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Let's Make Up

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mara pollice

on 8 March 2015

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Transcript of Let's Make Up

Let's Make Up
L.M.U
About Us
L.M.U
Positioning Statement
LMU’s objectives are to increase brand awareness and brand recognition. The main idea is aimed at women who want to engage in an easy self-serve cosmetic experience. Our goal is to promote a youthful and sophisticated, trendy lifestyle for women of all ages and skin types. Positioning our brand in the minds of the consumer as being an; innovative company who is reshaping the world of makeup by being a healthy, personalized and proactive brand.
L.M.U
Target Market
L.M.U
Let’s Make Up is a new online innovative e-business in the Beauty and Cosmetics market. Let’s Make up, for short LMU will combine two different marketing sectors in one; retail and self-serve. LMU is an online make up store with LMU branded makeup throughout the virtual shelves available only online. The value for the products are equal to the price, therefore the value-based price is what consumers will rely on when purchasing LMU products through the internet. Their products range from make-up brushes to foundations, eye makeup and powders. These products will be available to consumers in all countries, easily accessed through one web page that is translated in all languages.
Product & Service
The pink, black and white theme

Matte black durable box packaging

The beauty bar

Analysis
L.M.U
Target Market
• Females between the ages 19 to 35

• The main idea is to target young and middle aged women who aren't familiar with their skin types and tones and older women who are trying to still look young and age gracefully. Our goal is to promote youthful and sophisticated, trendy lifestyle for all females.

L.M.U
SWOT
Analysis
L.M.U
S
trenghts
• Highly specialized online personnel
• Stable and strong foundation of the relationship with the international brands and top leading cosmetology companies online
• Continuous Innovation and research in the cosmetic field
• 24/7 company reach due to online concept
• High skills of the company in assessing the market and consumers' demand
• The cosmetics industry gained momentum in its extensive development trend is expected to continue well into the following years.
• Presence of items that cover the needs of all social classes in the market: Consumer Product Division (most of the population)
• The Professional Products Division
• Dermatologist accepted
• Billing process is quick
• Return and exchange policy is lengthy
• 14 day money back guarantee for products over 10$
• Many steps to obtain exact skin type
• Wide variety of makeup options and colors
• Gifts and packages that are reduced in price
• Sample makeup is shipped with a purchase of over 40 dollars
• Coupon codes available

W
eakness
• The sales are slow moving because of decreased consumer spending

• Women are scared of taking risks and letting go of their traditional and previously used products. So much more work and effort should be put in the advertising department.

• Bad reputation from comments online

• Unsatisfied customers with external factors such as delivery or shipping costs and time

• Out of stock merchandise

• No control of consumers thought at the other end of the screen

O
pportunity
• Innovation

• Product and services expansion

• Continuous assessment of the market needs, differentiating the product lines, and focusing on market segments.

• The company covers the needs of women of all ages and all social classes.

• The focus and importance of beauty care increases every year

T
hreats
• Competition

• Price wars

• Market leaders that dominate the cosmetic industry.

• Saturation of market

• Internet crash

An 18+ segment is ideal due to the fact that transactions require the use of a credit card in order to purchase products.
over 95% of the millenials use the internet making them an ideal segment to target via online
Segment composed primarily of women
On a demographic scale - focus on targeting the women segment in the millenials groups - specifically in Canada.
The millenials are composed of 60 million people born between 1979 and 1994 making them between 19 and 35 years old
Competitive Advantage
Competitors
Direct
E.L.F MAC SEPHORA
Indirect
Walmart The Baie
Differentiation
Let’s Make Up differentiates itself in the cosmetic market based on its unique and innovative approach to bringing makeup to the next step.
Products free of animal testing
Product personalization option through the use of our Beauty Bar.
Only one brand, that one being itself
Affordable and competitive prices for high quality products
Clinically proven to enhance the look and health of skin
The Beauty Bar acts as if the consumer has a consultant constantly aiding them in the decision making which best suits the needs of their skin types and personal wants.
Profile creation will recommend products that meet the needs of the options and steps selected by the consumer.
LMU’s Beauty Bar - These options allow the consumer to identify their skin types as well as colors and tones which will then be recorded into their profiles for future purchases
L.M.U
The Offering
Product & Service
- In relation to price (High quality product for an affordable price)

In order to create customer value online we want to ensure that the entire product experience is positive
Ensuring this through our product personalization option, guided instructions and steps throughout the site, product referrals, product certifications and guarantees.
Let’s Make Up’s website will offer an option called the LMU BEAUTY STORM where customers can submit ideas about products and suggestions to better the company which will allow us to meet the customers’ expectations. In order to deliver benefits to the customer,
L.M.U
Mental beliefs & attitudes held by customers will be addressed through website FAQ’s as well as social media monitoring, product feedback & reviews.
Delivering Benefits
To Customers
Attributes


