Marketing Mix Evaluation

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School

Florida International University *

*We aren’t endorsed by this school

Course

3023

Subject

Marketing

Date

Feb 20, 2024

Type

pdf

Pages

Uploaded by DeaconSeaUrchin3037

Marketing Mix Evaluation By: Sarina Santiago PRODUCT #1: Rare Beauty Liquid Blush INDUSTRY: Cosmetics PRODUCT #2: E.L.F. Cosmetics Liquid Blush INDUSTRY: Cosmetics PRODUCT Rare Beauty Liquid Blush offers a range of vibrant and diverse shades, allowing users to choose from a variety of colors suitable for different skin tones. e.l.f. Cosmetics Liquid Blush comes in a range of colors that flatter various complexion tones. The product is advertised as having a dewy look and a moisturizing composition. The focus is on how simple it is to use and how well it works to create a glowing complexion. PLACE Their product is primarily sold through the company’s website, sephora, amazon, and major beauty retailers. Their distribution network is broad and includes Amazon, Ulta, Target, and their own website. The brand's accessibility is increased by the vast availability of its items in physical and online retailers. PROMOTION Selena Gomez uses her own public presence to attract attention and heavily promotes her business. Professional makeup artists utilizing the product, customers reviews, and teachings are all featured on Rare Beauty's website and social media platforms. Their primary focus is digital and online advertising. The company frequently works with influencers and interacts with its audience on social media. Additionally, they frequently emphasize simplicity and affordability.

PRICE Rare Beauty's products are considered mid to high-end.They charge $23 a blush. They cost more than cosmetics from drugstores, but not as much as designer brands like Chanel or Dior. The cost of the liquid blush is $7. It is reasonably priced, which is consistent with the company's objective to offer high quality at a reasonable price. Marketing Mix Evaluation Mar 3023 Part II: Answer the questions below as an overall reflection of each category accordingly. Product: · How would you describe the key features and benefits of each product? o Product A: Rare Beauty blushes key features include different ranges of shades that cater to various skin tones. This blush has a buildable formula that leaves a natural and long-lasting finish. o Product B: e.l.f cosmetics also offer a variety of colors and have a focus on creating a moisturizing and dewy finish. · Which product appears to offer more value or differentiation to the target market? - I believe e.l.f cosmetics liquid blush offers more value because its more affordable to the public and it offers just as many shades and gives off the same dewy look. · Are there any unique selling points or innovations that set one product apart from the other? - Rare Beauty’s selling point is using the owner Selena Gomez to promote the product and even doing brand trips that promote the product. E.l.f. Cosmetics focus more on the price tag and having it available in more locations. Price: · How do the prices of the two products compare?

- Given that it costs $23, Rare Beauty is positioned as a mid- to high-end item. Despite their $7 price tag, e.l.f. Cosmetics uses a reasonable pricing approach. · Does the price reflect the perceived value or quality of the product? - The two products reflect their respective positioning within the market. Rare Beauty justifies its higher price with a premium image and unique features, while e.l.f. Cosmetics emphasizes affordability and accessibility. Place (Distribution): · Which product seems to have better accessibility for the target market? - Due to its availability in more conventional retail locations such as Walmart, supermarkets, and several internet sites, e.l.f. Cosmetics is more accessible to its intended audience. Promotion: · What marketing and promotional tactics are employed by each company to promote their products? - Rare Beauty employs a multifaceted promotional strategy. The brand leverages the celebrity status of Selena Gomez, who actively promotes the products through her public presence. e.l.f. Cosmetics employs internet and digital marketing as its main means of promotion. · Which product's promotional efforts seem to be more effective or appealing to the target market? - The effectiveness and appeal of promotional efforts depend on the target market. Although e.l.f. Cosmetics effectively reaches a larger audience through digital platforms, social media influencers and with a focus on pricing, Rare Beauty's strategy works well for a premium market seeking exclusivity and authenticity. Summary Analysis: · Based on the comparison of the 4 Ps, which product do you believe has a stronger overall marketing strategy? Why? - After comparing the four Ps, it seems like e.l.f. Cosmetics has a more effective overall marketing plan. Their strong and effective approach is supported by the focus on influencer partnerships, inexpensive products, and internet marketing that caters to the tastes of their target audience. · How do the marketing approaches of the two companies align with their respective target markets?

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- The marketing strategy used by Rare Beauty is in line with a premium market that values originality and uniqueness. e.l.f. Cosmetics deliberately aims to appeal to a larger demographic that values accessibility and cost. They serve customers who want high-quality goods without going over budget. · Are there any insights or lessons that can be learned from the marketing strategies of these competing products? - A valuable takeaway from these organizations' marketing strategy is the range of distribution options they provide. The luxury image of Rare Beauty is maintained by its availability in a limited number of beauty merchants, but e.l.f. Cosmetics's extensive distribution across several retailers and online platforms improves accessibility and expands its market reach.

Marketing Mix Evaluation

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