MINISTRY OF EDUCATION HOA SEN UNIVERSITY FACULTY OF MARKETING FINAL REPORT PROJECT NAME: THE MAGIC BOX Classname MK207DE01 Subject Product Management Group 7 Lecturer Mr. Phan Minh Tuan Fullname Student ID Contribution Dương Thảo Vy 2180779 100% Hoàng Thị Kim Yến 2183545 100% Nguyễn Quỳnh Thủy Tiên 2182111 100% Tô Ngọc Nhã Uyên 2180765 100% Đặng Anh Tuấn 2181673 100% Nguyễn Đức Thịnh 2180853 100% 6/2021 FINAL REPORT_Product management] GROUP 7 MINISTRY OF EDUCATION HOA SEN UNIVERSITY FACULTY OF MARKETING FINAL REPORT PROJECT NAME: THE MAGIC BOX Classname MK207DE01 Subject Product Management Group 7 Lecturer Mr. Phan Minh Tuan Fullname Student ID Contribution Dương Thảo Vy 2180779 100% Hoàng Thị Kim Yến 2183545 100% Nguyễn Quỳnh Thủy Tiên 2182111 100% Tô Ngọc Nhã Uyên 2180765 100% Đặng Anh Tuấn 2181673 100% Nguyễn Đức Thịnh 2180853 100% 6/20-21 2 FINAL REPORT_Product management] GROUP 7 COMMITMENT “I/we have read and understood about academic integrity violations. I/we personally honor this report that this report was implemented by me /us and does not violate academic integrity”.
Fullname Confirmation Dương Thảo Vy Hoàng Thị Kim Yến Nguyễn Quỳnh Thủy Tiên Tô Ngọc Nhã Uyên Đặng Anh Tuấn Nguyễn Đức Thịnh 1 FINAL REPORT_Product management] GROUP 7 PREFACE The report on the project “Mini Magic Box" received contributions and completion from many individuals. First of all, all team members would like to thank Mr. Phan Minh Tuan - Lecturer of Product Management, who has always been dedicated to helping team members throughout the implementation. Thanks to his dedicated guidance, we were able to accomplish the report most completely and at the same time, gain more useful knowledge about the Product Management subject as well as savvy more about New Product Process and how to create a launching product plan.
Besides, we would like to thank the authors and the team for providing information and knowledge on the topic so that our group can refer to and improve their topic. Due to the time limitation as well as the lack of experience of the members, the report cannot avoid errors. Nevertheless, the project team hopes the report will provide readers with information and knowledge that are useful and reliable. Finally, I would like to thank all the members of the group for always doing their best in their work and constantly supporting and helping each other during the homework to be able to complete this report.
I am extremely happy to have the opportunity to cooperate and work with you. Once again sincerely thank you! 2 FINAL REPORT_Product management] GROUP 7 ABRIDGMENT Nowadays, makeup has become an indispensable part for ladies. Therefore, the cosmetic industry in general and the makeup industry in particular is constantly growing. According to data from Nielsen Vietnam, 30% women are surveyed wear make-up on a daily basis, 51% wear make-up for work or school.
Besides, Vietnamese buyers tend to spend more on make-up than skincare with the average being 300,000/ month. Few people don’t wear make -up (14%) as their top reasons are “don’t know how to”, “laziness” and “sensitive skin”. This demand is expected to continue to grow in the coming years. Along with that, makeup trends will constantly change and be updated.
However, it is a fact that people cannot use up the products until they expire. The most common reason can be mentioned as they feel bored with those makeup products. This is extremely wasteful and they have to spend extra money to be able to choose to experience many different makeup styles. In this year, Maybelline NY Cosmetic - which is a popular brand of Loreal Group decided to launch a new product line, which is a Magic Box consisting of 5 items: cushion, lipstick, blush, highlighter and bronzer.
These 5 makeup items will be integrated in a compact box. In addition, we will create many additional services to create a competitive advantage for our products. The product will be launched in Vietnam with a campaign called "Make ur own day". 3 FINAL REPORT_Product management] GROUP 7 TABLE OF CONTENT PREF ACE .3 PART 1: NEW PRODUCT CREATION.
Evaluating the ideas. The formation process. Choosing and ranking factors. Type of new product.
12 PART 2: PRODUCT INNOVATION CHARTER. Goals and objectives. 14 PART 3: NEW PRODUCT PROCESS. Phase 1: Opportunity identification and selection.
The change in shopping generation:. Phase 2: Concept Generation. Concept information process. Phase 3: Concept Evaluation.
Chunks and Functions. 32 4 FINAL REPORT_Product management] GROUP 7 C. The Detail of the Magic box. The Extra Services.
Phase 5: Launching the product. SWOT analysis of Maybelline. General Marketing Strategy. Specific Target Strategy.
56 PART 4: INTELLECTUAL PROPERTY REGISTRATION. 58 5 FINAL REPORT_Product management] GROUP 7 TABLE OF FIGURE Figure 1. Positioning map of “Magic bo x”. Positioning map by Reasonable price and Brand Reputation.
Positioning map by Reasonable Price and Trendy colors. Positioning map by Reasonable Price and Lightweight, Convenience. Positioning map by Brand Reputation and Lightweight, Conve nience. Positioning map by Brand Reputation and Trendy colors.
Positioning map by Lightweight, Co nvenience and Trendy Colors .House of quality. Fit Finder website of Maybelline. Logo of new product .Research about Global Cosmetics Market. Vietnam cosmetic market o vervie w.
