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Need for Marketing in Business Growth | MAC cosmetics Study

918 Downloads1 I Published: 27 Dec ,2019

Introduction

Marketing is essential tool for selling or buying products. Whereas marketing is a interconnection between goods and information. It is a study of exchange relationship. Where as they drive exchange information through communication, delivering and offering services to their respective clients. Marketing is used for the fulfil their customer satisfaction. In this report MAC cosmetics has chosen company to develop their new MAC cosmeticss like lotions and creams . Along with that they also provide these product at high quality. MAC cosmetics is a one of the best fashion company who develop different kind of quality product in UK. The present report has been sated for new market segmentation where said company target new customers and introduce their products. In this report company set some segmentation according to their convenience. So with the help of all these activities company successfully established their new MAC cosmetics and attract large number of customers. ( Kotler and et.al., 2015)

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A) Identify consumer segmentation

Market segmentation is a process to divide huge amount of people in sub parts. Whereas , distribution as per the basis of age, gender, culture and so many thing which are help to build a segmentation. In segmentation target only those people who have similar needs and expectations in marketplace. Segmentation is a way to divide the marketplace into parts and set targeted rest people who have similar taste ,demand and preferences. A market segment is a small unit within a market groups. As per the report chosen MAC cosmetics fashion organisation where they develop some new product range for lotions and creams. So in that situation marketer target mainly women who buy products for themselves . Company provide high quality products so large number of customers will attract with those products. Target market is one of most important for product positing there are various types of segmentation which may provide target audience to addressing new MAC cosmetics. ( Goworek and McGoldrick, 2015.)

Geographic segmentation: In this segment market target as according to there countries, nations, states. This segmentation is applied by the big enterprises. Where they established there products as in wide level. ( Mintz and Currim, , 2013.)

Demographic segmentation: In this segment market target according to their age, sex, gender, family and income. Most of the companies sated on this target segmentation. Where they attract large number of customer at local level.

Psycographic segmentation: This is based on life style, social class and personality. Mostly big companies are target this segment customers ,because they all are able to consume high class products. ( Leonidou , Katsikeas, and Morgan, 2013.)

Behavioural segmentation: In this segmentation companies target customers as according to their user status, loyalty and attitude. In this segment customers behaviour is create a render impact on respective product. ( Hollensen, 2015)

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B) Characteristics of your chosen segment

A market segment is a small unit within a market groups. As per the report chosen MAC cosmetics fashionorganisation where they develop some new product range for girls kids like new baby lotions and creams. So in that situation cited company wants to develop their business concern in local market. ( Bahadir, Bharadwaj, and Srivastava, 2015.)They target local customers for reaching out their products. Mainly they target women who can buy MAC cosmeticss.Said company used demographic segmentation where In this segment MAC cosmetics target customers according to their age, sex, gender, family and income.Where they attract large number of customer at local level and highly introduce their new baby lotions and creams. They develop a lotions and creams with specific specifications. It may provide high quality lotion and creams which are hygiene for their newly born babies. There are various benefits of demographic segmentation for their concerning MAC cosmetics. Demographic segmentation provide marketing at local level and attract huge number of customers where they directly interacted with respective customers. There are 5 types of variables used for demographic segmentation as follows: ( Huang and Sarigöllü, 2014.)

Age: This is one of the first aspect of the demographic segmentation . In this segment marketer focus on consumer needs and wants according to their age. So as according to said company product company have to target 25 to 35 age of people where they can able to buy MAC cosmeticss .

Gender: In this target group marketer have to target people according to their gender. Whereas as per the said company MAC cosmetics company have to focus on only women where they effectively chose MAC cosmeticss for kids. Company chose women because men and women both have different preferences to chose concerning products. (Cross, Belich, and Rudelius, 2015. )

Income: Most of the companies develop products in different prices. So in that case they target customers as per the income basis where they medium rang of price product is offer to medium class people and high quality with high price product is offer to high class customers which can afford those products easily. Further, as per the current scenario said company target both the type of people because company produce high quality products which is offer in less prices

Religion:In this segment company target people according to their religion where most of the big companies are set this target segment in attain high sustainable profits. ( Huang and Sarigöllü, 2014.) As per the current situation , MAC cosmetics only target local people after this success they established product as nationally.

life cycle stage:In this target segment company set target according to their customer life cycle. Said company set target customers as per their life cycle whereas living standard is also create a influence . So company target only those people who balanced their life cycle stage. ( Howell, 2015.)

Each of the above variable is discussed effectively and the variables are used for demographic segmentation that would help to divide a large population into specific customers groups. This process is effective for the MAC cosmetics. It helps to attain so many local customers and improving relationship with respective customers. ( Andaleeb, 2016.)

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C) Evaluate marketing mix strategies

Marketing mix

Marketing manager of MAC cosmetics applies different marketing mixes including product, price, place, promotion, people, process and physical evidence. Under this factor, various tools are recognized for launching and advertising groceries and food items in market to gain effective customer satisfaction. In this regard, different determinants are presented as per demographic comparisons. However, for women and child products, different strategies are prepared as per adequate market research. Therefore, various marketing mix tools can be described as below:-

Product:- Under this tool, product quality, features and various elements are recognized to fulfil market requirements. In accordance to this, as per demographic factors including education, gender, occupation, income level and religion are determined for women and child products. For example; different countries people and their choices are focused for producing varieties of products. (Bačuvčík, 2013,) For women products, marketing manager concentrates on choices of women related to their purchasing power and interest towards goods. However, for child products, focusing on different substances is determined such as providing healthy and secured as well effective product quality goods. In accordance to this, by analyzing proper market research, products are manufactured and promoted for women and child as per population and different choices under demographic determinants.

