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Marketing Plan
Marketing management In 2008, when the rest of the economy was floundering, the cosmetic company expanded its points of distribution to over 25,000 venues and entered roughly five new markets, for a total of over 140. Its number of single-brand free standing stores increased by 14% as well (No recession for Estee Lauder, 2008, Business Insider.)
"Beautiful!" -- Scented makeup by Estee Lauder
Scented makeup is not a new concept. Many little girls love wearing scented lipstick and gloss in the flavors of bubblegum and peanut butter and jelly. However, enjoying scented lipstick is often a delight female consumers forgo when they become adults, other than a guilty sniff of their daughter's Tinkerbell or Bonne Bell makeup drawer. This new product would enable adult consumers to have that same pleasure, only with high-quality Estee Lauder makeup. This product will also address an increased desire consumers have for 'customized' beauty products filled with a sense of youth and vigor (5 spring makeup color trends, 2011, Refinery 29). As well as makeup that suits the user's skin tone, the selected scent of the makeup will also speak volumes about the wearer.
Although the economy still remains on shaky ground, demand for luxury products like Estee Lauder makeup has been thriving. Customers who traditionally shop in the luxury market are not dependent upon paychecks as their primary source of income, and the stock market has shown greater signs of a sustained recovery than employment figures. According to the New York Times, high-end businesses, particularly in the fashion industry, have even been able to increase their prices. As one former Saks executive said, no one notices if a designer product goes up from $800 to $860 (Clifford 2010).
Ps
Product
The new makeup line 'Beautiful' would feature a variety of shades of foundation, lipstick, and eye makeup and eye liners that smelled like the most popular Estee Lauder perfumes (Marketing mix, 2011, 12 Manage).
Price
The price of the product would be within the usual range of Estee Lauder products, although priced slightly higher to accommodate the price of perfume ingredients in the makeup. Additionally, a slightly higher price point would be necessary to convey the fact that this was not a 'cheap' drugstore scented perfume, like a child's scent, but a luxurious product that a sophisticated Estee Lauder consumer would want to buy.
Promotion
Promoting new products with 'free gift bags' is a common practice in the makeup industry. However, this would not necessarily be a strategy that a typical high-end consumer would respond to, given how common it is for a variety of makeup brands. Instead, offering a custom…
References
5 spring makeup color trends. (2011).Refinery 29. Retrieved November 1, 2011 at http://www.refinery29.com/2011-makeup-color-trends
Clifford, Stephanie. (2011). Even marked up, sales of luxury goods fly off the shelves.
The New York Times. Retrieved November 1, 2011 at http://www.nytimes.com/2011/08/04/business/sales-of-luxury-goods-are-recovering-strongly.html
Estee Lauder. (2011). Official Website. Retrieved November 1, 2011 at http://www.esteelauder.com/cms/looks_tips/index.tmpl-cm_mmc=MSN-_-TM-BRAND-EXACT-_-Category-LiveChat-_-Estee%20Lauder%20How%20To
Marketing mix. (2011). 12 manage. Retrieved November 1, 2011 at http://www.12manage.com/methods_marketing_mix.html
No recession for Estee Lauder. (2008). Business Insider. Retrieved November 1, 2011 at http://articles.businessinsider.com/2008-09-05/wall_street/30082786_1_citi-el-fy08
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