New Product Launch Marketing Plan, Part I
New Product Launch Marketing Plan, Part IMKT 571July 8, 2015New Product Launch Marketing Plan, Part IMake-Up Art Cosmetics (M.A.C.) is a worldwide leader in professional cosmetics. The company began in Toronto, Canada in 1984. M.A.C. established itself as the ultimate color authority (www.maccosmetics.com, 2015). To continue its “colour authority” image the company has created an innovative product. The Magic Rainbow Tip Stick (the nail stick) will satisfy every customer’s need for uniqueness through the expression of unique/customizable nail-color. Market NeedsM.A.C. will present the nail stick to consumers to aid them in cutting down the many different types nail polish they own with this stylish nail polish applicator. This sleek and easy to use device allows an on the go accessory to match attire and flow with every changing life style. With a price of $70, a non-toxic, clear coat base polish allows the women to integrate with the Nail Stick at a price befitting of purchase over time. This device would even allow travel on any airline. The Nail Stick offers convenience to fit on any nail, finger, or toe.Market GrowthWhile being a top ten company in the line of makeup and cosmetics, customer support is paramount for successful growth and business longevity. The nail stick will enabled M.A.C. to eliminate many make up, travel and storage issue. With the world’s best nail polish rounding out at prices $18-$50 for a single bottle, M.A.C. created a niche in competition, price, convenience, and functionality. M.A.C. has the consumer base of over 105 countries and the privilege of being one on the leading professional makeup authority for their expertise in makeup artistry.
SWOT Analysis Strengths M.A.C.’s brand recognition is one of the company’s strengths. The brand recognition has created a cult following among celebrities, make-up artists, and designers. The company has paved its way as a professional cosmetic brand (www.maccosmetics.com, 2015). M.A.C. also creates cruelty-free products, which follow/create the latest color/fashion trends. They have innovative fashion forward products to ensure an edge in the professional cosmetic industry.Weaknesses M.A.C. is a high quality brand, and to maintain the company’s quality they offer products at an above average price point. M.A.C.’s extravagant prices make for a luxury purchase the average consumer can afford. The company has growth opportunities to shift the weaknesses into strengths.Opportunities Consumers are more conscious of their health and the products they buy than in the past. This is an opportunity for M.A.C. cosmetics to stand apart from other competition. The company can focus its marketing on the cruelty-free aspect of its products (www.maccosmetics.com, 2015). M.A.C. is an established international brand, and has traditionally been a small section in other beauty supply stores. This company has the opportunity to expand further with their own brick-and-mortar stores. The current M.A.C.-only locations are succeeding. Expanding into strategic locations is a great opportunity for the company. M.A.C. can also expand their brand and offerings by creating a line of more affordable cosmetics, while maintaining signature high quality.