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Greetings and salutations to all, and we appreciate your presence here today. We are excited to be a part of this webinar, which aims to introduce younger people to the fascinating field of marketing. We are enthusiastic in studying consumer buying habits and market conditions as junior marketers at Lush Cosmetics. We'll cover a wide range of topics in our talk, including monitoring patterns, predicting sales, and determining rivals and customer tastes. Come along as we explore the intriguing world of marketing and how it influences corporate strategy.
Within the 21st century, the notion, as well as the function of marketing, has developed to a great extent, motivated by fast progressions in technology, moving shopper ways of behaving, and globalization. marketing isn't just about selling items or administrations; it includes an all-encompassing way to deal with comprehending client needs, making esteem, serious areas of strength for building, and driving manageable development for associations. At its centre, marketing is the method involved with recognizing, expecting, and fulfilling client needs beneficially. It includes a scope of exercises and tasks pointed toward making, conveying, conveying, and trading contributions that have an incentive for clients, clients, accomplices, and society at large(21st Century, 2002).
The larger company environment as well as goals are intricately linked to the marketing department's role. It acts as an intermediary among the company and the outside world, converting consumer and customer input into practical plans that spur expansion and prosperity.
About the marketing climate, the job of marketing is diverse and dynamic. Marketing goes about as the point of interaction between the association and its outside climate, incorporating different partners, patterns, and cutthroat powers. It includes figuring out market elements, customer conduct, administrative structures, mechanical progressions, and socio-social variables to form compelling techniques that drive business achievement. One of the essential jobs of promoting in the marketing climate is to lead far-reaching statistical surveying and examination. This involves gathering information on shopper inclinations, contender procedures, industry patterns, and macroeconomic pointers to recognize potential open doors and dangers in the market scene. By examining market information and patterns, advertisers can pursue informed choices in regard to item advancement, estimating procedures, circulation channels, and limited-time exercises. Marketing likewise assumes a critical part in forming shopper discernments and impacting buying choices(Marketing Donut, n.d.). By means of tactical branding, situating, and correspondence endeavours, advertisers endeavour to separate their items or administrations from contenders and make convincing offers that resound with main interest groups. Viable showcasing efforts influence buyer experiences and emotional triggers to assemble brand devotion and drive client commitment. Moreover, marketing works with market divisions and focuses on, permitting associations to fit their contributions to explicit client fragments with unmistakable requirements, inclinations, and purchasing ways of behaving (Jobber and Ellis-Chadwick, 2016). By understanding the assorted necessities of various market sections, advertisers can foster altered showcasing procedures and informing that resound with main interest groups and drive transformation rates. With regards to interrelationships among marketing and other useful units of an association, marketing fills in as a cooperative power that coordinates and adjusts different divisions towards normal business targets. Marketing interfaces intimately with deals, item improvement, activities, money, and HR to guarantee consistent execution of advertising methodologies and drives. For example, advertising works together with outreach groups to foster compelling deals enablement devices, lead age techniques, and client commitment strategies. By adjusting showcasing and deals endeavours, associations can advance the client excursion and improve transformation rates.
Regarding the chosen firm, Lush Cosmetics, marketing plays an important part in the business's performance within the cosmetics as well as the personal care sector. As Junior Marketing Analysts at Lush, our roles include researching market developments, evaluating rival tactics, obtaining buyer information, and creating creative advertising initiatives that appeal to Lush's customer base. We work collaboratively with teams from various departments to guarantee consistency and cooperation across all business components, particularly sales, marketing, operations, retail, and product creation. Robust interdepartmental ties and the use of our advertising skills help Lush fulfil its objective of offering its clients all across the world premium, responsibly obtained, and ecologically conscious skincare products.
With regards to Lush Cosmetics, the marketing capability works inside a powerful outer and inward climate, where different variables impact its collaborations with different offices and its arrangement with the association's vision, mission, and reason.
