Brand positioning in LC vina cosmetics LTD

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UNIVERSITY OF ECONOMICS HO CHI MINH CITY International School of Business oOo MASTER OF BUSINESS ADMINISTRATION BRAND POSITIONING IN LG VINA COSMETICS LTD NGUYEN THI THANH TRUC Ho Chi Minh City – 2016 CONTENTS ABSTRACT CHAPTER PROBLEM IDENTIFICATION 1.1 Company background 1.2 Problem Symptoms 1.3 The definition & importance of the problem 1.4 Justify the existence of the problem 1.5 Potential causes of the problem and the justification 10 Company strategy & Limited budget 19 Ineffective activities planning 19 Lack of qualified brand in charge person 21 Wide target image 22 Conclusion chapter 23 Cause and Effect Map 19 CHAPTER ALTERNATIVE SOLUTIONS 20 2.1 Alternative solutions 20 Re-define the target image of Essance and measure the effectiveness of MKT activities 20 Hiring new Brand Manager 23 2.2 Solution evaluation 27 Conclusion chapter 29 CHAPTER ACTION PLAN 29 Conclusion chapter 30 APPENDIX A 31 APPENDIX B 35 REFERENCES 42 LIST OF IMAGES Image 1.1: Essance turnover over 2013-2015 Image 1.2: Number of buyers Essance compared to other rivals in 2015 Image 1.3: Share of Essance decreased over 2015 Image 1.4: Essance penetration compared to Maybeline’s Image 1.5: Essance customers’ age compared to its competitor, Maybeline Image 1.6: Value growth of Mainstream segment over 2015 10 Image 1.7: Value contribution channels in Mainstream 2016 16 Image 2.1: Nine functional areas of a brand manager 24 LIST OF TABLES Table 1.1: Branding activities of Essance vs its competitor, Maybeline 14 Table 1.2: Pricing comparison Celebrity 20 Table 2.1: Estimated cost for measuring MKT activities 22 Table 2.2: Estimated cost for hiring Brand manager 26 Table 2.3: Solution evaluation 28 Table 3.1: Action plan 29 ABSTRACT This research is to find out what problems are affecting Essance’s low performance in brand health & sales results in LG Vina Cosmetics Ltd., Company Using data from in-depth interviews with marketing manager and target customers, besides reports of Kanta Worldpanel about some Key Performance Indicators (KPI) of Essance over 2015, the research found out that the ineffective execution of Essance positioning strategy is the central business problem which leads to the low brand performance, indicating through low indicators of brand health check and low sales performance as well Next, in deeper analyze of the potential causes of the problem, the researcher found that the Company strategy & Limited budget, Ineffective activities planning, Lack of qualified brand in charge person and the Wide target image are root causes leading to the wrong execution of positioning strategies of Essance Forwards, the paper suggested solutions relating to Re-defining brand image target and measuring the effectiveness of Marketing activities besides hiring new brand manager to improve the execution of brand positioning strategies in LG Vina Finally, the action plan with detailed steps was presented to implement this strategy CHAPTER PROBLEM IDENTIFICATION 1.1 Company background The Vietnamese full name: Công ty TNHH Mỹ phẩm LG VINA The English name: LG VINA Cosmetics Ltd Address: 138-142 Hai Ba Trung Street, District 1, HCM city Website: http://www.lgcare.com.vn/ Staff: Over 500 employees LG VINA Cosmetics Ltd is a combination of LG Household & Health Care Korea and Vietnam Vegetable Oils Industry Corporation (Vocarimex) LG VINA does business in two main areas: Household goods (hair care, body care, oral care) with brands as Double Rich, Bamboo & Cosmetics (Makeup, Skin Care, Functional food) with The history of Whoo, O HUI, Beyond, VOV, Essance, E'Z up, Lacvert… The process of formation and development of LG VINA: - 1996 - 1997: Explore the Vietnamese cosmetics market as well as the needs of women in Vietnam - 22/10/1997: LG Household & Health Care Korea and Vocarimex signed the agreement establishing LG VINA - 3/2000: Become the first cosmetics company has a factory producing products in VN - 7/2008: Continue to develop and expand the business areas by building factories toothbrush - 9/2001: Achieved ISO 9001 certification for quality products - 11/2002: Achieved ISO 14001 certification for quality environmental management - 6/2009: Whoo Spa, which is the most luxury spa in Korea, firstly came to Viet Nam Cosmetic division is divided into segments: Super premium (Whoo, OHUI), Premium (Beyond, VOV) and Mainstream (Essance, E’Z up, Lacvert) which are both taken care by Marketing manager The focus of this paper is on the Essance brand