Please read entire transcript on word document labeled Video Analysis _ Marketing
Choose an existing product or service and write a 2-page summary that answers the following four questions. = PRODUCT or Service is AutoZone (attached is a SAMPLE PAPER, DO NOT USE ANYTHING ON THE SAMPLE!!)
Each question should be a title on the word document.
including a cover page, references page, in-text citations, Times 12-point font, double spacing, running head, page numbers, and so forth.
- Who are the target customers?
- What do the target customers want?
- What other products, companies, or disruptive technologies is it competing with?
- Does the company that produces it have a customer-focused culture? If so, how? If not, how would you recommend it do so?
Objectives of Marketing
After completing this topic, you should be able to
· identify the key objectives of the marketing function in organizations
[Topic: Objectives of Marketing. The host is seated in studio with two panelists – Frances and Matt. The host addresses the viewer.]
HOST: No one company is the same as another. That’s true, but all marketing efforts have certain objectives in common. The first objective is to identify profitable market segments.
HOST: In other words, figure out which customers are valuable and what their characteristics are. What makes them tick? Doing this involves dividing up your market into market segments. Each segment is a subset of customers who share certain distinctive characteristics.
[Matt addresses the host.] MATT: A few years ago, we did our research, and it showed us just how important school children are as a market for our tablets. So we started looking at how tablets are being used at school…talking to educators, talking to learners, speaking to their parents.
[The host responds to Matt.] HOST: I guess school kids don’t need the same kinds of features as the average business person.
[Matt responds to the host.] MATT: Exactly. And their parents don’t want those kinds of price tags either.
[The host responds to Matt.] HOST: So the next objective is determining customers’ needs and requirements.
[Matt responds to the host.] MATT: Yeah. Once you know who your customers are, it’s about asking exactly what they want. What features do they need? And what are they willing to pay?
[The host addresses the viewer.] HOST: Marketers use this information to increase the value they offer customers. They use it to find the right customers for their products and services, and to create new products they know customers want. [The host addresses Matt.] HOST: But you and your customers operate in a wider marketplace. It’s not just about looking at them, is it? You have to think about your competitors too.
[Matt responds to the host.] MATT: And it’s not just other companies offering similar products or services that count as competitors. For example, smartphone screens keep getting bigger, so phones are competing with tablets.
[The host addresses the viewer.] HOST: That leads to a third objective that all marketing has in common – to analyze and monitor the competition. Who are your real competitors and what products, strategies, and activities are they using? This kind of competitive intelligence lets organizations adjust their own marketing and improve their ability to compete. A final marketing objective is to promote a customer-focused corporate culture. In a company with this type of culture, customer satisfaction is a priority for all employees.
HOST: Consider how a bank gets this right. [A video clip of Lauren plays.] LAUREN: I recently opened a new account. I didn’t have to wait at all, and the person who helped me was amazing – friendly, efficient…Oh, and right at the end, the manager even came over and shook my hand. She said she likes to introduce herself to new clients!
[The host addresses the viewer.] HOST: Keeping customers satisfied involves managing customers’ experiences, as well as all their interactions with your organization. This is something that everyone in an organization has to pull together to do.
HOST: There are no one-size-fits-all marketing techniques. But in all organizations, marketing has similar objectives. These support the ultimate goal of marketing, which is to optimize the exchange of value between your company and its customers.
L’OREAL AND ITS PRODUCTS ANALYSIS 1
L’OREAL AND ITS PRODUCTS ANALYSIS 2
Beauty products have a large market worldwide and any company venturing in that sector should also keep creating products in different, but similar markets such as hair or bathing products to retain competitive advantage. L’Oreal has been able to accomplish this as well as obtaining many subsidiaries that align with the company’s ethics and goals. L’Oréal is a French personal care company and is the world’s largest cosmetics company and has developed activities in the field concentrating on hair color, skin care, sun protection, make-up, perfume, and hair care. Such diversity has provided the opportunity to analyze their target customers as well as any competition that they may be faced with. L’Oréal strategy is called universalization and encompasses the company’s needs to embrace and understand the differences while providing tailor made beauty (L’Oréal Luxe Wins Over Millennials, 2018). While the strategy is admirable, there were some ethics concerns that the company had to overcome and change to ensure profitability.