Considering the external environment, Lush works in a profoundly cutthroat beauty and personal care area described by fast changes in purchaser inclinations, arising patterns, administrative changes, and technological progressions. The cosmetics business is likewise intensely impacted by socio-social variables, natural worries, and moral contemplations, which shape purchasers’ ways of behaving and buying choices. Inside, Lush cultivates a culture of development, maintainability, and social obligation, reflected in its central goal to give top-calibre, morally obtained, and naturally reasonable magnificence items. The association's vision is to move people to embrace taking care of their customs while supporting basic entitlements, natural protection, and civil rights. Inside this unique situation, the showcasing capability at Lush assumes a basic part in driving brand mindfulness, encouraging client commitment, and advancing the organization's qualities and ethos. Marketing works together intimately with item improvement, deals, tasks, and retail groups to guarantee arrangement and lucidness across all parts of the business(HN Global, n.d.). Marketing communicates with item advancement groups to distinguish market patterns, assemble buyer bits of knowledge, and illuminate item development drives. By figuring out shopper inclinations and market elements, promoting impacts item improvement choices, bundling plans, and detailing decisions to meet developing client needs and inclinations. Advertising additionally works together with outreach groups to foster coordinated showcasing efforts, limited-time methodologies, and retail enactments that drive people strolling through, support deals, and improve client steadfastness. By adjusting showcasing and deals endeavours, lush guarantees a consistent client experience across different touchpoints, including on the web channels, retail locations, and virtual entertainment stages(CIM, n.d.).
Moreover, marketing works intimately with the activities and store network groups to guarantee ideal conveyance, advance stock administration, and limit natural effects all through the worth chain. Lush's obligation to supportability and moral obtaining is reflected in its showcasing correspondences, bundling materials, and store network rehearses, which reverberate with ecologically cognizant purchasers. In supporting the more extensive hierarchical setting, the advertising capability at Lush adds to the acknowledgment of the organization's vision, mission, and reason by:
Conclusion
In a nutshell the marketing department at Lush Cosmetics works in an ever-changing both inside and outside setting that is defined by shifting customer tastes, criticism from competitors, and company ideals. Marketing serves a critical role in generating recognition of the brand, developing relationships with consumers, and advocating Lush's philosophy of ecological and ethical business practices via coordinated efforts with the product creation, marketing, activities, including retailing teams. Lush uses its advertisement function to promote environmentally and socially conscious goals in addition to driving economic expansion and financial performance by matching marketing techniques that the business's objectives, mission, and cause.
Lush Cosmetics has broadened its line of merchandise portfolio by introducing fresh lines of perfumes and watches, all while upholding its fundamental principles of ethical business conduct, environmental responsibility, and pure ingredients. The following analysis can be applied to the enlarged marketing strategy for these fresh product lines:
Lush Fragrances will offer customers with an aromatic experience influenced by nature whilst embodying the brand's dedication to premium, environmentally produced materials. Lush Fragrances' expanded marketing mix consists of the following:
By combining fashion, long-term viability and utility, Lush Watches will provide customers with watch that embody the brand's values of meticulous design and exquisite workmanship. For Lush Watches, the expanded marketing mix consists of:
The promoting procedures and strategic methodologies embraced by every business or specialty unit assume a vital part in adding to the general progress of the associations in gathering their business goals.
On account of Lush Fragrances, the advertising procedure rotates around realness, supportability, and experiential narrating. By underscoring the utilization of regular fixings and moral-obtaining rehearses, Lush positions fragrance as a top-notch contributions that appeal to naturally cognizant shoppers. The brand's promoting strategies incorporate vivid in-store encounters, drawing in web-based entertainment content, and key organizations with influencers and supporters of the environment. These strategies drive brand mindfulness and client commitment as well as build up Lush's obligation to moral commercialization, adding to its standing as a forerunner in reasonable excellence. Also, Lush's accentuation on narrating and tangible encounters makes profound associations with shoppers, cultivating brand steadfastness and promotion in the serious scent market (Barker, 2017).