of Mainstream segment, which are in charge of four persons: general Marketing manager cum the position of Brand manager, trade category manager, assistant trade category manager and brand executive To have more information about this segment, Mainstream is contributing around 30% to the total turnover of Cosmetics division of LG Vina and Essance is holding 80% of Mainstream segment It can be said that Essance is the core brand of Mainstream segment In term of competitive market, Maybeline is their most potential competitor as they target the same segment and have a similar business kind with Essance (major focus on Make-up) Other rivals are ZA, Hada Labo, POND’S….who both contribute to a competitive picture of mainstream segment 1.2 Problem Symptoms To find out the problems causing low brand performance, the research carried out initial in-depth interviews with Mr Ngan, Marketing Manager of LG Vina, Cosmetics department, who is cum brand manager of Essance at the present According to the interview result as well as the data he shared, Essance witnessed a decrease in brand performance over the period of 2013 – 2015 The turnover sharply decreases from 2013 – 2015 and could not reach target over these years Essance 2013 2014 2015 Target 158,792,327 184,127,193 182,084,600 Actual 160,957,591 137,490,596 131,894,859 % Reach target 101% 75% 72% (Unit: 000 vnd) 190,000,000 190,000,000 180,000,000 170,000,000 170,000,000 Target 160,000,000 Actual 150,000,000 150,000,000 140,000,000 130,000,000 130,000,000 2013 2014 2015 Image 1.1: Essance turnover over 2013-2015 Source: Kantar Worldpanel – Households Panel – Urban key cities- 52 w/e The decreasing turnover goes along with falling indicators about brand health of Essance According to that, number of Essance customers is decreasing over 2015 and around 100,000 people, just higher than Hada labo in mainstream segment Buyers (000)-Actual Yr on Yr 500 400 300 200 100 Essance Maybelline Pond'S Hada Labo Image 1.2: Number of buyers Essance compared to other rivals in 2015 Source: Kantar Worldpanel – Households Panel – Urban key cities- 52 w/e Essance market share, one of the most important indicators of a brand health, is decreasing by 33.2% from % to 1.3% over 2015 It is also obvious that Essance’s portion is not high in the whole category, compared to its rivals (Maybeline 3.8%, PONDS 8.3%) Product % of Category % Change Hada Labo 78.1 0.4 Pond'S Maybelline 8.8 -0.5 0.7 8.3 8.3 3.7 3.8 2.0 1.3 -33.2 Essance Image 1.3: Share of Essance decreased over 2015 Source: Kantar Worldpanel – Households Panel – Urban key cities- 52 w/e Besides, Essance experienced a decreasing penetration level over 2015 with a higher lost market percentage and lower new customers and repeaters 15 10 ESSANCE penetration % 15 MAYBELLINE penetration % 10 Repeaters Lost market 3.9 1.3 2.2 1.0 -3.5 -4.3 (5) New market 4.7 1.8 5.1 1.7 -4.6 -4.8 28-Dec-14 3-Jan-16 (5) (10) 28-Dec-14 3-Jan-16 (10) Image 1.4: Essance penetration compared to Maybeline’s Source: Kantar Worldpanel – Households Panel – Urban key cities- 52 w/e Essance is losing its ability to recruit new buyers while Maybelline is speeding up Source: Kantar Worldpanel – Households Panel – Urban Vietnam key cities - Mainstream Essance & Maybelline- 52 w/e Especially, there is a gap between Essance real customers’ age and targeted ones According to the brand positioning strategy, Essance’s targeted customers are 18-25 years old whereas the real customers who account for big portion in Essance’s revenue are over 40 years old Image 1.5: Essance customers’ age compared to its competitor, Maybeline Source: Kantar Worldpanel – Households Panel – Urban key cities- 52 w/e Buyers of Essance is more skewed to the older group (40+) while buyers of Maybelline is younger (< 30 yo) Source: Kantar Worldpanel – Households Panel – Urban key cities- 52 w/e Among these four symptoms above, it can be concluded that the issue of positioning in the 4th symptom is the central problem which has connection with the remaining issues Through a gap between targeted customers’ age and real ones, the problem in Essance positioning is indeed an issue to be solved as the major of Essance customers now (the old ones) come from the existing customers, which is proved by the fact that this brand could not recruit new customers over 2015 (the 3rd symptom) Therefore, in the long term, these existing customers will be supposed to be aging, and leave Essance since they are no longer suitable with the brand image; whereas Essance cannot recruit new young customers at the present