1.0  
Description
of the product

The ABC Company which was established during the 1960s in
America has announced the launch of its new product in the market. The company
came into existence by launching its first ever organic foundation for
different skin tones and also matching the undertones. Now the company came up
with a moisturizing skin care cream which would not only moisturize the face
but also reduce the fine lines wrinkles and the cream would be divided between
different age groups (Chernev 2018). The categorization would be done according to the people of
different age groups. The launched product would be named as Amairoessence. The cream would be a
fusion of herbal ingredients and the infusion technique would be adopted from
the Korea. As Korean beauty products contains some a few unique qualities in
them which makes them different from the other products.

2.0
Objective of the product

2.1 Mission statement for less than a year

Figure 1: Mission Statement Model

(Source: Created
by Author)

The ABC Company has
developed the framework of mission
statement for the new product Amairoessence. The points to be included in the statement are

• Statement related
  to the problem: it was related to the problems the new product was
  going to solve and also meet the needs unmet before.
• Advantages: unique ways that
  were implemented to meet the needs that had not been met before.
• Targeted
  consumers: it depicts the consumers the company was targeting.
• Partnership
  related to business: choosing the collaboration partners for meeting
  the needs.
• Guidelines
  related to finance: the guideline includes budget needed for
  investment, collecting the number of targeted consumers and many more.
• Strategies
  introduced: it points out the ways the product fits well to the
  strategy of the company.
• Diverse
  risks:  it describes the
  risk value of the new product, and the clash of the new partnerships with the
  old ones and the process of accumulation and adjustment had to be described in
  this part.

Objectives of marketing

The objective
includes an increase in the sale for example attempting to increase the sale of
the product Amairoessence by approximately 25.9% by 18 months (Reed
2018). The increase in the rate of profit could be done by
targeting the consumers through building the awareness of the brand. Targeting
the customers would also help in acquiring the share available in the market.
The company targets to acquire at least 20% of the market share within a few
months after the launch of the product.

Figure 2: Model of SMART

(Source: Created
by Author)

The objectives
could be quantified using SMART (simple,
measurable, achievable, relevant and time-specific) :

• Specific: The ABC Company has
  to be specific about the goal of advertising the product Amairoessence. They could set
  their target to a 9.99% increase in the revenue of advertising after the launch
  of the product (Al Fahad et al. 2015). After completing their first goal, they have
  to opt for another 9.99% increase in the revenue of advertising.
• Measurable: the goals of the
  company regarding the development of the product have to be measurable by
  keeping the target on increasing the sale by 10% at least by the next year with
  0.800% increase of sales in each month.
• Achievable: the company has
  to have transferable and simple goals so that the developers seem to be more
  realistic and achievable to them (Calcaterra et al. 2016). The company has
  to update with the economy, along with the structure of the profit of the old
  products and relate it to the new one which is Amairoessence that would be launched.
• Relevant: The ABC Company
  have to make sure that its goals are realistic and correlating with the new
  product Amairoessence. The company
  should set smaller goals than moving to the bigger ones. Like for example, the
  company should hold a campaign related to advertising the new product Amairoessence by specifying
  the features of the product and reason for buying the product.
• Time-specific: the company needs
  to set time for completing its goal. The ABC Company have to maintain the time
  of completion of its goal along with starting to prepare for its new goal in
  advance to be always a step ahead in marketing its products in the market.

Apart from
setting guidelines, outlining the objectives through the mentioned acronym, the
ABC Company still holds some risks related to the development of the market Calder,
Malthouse & Maslowska 2016). The probabilistic risks include the
performance of the product in the after its launch, the uncertainty of whether
the product Amairoessence would be able to fulfil the needs of the
targeted consumers or not. An uncertainty would linger regarding the
probability of whether the product would be able to deal with the task it is
supposed to perform and many more.

3.0
Targeting Market

The ABC Company has
targeted the marketing area of New York which was the biggest hub stretches
through some parts of Canada and many more. New York also harbours some cities
under it like Manhattan and many more. The market area of New York was big
enough to provide enough space for the launch of the new product (David
& David 2017). As there are many cities under the state, the
company would have the opportunity to launch its product Amairoessence. The state along
with the cities under it would be able to give the product a chance to be tried
out by the citizens. The reason for choosing this state was the presence of the
cities inside the state. The more the cities, the more opportunity it would
provide for the product Amairoessence to be tried and bought by the consumers. Due to
the presence of the cities was also the reason for the launch of the product as
it contains the maximum amount of power related to purchasing. The power
related to purchasing comes from the numerous street markets along with
supermarkets available in the state and the cities.