However, Lush Watches embraces a marketing technique focused on craftsmanship, development, and supportability. The brand's watches are situated as exceptional extras that mix immortal plans with eco-accommodating materials and dependable assembling processes. Lush's advertising strategies centre around featuring the quality, solidness, and exceptional plan style of its watches through outwardly convincing efforts, item exhibits, and computerized narrating. By utilizing its standing for moral creation and plan development, Lush Watches requests to customers who look for a snappy yet cognizant way of life decisions. In addition, the brand's accentuation on straightforwardness and genuineness reverberates with present-day customers who focus on moral and manageable utilization designs, adding to its outcome in gathering business targets.
Lush Fragrances and Lush Watches have implemented advertising approaches and analytical tactics that are mostly in line with their basic principles, target audiences, and contemporary environments. Genuineness, environmental responsibility, and relationships with consumers are the three things that both companies put first in their marketing campaigns. They use these ideas to differentiate their brands, win over new customers, and expand their businesses. Lush Fragrances and Lush Watches give to the overall achievement of Lush Cosmetics in satisfying its company goals for creativity, environmental responsibility, and revenue in the beauty and lifestyle business by continually offering compelled brand experiences as well as goods that connect with customer tastes and goals.
Conclusion and recommendation
Overall, it can be concluded that, as Lush Beauty Care Products plans out its marketing procedure for the new 'Sumptuous' product offering, it can draw significant experiences from the lengthy promoting blend examination of existing extravagance items like scents and watches. By looking at effective advertising methodologies and strategies utilized by brands like Chanel and Rolex, Lavish can recognize key standards and ways to deal with apply to its product offering launch.
First and foremost, Lush ought to focus on legitimacy and maintainability in its promoting methodology for the 'Luxury' product offering. Purchasers progressively esteem straightforwardness and moral practices, particularly in the extravagance fragment. By stressing the utilization of normal, morally obtained fixings and economical creation processes, Lush can separate its items and appeal to ecologically cognizant purchasers. Second, the core components of Lush's advertising plan ought to be narrative and experience advertising. Companies such as Chanel and Rolex are excellent at telling stories about their goods that touch customers' emotions. Lush has the ability to create stories that have meaning for customers and convey a feeling of luxury and elegance by utilizing its heritage, values, and dedication to ecological and communal issues (Jobber and Ellis-Chadwick, 2016). In addition, Lush ought to use a combination of marketing channels to successfully connect along with connect the demographic it is targeting. Lush may establish a consistent customer experience throughout multiple interactions, generating customer recognition, fascination, and conversion through immersive shopping trips, interesting digital content, and promotional campaigns. In addition, Lush ought to focus on client commitment and customized encounters in its marketing procedure for the 'Luxurious' product offering. Building solid associations with clients through customized correspondence, remarkable help, and local area commitment can cultivate brand reliability and promotion, driving long-haul achievement and productivity. At long last, persistent checking, assessment, and variation are fundamental for the outcome of Lush's showcasing technique. By examining customer criticism, market patterns, and serious elements, Lush can refine its methodology, streamline asset allotment, and take advantage of rising chances in the extravagance fragment.
Conclusively, by implementing these suggestions through its marketing plan for its forthcoming 'Luxurious' product line, Lush can establish its reputation as a pioneer in moral luxury, attracting discriminating customers who value genuineness, long-term viability and significant buying encounters. In the cutthroat luxury marketplace, Lush can create an appealing value concept that connects with customers and fosters long-term development by focusing on client needs, implementing innovative strategies, and upholding its basic values(Lake, 2021).
The tactical marketing plan for the new 'luxury' product offering at Lush lines up with the association's main goal of giving top-calibre, morally obtained, and naturally supportable excellence items. By situating the new product offering as particular yet correlative to existing contributions, the advertising plan supports Lush's obligation to development, supportability, and consumer loyalty. The striking showcasing procedure and strategic activities framed in the arrangement are intended to drive brand separation, client commitment, and business development while remaining consistent with Lush's fundamental beliefs and corporate targets(Ritson, 2021).
