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International Marketing Plan – Velvet Beauty Soap in Bangladesh

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International Marketing Plan – Velvet Beauty Soap in Bangladesh

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Description

Strategic Marketing Plan for an overseas market

 

  1. Select a brand of your choice and evaluate the current marketing strategy, i.e. where are they now and how is it performing in terms of Key Performance Indicators (KPIs) and in relation to market facts and figures and the competitive context.
  2. Develop a strategic marketing plan for this company for the next two years that will set its brands apart from competition and grow top-line, bottom-line, and market share while delivering superior consumer value compared to competition in a selected overseas market. Justify the overseas market selection criteria.
  3. Students are expected to submit a fully-fledged marketing plan including objectives, strategies, Segmenting, targeting, and positioning, implementation details with time frames, budgets required, and expected results (Key performance indicators based on marketing objectives). Make sure that you have included the key points of digital marketing for this brand in an overseas market.
  4. Students are required to submit volume and value forecasts, profitability and market share forecasts, together with projected financial statements along with assumptions to justify their plan.
  5. You are strongly advised to familiarize your-self with the market situation in relation to your brand, consumer behavior / needs and the competitive situation before attempting this assignment. You are expected to conduct secondary research (collect already available information) about your target consumer behavior in relation to your brand and that of competition.  You may also include primary research (e.g. survey using Google forms to obtain consumer feedback on your chosen brand relative to that of competition.

Demonstration of relevant knowledge/understanding of the current position of the brand (10%). This section includes a good understanding of the market (Category that the brand competes, market size (volume and value), growth, consumer behavior and competitor analysis, and pricing, profitability, and value propositions and market shares of competitors, and your brand. Also its present positioning compared to competition).

Construction of the PLEST & SWOT analysis and identification of workable opportunities (15%). Remember, opportunities need to be quantified.

Quantification of opportunities via setting marking objectives (15%).

Strategy development and justification. This part includes segmenting, targeting and positioning (STP) (40%). Clearly demonstrate how you propose your chosen brand take advantage of unmet consumer needs or satisfy consumer needs better than existing competitors. You will need use secondary marketing research data to justify your recommendations.

Development of an execution plan and marketing budget (10%).

Identification of KPIs and suggested plan for performance management. (10%).

Additional information

Table of Contents

Executive summary
1.0 Introduction
2.0 Situation analysis and current position of the brand
2.1 Market size and market growth
2.2 Consumer behavior
2.3 Value proposition
2.4 Competitor analysis
3.0 Micro environment analysis
3.1 PLEST analysis
3.2 SWOT analysis
4.0 Marketing objectives
5.0 Segmenting, targeting and positioning (STP)
5.1 Segmenting
5.2 Targeting
5.3 Positioning
6.0 Marketing execution plan, marketing budget and forecasted profit & loss
7.0 Performance management plan
8.0 Conclusion
Preview

Executive Summary
The key objective of this report is to develop comprehensive market plan for Velvet beauty soap. Velvet is a key brand of Hemas Holdings and it is the market leader in Sri Lanka in beauty soap category. Hemas Holdings is the second largest conglomerate in Sri Lanka which offers range of personal care products. In this report, marketing plan is developed for Velvet to establish in Bangladesh market which is completely new market for Velvet for next two years.
Key marketing objectives of this plan are achieve 10% of market share in beauty soap market in Bangladesh at the end of 2023, achieve BDT 2880 million revenue at the end of 2023 and Introduce 3 product variants in first year and another 3 product variants in second year.
There are five main segments in the market and it is recommended two primary segments that Velvet need to mainly target. Further, it is recommended to follow hybrid strategy to reach larger customer base and competitor bid pricing strategy as a suitable pricing strategy. Total marketing budget for two year is estimated as BDT 427 million for two years.

1.0 Introduction
This report contains a comprehensive understanding of the market including market size, growth, consumer behavior and competitor analysis, and pricing, profitability, and value propositions and market shares of competitors. Further, it is developed macro environment analysis to identify the opportunities and marketing objectives are set based on quantification of opportunities. This study also develops marketing strategies including segmenting, targeting and positioning (STP) strategies to outperform competitors in new market by fulfilling unmet consumer needs. Finally, this report develops execution plan and marketing budget for next two years and identify KPIs and suggested plan for performance management.
2.0 Situation analysis and current position of the brand
Mainly, velvet is a beauty soap brand and it also offers products such as body wash, hand wash and body lotions in Sri Lanka under Velvet brand name. Considering product life cycle, Velvet beauty soap currently is in maturity stage while other products are going through growth stage. Considering beauty soap, Velvet is a market leader in Sri Lanka which covers 30% of the market (Hemas annual report, 2020). Velvet recently surpassed Lux one of the leading beauty soap brands which was market leader many years. Currently, Lux covers 25% market share (Deshapriya, 2020). In 2020, Hemas had made over Rs. 25.05 Billion of revenue through Velvet brand. However, currently, market is stagnated and market growth rate is recorded as 2.6% (Deshapriya, 2020). Thus, Hemas focuses on product development and market development strategies regarding Velvet beauty soap. Velvet has launched many different variants such as Jasmine & Hibiscus, Kohomba & Aloe, Honey & Yogurt, Rose & Pomegranate, Purple lotus and lavender, Milk and almond etc. Further, company expects to enter new markets. Bangladesh is considered as one of feasible market to enter.
2.1 Market size and market growth
Considering Bangladesh beauty soap market, current market size is estimated at more than BDT 28,800 million (USD 335.15 million) (Ali, 2021). In 2010, market size was BDT 7200 million (USD 83.8 million). Therefore, market is growing faster and in 2016 to 2020, annual market growth rate was estimated as 8% (Ali, 2021). Annual demand for bathing soaps in Bangladesh is approximately 50,000 metric tonnes (Ali, 2021).
2.2 Consumer behavior
According to a research, in urban areas of Bangladesh, 43% of households buy 3 to 4 beauty soaps per month. 37% of household buy 5 to 6 soaps and 12% purchase 1 to 2 soaps per month (Ali, 2021). Considering six attributes which are size, price, packaging, quality, smell and freshness, customers mainly focus on quality and price of the product. Then respectively, size, freshness, smell and packaging are considered (Nazmul et al. 2020).
2.3 Value proposition
Currently, Velvet is the only beauty soap brand of Sri Lanka which is dermatologically accredited for skin safety and non-irritancy on skin. Therefore, skin safety aspect can be used as unique selling proposition (USP) in Bangladesh. Further, the product is free from paraben. Velvet is developed specially suitable for South Asian skin. Thus, another value proposition of the product is that embracing unique South Asian beauty. Thus, safety of customers and embracing unique South Asian beauty are key value propositions of the Velvet.

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