A marketing plan on Suejin BB Cream For Nextrade Philippines, Inc.

• Main Authors: Cheong, Eun Ji, Chung, Joo Hee, Kim, Tae Woo, Rhew, Ji Yeon
• Format: text
• Language: English
• Published: Animo Repository 2012
• Subjects: Marketing
• Online Access: https://animorepository.dlsu.edu.ph/etd_bachelors/18221
• Institution: De La Salle University

Since 2011, thousands of Filipinas have joined the Asian-wide craze on BB creams (Blemish Balms). BB cream is a combination of foundation, sun block and other cosmetic ingredients designed to lessen time and effort to put on make-up. Originally used in Europe to protect the skin after surgery, it was transformed from a medical agent into a beauty product by South Korea which is now the world's leading manufacturer of BB Creams. Just like anywhere in the world, Korean BB cream is also popular in the Philippines, but not accessible to all Filipinas because of its costliness due to customs procedures, import fee and brand-value. This beauty product targets Socio-Economic Class C- the buyers on a limited budget, aged between 20 to 29 years old, interested in high-quality BB Creams. It is sold at affordable prices making it accessible and attractive to customers. Launching in December, 2012, SUEJIN is a newly-introduced brand in the Philippines. For that reason, our objective is two-pronged: first, to increase market awareness of SUEJIN, and second to further increase the general awareness of Filipinas on BB creams. By doing so, we hope to increase brand awareness and further, SUEJIN's sales volume. We aim to achieve 10 percent product awareness for the short-term, succeeded by a 40 percent and 70 percent mid-term and the long-term product awareness. Nextrade Philippines Inc is SUEJIN's distributor. Its initial foray in the cosmetics industry does not aim to immediately generate profit, but to slowly create product-awareness, together with the brand awareness. This is not surprising since Nextrade main business is Korean Food distribution, not cosmetics, making it a rookie in a highly competitive industry. Yet, Nextrade hopes to increase the size of its operations by entering into this new business. The company's initial strategy is not to invest in advertisements for a few years for two reasons: first the cost is burdensome to it as a small-medium sized enterprise and second since it is entering a new business as a rookie and the risk of failure is costly. To compensate for these limitations, Nextrade will use product-distribution sans advertising to directly expose SUEJIN to the target market hoping it will increase awareness that will lead to sales. In light of these, some of our advertisement and sales promotion strategies will be used after the company has tested SUEJIN's marketability. The total investment for marketing programs will be Php 133,964.00 and the group expects that SUEJIN BB cream will produce net profit of Php 285,600.00 in 2013.