Specific Task | How will you measure success? | Is it achievable? | Is it worth it? | When will you do it by? |
Launch a marketing campaign for the new 'luxury' product line | Increase in sales revenue, market share, and brand awareness | Yes, with adequate resources, planning, and execution | Yes, it aligns with organizational objectives and goals | Within the next 2 months |
Develop targeted social media content for the 'luxury' products | Increase in social media engagement metrics | Yes, with a focused content strategy and dedicated resources | Yes, it enhances brand visibility and customer engagement | Within the next 4 weeks |
Secure partnerships with influencers in the luxury beauty niche | Number of partnerships established and reach metrics | Yes, by identifying and approaching relevant influencers | Yes, it amplifies brand credibility and reach | Within the next 6 weeks |
Conduct customer surveys to gather feedback on the new products | Percentage of positive feedback and product satisfaction | Yes, by implementing survey tools and analysing responses | Yes, it informs product improvements and marketing strategies | Within the next 3 months |
Evaluate media campaign performance through KPIs and metrics | Media impressions, click-through rates, and conversion rates | Yes, by setting clear KPIs and tracking performance metrics | Yes, it assesses campaign effectiveness and ROI | Within the next 1 month |
Extensive showcasing exploration will educate the effective introduction regarding the new product offering. We'll distinguish market patterns, purchaser inclinations, and serious methodologies through market investigation, contender evaluations, and customer overviews. This information will direct item situating, estimating systems, and limited-time endeavours. By understanding objective socioeconomics, market holes, and purchaser conduct, we'll moderate dangers and upgrade showcasing drives to boost item acknowledgment and benefit. Through thorough examination, we guarantee that the new product satisfies market needs, reverberates with buyers, and aligns with our authoritative objectives for supported achievement (Examples, 2023).
Marketing audit
Strengths | Weaknesses |
Strong brand image | Limited product range |
Ethical sourcing | High pricing |
Innovative products | Limited market reach |
Opportunities | Threats |
Growing luxury market | Intense competition |
Emerging consumer trends | Economic downturn |
Expansion into new markets | Regulatory changes |
PESTLE
Political | Economic |
Regulations on cosmetics | Economic stability |
Trade policies | Consumer purchasing power |
Social | Technological |
Trends towards natural products | Advancements in manufacturing |
Legal | Environmental |
Compliance with product regulations | Sustainable sourcing |
5 C’s
Company | Powerful brand worth Moral exercises |
Competitors | Business sector share Item offerings |
Climate | Market pattern Industry factors |
Customer | Demographics Inclinations |
Collaborators | Vendors Distributors |
The goal of tactical activities is to carry out the strategic advertising strategy in an efficient manner through targeted stages and efforts. These tasks include reaching out to celebrities, utilizing social networking platforms to reach and interact with the intended demographic, planning events for promotion, improving marketing channels, and initiating specific marketing campaigns. Furthermore, doing market research, honing product message, maximizing pricing tactics, and improving customer service encounters are examples of tactical measures. In an increasingly competitive marketplace, companies may raise sales, build consumer interest, raise their visibility, and eventually accomplish their commercial objectives by carrying out these tactical operations with reliability and precision (McDonald, 2007).
