of competition, marketing strategies, objectives, budget proposal and evaluation, and aspects of reaching the target audiences with the aim of addressing their needs and preferences.

Market Facts/Trends

In the development of the marketing project with the aim of enhancing or facilitating the transfer of the pond's face moisturizer cream from the United States' market to the Turkish economy, it is essential to understand market trends or facts. This will provide an opportunity for the development an accurate and targeted plan aiming to address relevant issues and maximize opportunities. The following are some of the market trends or facts in relation to the Turkish cosmetics' market and industry (Consumer goods and retail report, 2012):

Cosmetics and personal care products are relatively new developments or products range with reference to the upward mobile Turkish consumer.

Several international cosmetics and personal care retailers have ventured in Turkey within the past ten years to compete against the products by established multi-nationals such as Henkel and Palmolive.

The potential of the Turkish cosmetics market with reference to the young, new consumers aspiring the western culture or lifestyle, and constant growth rates of the economy continue to lure new cosmetics and personal care products/brands into the market.

Competition

Competition is an essential component of marketing and production of products. This is because of the opportunity to adopt and implement various innovative strategies aiming to obtain competitive advantage within the market and industry. From this perspective, consumers have the opportunity to enjoy quality products thus addressing their needs and preferences. Pond's face moisturizer cream faces stiff competition from established multinational entities and brands within the context of the Turkish market (Industry Report Consumer goods and retail: Turkey, 2012). The cosmetic industry is faces stiff competition with the concept of addressing ever-changing needs and preferences of the consumers. The main competitor in the achievement of the objectives of this market plan is Procter & Gamble multinational company.

The organization is an established enterprise in the developing Turkish market thus provides a stiff competition for the execution of the goals and objectives of this marketing product. P&G organization focuses on the marketing of more than 300 brands in at least 80 countries across the globe. In order to maximize its sales and marketing capacity, the organization markets its products primarily on grocery stores, mass merchandisers, discount stores, and high frequency stores. The organization also organizes its employees within the context of three critical global units. Some of the main factors of success for this organization within the cosmetic industry include innovation, large production and marketing scales, knowledge-sharing abilities, and effective brand management/leadership essential in the development of essential strategies for marketing and production (The Procter & Gamble Company SWOT Analysis, 2012).

PEST Analysis

Political

Political stability is one of the essential factors to contribute towards the success of this project because of the increase in the level of security and protection to the global investments within the organization. The government also provides opportunity for the development of global investments in the Turkish economy. This is essential for the transfer of the brand to the Turkish economy. The main political challenge is the essence of adherence to the government's regulations and laws in the execution of the objectives of the marketing project.

Economic

Turkey experiences and portrays favorable economic conditions through constant growth and development rates. The economy is still young and vibrant thus the opportunity to maximize available utilities and components with the aim of enhancing the performance of the brand within the Turkish economy. Cosmetic industry portrays high levels of competition from established multinational firms and retailers. The main obstacle is the need to fight or withstand stiff competition within the industry.

Social

Western influence in relation to the emerging population is an essential factor of success within the context of the Turkish economy. The consumers tend to investment more on the personal care products with the aim of maintaining their status and self-esteem, thus the opportunity to introduce pond's face moisturizer cream into the Turkish economy. The main objective in relation to this factor is the essence of addressing diverse social needs and preferences of the young and vibrant consumers within the Turkish economy.

Technology

There is high level of technological change within the Turkish economy. This is through adoption and implementation of technological advancements for the automation of production and distribution of various products by relevant organizations within the industry. The industry also integrates technology in the packaging sector to enhance safety of the products in addressing the needs and preferences of the consumers. The main objective is to keep up with the technological change in fighting competition and increasing the level of distribution to the target market.

Innovations

The marketing process focuses on the implementation of three critical innovation strategies with the aim of maximizing the goals and objectives of the financial projections. These innovation strategies include

Partnering with P&G enterprises to facilitate cross promotion of the products

Implementation of a brand with the ability to reduce excess oil from the skin in a two-way action: absorption and secretion of excess oil from the skin

Partnering with cosmetic retail outlets in Turkey to facilitate the promotion of the brands across the industry and market of operation

Consumer Segments

There are two critical segments in relation to marketing of the brand: traditionalists and naturalists. Traditionalists refer to individuals or targets who have used pond's cream and whose parents used the product or brand for the personal care needs. This segment relies on the stability and consistency of the image and reputation of the product thus loyal users to the looks, smell, and packaging of the product. Naturalists are consumers who require a product with minimal ingredients. This brand has the capacity to address the needs and preferences of this segment because of its effectiveness and efficiency in addressing the issues of the personal care.

Goals and Measurements

To reach maximum targets thus the opportunity to increase the level of profits and revenues for the investment

To address personal care issues of middle-aged women in the context of Turkey

To facilitate effective and efficient transfer of the pond's face moisturizer cream from the United States market to the young and vibrant Turkish cosmetic industry and market

To partner with established multinationals with the aim of cross promoting our brand across the Turkish economy

To double our marketing operations within the period of three years

The achievement of the goals and objectives will be evaluated in relation to the parameters. This indicates the need to evaluate the achievement of the objectives through key performance indicators such as revenues, profits, reputation, consumer base, and rate of turnover in relation to the brand.

Strategic Marketing Goals

To attract partners

To maximize profits and revenues within the projected period

To increase the volume of consumer base thus increasing the rate of turnover

To enhance cost efficiency in the distribution of the brand

To retain the traditional consumers while attracting the natural consumer segment

To increase the market share in relation to the Turkish industry thus the opportunity to enhance the operations of the organization within the context of the young and vibrant economy

To implement technology in the automation of the distribution process thus increasing the volume of operations while minimizing the cost

Tactical Marketing Goals

Effective implementation of social media platform to meet the targeted audiences in the context of the Turkish economy

To operate closely with the competitors with the aim of adopting their success factors and attributes to gain competitive advantage within the economy

To enhance interpersonal interaction with the consumers with the aim of enhancing their loyalty to the brand

To adhere to the legal and economic requirements of the country thus enhancing legality of the marketing operations

To develop and maximize vibrant workforce towards the achievement of the goals and objectives

Budget Projection

Component

Estimated Amount ($)

Products

10, 000,000

Research & Development

20,000

License and other documentations

40,000

Transportation

5,000,000

Employees (workforce)

1,000,000

Technology

40,000

Advertisement

100,000

Miscellaneous

300,000

Security Funds

3,500,000

Total Amount

20,000,000

Target

Our marketing plan focuses on the needs and preferences of the middle class and working class women. The target audiences who wishes to maintain their facial look thus eliminate wrinkles will be address their needs through adoption of our products/brand. It is essential to target such audiences with the aim… READ MORE

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