Lipsmacker, a north american lip product brand, offers massive business potential in the Philippines. It specializes in its particular flavored lips balms starting from a wide array of flavors such Strawberry Banana and M& M's. The brand has an existing require in the Philippine Market, while evidenced by simply online online community and blog site posts. As well, no Philippine cosmetic company currently supplies the same product offerings.
Catering to a specific niche market tweenager market is not totally new. В Various brands ranging from shampoo to creations (i. at the. Palmolive Children and Kids of Bayo) specifically catered to tweenagers have already dominated the industry. This depicts high client acceptance intended for such market.
Also, the P16. eight billion in spending benefits of the Filipino tweenagers in 2007 (45. 4% of P37 billion dollars spending electric power combined with fresh children) relating to Euromonitor. com facilitates the great potential of the marketplace. Despite the positive outlook of the financial projection, the result of the economic downturn in the economy may well have a bigger impact on customer spending power for this group. Also, tweenagers do not have complete control of their very own purchase decisions, as they are continue to under the control over their father and mother. Moreover, LipSmacker foresees numerous indirect rivals such as Avon, Careline simply by Ever Bilena and Trend 21 Makeup, as well asВ second-tier competitions just like Vaseline, Blistex and Chapstick as its risks.
Advertising Segmentation is necessary for Lipsmacker to identify and eventually service the target market. The three bases applied are the pursuing: demographic segmentation, geographic segmentation as well as psychographic segmentation
Below demographic segmentation, the variables considered happen to be age and socio-economic class. Age can be carefully recognized because cosmetic makeup products are generally age-specific. For example , Revlon's age-defying technological formulation is perfect for older ladies, while Maybelline's cosmetic line is geared to hip and young girls. For Lips Smacker, that easily determines a youthful market. The explanation behind this is that aesthetic needs greatly vary between different age groups. Lastly, interpersonal economic class is considered because lip cream is no immediate require; thus it is necessary to determine the getting power of the potential buyers in the product.
Geographically, LipSmacker should regionally part its market in thought of distributional limitations. Besides this, it is additionally imperative to get the brand to profile its market in respect to their psychographic makeup. This basis of segmentation segregates consumers in accordance to their standards of living. Doing so, this considers many potential influences on ordering behavior. These kinds of factors have an effect on the interest of shoppers in the products and goods that they purchase, as they often serve an expression of their lifestyle.
The target market of Lip Smackers in the Philippines is eight to fourteen year old female tweenagers from socio-economic classes A and BВ residing in the Higher Manila location. These tweenagers fall under the Strivers category.
HOW COME TWEENAGERS? This can be in line with the global positioning of LipSmacker. This age group is considered the most likely to positively respond and appreciate the particular favors lips balms.
HOW COME SEC A AND M? Tweenagers belonging to SEC A and N are the many capable and they are highly willing to purchase products aside from their very own basic and immediate requirements.
WHY TWEENAGERS RESIDING IN MORE SUITABLE MANILA REGION? Tweenagers moving into the Greater Manila area enjoy high option of Lip Smacker. This is because City Manila provides the greatest focus of the inhabitants, thus it is easier to reach the market. В
FOR WHAT REASON STRIVERS? According to Businesswise LTD, StriversВ attach importance to image and status and as a means of enabling acknowledgement by their expert group although holding onto traditional values concurrently.
THE LENGTH OF THE BUSINESS CHANCE? Assuming tweenagers...
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