Control and Monitoring Measures | Metrics to Measure Success |
Implementing Key Performance Indicators (KPIs) | Return on Marketing Investment (ROMI): Assessing the profitability of marketing efforts relative to investment. |
Regularly reviewing sales performance | Customer Lifetime Value (CLV): Estimating the total value a customer brings to the business over their lifetime. |
Monitoring social media engagement | Sales growth: Tracking revenue increase attributed to the new product line. |
Conducting customer satisfaction surveys | Market share: Evaluating the percentage of the luxury beauty market captured. |
Analysing website and campaign analytics | Customer acquisition cost: Assessing the cost of acquiring new customers through marketing efforts (Barban, Cristol and Kopec, 1993). |
Media Channel | Budget Allocation (USD) | Timeframe to Obtain |
Digital Marketing | $50,000 | 6 months |
Social media | $30,000 | 4 months |
Influencer Marketing | $20,000 | 3 months |
Print Advertising | $15,000 | 6 months |
Television Ads | $25,000 | 6 months |
Radio Advertising | $10,000 | 6 months |
The goal of the advertising budget allocation is to increase participation and audience penetration through a variety of channels. To ensure widespread digital accessibility, the marketing sector is given the largest allocation of $50,000. This money is used to leverage online platforms such as website ads, search engine marketing, and display advertisements. With a budget of $30,000, social media uses sites like Facebook, Instagram, and Twitter to interact with the target market and increase brand recognition. Influencer marketing, a service which costs $20,000, is centred on working with important influencers to successfully reach specific demographics and magnify the brand's message. With a budget of $15,000, newspaper advertising aims to reach particular demographics and increase brand awareness in conventional periodicals. The $25,000 allotted for TV commercials aims to expose brands and draw in a wider demographic by means of storytelling through images. Finally, with $10,000, radio advertising increases brand recognition and stimulates listening with customized radio advertisements(Ritson, 2021).
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To meet showcasing targets inside the set spending plan, an essential portion of assets across incorporated sight and sound exercises is critical. First and foremost, digital marketing ought to be a critical part of the spending plan because of its expense viability and impressive range. This takes into consideration designated promoting, site improvement, and email missions to draw in the crowd. Social media advertising sticks to this same pattern, utilizing stages like Facebook and Instagram to assemble brand mindfulness and cultivate client commitment through convincing visual substance and intuitive elements.
Influencer marketing addresses one more compelling procedure affordable, empowering coordinated efforts with forces to be reckoned with who reverberate with the objective segment, intensifying brand informing and improving validity. Print promoting can target explicit specialty markets through distributions applicable to the extravagance magnificence portion, keeping up with brand perceivability among known buyers. TV promotions offer an expansive reach and visual effect, catching the consideration of a more extensive crowd and supporting memorability.
Radio advertising, while more restricted, fills in as a valuable channel to arrive at explicit socioeconomics and networks. By coordinating these mixed media exercises solidly, we guarantee a broadened way to deal with draw-in with shoppers across different touchpoints while expanding the effect of the designated spending plan, eventually driving brand mindfulness, client obtaining, and income development in arrangement with showcasing goals(Lake, 2021).
For compelling correspondence, choosing suitable digital, offline, and social media channels is fundamental. In the computerized domain, channels, for example, Google Promotions and Bing Advertisements offer designated publicizing choices in light of search questions, guaranteeing perceivability to clients effectively looking for pertinent items. Furthermore, web-based entertainment stages like Facebook, Instagram, and Twitter give roads to mark narrating, drawing in visual substance, and direct collaboration with shoppers, enhancing brand mindfulness and encouraging local area commitment. Disconnected diverts like print publicizing in lavish way-of-life magazines and very good quality distributions take special care of well-to-do socioeconomics, utilizing the eminence and believability related to such media. TV promotions offer wide reach and effect, conveying brand information to a different crowd fragment. Moreover, radio promoting stays pertinent for restricted crusades, arriving at explicit geographic locales and segment bunches. A thorough and well-rounded strategy for communication is made possible through the integration of various media. Real-time analysis and insights are made possible by online platforms, allowing for quick ad and message targeting and optimization. Among astute customers, other avenues provide a brand with substantial and esteemed exposure, so elevating its image and credibility. Social media networks enable real-time communication and content created by users, which promotes company support and adherence. Businesses may maximize the effectiveness of their marketing campaigns by integrating online, off-line, and interpersonal sources effectively to produce a cohesive and holistic brand experience across many interfaces. This allows businesses to effectively connect and resonate with the people they want to reach. In the end, this integrated approach drives cooperation, acquisition of clients, and company growth by ensuring that the brand message remains uniform and reinforcing the company's positioning(Lee, Kozlenkova and Palmatier, 2014).
