Contemporary Brand Management

CONTEMPORARY BRAND MANAGEMENT
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Executive Summary
Introducing a new product entails identifying market opportunities and exploiting the gaps. This paper discusses introducing a new product in the cosmetics and beauty industry. The consumption trends in the cosmetics and beauty industry include reliance on digital platforms, which support consumer convenience, among other emerging technologies that enhance customer experience and interaction. The modern consumer is also keen on ethical and sustainable products. As a new brand, the focus should be on targeting unexploited market segments by producing natural and organic cosmetics. Competitors such as Sephora, Inglot, and L’Oreal’s Urban Decay are its major competitors. Sephora, for example, has a strong social media presence and brand awareness, which affects the new brand, FaceCard’s success. This is indicated in the brand positioning, where Sephora has a high social media presence and higher prices. Regardless, it enjoys a market share over competitors such as Urban Decay. It also includes brand graphics, including name, logo, slogan and product packaging design. Thereafter, the discussion revolves around communication strategy, primarily focusing on the new media and old media to attract young and older adults. This meets the Rossiter-Percy grid of communication objectives that revolve around brand awareness and attitude. A new brand requires brand identity, image, positioning, and equity, which shapes the overall business success. To succeed in the UK market, including overcoming competition, the new brand must embrace innovative marketing plans, ranging from digital promotion and emerging technologies such as virtual reality and artificial intelligence, penetration pricing that changes to competitive pricing once the brand establishes itself in 3 years, and socially responsible behaviour.
Table of Contents SECTOR ANALYSIS. 4 Consumption Trends and Major Opportunities. 4 Major Competitive Brands and the Market Situation. 5 Analysis of Major Brands and Positioning Map. 6 NEW BRAND TO ENTER THE MARKET. 7 New Brand Development 7 Market Gaps. 7 Opportunities for the new brand. 8 Brand Graphics. 8 Name. 8 Logo. 9 Slogan. 9 Branding/Product Packaging Design. 10 Communication Strategy. 10 Four Components of Branding. 11 Brand Identity. 11 Brand Image. 11 Brand Positioning. 12 Brand Equity. 12 RECOMMENDATION.. 13 CONCLUSION.. 14 References. 16
SECTOR ANALYSIS
Consumption Trends and Major Opportunities
The cosmetic industry, including beauty products, is one of the most successful industries in the contemporary world. The focus primarily entails manufacturing and distributing skin care products, colour cosmetics, including mascara and foundation, fragrances, hair care, toiletries, and beauty appliances such as combs. Importantly, consumer trends are shaped by strategic marketing approaches, including social media and influencer marketing, which includes celebrity endorsements. Consumers in the beauty industry are more likely to embrace a product endorsed by their favourit...