Assignment Report MKT243 PDF

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FACULTY OF BUSINESS AND MANAGEMENT UNIVERSITY OF TECHNOLOGY MARA (UITM) CAMPUS MERBOK, SUNGAI PETANI DIPLOMA IN BUSINESS STUDIES (KBA111) FUNDAMENTALS OF MARKETING (MKT243) GROUP ASSIGNMENTS: MARKETING PLAN “Victorious Glow” PREPARED BY: NAME MATRIC CARD Nur Aysh Batrisyia Binti Zahiruddin 202014716...

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FACULTY OF BUSINESS AND MANAGEMENT UNIVERSITY OF TECHNOLOGY MARA (UITM) CAMPUS MERBOK, SUNGAI PETANI DIPLOMA IN BUSINESS STUDIES (KBA111) FUNDAMENTALS OF MARKETING (MKT243) ____________________________________________________________________________ GROUP ASSIGNMENTS: MARKETING PLAN “Victorious Glow” ____________________________________________________________________________ PREPARED BY: NAME Nur Aysh Batrisyia Binti Zahiruddin Siti Nur Syuhada Binti Zulkifli Irdina binti Shamsolbahri Khalisah Faqihah Binti Kamal Bahrin Nur Athirah binti Ahmad Termizi

MATRIC CARD 2020147167 2020587751 2020756169 2020591263 2020972155

PREPARED FOR: SIR SYAHMI BIN HARUDIN

GROUP: KBA111/2A

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TABLE OF CONTENT

ACKNOWLEDGEMENT EXECUTIVE SUMMARY COMPANY’S BACKGROUND MARKET SEGMENTATION PRODUCT PLACE PROMOTION PRICING CONCLUSION & RECOMMENDATIONS REFERENCE APPENDIX

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ACKNOWLEDGEMENT In the name of Allah, The Most Gracious, The most Merciful

First and foremost, Praise is to Allah to give strength and His messenger, Prophet Muhammad S.A.W. His showers of blessings throughout any research work to complete the marketing plan successfully.

We would like to express our deep and sincere gratitude to our Fundamentals of Marketing lecturer, Sir Syahmi bin Harudin for giving us the opportunity to do our marketing plan and providing invaluable guidance throughout this marketing plan. The success and final outcomes of this assignment required a lot of guidance and assistance from many research and we extremely fortunate to have got this along with the completion of our assignment work.

We are grateful because we managed to complete this assignment within the time given by Sir Syahmi bin Harudin with great enthusiasm and determination. All the time spent searching and discuss ideas to drive the output was worth our effort and time. This assignment cannot be complete without the effort and cooperation from our group members. Group member’s Aysh, Syuhada, Irdina, Khalisah and Athirah.

We hope our assignment is complete and will be received. We had used our effort and acknowledgment to search for information and ideas. Hoped our effort was worth it.

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EXECUTIVE SUMMARY In recent years, environmental problems, such as climate change and air pollution, are still the biggest issues for human beings and the environment. Along with human activities, these issues have existed, so people continue to purchase skincare items to take care of their skin. Victorious Glow was formally introduced in September 2019 to manufacture fresh items. It is an organic skincare business that has used an ethical way to position a product, brand, and company as environmentally friendly. Victorious Glow uses the marketing mix to accomplish this objective in a particular dimension of green marketing consists of product, price, promotion, and place. Second, under the Ethical Purchasing Strategy and against animal testing, it uses ingredients from ethical resources. Then, at South Korea and France’s well-established skincare research laboratory, the products are handmade fresh locally. Secondly, the company sets the price of the product based on the customer's perception of value. Third, Victorious Glow is concerned about human rights, the protection of animals, and the protection of the environment, thus establishing a company's own green product and implementing ethical campaigns. Victorious Glow focuses more on promoting its essence in social media, such as Facebook, YouTube, and Twitter, but does not have a TV or radio advertisement. In addition, Victorious Glow has both direct and indirect competitors with similar concepts, for example, The Body Shop has direct competitors and L'Oréal and Estée Lauder as indirect competitors. The choice of the product on the perceptual map is therefore safe for the skin and value for money. Finally, Victorious Glow observes to what extent the product is considered high/low safe for the skin and to what extent the product is considered high/low value for money. It has a high level of safety for the skin and a high value for money.

