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Essay Available:
Pages:
6 pages/≈1650 words
Sources:
4 Sources
Style:
MLA
Subject:
Business & Marketing
Type:
Term Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 31.1
Topic:

Market Analysis and Target Market of Ulta Beauty

Term Paper Instructions:

1. Current Market Analysis
i. Describe your current target market in the US, to include demographic, geographic, and psychographic segmentation variables.
ii. What is the size of the target market? In other words, how many people fit into the group
you have chosen? iii. What is the reasoning behind why the company chose this segment?
2. Culture (2-3 pages)
i. What major cultural factors will affect your company the most in this country? In other words, give examples of the top 3-4 factors that will impact your decisions regarding your target market related to the determinants and expressions of culture (Education, Language, Religions, Social Structure, Class System, Food, Music, Literature, etc.) Be specific.
i. Describe their culture more broadly conceived - general perceptions, common attitudes (if any), generational differences, consumer behavior, and anything else that relates to your brand and its potential in this country.
ii. Hofstede’s Chart should go here – analyze and discuss the top 2-3 factors.
3. Market Analysis and Target Market (2-3 pages)
i. Describe your NEW target market to include demographics, and psychographic, segmentation variables.
ii. What is the size of the target market? In other words, how many people fit into the group you have chosen?
iii. Develop a consumer profile of your targeted segment examples can be found online or in the BlackBoard folder).
iv. Explain WHY you chose this segment
THE TOPIC IS ULTA BEAUTY
I ATTACH A SAMPLE PAPER, maybe you can follow that order only thing it will have less pages.

Term Paper Sample Content Preview:
Student’s Name
Instructor’s Name
Course
Date
Ulta Beauty
Introduction and Company Overview
Ulta Beauty is a US-based beauty company that focuses on providing beauty products and services all in one place (Ulta Beauty, About ). It was established in 1990 and since then, its success has been driven by its mission, vision, and values. Its mission is to “use the power of beauty to bring to life the possibilities that lie within each of us- inspiring every guest and enabling each associate to build a fulfilling career (Ulta Beauty, About).” This mission is not only focused on its clients but also on its employees and associates. Its vision is “to be the most loved beauty destination of our guests and the most admired retailer by our Ulta Beauty associates, communities, partners and investors (Ulta Beauty, About).” Similarly, its vision is not only focused on its clients but also on its employees as well as partners, investors, and the community at large. The values that guide Ulta beauty include doing what is right, championing diversity, winning together, improving, and giving wow experiences (Ulta Beauty, About). As a result, it has been able to serve over 33 million customers and create over 22,000 new job opportunities. It also operates over 45,000 stores to serve its clients.
Current Market Analysis
Ulta Beauty’s current target market in the US comprises beauty enthusiasts. As the company reveals, its value proposition involves providing all things beauty, all in one place to serve a community that is representative of all genders, ages, and skin tones (Ulta Beauty, About). To arrive at this, the company had to decide the characteristics of its target customers. According to Dolnicar, Grun, and Leisch (p.20), deciding the characteristics of the target market helps an organization determine its ideal target market. For Ulta Beauty, the ideal target market is characterized by beauty enthusiasts, who are not afraid to redefine beauty for themselves and express it authentically regardless of their age, gender, and skin type. Beauty enthusiasts contribute to 57% of Ulta Beauty shoppers (Ulta Beauty, 2022 Annual Report p.3). Thus, its target market comprises men and women who perceive themselves as beauty enthusiasts and need access to beauty products and services at one stop. They are deeply emotionally connected with beauty (Ulta Beauty, 2022 Annual Report p.3) and they value convenience and self-care routines.
Ulta Beauty’s product offering allows it to target a wide range of customers of all ages and multiple demographics (Ulta Beauty, 2022 Annual Report p.3). Most of Ulta Beauty’s target customers are aged between 18 to 29 years and account for about 45% of US consumers, although there has been a shift towards teen shoppers who now account for 22% of Ulta Beauty shoppers, as shown in figure 1 (Statista). Also, Ulta Beauty’s consumers are primarily women who are offered a wider range of beauty products including skincare, haircare, nail care, and makeup products.
This specific target market is more in sync with beauty and beauty products and is willing to spend a significant amount of its income on beauty. Beauty enthusiasts account for about 77% of sp...
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