4.0
Competitors

Amairoessence would face competition from the competitors like
L’Oreal, Coty, Revlon and Chanel. The companies which were and still dominating
the market was L’Oreal and Chanel. As it is already mentioned above that the
market area of New York was vast and most active. Therefore the mentioned
companies who are dominating the market would be the most significant
competitors would be launched the product (Kerr
& Patti 2015). News regulating through focus and trend of the
beauty industry of the state was that the companies L’Oreal and Chanel holds
maximum revenue related to sale and advertisement and market share. The
mentioned competitor companies hold approximately 30-55% of the market share of
the state (Kirova 2017). Though during
a survey it was stated that the products of the companies still harbour some
faults due to which there would be a probability of the slightest decrease in
the market sale. Therefore they would be launched product have to develop in a
way which would amend the defects of the products of the other companies.

5.0 Feature
of the product

The
ABC Company came up with this product Amairoessence after
doing a lot of research on the process through which the quality of the product
would be defined. The company has to do a lot of research on the process of
infusion as well. The company adopted the process of infusion from Korea who is
famous for producing best moisturizers. They thoroughly concentrate on the
infusion of herbal ingredients to produce such products. The Koreans basically
infuses different types of fruits in their creams and moisturizers in the form
of essence, toners, lotion, eye cream, serum and moisturizers. The company opts
for categorizing the set of moisturizers into groups like toners, essence,
serums, sheet masks, lotions and moisturizers (Ratten
2016). Therefore the consumers would get a set of other skin care
products along with the moisturizer to complete the whole skincare routine.
Besides the moisturizer by introducing the additional products the company
wishes to launch a complete set of skin care routine inspired from the Korean
products. The infusion would help the customers in getting the perfect moisture
for the skin to make it look good and youthful.

Ethics in the
marketing process provides the path of governing good behaviour. Evaluating
ethics in case of marketing was known to be the best practice ever for the
launch and development of the product. The ABC Company could face ethical
issues when it offers fake promises by misrepresenting its product Amairoessence in the market.
This could harm not only the reputation of the company but also destroy the
company forever. Therefore the truth about the product Amairoessence has to be mentioned while marketing the product. The company while
spreading awareness about the launched product has to be specific, honest and
truthful about the features of the product to the consumers to gain their trust
while selling the product. Implications which were referencing to the legal
issues points to the company which was not following the laws, regulations and
ethics related to the process of marketing. The company has to abide by the
rules, regulations and laws when marketing the product through advertising in
televisions, social media and many more (Riahi
& Moharrampour 2016). The ABC Company could not claim any fake
prospective nor promises regarding the product during the time of
advertisement.

6.0 Core
Strategy

Figure 3: Core strategy

(Source: Created
by Author)

The features
which could help in core strategising the launch are:

• Developing a mission statement to objectify the
  product and connecting it with the SMART
  acronym to propose a detailed view of the objectives. Spreading awareness about
  the product Amairoessence by speaking about the quality of the product to
  the media would be beneficial. Though the company has to have an honest profile
  of the product would be launched. The company has to be honest while describing
  the features of the product, and in what way would it be helpful.  
• Leveraging the
  data while performing on the ground by paying the third
  party for doing a paid promotion is essential to reach those customers who do
  not use social media all the time. 
• Speaking to the
  core consumers of the company could be beneficial for the launch of
  the new product Amairoessence. The consumers who have been using the previous
  products of the company would be enthusiastic enough for the launch of the new
  products. Therefore abiding them would be beneficial while strategising.
• Taking the help
  of social media and including the consumers in the process of development would be
  beneficial for the company (van Scheers & Makhitha,
  2016). Though ABC Company has to introduce the process of
  approaching the customers through try and buy method, the inclusion of the
  consumers in the process of developing the products could be done by doing a
  survey where they would be asked about the perfect foundation they wish to use
  regularly.

The core strategy
of the marketing process is pointed out from the objectives of the marketing
stated above. The methods of objectives of marketing would only strategise the
core strategy.

7.0 Mixing
related to marketing

Figure 4: Mixing of market

(Source: Created
by Author)

Promoting and communicating:

IMC (Integrated marketing communication) was an approach
to build up marketing communication to launch a product in the market. The
aspects of IMC are:

• The advertisement
  was done by paying the newspapers, televisions,
  magazines and so on. The benefits of
  this paid promotion are outlining the limitations like what to say, what has to
  be said and pivoting the method of saying it which would intrigue the public in
  visiting the website and look into the product Amairoessence which isto be launched.
  The disadvantages it harbours are
  adding up to the cost of promotion, help in falsifying the product, creating
  the illusion for undermining values related to social, confuses the consumers
  and many more. [Referred to Appendix 1]

• Designing the
  outline of the promotion of sales would help spread the message which would help
  in launching the product. Encouraging the employees of the company for an
  in-door sale promotion could be beneficial even for approaching the customers
  while introducing to the contests related to the promotion. The disadvantages it harbours are brief
  orientation, increasing in the price of the product Amairoessence which would decline the sale
  of the product tarnishing the good image of the product. (mondaq.com, 2016)
• Public
  Relation/publicity creates a credible and beneficial relationship
  between the consumers and the company. This relation was established through
  social media and also through offline like distributing coupons, introducing
  link exchangers. The disadvantages
  it carries are not keeping a strong hold over the content and releasing of the
  message, lack of appeal in the message reciprocating the higher cost.
• Marketing
  directly means approaching the consumer using the try and buy
  method to introduce the products to the customers. The disadvantages it
  harbours the wrong approach of the employees could generate a loss to the
  company, making the customers not interested in even trying the product Amairoessence. [Referred
  to Appendix 2]