(user personalization of the shopping experience through the Beauty Storm tab and Beauty Bar option)

Branding
Support Services
Labeling
Packaging
- Product benefits
(product features as perceived by cust).
- Quality
(consumer perception, High quality product for an affordable price)
- Features

- Picking the right domain name – directing people to correct site, building consistency. The website will be
Let’s Make Up delivers a value proposition
- Delivering on promise: builds trust, lowers risk & helps cust. by reducing stress. LMU promises to deliver high quality products with the help they need available 24/7.
- 5 levels of brand relationship intensity : we hope to see the brand relationship with customers at an advocacy level,
- Branding online, Let’s Make Up – LMU, suggests something about the product, it differentiates itself amongst other competitors, doesn't sound like others, suitable for legal protection, it’s short, memorable, easy to spell making it convenient to find and remember.
LetsMakeUp.com
accessed with the use of the domain name;
- Customer service representatives on the phone help customers by answering questions & concerns, product guarantees, and all product and or service information in order increase customer satisfaction and reduce frustration. Emails may also be sent to our customer service representatives directly from the website any time anywhere; this service is available 24/7.

Customer support -
critical component in value proposition
-Customer service provided through Email (24/7)
& by Telephone (weekdays 9-6 EST)
Our goal is to provide an easy navigable website which promotes convenience when shopping online.
L.M.U
- LMU looks to involve customer in co-designing the product
(look for customer feedback and recommendations to improve products)

-Providing info about the product features & usage
(Ingredients, how to apply, benefits like acne relieving, skin toning, skin moisturizing, anti-allergenic, anti-redness, anti-dry)
- Extensive legal info about product through the use of labels (CLINACALLY PROVEN, NO ANIMAL CRUELTY, TRUSTe, PAYPAL)
- TELL US ABOUT UR IDEAS BY VISITING OUR
BEAUTY STORM TAB MADE AVAILABLE ON OUR WEBSITE.
Incorporation of LMU’s themed colors; pink, black & white
The products & packaging are eco-friendly (Recyclable).
Upon purchase the products will be directly delivered to the consumer’s house. The products will be composed of a standard black bottle casing with a standardized LMU label. All products come with their own boxed packaging, these boxes are then wrapped with bubble wrap, all products within an order are then put into a specialized LMU box and then placed in a standard shipping box to prevent any damage upon delivery. Our boxed packaging is designed with our brand label and incorporates LMU’s theme colors.
Pricing
Buyers Perspective
Sellers Perspective
Integrated Communication Mix
Social Media
Customer Relationship Management
CRM
IMC
(We want to do this by encouraging customers to #LMU on products and spread positive word of mouth through the use of social media)
to its customers
Pricing Strategies
we will communicate these messages through social media which will entice customers to engage with the company through social media which will also gain exposure.
FIXED PRICING
- Set pricing

PROMOTIONAL PRICING
- Limited time promotions with expiration date
- creates a sense of urgency
EX
. Enter promotional code LMU4YOU for free shipping worldwide until 12:00am EASTERN,

*
Payment Option
- CREDIT CARDS
- Visa Debits, Visa, MasterCard.

-14 day money back guarantee for products over $10

Its easy

MONEY, TIME, ENERGY, PSYCHIC COSTS.
Let’s Make up has taken into consideration all costs on behalf of the customer, these costs include :
Online shopping experience is easy to navigate through
our websites Beauty Bar allows for the customer to be aided in the decision making process which decreases frustration.
Fully functional on bandwidths of different masses
Internet is convenient & fast
Self service component saves time so customer can do more
Fast delivery
Labels allow for credibility and trust
*
TARGET
Pure Play E-Business
INTERNAL FACTORS
Our pricing is Competition Oriented
Information Technology
- Online cust. service provided through Email (24/7) & by telephone (weekdays 9-6 EST)
- Site development & maintenance (HIRE A DOMAIN)
- Social media maintenance (HIRE SOCIAL MEDIA EXPERT)
- Dist. & shipping costs
- Cust. Acquisition costs
- Self service order processing
- Just in time inventory
- Cust. Service atomization

EXTERNAL FACTORS
Market efficiency – customers have equal access to info about products which is why we are priced competitively and fairly in comparison to our competitors

Costly but creates cost efficiencies
User generated content - The Beauty Storm
Upload recommendations, improvements, ideas
L.M.U
Mara
|
Stephanie
|
Bianca
|
Jessica

4 Main Objectives
1)
Build brand awareness
2)
Engage existing customers
3)
Increase size of the LMU community
4)
Drive traffic to our website, LetsMakeUp.com

WOM

- Conduct contests to prompt people to hashtag and repost LMUFORYOU
- one lucky winner will win a free LMU makeup kit every 2 months (Containing one product from each product line), be entered in a chance to win by retweeting/reposting this post and following Let’s Make Up.