Hence, it will lose share & revenue to their rivals and disappear as a certain result Therefore, in the extent of this thesis, the writer will choose the problem of Essance positioning strategy as the main issue for deeper analyzing 29 CHAPTER ACTION PLAN Oct CPS 2016 Status Issue PIC w2 w3 Nov w4 w5 w6 03-07 10-14 17-21 17-21 31 w1 w2 Dec w3 w4 w5 w1 w2 Jan w3 w4 w5 w2 w3 w4 01-04 07-11 14-18 21-25 28-30 01-02 05-09 12-16 19-23 26-30 02-06 09-13 16-20 MARKET RESEARCH TO RE-DEFINE BRAND'S IMAGE Design Agency brief Must clearly show the detail picture of segment MKT On going 18-25 (demand occupied/remaining) - Agency searching & pitching MKT Data processing Agency Data analyze & setting up the brand's direction HIRING NEW BRAND MANAGER - 17/10 - - 1/11 - MKT - - - - - - - 30/12 - Propose position needed to BOD MKT manager BOD approve BOD Hiring annoucement & interviews HR Department - 17/10 - Table 3.1: Action plan - 01/11 - 16/01 30 Conclusion chapter The detail action plan of these two solutions is presented through Critical Path Schedule (CPS) in chapter Based on that, each solution has its own task list with the description, status, the person in charge go with a specific timeline to complete as well According to that, it takes around 1-2 months for the hiring process of Brand Manager position After the probation time of next two months, when already getting used to the industry and brand performance, the Brand manager will be supposed to lead the brand with a systematical direction through clear vision, mission and strategies At the same time, she or he will take the balance of trade & brand activities into account in order to improve the interaction between customers and brand Whereas, the second solution takes more time to be completed with roughly 2-3 months Reviewing and setting up the brand’s image need deeper data from a market research agency According to that, this solution will be carried out simultaneously with the hiring one, when new brand manager get used to the brand, she or he will join the project and analyze the effectiveness of MKT activities in order to form the appropriate investment plan henceforward 31 APPENDIX A The questionnaire of Mr Tran Trong Ngan, Marketing Manager, Cosmetic, LG Vina (General questions) How long have you worked for Marketing Department in LG VINA? How are LG Cosmectics brands structured (Super premium, premium, mainstream)? And what is the key brand in mainstream segment? What is the revenue performance of Essance recently? Is it on a good trend? How is the market that Essance is enrolling now? Which tools/channels you use to measure your brand health (awareness, trial, market share )? Where is Essance on its life cycle now? And how is the trend of customers now? Do they still almost stay in mainstream segment as years ago? (Go specific for Brand Health Check) Brand Strategies Is Essance guided by a brand strategy including a clearly defined mission and position? Is Essance clearly differentiated from other competitors? Are your employees and stakeholders inspired by your mission or vision statement? Brand Positioning 10 What are the target customers for Essance brand according to brand’s strategy? 32 11 Based on statistic data, who are your real customers? Share of usage 12 What is the Essance’s share in the cosmetics market? Brand awareness 13 How is brand awareness of Essance in the market? Brand Trail 14 From that number, what percentage of customers try to buy Essance? Conversion Rate 15 What percentage of customers re-purchase Essance products? Coverage 16 How about the coverage of Essance in the market? Compared to its competitors? 17 How well the existing distribution system access and supply to Essance customers? The questionnaire of Mr Tran Trong Ngan – The 2nd interview Which is the target brand image, according to Essance positioning strategy? What activities Essance had to compete with their fatal rival, Maybeline over the last year, 2015? How is the LG business structure now? What percentage Essance is accounting for the total company’s revenue? What is the company strategy for Essance development? How is the budget? 