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Posted: February 26th, 2022
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Since the launching of Maybelline New York in the Vietnam market in 2007, the business has gained significant growth momentum over the years. A recent report indicates that Maybelline New York Vietnam is the first cosmetic company with the highest growth rate across the Asian Pacific with a 22% growth share. In less than ten years, Maybelline New York has risen to be the market leader in the makeup market, particularly in the mascara section, gathering up to 90% of the market share. The lip industry is also booming with high competition in color lip merchandises with a steady growth rate of 23%. Nevertheless, the facial group does not enjoy a great growth rate compared to other segments. Maybelline New York still has a long way to go since competition has been intensive with LG’s Essence, which ranks top in the makeup powder segment. In the meantime, BB Cream continues to maintain low sales figures without many promises in future advancements (L’Oreal Vietnam Internal Report Q-2, 2014).
Nonetheless, the BB Cream market in Vietnam is picking up well, and it is proving to become a high potential market within a short period. Maybelline was the first company to launch its BB Cream market in 2008, a well-thought-out product replacing the traditional moisturizer and foundation. Two years later, the Korean Brand Essence joined the market and began to share the market with Maybelline, and until 2014, every company had a clear need for BB Cream. Since then, this market has become highly competitive, especially with new companies like Unilever and other unbranded Korean products joining. However, Maybelline has lost its focus on the BB Cream market, and it is lagging in accomplishing its past successes.
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This marketing plan aims to propose sustainable plans that will play an integral role in enabling Maybelline to overcome this issue and push BB Cream as the market leader. To gather reliable information, the plan will gather information form through customer insights to aid in understanding their market needs and adjust accordingly.
References
"L'Oreal - Statista Dossier." Statista. April 2014. Retrieved from: https://www.statista.com/topics/1544/loreal/
Marketing Plan
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Marketing Plan
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