Biolage R.A.W. is a professional haircare brand launched in 2017, in Portugal. The brand is taking its first steps into the Portuguese market and facing a lack of awareness about high-end natural products along with facing challenges with pricing in this segment. This case looks at how Biolage R.A.W. can come up with a launch strategy in a market where the brand name is unknown and the price of the products is regarded as high by the target consumer.

 

Address the importance of the following items for your chosen business or idea:

1)Identifying your target demographic(s)

•2)Defining the psychographics of your target demographic(s)

3)Addressing the needs and wants of the target demographic(s)

4)Describing how the company can use its brand to help establish trust with the target demographic

 

My chosen business is Macy's

Marketing strategies are plans used by businesses to turn consumers into customers of their services and products (Trivedi, 2018). They contain the value proposition of the company, demographics and psychographics of the target consumer as well as crucial brand messaging. This research piece aims at identifying the marketing strategy that Macy's Inc. can use in order to fulfill the wants and needs of the target demographics, and establish brand trust with the target consumers.

Step-by-step explanation

Target consumer demographics include factors like location, income level, family status, ethnicity, occupation, level of education and gender. Just like Biolage R.A.W Macy's Inc. deals with beauty products like hair care. Therefore, Macy targets the middle class income adults, females and males of all ages, the multicultural consumers and consumers with education level that is sufficient to access the internet (Swenson, 2019). Identifying the target demographics ensures effective use of the marketing budget, eradicating a niche in the business, reaching the desired audience for the brand as well as improving the services and products with personalized feedback.

Psychographics of the target demographics are the personal characteristics that include values, behavior, lifestyles, attitudes, personality and interests. The business targets people who value quality, people with positive attitude towards lifestyles and people with interests in fashion and design. Psychographics is important because it creates a chance for repositioning of the product, allows for target messaging, reveals the attitudes are hidden and hence determines the quality of products to make for the customers.

Addressing the needs and wants of the target demographics is important for Macy Inc. because it enables delivery of products that are of interest to the target demographics (O'Neil, 2014). This also offers the business an advantage over its competitors and creates customer loyalty. Since the business deals with beauty and fashion, the target demographics' needs and wants are demanding. Addressing their needs is that crucial in value creation of the products.

Describing how the business can use its brand to help establish trust with the target demographic is the first step to building customer loyalty. In addition, the description increases the receptiveness of the market, builds the advocacy of the target demographics and hence ensures the overall success of the business.