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COMPANY’S BACKGROUND

Victorious Glow was created in September 2019 by a group of friends who share a passion for skincare products and a dedication to show the world what Victorious Glow is capable of for Malaysia. Victorious Glow was founded in September 2019 and has been well known in a short span of 2 years in Malaysia, Singapore, and Indonesia. Victorious Glow believes that great product quality and excellent consumer relationships dominate the success of a company. To continually develop and provide consumers with the highest quality and productivity goods, Victorious Glow has its own brand managers, science testing centre and advanced technology. Victorious Glow is a professional skincare product that is the creation of South Korea and France's well-established Skincare Research Laboratory. It also provides us with a better understanding of quality management to meet consumer demands by combining scientifically advanced technologies and the top nutrient formula. As a complete solution, ensure that each approved product offers the highest quality. Victorious Glow is a line that is based on online purchases and by this, we do not have any physical store, but the business does have “a warehouse” that is located at TTDI Dualis, Jalan Equine 1G, Bandar Putra Permai, Seri Kembangan, Selangor. For the location, we found it strategic and accessible to every facility. This is where the business stores our stocks and where our office is. is. All the process from taking orders from customers until posting out parcels to customers were done under one roof.

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MARKET SEGMENTATION 

Market segmentation

Market segmentation can be defined as the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Essentially, market segmentation helps marketers to aim just for the people who to be expected satisfied with the final product produced by the company. Market segmentation helps marketers to determine customers’ needs and wants more accurately. Market segmentation also help the decision makers to determine marketing objectives more precisely and better distribute resources. For our company, Victorious Glow Sdn. Bhd., we chose Demographic Segmentation and Psychographic Segmentation as our market segmentation strategies. As we all know, demographic is one of the most famous and frequently used types of market segmentation. Marketers can segment markets by age, income, ethnic background, and family life cycle. Based on our statistical data observation, we figured out that people nowadays are struggling to have a free-irritation and hydrated skin either men or women. In, conclusion our company decided to produce facial essence to solve our nowadays communities’ skin problem. Our product which is a facial essence are useable for all ages especially teenagers and adults. Our product consists of organic substances that can reduce irritation to the skin. Furthermore, our product also well-known because of the quality are marvelous and the price are affordable. Eventually, it is not a problem for the people with low income to purchase our splendid and expensive-looking facial essence in the market. Besides that, this product can be used by both genders’ men and women. Psychographic Segmentation can be concluded as market segmentation based on personality, motives, lifestyles and geodemographic. Our product has a very fancy-looking packaging that will attract customers’ attention from afar. As what we observed, our regular customers usually are working women. They can be described as elegant but very determined in what they want. Same goes to our product’s features, sophisticated and effective. Nowadays, we are very excited to modify our facial essence as we

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are receiving a lot of positive feed backs from people who had been suffer with non-hydrated and irritated skin problems. According to them, their confidence level had been boosting up after they are using our facial essence.

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Strategies for selecting targeting markets.

