Situation Analysis: Enhancing Estée Lauder's Market Presence and Attracting Gen Z Customers
Overview:
This project focuses on conducting a situation analysis for Estée Lauder Companies, a leading skincare and cosmetics brand, with the goal of enhancing its performance in the market and attracting young customers, particularly Gen Z. The analysis covers the macro-level external environment, competitive landscape, internal factors, market research findings, marketing goals and objectives, market segmentation, marketing strategies, and the marketing mix. By identifying key opportunities and challenges, this project showcases my ability to analyze market dynamics and develop effective strategies.
Objective and Methodology:
The objective of this situation analysis is to evaluate Estée Lauder's current position and develop strategies to attract Gen Z customers. The methodology involves conducting market research, analyzing the external environment, studying the competitive landscape, and utilizing marketing frameworks. By leveraging this information, recommendations will be provided to enhance Estée Lauder's market presence and engage with the target audience.
Key Findings:
Estée Lauder is known for providing innovative skincare and cosmetics products globally.
The brand predominantly targets women aged 35 and above, highlighting the need to attract younger customers, especially Gen Z.
The macro-level external environment presents various factors, including political, economic, social, technological, environmental, and legal aspects, that impact the industry.
Estée Lauder faces competition from other prestige beauty marketers and a wide range of product substitutes.
The company operates as a family, maintaining a nurturing and challenging firm culture.
Opportunity Analysis:
Market research indicates a demand for hairline products and men's skincare among Gen Z.
Gen Z customers primarily engage with Estée Lauder on TikTok and prefer online platforms for purchasing beauty products.
Sustainability, quality, and cruelty-free attributes are crucial factors influencing Gen Z's purchasing decisions.
Marketing Goals and Objectives:
The marketing plan aims to successfully launch a new hair dye product to fill the identified gap in Estée Lauder's product lines.
Objectives include capturing 15% market share, targeting Gen Z customers, and creating a sense of engagement and community.
Market Segmentation, Target Marketing, Positioning:
The primary target audience comprises females aged 18-25 in California, who express their personality through beauty products and follow trends.
The secondary target audience includes females aged 26-33 with higher income levels.
Estée Lauder will position itself as a brand that offers a middle ground in affordability while maintaining prestige and delivering innovative hair dye products.
Marketing Strategies:
Strategies involve new product development, targeting Gen Z, and creating engagement through online platforms and community-building activities.
Promotional activities include influencer marketing on TikTok and Instagram, YouTube tutorials, and an NFT collection for community engagement.
Offline marketing includes billboards that interact with the sky's color, emphasizing the concept of standing out and blending in.
Marketing Mix:
Product: Introducing a new semi-permanent hair dye product with innovative packaging and a QR code for consultation.
Promotion: Leveraging online platforms, influencer marketing, YouTube tutorials, and an NFT collection for community engagement.
Placement: Focusing on online distribution channels, improving the online user experience, and collaborating with selective offline distributors.
Price: Implementing competitive pricing strategies to maintain the brand's prestige and profitability.
Implementation:
The implementation roadmap outlines the launch of the new product, online advertising, experiential marketing events, and the NFT collection launch.
Marketing Control and Metrics:
Monitoring progress through email marketing, social media insights, SEO performance, video views, and product quality.
Contingency Plan:
A contingency plan includes pivoting marketing strategies to target the secondary audience if the primary target does not engage with the new product.
Conclusion:
This situation analysis showcases my expertise in analyzing market dynamics, identifying opportunities, and developing effective marketing strategies. By conducting market research, segmenting the target audience, and leveraging digital platforms, I have provided recommendations to enhance Estée Lauder's market presence and engage with Gen Z customers. This project highlights my skills in market analysis, segmentation, digital marketing, and strategic planning, making me well-suited for marketing roles focused on attracting younger demographics and driving growth in the beauty industry.
To delve deeper into our findings and view the presentation, please click https://drive.google.com/file/d/1fwgJBG8HFBZ0fKQxnY302MCMb-95u0dS/view?usp=drive_link Thank you for visiting my portfolio website. For more information on my projects and experiences, please explore the other sections.