Price:-After deciding products featured qualities and material to be used, marketing manager of MAC cosmetics evaluates price according to different factors including market demand, competition and business strategies. Therefore, price determination is done on the basis of earning capacity of people. In this regard, products price is determined by marketing manager of the organization according to segmentation of women and child products. Under this process, costing is processes on the basis of material used in manufacturing and production. Similarly, it aims to set price according to population and demographic factors as per gender and and buying decisions of people. Therefore, prices are set on behalf of demographic segment to produce MAC cosmetics's product in market.( Andaleeb, 2016.)

Place:- Under this process, marketing manager of organization concentrates on place to keep inventories safe as well storing them at different places such as warehouses, strores, factories and other entities. In accordance to this, various components are concentrated for launching and promoting goods and services provided by company. In this regard, place is determined to providing items to consumers in easy and convenient manner. Including this, MAC cosmetics also implement online marketing under which marketing manager of organization focuses to provide goods in easily in right time at right place. ( Cross Belich and Rudelius, 2015.)

Promotion:- After deciding above mentioned all three determinants, marketing manager of organization prepares plan for promoting products to sustain its place in market for long time period. In accordance to this, different advertising tools are determined including newspaper, magazines, TV, radio, using social networking sites. Therefore, promotion of goods and services. It influences productivity and profitability of entity. Thus, promotional techniques are applied for effective segmentation according to child and women products. In this process, actual market position of products and entity is obtained. Therefore, promotion of goods is implemented for using appropriate method to pull consumers at high level. ( Gengler and Mulvey, 2017.)

People:-In this both of the target market and people are directly related to the business concern. In marketing strategy people plays a important role , because they only one who can attract with related products and aid to increasing company productivity. Said company have to select their demographic market segment to as per this they target women in between 20-35. company representative interact with those customers and ale to create a healthy environment. In this strategy representative generate their honest feedback from respective customers. It will be helpful to business image and for new developments. (Mishra, 2016.)

Process:This system is based on effective organising whole process of product development and target segmentation. In this strategies said company is mainly focus on execution of the all sated program. Whereas they effectively target customer segmentation to achieve their sustainable goals. Company build effective plan for implementing these activities. This will help to making high profits. Process is based on sequential implication of all activities.

Physical evidence:In this point company set effective physical appearance to attract large number of customers. Physical evidence is render impact on demographic segment where it can help to look attractive and retain customers for their design, layouts, colour and some other physical evidence help to recognising said company products. ( Anable, and et.al., 2016)

Conclusion

The present report is based marketing which is effective for the generating information and providing exchanging services for concerning goods. on marketing segmentation where MAC cosmetics develop there new baby lotion and creams for their concerning kids . They produce high quality products with in less price. ( Andaleeb, 2016.) In this report concluded said company set demographic market segment to introducing their product, where in this segment MAC cosmetics target customers according to their age, sex, gender, family and income. The report has been discovered marketing mix strategies to new product positing in demographic market. It has been concluded all these activities are helpful to provide huge amount of profits and able to build a healthy relationship with respective customers.

References

  • Anable, J., and et.al., 2016.Consumer segmentation and demographic patterns(No. PPR769).
  • Andaleeb, S.S., 2016. Market Segmentation, Targeting, and Positioning. InStrategic Marketing Management in Asia: Case Studies and Lessons across Industries(pp. 179-207). Emerald Group Publishing Limited.
  • Bačuvčík, R., 2013, June. The Demographic Segmentation in Arts Marketing. InProceedings in Scientific Conference(No. 1).
  • Bahadir, S.C., Bharadwaj, S.G. and Srivastava, R.K., 2015. Marketing mix and brand sales in global markets: Examining the contingent role of country-market characteristics.Journal of International Business Studies. 46(5). pp.596-619.
  • Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study. InProceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference(pp. 531-536). Springer International Publishing.
  • Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study. InProceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference(pp. 531-536). Springer International Publishing.
  • Gengler, C.E. and Mulvey, M.S., 2017. Planning pre-launch positioning: Segmentation via willingness-to-pay and means-end brand differentiators.Journal of Brand Management, pp.1-20.
  • Goworek, H. and McGoldrick, P., 2015.fashionMarketing Management: Principles and Practice. Pearson Higher Ed.
  • Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education.
  • Howell, R., 2015. Market segmentation: the importance of age cohorts.The Neumann Business Review. Accessed June,11.
  • Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York.
  • Kotler, P., and et.al., 2015.Marketing management(Vol. 14). Englewood Cliffs, NJ: Prentice Hall.
  • Leonidou, C.N., Katsikeas, C.S. and Morgan, N.A., 2013. “Greening” the marketing mix: do firms do it and does it pay off?.Journal of the Academy of Marketing Science.41(2). pp.151-170.
  • Mintz, O. and Currim, I.S., 2013. What drives managerial use of marketing and financial metrics and does metric use affect performance of marketing-mix activities?.Journal of Marketing.77(2). pp.17-40.
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