Target market can be defined as a group of consumers at which a product or services is targeted. The strategy that is used by Victorious Glow Sdn. Bhd. is concentrated strategy. With this strategy, our company manage to select one segment of a market for our marketing efforts. Our only focus on this product would be able to satisfy our customers’ needs which are having a hydrated and clear skin. We acknowledge that our customers had been requesting us to produce a full set of facial skincare products. In that case, we are strongly believed that our company have a strong position in the beauty market as our customers are happy with our product. However, there are some advantages and disadvantages using this strategy. The advantages of a concentrated strategy are the sources are focused and well distributed. It is because Victorious Glow Sdn. Bhd. only focuses on using organic substances in their products which do not harm the customers’ skins. So, it is easier for us to keep our mission and vision as our customers are convincing with the substances contained in our products. Besides that, our company want to avoid wasting organic substances in the making process of our facial essence. Next, the advantages would be the needs of customers could be defined precisely. Victorious Glow Sdn. Bhd. would be able to identify the customers wants and needs so that we can produce more products that would be life changing in our skincare lines. Lastly, the advantages of concentrated strategy will be smaller firms are able to compete with larger companies. It is because the competition between these smaller firms and big companies are intense because they must produce best products to stay in the business industry. For example, at the beginning Victorious Glow Sdn. Bhd. is a small company and we only produce facial essence. As time passed by, our lovely customers support us and encourage Victorious Glow Sdn. Bhd. to produce more skincare products in the future and they are looking forward to trying them on. Today, Victorious Glow Sdn. Bhd. has become a bigger company.

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The weaknesses of the concentrated strategy would be major competitions. It is because, in order to survive in business industry, you need to have outputs to give to the consumers. As day by day, many competitions occurred in business industry because competitors manage to produce more products than Victorious Glow Sdn. Bhd products. The next obstacle for our company would be the changing of consumers’ behavior in the target market. Therefore, our company should keep thriving by producing more effective and variations of products to the consumers.

PRODUCT CONCEPT 

Company’s product

Victorious Glow Sdn. Bhd Company’s is skincare product that can be use for men and women. This is our product picture look like:

Diagram 2

Based on the picture, that is our company’s product which is Victorious Glow. The purpose of the product is to solve the skin problems that a person faces. Our products only use organic 8

ingredients, so it is very safe to use because it does not contain ingredients that can damage the facial skin. This product is able to treat all kinds of facial skin problems such as acne, large pores, perforated scars and so on. the average user gives good feedback on this product and they like

it.

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Types of consumer product

Specialty products are forms of consumer product for our business. Specialty products have unique characteristics and features since they have been produced as a single solution for a particular consumer segment. Victorious Glow Sdn. Bhd announces unique functionality and features to fulfil the customer's expectations for our product and brand. Our product is only available in our stores and our items are very minimal. The price of our skincare product is suited to consumers and not too costly. We are aware that everyone has a commitment, so by each group we offer the price of our products at an affordable price and do not burden anybody.

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Product items, product line, product mix

A product item is a specific version of a product that can be designated as a distinct offering among an organization’s product. A product line is a group of closely related products offered by an organization. An organization's product mix includes all the products it sells. We use the product line for our company in our production. Obviously, our company tends to sell a product that can solve skin problems. So, we have added a new line to our company, a unique skincare product to help our customers skin. For those who want to deal with facial disorders that are damaged without adverse side effects, this product is very useful. This product is perfect for those who like greenery. We truly know that our client is pleased and eager to purchase our goods. The customers, who know our brand already, are new line product. Product lines also have many advantages, including promotional savings, box uniformity, standardized materials, effective selling and delivery, and finally equal efficiency. Therefore, as our marketing strategy, we agreed to use it.

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PLACE 

Type of marketing channel

 Direct Channel Victorious Glow Sdn. Bhd. used direct channel because we want to sell our products directly to our consumers on order to decrease the purchase price. For example, direct marketing activities including telemarketing and catalogue shopping such as online shopping using smartphones and through social medias like Instagram and Facebook. In addition, our company also managed to advertise our products on televisions such as CJ Wow Shop so that our products’ features can be well-known by people. For those who are interested to purchase our products, they can place their orders through our Instagram or Facebook page. It is so much easier for us to advertise our products nowadays as the technology are getting better day by day.  Agent/Broker Agents or brokers are individuals or companies that act as a “helper” of the manufacturing company. They basically will be the representative of the producer to the final user in selling the company’s outcomes. They do not own the product directly, but they will be participated in the distribution process. They also manage to make their own profits through fees or commissions that given by Victorious Glow Sdn. Bhd. company. We used agents and brokers so that they can buy and sell our products to people even though they will not be taking the title of ownership.