The company’s target market of the product is defined as the market in which company would like to sell its products to targeted customers. L’Oréal utilizes demographic segmentation to target its customers which segregates the customers based on several factors such as age, skin color, and its social economic class. L’Oréal has been able to create brands for upper middle and upper class staying true to the men’s or women’s identification of beauty. They have also created products that cater to people of color as well as professional grade products for makeup artists. Some current changes were made to overcome the animal testing scandal and the reason the changes were made was due to a March 2013 a cut-off date. The company now claims not to test its finished products or raw materials on animals after this date (Rose, 2019). Such changes were implemented to keep with the current global times and to brand themselves as the most ethical. The company has established 34 brands to cater to its many customers. L’Oréal Luxe
What Do The Target Customers Want?
The target audience for L’Oréal Luxe expect service or products to be in line with their lifestyle as well as a personalized experience. The L’Oréal Luxe brands are better connected to their consumers than ever and are using digital technology to invent new relationships with them. Services now include video make-up tutorials by Giorgio Armani and the Vice Lipstick app by Urban Decay, which enables consumers to try about a hundred shades of lipstick before buying. Meanwhile, unique experiences, like launch parties filmed and shared on social media, embody the brands’ DNA (L’Oréal Luxe Wins Over Millennials, 2018). L’Oréal does have brand that caters to luxury and has many luxurious products. They create products for many individuals such as men and have developed men geared products; however, the mid-tier products such as Garnier remains a top earner for the company. L’Oréal is able to maintain low prices on such brand while advertising luxury from their other products in order to appeal to different facets of its consumers which ends up working well because working-class women tend to spend money frugally and not so much on luxury items; therefore, the pricing is a huge factor that makes L’Oréal’s products appealing to all the shoppers worldwide.
What Other Products, Companies or Disruptive Technology Is It Competing With
The competition which it is currently facing is against Softsheen and Maybelline New York. These competitors have a very loyal customer base in the cosmetic market which affects sales as well as having the market shared since consumers have many choices when making a purchase. Cosmetic brands need to innovate constantly in order to compete with other brands as well as retain the competitive advantage once competitors create products that could be better than L’Oréal’s. Research & Development is very important tool that all companies need to develop in order to compete with the competitor’s new products. Such a division allows the company to analyze its current products in comparison to its competitors’ products and allows for solutions to be obtained as well as new products.
Does The Company Have A Customer Focused Culture
The company has fostered its ethical branding and has become customer oriented by making significant investments in R&D to ensure that the products are innovative and chemical free which allows the customer to be protected from any skin reaction that arises from a customer utilizing a competitors product that uses harsh chemicals. L’Oréal products do not harm the environment either and has allowed L’Oréal which expands the fundamentals of strong ethical principles to further develop and continue to build its reputation. The bases of the reputation are that the company uphold honesty, respect, bravery and transparency. One way to take the company further would be to shift some of its focus on employees because L’Oréal company has been considered as company who is more focus on making customer relationship and ignore employees which are just as important as its products.
L’Oréal has made a conscientious effort to diversify its products and cater to its loyal customer brands. The company has been able to identify its audience and potential customers and develop brands to cater to that demographic. Being able to identify problem areas and develop new products to gain new customers has allowed the company to thrive since the creation of the company in the early nineteen hundreds and should be utilized as a success story for others to follow as well.
L’Oreal Luxe Wins Over Millenials. (September 2018). Retrieved September 2018, from L’Oreal: https://www.loreal-finance.com/en/annual-report-2018/loreal-luxe-3-3/luxury-wins-millennials-3-3-4/ How L’Oreal is Misleading Customers About Being Cruelty-Free. (Rose, 2019). Retrieved April 2019, from Cruelty Free Kitty: https://www.census.gov/foreign-trade/statistics/state/data/ca.html