Marketing Theory & Practice

Part A: Product
Introduction
The assignment consists of two parts - developing an innovative product and promotional
campaign of the product. It presents the related information and the reason behind the target
market selected for the product as well as the selected promotional campaign to advertise the
brand.
The Product and Market Overview
The product that was decided to be launched in the market was due to the huge gap that was
identified in the fashion industry. The fashion industry consists of the beauty brands as well. For
the past few decades every beauty brand worked hard to develop innovative products like
ecological and environmental friendly beauty products for the skin, hair and body. However, the
products were gender centric as it has been continuously developed for females only. Currently,
the market trends show that men's beauty and grooming products are in huge demand. Therefore,
the product that is to be launched is men's skin beauty and grooming product which has been
developed from natural as well as skin friendly ingredients. The market preferences and the
tastes have created the demand for the men's beauty and grooming products which have huge
potential in the future.
Since 2019, this segment of beauty and fashion has been consistently evolving and growing.
Also, according to the market survey done, the trends show that the consumers are attracted by
the environmental friendly products that reduce the harmful effects on the environment. Along
with that product should be skin friendly and natural as well. The survey also showed that by the
end of the year 2027 there will be a rise of 8.5% in the men's beauty and grooming products
market segment. In 2019, men's skin-care and grooming products were around 11.65 billion
USD and by 2020, it has reached 12.35 billion USD approximately. Not only that, but also there
is a major lack in the market competition as there are no such beauty brands that provide the
men's beauty and grooming range of products created from natural and environmental friendly
ingredients.

Target Market
Target market generally refers to the potential customer of the group of potential customers to
home the products and the services can be sold to. The target market is divided into three levels.
● Geographic - Same region as of the company (local target audience)
● Demographic - Age: 15-60 years, Gender: Male, Income: More than 20,000, Education:
Student and Self-Employed, Profession: No specific criteria.
● Physiographic - Personal Characteristics: Male audience interested in personal grooming
and beauty.
The men's grooming and beauty product range will target all the four primary levels of the target
market. The main target audience for the product range of the brand is male population. The
geographic segmentation has helped to identify and group the customers according to their
physical location like the country or the city. The current target audience is the male population
residing in the similar region as of the brand. Through the demographic segmentation the target
audience will be decided on their characteristics like age, gender, income, education and
profession. The psychographic segmentation has been of light to identify the target audience on
the basis of their personal characteristic, lifestyle and goals.

Brand Name
The brand name for the products is Nov ålder.
Nov basically perceives the idea of new and innovative and ålder is the Swedish word for age.
Therefore, the brand name means the use of Innovation to reverse the age by making the skin
youthful and radiant. The brand name itself is innovative and induces curiosity.

Part B: Promotion
Mood Board
Promotional Campaign
A promotional campaign is a company's advertising strategy that helps to identify potential
buyers and convert them into loyal customers for the goods or services. The band's pricing
strategy, main brand positioning, information on consumer target segments, and other elements
are all included in a promotional campaign. A good promotional campaign will help to build a
strong brand image in the market, promote the advantages of the products, spread awareness of
the new and innovative products, develop curiosity among the targeted audience, and so on.
Before developing and implementing the promotional campaign, it is necessary to -
● Plan the mission and vision of the campaign
● Budget
● Identify target audience
● Types of media or strategy
● Required timeframe
A virtual promotional campaign to promote the men's grooming and beauty product range is
suitable for the brand. Promoting the brand and its products on a virtual media even before
launching it will help to create a sense of curiosity among the target audience and it will also
help to concerns of the potential customers regarding price, availability and benefits of the
product. Not only that but also reporting on a virtual media like Facebook or Instagram will help
to attract a large number of audience within a short period of time. The promotion can also be
done through sending personalized emails to the male population and developing websites will
also help in an efficient promotion campaign. Providing information to targeted audiences about
the benefits of the product in a creative manner will help to induce curiosity among them. Hiring
an efficient marketing team will help to develop brochures, videos and promotional movies
which can be shared and promoted through virtual media as well as television, radio and more.
Once the product gets popularised in the market the brand can be promoted by creating
billboards and advertising hoardings to attract the local customers as well.

Reason Behind the Choice of Media

The reason behind the chosen media during the promotional campaign has been discussed below.
● Suitability of media
The virtual media is the most suitable form through which the products can be easily promoted to
a larger number of target audience. This way helps to gain popularity among the mass
population.
● Growth/popularity of media
The virtual media like Facebook and Instagram is a growing platform and is much popular
among the targeted audience for the brand. This will help to gain their attention and even convert
them into potential buyers.
● Product type
The product type of the brand is men's grooming and beauty products which generally needs to
get popularized among the mass population in order to gain a large number of customers.
Promoting and popularizing a beauty brand is always the primary primary objective. Therefore,
using the virtual which is already trending among the masses will help to promote this type of
product effectively and efficiently.
● Increasing awareness
Promotional media chosen by the brand is the most suitable as it is used by the majority of the
population especially by the age group of 18 to 50 years. Therefore, virtual media can easily
spread awareness about the new brand and the men's grooming and beauty product range among
a larger population.

Conclusion
From the assignment it can be concluded that to launch an innovative product in a market it is
necessary to select the target audience and develop an effective promotional strategy to attract
them in order to convert the target audience into potential buyers.