It is possible to justify a various mediums plan using both quantitative and qualitative grounds. Measurable measures of the campaign's efficacy and return investment are provided by numerical metrics including reach, rate of engagement, and ROI. Customer suggestions, audience emotion, and perception of the brand are examples of qualitative criteria that provide insightful information about the audience's opinion and resonance with the brand. A multi-media plan guarantees thorough evaluation of campaign efficacy, guides tactical choice-making, and permits constant improvements for greatest impact and successfully accomplish marketing goals by evaluating both quantitative and qualitative data.
References
Anon 2002. Marketing Education in the 21st Century. Marketing Education Review, [online] 12(2), pp.1–1. https://doi.org/10.1080/10528008.2002.11488779.
Anon 2023. Strategic Marketing Plan Template & Examples. [online] TeamGantt. Available at: <https://www.teamgantt.com/marketing-templates/strategic-marketing-plan-template>.
Anon n.d. Blogs | Marketing Donut. [online] Available at: <https://www.marketingdonut.co.uk/blog>.
Anon n.d. Login | HN Global. [online] Available at: <https://hnglobal.highernationals.com/textbooks>.
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Anon n.d. MindTools | Home. [online] Available at: <https://www.mindtools.com/pages/article/newSTR_94.htm>.
Barban, A.M., Cristol, S.M. and Kopec, F.J., 1993. Essentials of Media Planning. [online] Contemporary Books. Available at: <http://books.google.ie/books?id=pA5FAAAAYAAJ&q=https://www.marketingevolution.com/marketing-essentials/media-planning&dq=https://www.marketingevolution.com/marketing-essentials/media-planning&hl=&cd=1&source=gbs_api>.
Barker, M., 2017. How to master your own marketing: maximising your digital presence. Journal of Aesthetic Nursing, [online] 6(4), pp.206–207. https://doi.org/10.12968/joan.2017.6.4.206.
Beltis, A., 2021. How to Develop a Successful Marketing Mix Strategy [+ Templates]. [online] Available at: <https://blog.hubspot.com/marketing/marketing-mix>.
Coveney, D., 2022. Marketing Week. [online] Marketing Week. Available at: <https://www.marketingweek.com/>.
Jobber, D. and Ellis-Chadwick, F., 2016. Principles and Practice of Marketing. [online] McGraw-Hill Incorporated, Us. Available at: <http://books.google.ie/books?id=HP72sgEACAAJ&dq=Principles+and+Practice+of+Marketing&hl=&cd=1&source=gbs_api>.
Lake, L., 2021. What the Marketing Mix Is and Why It's Important. [online] LiveAbout. Available at: <https://www.thebalancesmb.com/what-is-a-marketing-mix-2295520>.
Lee, J.-Y., Kozlenkova, I.V. and Palmatier, R.W., 2014. Structural marketing: using organizational structure to achieve marketing objectives. Journal of the Academy of Marketing Science, [online] 43(1), pp.73–99. https://doi.org/10.1007/s11747-014-0402-9.
McDonald, M., 2007. Marketing Plans. [online] Butterworth-Heinemann. Available at: <http://books.google.ie/books?id=os0K20MsepoC&printsec=frontcover&dq=Marketing+Plans:+How+to+Prepare+Them,+How+to+Use+Them&hl=&cd=1&source=gbs_api>.
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Ritson, M., 2021. Planning for marketing planning: 14 steps to an effective presentation. [online] Marketing Week. Available at: <https://www.marketingweek.com/mark-ritson-marketing-planning-14-steps/>.
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