33 With that budget, how is your allocation on Trade & Brand activities? Does Essance have a clear vision, mission & strategies for brand performance in 2016? What are they? What are your daily tasks? In term of brand activities, how many persons are supporting you? How are they? The questionnaire of Mr Nguyen Phu – The in-depth interview Do you know about Essance direction, such as vision, mission or its strategy in 2016? Does Sales team regularly receive support from MKT? How are those supporting activites? Specific in brand and trade activities? How are the promotion schemes that sales team receive from the MKT? Are they attractive enough to be competitive to competitors? The questionnaire of Marketing team members – The in-depth interview Have you ever not met the deadline for your projects or marketing campaigns? What are reasons for those delays? How often does this happen? How you suggest to solve it? The questionnaire of target customers – In-depth interviews Do you often make up? What brand are you using? Why are you using it? Apart from that brand, you know any other cosmetics brands? Specifically, you know Essance? 34 Have you ever tried Essance? Which product have you tried? How was it? Why you choose that brand (customer’s favorite brand above) over Essance? What belong to Essance that you think it is not suitable with you? Do you know Hellen Tong? If yes, you know which brand she is representing? Where you often buy cosmetics? (Traditional shops _ Wet markets, street shops or Modern shops _ Supermarkets, convenient stores ) Where you update your knowledge about make-up & skin care from? 10 Do Essance and other brands (Maybeline, POND’S, ZA…) give you those information on their fan page? 11 Apart from online, you often see their images around when you go outside? 12 Let’s imagine every cosmetics brand as a girl with different characteristics, how will you image these brands (Maybeline, POND’S, ZA, Essance)? 35 APPENDIX B Interview transcript Mr Tran Trong Ngan (Marketing Manager, MKT Dept, LG VINA) – Brand performance & problem identification According to Marketing Department structure, Marketing Manager (Mr Ngan) is incharged of three segments (Super premium, Premium & Mainstream) Unlike the other two segments, Essance does not have Brand Manager Marketing Manager will take care of this responsibility Beside, under he there is one brand executive (who just graduated from Univesity) to support brand activities Mr Ngan shared about a number of symptoms of Essance performance over the year 2015 based on Kanta World Panel report and internal company data He stated that according to Essance’s strategies, targeted customers are from 18-25 years old However, based on Kanta report and information from the market (given by salesman), their real customers are over 30 years old or even 40 upper To win this segment, the Marketing team always tries to build the brand image with Unique Selling Proposition (USP) as Feminine, Fresh, Creative, Modern, Full of energy, Romantic & Trendy He share that the packaging design and other visual guidelines also base on this set of USP When being asked about what their competitors are doing out there, he provide the tracking of Maybeline’s activities over 2015 and also admit that Essance cannot compete with Maybeline in those activities because of the limited budget, according to un-focus strategy 36 for Essance from LG In this limited budget, he stated he is focusing more on trade than brand, with the portion 7-3 respectively Regarding to the plan for Essance in 2016, he hardly shows a clear picture of the vision, mission or target performance of the brand in the market All he has done in setting up a yearly plan for Essance is proposing and receiving a fixed turnover target from BOD (Board of Director), then carry out & divide it into channels without putting that target in the picture of the competitive market Besides, he also cannot show clear targets for brand performance only, in term of key brand indicators (brand awareness, conversion, trial rate…) In term of the intensity of his work, he shares that he has his own priority in managing at three roles, General manager of LG Vina Marketing manager of Cosmetics division & Brand manager of Essance However, he also shared that sometime he is missed information due to the intense working schedule Besides solutions for issues relating to Essance positioning strategies, he suggests that Essance need to divide its customer base into two groups with different strategies The first group is the loyalty & existing customers (who are almost over 30 years old) Essance need to have policies & activities to take care and maintain the loyalty of this group The second group (younger ones from 18 – 30), which is defined as the potential & need-to-be recruit group, should be taken care by more specific activities of brand team Ms Do Tuong Thanh Khiet (Marketing Executive, Essance) – Low facebook interaction & Degraded visual merchandising She shared