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Level of distribution intensity

 Intensive Distribution The level of distribution that our company, Victorious Glow Sdn. Bhd. choose is intensive distribution. Intensive distribution is a form of distribution focused on maximum market coverage. As we can understand, manufacturer will set out products are available in every outlet where there are potential consumers that might buy them. In other hands, if one brand is not available, a customer will simply choose another. This alternative involves all possible outlets that can be used to distribute the products. For example, in our observation, our customers highly prefer buying our products at our official store. From that, our customers can purchase our

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products from our store and not going to the shopping mall or through our online shopping websites.

PROMOTION Promotion is one of the types of communication by marketers that informs, persuades, and reminds potential buyers of a product to influence an opinion or elicit response. Victorious Glow uses advertising and public relations for promotional strategies to encourage our consumers to purchase our products.

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Advertising

Firstly, Victorious Glow use advertising. Advertising is an impersonal one-way mass communication about a product or organization that is paid for by the sponsor or which company is identified, in this case we are the company. We use both conventional advertisement media and new advertising media because we agree that this promotion strategy is effective in helping us make profit for our business as we recognize that advertising is the most popular and effective way to let people know about the presence of our product and attract more buyers. Advertising also allows a company to raise profit by encouraging more individuals to understand the products and services and thereby contributing to more sales. In the other hand, if they are not marketed, customers would never get to know about the products and services. Ads encourage customers to make choices about which product and service to purchase. The example we use of traditional advertising media is through magazines, and the example we use of digital advertising media is through alternative media such as social media platforms. For example, we use Facebook and Instagram to market our products.

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Diagram 3

Furthermore, to promote our new products, we use the internet as an advertising platform. We chose the internet because it is both the fastest growing medium and the lowest cost at the same time. Moreover, the ability to reach a narrow target audience will increase the effectiveness of this new product's advertising. The internet, especially social media web pages like Instagram, helps people around the world connect with their friends and family. It can also help us, through many different platforms, to stay connected with our audience.

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Public Relation

Promotion of public relations requires knowledge that a company wants the public to know such as customers, employees, stakeholders, public. Public relations involve creating a positive image through publicity for our business, an offer, or an individual. Good public relations efforts can help a firm create rapport with its customers, promote what it has to offer, and supplement its sales efforts. Next is new production publicity. The key public relations methods are new product ads. This is so we can let the public know about our business, product or service information that appears as a new item in the mass media. We may, for instance, plan press releases or stage events.

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Diagram 4

Other than that, through event sponsorship. As an organization, our company will instantly display authority and a sense of accomplishment by sponsoring an event, thereby giving us prestige in our related industry and among our potential members. Throughout the event, attendees can see our brand in a non-forced way and are much more likely to come and find us and learn more this way. Moreover, by sponsoring events and charities is one of the ways of getting positive exposure for the company.

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PRICING 

Definition of Pricing

Pricing is the mechanism by which a firm determines the price at which it will offer its goods and services and can be part of the marketing strategy of the company. In setting prices, the undertaking would take into account the price at which the products may be purchased, the cost of production, the marketplace, competitiveness, consumer dynamics, brands and commodity consistency.

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Pricing Objective

Pricing targets are to thrive in today's intensely competitive environment and businesses need specific, achievable and observable pricing goals. To assess the efficacy of the company's plan, practical pricing targets include periodic monitoring. Pricing goals can be split into three groups for simplicity, which are profit-oriented, sales-oriented, and status quo. Firstly, the pricing objective that used in our company is profit-oriented. Profit-oriented pricing seeks to maximiz...