- Advertising campaigns on social media
- INSTAGRAM & PINTEREST - tag us in your pictures when using our products with the hash tag, #LMUFORYOU
*
Referral
Program
this will help spread awareness of our brand and gain exposure. The referral program offers the opportunity for a current customer to refer a friend; this increases the credibility of the brand for new customers seeing that it is being recommended by a trusted individual.
Customers will be given an incentive of 5% off on their next purchase over $30.00 when they refer a new customer
Increasing Customer Engagement Levels
*
We want to ensure that the majority of our customers reach a collaborative engagement level which is the highest level.
Viral Marketing
LMU's Beauty Storm
Coupon with an exclusive promotion code
Product samples
Referral program
Remarketing
Celebrity Endorsements
Direct Response Communications
Digital Communications
Sales Promotion
- YouTube, Vlogs, Blogs
- Makeup artist who conduct tutorials (Well-Known)

EX
. Carly Bybell, Zoella, Lauren Curtis

Trial products will be sent to makeup bloggers/ vloggers so they can mention our products in their blogs or makeup tutorials, To gain exposure as well as credibility. We focus on earning the interest of the consumer as opposed to buying it.
*
DISPLAY ADS embedded into web pages
Advertising messages on a website.
- Banner ads on websites that potential target customers visit, fashion websites etc..

- SEO; Search Engine Optimization, key word ad; LMU, LetsMakeUp, Cosmetics, Make up, Acne Treatment, Skin Care

Measuring Our Success
Performance Metrics
Effectiveness & efficiency
Web activities
Click through from advertising
Page views
Number of comments posted on our blog
Conversion to sales
Number of fans on our companies Facebook, Twitter, and Instagram pages

Website Server Logs
Used as data for web analytics
Used to record users IP address, the browser the visitor is using, his/her location before arriving at the company site, time of day, click through while on website
Balanced Scorecard
Financial Perspective
Customer Perspective
Internal Process Perspective
Learning/Growth Perspective
L.M.U
Learning about our Target Market
Providing a section for customers to comment and give there opinion on the website
Positives/Negatives

Searching our social media communities
Twitter, Facebook, Instagram

Hash Tags
Monitoring Direct and Indirect Competitors
Searching company websites
Social media communities

Changes made by the company
L.M.U
L.M.U
- Direct mail
- via email to customers who are in customer info database
- Send promotions, coupons, upcoming products and new features etc..
*
Customer profile is stored in computer database
EX.
Once you purchase a product made at the beauty bar you will receive your next purchase, 35% off

How & When?
After researching cosmetic formulation requirements and discovering the time needed towards product research and development as well as website development (design, test, implement, launch), we have decided on the following in the year 2015:

January
: Supplier commencement of product R&D (4 months)

February
: Beginning of website development

March
: Process of product and website development

April
: Process of product and website development – FedEx agreement

Mid-April
: Recruitment of Social Media Employee, Customer-Service Care

May
: - Product development completed
- Launching of website

June
: Second Month of website operations

July
: Blogger outreach !

August
: Continuing Operations

September
: Continuing Operations – May begin Remarketing

October
: Continuing Operations

November
: Continuing Operations

December
: Fiscal Year-end

Major Supplier
Aims to provide animal-cruelty-free products like LMU

Vitelle
Vitelle is a private label skincare manufacture that specializes in creating cosmetics and beauty care products.
Location: British Columbia, allows for just-in-time inventory
Shipping begins here
Can easily contact
Provides product packaging, logo, label based on our needs
Clinically tested to provide best results
L.M.U
L.M.U
Website Developer
• Montreal location

• Trusted brand

• Great customer reviews

• Great company profile, is able to provide

• Can effectively meet our needs

GSoft
L.M.U
Expenses
L.M.U
GOAL =
$ 375 000
Calculations to determine
COGS
Break Even Analysis
To break-even and determine how many sales LMU must achieve to obtain neither a profit nor loss stand-point at the end of the year, further calculations were made.
Break-even sales percentage = (Gross Profit/Gross Sales) x 100
Result = 50.74%

By by dividing the total operating expenses with this percentage, we can determine the break-even amount for gross sales needed:
$174,240 / 50.74% = $343,397.72

To conclude whether this variable is correct, we then divide the break-even amount of gross sales by 2.03 to determine the cost of goods sold:
343,397.72 / 2.03 = $169,161.435

When these variables are plugged into our income statement, they should break even as shown below:


L.M.U
After determining our break-even point, Let’s Make Up can conclude that approximately
$345,000
is needed to finance this E-business!


How will we pay?
Bank loan ?
Collateral ?
NO
ANSWER
2 Angel Investors
$150 000 each
&
Partner Contribution
$20 000 x 4
TOTAL = $360 000
15%
Increase in Sales
L.M.U
Coupons which will be sent with every order over $40.00 before discount/shipping

Promotional codes which will be communicated through social media
Full transcript