Sub-Brands of L'Oreal. 55 6 FINAL REPORT_Product management] GROUP 7 TABLE OF TABLE Table 1. Using VRIN to evaluate the ideas. The detailed description of the concepts.
The research result. The table describing competitors' concepts and products. Comparison table between Concepts and competitors' products. Cost-plus pricing.
Data for NP V of Concept 1 (Million VND). Data for NP V of Concept 2 (Million VND). Chunks and Functions of product. Components of Product.
The detail of the Magic box. Tools for this Campaign. Main activities in Stage 1. Main activities in Stage 2.
Main activities in Stage 3. 56 7 FINAL REPORT_Product management] GROUP 7 PART 1: NEW PRODUCT CREATION I. Idea Generation ❖ Idea 1: Pet "saybye" - Service: Cremation for pet - Context: In today's life, pets not only bring spiritual values, but they are also seen as a friend, an important member of the family. Due to limited sanitary conditions as well as limited land availability, not everyone is able to bury their "friend".
Therefore, the service: Pet "saybye" with the thoughtful pet cremation process is considered an act of honoring their role, the goodbye, the final loving perfection for them. ❖ Idea 2: UV Protective Mask - Product: Mask with UV Protection Layer - Context: A mask with basic layers for antibacterial is sewn on an outer layer. This layer is partially resistant to ultraviolet rays from the sun, minimizes skin damage, made from synthetic materials such as acrylic, polyester, nylon and lycra or rayon so they tend to be reflective of ultraviolet rays and therefore more protective. ❖ Idea 3: Emergency Rescue Service - Service: Emergency Rescue Service - Context: Rescue services for road vehicles, this is a very necessary service in today's society, but the important issue is to meet the factors of fast & cost-saving, ensuring service quality.
, there are situations where the vehicle is circulating in mountainous areas, or the road is damaged, it is necessary to have the nearest rescue team to assist and ensure the quality of service through the standards to evaluate, Connect with the repairman at the points near the vehicle problem area to resolve ❖ Idea 4: Clean Milktea - Product: Milktea with fat-free ingredients - Context: Have you heard about healthy milktea? Today, there are a lot of milk tea addicts but they are afraid of being fat, we will solve this problem for you so you can drink milk tea comfortably, even at the gym and on diet. This is a fat-free product that provides you with protein and energy, giving you good health and an attractive physique. ❖ Idea 5: Maybelline Macgic Box - Product: Maybelline Magic box - Context: "Maybelline makeup box" is a perfect combination with a full range of basic makeup products, with an extremely affordable price. This product not only provides the perfect make up solution for beginners, but also brings convenience, savings and new experiences in 8 FINAL REPORT_Product management] GROUP 7 every girl's beauty journey.
Now, you don't have to spend too much money but still help yourself become more stylish and trendy with our product. Evaluating the ideas A. The formation process To evaluate the ideas we use the VRIN model which includes four factors: valuable, rare, inimitable and non– substitutable. ● Valuable: Value in marketing is the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others.
With a consumers' wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction. ● Rare: To extent the uniqueness in the market. This is a huge competitive advantage in the beginning. However, this does not last long because every product can be imitated.
● Inimitable: To which extent other competitors can not easily imitate our product. ● Non-substitutable: The more alternative products, the more options that customers have. Therefore, they might easily switch to other competitive brands. Using VRIN to evaluate the ideas Valuable Non - Rare Inimitable substitutable Idea 1: Pet x - - x "saybye" Idea 2: UV x x - x Protective Mask Idea 3: Emergency x x - x Rescue Service Idea 4: Clean Milk x - - - Tea Idea 5: Magic box x x - x 9 FINAL REPORT_Product management] GROUP 7 After analyzing VRIN model “UV Protective Mask”, “Emergency Rescue Service” and “Magic box” are the most potential ideas that will gain strong competitive, advantages and high margin for the company.
Choosing and ranking factors Meet demand (30%) The core of a product is its ability to meet customer needs. Therefore, the demand factor is almost the most important one in the new product development process. So we rate it as 30%. Price (25%) A reasonable price is an attraction and leads to the decision to buy or use consumer services.
Prices also tell the quality and value that products / services bring. Since then, the "Price" factor will have a weight of 25% Satisfied (20%) A reasonable price is an attraction and leads to the decision to buy or use consumer services. Prices also tell the quality and value that products / services bring. Since then, the "Price" factor will have a weight of 20% Convenience (15%) Convenience includes such factors as: ease of use, simple and easy to use service.
This will make customers feel no trouble when using products and services and will continue to use for a long time. So, this accounts for 15%. Difference (10%) The difference is one of the factors that make it stand out and make it stand out from other products on the market. This will convince customers to choose to use the product / service of the business compared to other competitors.
So “Differences” will be 10%. 10 FINAL REPORT_Product management] GROUP 7 Table 2. Ranking factors UV Protective Emergency Magic box Mask Rescue Service Items Ratio Rank Mark Rank Mark Rank Mark Meet 30 5 150 4 120 5 150 demand Price 25 3 75 4 100 4 100 Satisfied 20 4 80 4 80 5 100 Convenience 15 4 60 5 75 5 75 Difference 10 5 50 5 50 4 40 Total 100 415 425 465 11 FINAL REPORT_Product management] GROUP 7 III. Type of new product Figure 1.
Positioning map of “Magic box” 12 FINAL REPORT_Product management] GROUP 7 PART 2: PRODUCT INNOVATION CHARTER I. Background In recent years, the trend of make-up is a market that has always gained great attention. For modern women, make-up is considered an indispensable part of their daily life.