The ABC Company
have to develop its strategy according to the merits and demerits of the IMC mentioned above. They have to look
into the points and create a message which would be appealing and intriguing to
the customers (Vernuccio & Ceccotti 2015). The company has
to opt for investing minimum cost in the advertising to take into its good
merits and reduce the disadvantages. The company took into all the positive
approach of the IMC and reduced the
possibility of the negative approach to the minimum. (business.gov.au, 2018)

Pricing of the product:

The pricing of
the product Amairoessence should be dependent on the quality of the
product. The ingredients included making the product and many more. The theories of literature related to
marketing which is used to price the products would be assessing the
quality of the product along with testing the product to observe the longevity
of the product. The pricing would also be dependent on the pricing made by the
competing companies and checking the review of the customers to products of
those companies. The company has to state a price which would be reasonable
enough to surpass the competitors with its quality and quantity.

CRM (Customer Relationship Management) and
Distributed Channels:

The ABC Company
have to choose online shopping sites like Amazon, Flip kart to launch its
product Amairoessence in the online
market. As these are highly popular sites that most of the consumers adhere to.
The company would also include CRM which
help them in connecting with the customers to approach them and introduce them
to the product Amairoessence. According to the CRM, the company has to adhere to the needs of the customers for
shaping their products so that the customers are comfortable with the product.
The employees of the company have to be pleasant and friendly while dealing
with the issues of the customer and also while promoting the product to the
customers. (business.gov.au, 2019)

Conclusion

The assignment
dealt with the development of the strategic plan for marketing they would be
launched the product. The description of the product along with its objective
had also been mentioned in this assignment. Objectifying was done through
mission statement and SMART acronym. The company had also stated the area of
target marketing for the launch of the product. The reason for choosing the
mentioned area was because of its massive power of purchasing and massive
marketing. Amairoessence is the
chosen product which is going to launch in the market and competitive market
analysis of the product is done throughout the study. The competitors along with a detailed view on the mixing market had
been described. The description of IMC and
marketing related to the pricing, channel distribution and CRM had also been described in this assignment.

Reference List

Books

Chernev,
A. (2018). Strategic marketing management. Cerebellum Press.
Retrieved from: https://s3.amazonaws.com/academia.edu.documents/54678933/Strategic_Marketing_Management__8th_Edition_by_Alexander_Chernev.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1549864161&Signature=F8Sq%2FQa%2FDTfOSGz5vleW3Q9dtg4%3D&response-content-disposition=inline%3B%20filename%3DStrategic_Marketing_Management_8th_Editi.pdf
 [Retrieved on 01.02.2019]

Reed,
J. R. (2018). Strategic Marketing Workbook. Madison, WI: Center for
World-Changing Organizations. Retrieved from: http://wcorgs.com/wp-content/uploads/2018/09/5-SM-Workb-w-covs-2018-9-16-44p-for-Web-1.8-MB.pdf
[Retrieved on 01.02.2019]

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Al
Fahad, A., Al Mahmud, A. R., Miah, R., & Islam, U. H. (2015). Marketing
audit-a a systematic and comprehensive marketing examination. Int J Sci
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 [Retrieved on: 06.02.2019]

Calcaterra,
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(2016). E For Everyone: Strategic Plan. 32(5), 500-508. Retrieved from: https://dune.une.edu/cgi/viewcontent.cgi?referer=https://scholar.google.co.in/&httpsredir=1&article=1000&context=pt_studadmin [Retrieved on: 04.02.2019]

Calder,
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David,
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Kerr,
G., & Patti, C. (2015). Strategic IMC: From abstract concept to the
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 [Retrieved on: 11.02.2019]

Kirova,
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Ratten,
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Riahi,
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Van Scheers,
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Strategic
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https://www.business.gov.au/planning/marketing-plans/develop-a-marketing-strategy
[Retrieved on: 10.02.2019]

Mondaq.com (2016), Strategic
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http://www.mondaq.com/australia/x/546388/Investment+Strategy/The+strategic+marketing+of+innovation
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Website

Business.gov.au (2019),
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https://www.business.gov.au/planning/templates-and-tools/marketing-plan-template-and-guide
[Retrieved on: 10.02.2019]

Appendices

Appendix 1       

Figure 1: Elements refers
to the launch of the new product

(Source: https://mask.com.au/these-factors-are-essential-for-successfully-launching-a-new-product/)

Appendix 2

Figure 2: Target
Marketing

(Source: https://www.slideshare.net/RajeshTiwari6/target-market-segment)

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