New Product for IMAN Cosmetics

New Product for IMAN Cosmetics
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New Product for IMAN Cosmetics
Current brand structure
The new product is tasty lip balm for IMAN Cosmetics. The product is essentially meant to be a product line extension. Currently, IMAN Cosmetics offers a makeup product line that includes lipstics, eye shadow, eye pencil, foundation, concealer, blush, face powder, bronzer, mascara, as well as skin care products. All these products are closely related; the tasty lip balm will join this brand family. The lip balm product is a good addition to IMAN’s current product mix since it will cover an important market which the company does not cover at present. The product line extension will expand the market for IMAN Cosmetic’s products since it will give customers greater choice and provide products which meet the needs of customers more precisely. The tasty lip balm product will meet the needs of teen-age girls since the company could not satisfy these customer segment before.
Brand analysis
The market being targeted is the teen market comprising tween and teen girls; 8-13 year old girls, and 14-19 year old girls. It is notable that the teen market for mass cosmetics is a growing market. Teenage girls often head off by themselves to prestige-brand retailers such as Sephora and to department stores after they get their driver’s licenses. Young girls aged 8-12 go with their moms to Walmart or Walgreens, which presents a real growth opportunity for IMAN Cosmetics. At present, IMAN Cosmetics is not specifically serving this market segment. Although it has a wide range of cosmetic products, most of its products are targeted for women aged 19 years and above. The justification for targeting an entirely new market include the following: to gain more potential customers; to achieve greater marketing efficiency; to expand the company’s shelf space; to provide consumers with more variety; to increase profits; to lower promotional costs; and to achieve greater production efficiency. It is worth mentioning that an excellent way for a business organization to expand its business is essentially by adding to its current product line. The reason for this is that consumers have a high likelihood of purchasing goods from brands with which they are already familiar. IMAN Cosmetics will be able to increase its share of the market by adding tasty lip balms to its existing product line.
The main competitors for IMAN Cosmetics include Revlon, L’Oreal, Black Opal, MAC, and Black Up. The competitive response is that IMAN’s competitors are likely to also add tasty l...