Marketing Plan: Anti-Aging Cream



Table of Contents

Introduction1

Product1

Environmental forces1

Social1

Economic2

Technological2

Competitive2

Regulatory2

Opportunities and Threats3

Consumer analysis3

Demographic segmentation3

Gender3

Age4

Psychographic segmentation4

Personality4

Lifestyle4

Consumer Decision Making4

Forces Affecting consumer Decision Making5

Marketing Influences5

Sociocultural Influences5

Psychological influences6

Situational influences6

Estimated Size of Market7

References8

Marketing Plan: Anti-Aging Cream

Introduction

This paper is a part of marketing plan for anti-aging cream product. This paper includes the analysis of external environment and the trends which can be treated as opportunities and threats. It also includes the segmentation strategy for this cream product and discussion of the factors that affect the consumer decision making. In the end an estimate size of the potential market is made, with the help of published sources in journals and research reports.

Product

Anti-aging cream for men and women will be developed separately.

Environmental forces

Environmental forces are the factors that have the potential to affect the business. Five major forces will be briefly discussed here i.e. social, economical, technological, competitive and regulatory (Kerin, 2008).

Social

Men and women are becoming more and more conscious regarding their looks.

More than one third of US population is above 50 years of age.

Economic

53 million Baby Boomers are now in the age bracket of 40 and 50. 11,000 baby boomers entering the age of 50 every day on average and this trend will continue for 10 years.

The 77% of the financial assets are owned by people aged above 50 in USA.

Technological

Anti-aging cream is getting more effective in its purpose day by day with the help of research and development in his field.

People are getting more comfortable in applying technology for their wellbeing and new products are readily accepted in the market due to reliable technologies behind research and development.

Competitive

Botox injections are primary threat to anti-aging creams.

Some substitutes in the form of foods and beverages are introduced in the market.

Regulatory

The testing on animals is widely banned in United States, and it presents challenges in trial of products and their effects on animals.

Federal Food, Drug, and Cosmetic Act 1938, prohibits producer of anti-aging creams from including any ingredient which is harmful for skin beyond a certain limit (FDA, 2011).

Opportunities and Threats

Baby Boomers population in United States and their financial strength is a big opportunity for all the products targeting the old customer. It is estimated that 80% of the retired baby boomers will continue to work (National Stem Cell Holding, 2007). This means that they are not willing to accept their retirement or sitting at home. The anti-aging cream can help them build the same opinion in the society about them. It will make them look younger.

Women are considered the major market. However, the increasing men awareness regarding their personal care is a new trend and on rise. This trend is also penetrating the older segment. Anti-aging cream helps reduce age signs and prevent the aging signs form appearing, and therefore a large age segment can be targeted under the same product.

The increased expenditures in anti-aging products are also an opportunity since it brings a future perspective that there will be continuous improvements in the product. However, the Botox injections present threat to the anti-aging ...