that she was supporting Mr Ngan in executing brand activities Answering about the neglected condition of Essance fan page, she stated that she has other important work 37 to in term of New Product Development or administrative tasks which are really need to be done to maintain the product flow with other departments Besides, she also had not bear KPI target for this fan page from her manager, Mr Ngan Similarly, regarding to the feedback of degraded visual merchandising, she shared that sometime they cannot change the visual as well as the Point of Sales Materials (POSM) in time with the product launching as the over workload and inability to meet the deadline Mr Nguyen Phu (Sales Manager, LG VINA) – Lack of brand activities & Unattractive promotion programs He said that he does not know Essance vision, mission & this brand direction as well Apart from sales target for Essance, he has never seen or heard those information discussed, even in biggest meetings between key departments (Sales, MKT, Supply chain…) with BOD Besides, he stated that Sales department hardly received support from brand activities (above the line) which can help them sell products easier and reduce the stock at distributors Instead of, normal support from MKT is all about trade activities (below the line) which help salesman push products to the stores; however, without activities to pull customers, it is really hard to sell the products and meet the sales target Last but not least, he shared that for Modern trade channel (Supermarkets & Convenient stores), many salesman feedback that the promotions schemes are not attractive as other competitors’ This put pressure on Essance key accounts who work directly with supermarkets since they have to persuade buyers a lot to order Essance products Marketing team members - The overload of the Marketing manager 38 Ms Nguyen Thi Sang (Assistant Trade Category Manager, Essance, MKT Dept, LG VINA) She is in charge of Trade marketing of Essance with mainly about Below-the-line activities (promotion, merchandising, sales incentives…) She shared that it takes time for many of her tasks being approved by Marketing manager Some cases are because her proposal needs to be revised, others are Marketing manager being busy She also admitted that these delay negatively affect her work a lot Ms Vo Thi Thanh Mai (Assistant Brand Manager, Whoo, MKT Dept, LG VINA) She takes care of brand Whoo in Super premium segment Her project proposals or MKT plans are approved in 3-4 days since proposing day Sometime for urgent cases, this lead time made her process being delay a while, as her works contain many steps which relate to many sides Ms Tran Thi Hoai Thanh (Assistant Brand Manager, Ohui, MKT Dept, LG VINA) She told that Ohui is facing the same situation For simple contract or paperwork, the Marketing manager approves quite on time On the contrary, the promotion or any other relating to plans or activities takes much time to be approved Ms Do Tuong Thanh Khiet (Brand executive, Essance, MKT Dept, LG VINA) She is newly graduated from University and taking care of Brand activities of Essance Major part of her work is executing Brand activities handed from the Marketing manager and other supporting job from the whole team As mainly executing, her job doesn’t require her to 39 propose plans for approval much This is partly the reason why she is quite hesitant to comment on the existence of approval pending from Marketing manager Customer in-depth interview Ngo Thuy Uyen (22 years old, office staff) She is using Maybeline as a favorite cosmetic brand She does know Essance as a cosmetic brand because her mother & aunts are both using it Therefore, she thought it is a brand for the middle-age women Besides, she hardly sees the existence of Essance around her as many other brands (Maybeline, ZA, POND’S) Opposite to Essance, those brands often offer a range of attractive promotion schemes through advertisements where she can see at her university, online or bus stops In term of the reason why she prefer Maybeline, she said that it is because the feeling of modern, girly and attractive when using this brand Luong Gia Trang (25 years old, high school teacher) She knows Essance as a brand for girls but its image is not really clear She could easily find her demand with POND’S as natural & naïve image that brand presenting However, in the case of Essance, she shared that it has a range of attributes she needs, but it is not outstanding and specialized enough for her to buy Besides, when she shops around cosmetics area in supermarkets, most of the case she is attracted and advised by PG (promotion girls) of Maybeline, POND’S, ZA…It is rarely Essance She also used to try Essance once, but it is not really suitable with her skin Therefore, she intends to use other brands Besides, when being asked about Hellen Tong, she did not realize who this girl is and of course did not know what brand she is representing 40 Nguyen Thi To Nga (25 years old, office staff) She used to use Essance years ago Because of specific work, she has to use cosmetics frequently and at that time, Essance is a suitable choice because of the reasonable price and good quality However, she shared that she is moving to use Maybeline as this brand is recommended by many of her friends recently Besides, Maybeline products are more diverse than Essance with the similar or even better quality Another reason making her to leave Essance is that she no longer can buy it in the supermarkets, where she always buys her cosmetics as the cut down business of this brand in this channel Finally, she regarded that Essance products seem to stand still with outdated packaging which had been existing for a while and rare special offer programs for loyal customers like her Phan Nhu Y (20 years old, student) She shared that she buys cosmetics mostly by searching around fan pages of cosmetics brands She said that Maybeline & POND’S are her two favorite brands as they frequently update new diverse products with many attractive give-away sample programs for her to try Besides, she is also often given knowledge about make-up & skin care tips by those sites, “which are really useful to me and I don’t need to search for those knowledge on any other sites”, she said When being asked about Essance, she told that she does know that brand and used to surf on that fan page However, the fan page seems not to be friendly with her with rare updates of products as well as trends also She wants a more attractive, young & updated brand like Maybeline & POND’S Finally, she found it hard to personalize Essance as a girl with her own characteristics whereas Maybeline is an attractive & modern girl, POND’S is a naïve and girly girl and ZA is a professional make-up girl 41 Do Thi Nhan (18 years old, student) She told that she knows Essance as her mother used to ask her to buy some products of this brand, when she goes to the supermarket She shared that she had have negative impression about PG of this brand They usually show a face of lacking energy and hardly invite or introduce her about new products as well as its uses Most of the cases, she just stop by Essance’s booth and grasp products her mother needs to move on When being asked to objectively assess Essance as a cosmetics brand (skip the matter of PG), she said that she is hardly impressed by this brand with normal quality, degraded visual of booths, rare interesting programs…On the other side, she is using ZA as a favorite brand, “because this brand is matched with my skin”, she shared Besides, the reasonable price, good services from PG as well as occasional attractive promotions are other plus points which made her stay with ZA until now Similar to other customers, Nhan was unable to link Essance to a special girl with her own traits, compared to other brands 42 References Perreault Jr WD, McCarthy EJ Basic marketing: A global-managerial approach Boston, MA: Irwin McGraw-Hill; 1999 Stanton WJ, Futrell CM Fundamentals of Marketing New York: McGraw-Hill Companies; 1986 Bhat S, Reddy SK Symbolic and functional positioning of brands J Consum Mark 1998;15(1);32-43 Crawford MC A new positioning typology J Prod Innov Manage 1985;2(4);243-253 Fuchs C, Diamantopoulos A Evaluating the effectiveness of brand-positioning strategies from a consumer perspective Eur J Mark 2010;44(11/12);1763-1786 Meade PT 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position J Aca Mark Sci (pre-1986) 1980;8(1/2);120 ... relating to Re-defining brand image target and measuring the effectiveness of Marketing activities besides hiring new brand manager to improve the execution of brand positioning strategies in LG Vina. .. are affecting Essance’s low performance in brand health & sales results in LG Vina Cosmetics Ltd. , Company Using data from in- depth interviews with marketing manager and target customers, besides... distinction between intended and actual brand positioning, used to be mentioned by Fuchs and Diamantopoulos (5) According to them, actual brand positioning is which the company intends the brand
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