Objectives
“P&G products have made a name for themselves by combining “what’s needed” with “what’s possible”—making laundry rooms, living rooms, bedrooms, kitchens, nurseries, and bathrooms a little more enjoyable for over 181 years” (Proctor & Gamble, 2020). This motto spells out P&G’s objectives of solving personal upkeep issues and constant innovation. The research I have conducted has concluded that Millennials are the largest generation currently alive, making them a large group with many needs (Fry, 2020). As an information generation, Millennials are continuously researching new ways to improve and maintain themselves and their surroundings while using new technology. They especially appreciate companies that are socially and ethically conscious and that care about people and the world we live in (Delta Intellicom, 2015). I feel that targeting this generation will help P&G continue to solve problems for people and innovate new ideas.
Trends
Technological advances and product innovations have led to a higher demand for skincare products. Researchers have seen increased usage of sunblock, anti-tan, and anti-aging creams creating growth in the self-care market (Grandview Research, 2019). Due to these developments, people are more conscious about hygiene, health, and beauty. Highly tech-savvy Millennials are even more aware of these advances and have jumped into following the advice of researchers about self-care and specifically skincare. The increased interest is at least partly due to skincare being highly popular among online influencers whom Millennials follow and trust (Grogan, 2019).
Thanks to “Hallyu,” or the ‘Korean Wave,” being rejuvenated by social media and YouTube, Korean skincare (K-beauty) has become extremely popular in the last few years and will continue to grow (Grogan, 2019). P&G plans to ride this wave with the chosen segment, Millennials, as they age. Gaining loyalty now means the brand can grow with the consumer and change as their needs change and grow. Staying relevant will help the company continue to innovate and meet public demand.
Social media is vitally important to Millennials and they trust a peer review over other traditional marketing tactics (Berthiaume, 2019). Due to this trend in beauty of social media and influencers recommending and reviewing products, this medium will be a key component of the brand’s marketing approach. New platforms like TikTok and Instagram are always providing new opportunities and providing new places to inform consumers or to sell products. Social media also allows consumers to reach out and communicate with companies and build relationships with brands. These connections help in the post-purchase behavior actions of consumers and encourage positive brand positioning for P&G.
Marketing Strategy, Legal, Ethical, and Industry Standards
One way P&G’s marketing strategy aligns with legal, ethical, and industry standards is by verifying that the products are truly ethically sourced, recyclable, safe, vegan, and cruelty-free if it is going to use any of those designations on the packaging or for promotions. Additionally, Millennials are highly sensitive to ethical, social, and transparency issues, so this will be a vital issue for P&G’s marketing strategy. The tech knowledge of this segment will quickly lead to exposure of any untoward actions. Since social media and targeting Millennials are large components of the marketing strategy for this product line, online reputation is paramount to its success. P&G must remain transparent, genuine, and ethical to maintain industry standards. These issues could also be an opportunity for the brand to shine, as many brands are only starting to take a public stance on this critical problem. A clear position on this matter could be a selling point to the segment as well.
Limitations
The only foreseen limitations are finding suppliers that supply ethical, low cost, high-quality ingredients for the brand. This issue is imperative to the brand’s mission to stay transparent and provide what has been promised through the new skincare product line. This problem is not an issue due to lack of research, but rather an issue in finding suppliers that meet those criteria. These kinds of suppliers exist but are harder to procure and may be outside of the United States. More research is needed to find and procure those suppliers. This process is an integral part of this product line and the objectives of P&G in meeting the demand needs and wants of the consumers in staying ethical and transparent.
References
Allied Market Research. (2019). K-beauty Products Market by Product Type, End- User, and Distribution Channel : Global Opportunity Analysis and Industry Forecast,6 | Markets Insider. Retrieved November 13, 2020, from https://markets.businessinsider.com/news/stocks/k-beauty-products-market-by-product-type-end-user-and-distribution-channel-global-opportunity-analysis-and-industry-forecast-2019-2026-1028784916
Berthiaume, D. (219). Study: How much influence do online influencers have? Retrieved September 22, 2020, from https://chainstoreage.com/technology/study- how-much-influence-do-online-influencers-have
Cheng, M. (2019, June 19). 8 Characteristics Of Millennials That Support Sustainable Development Goals (SDGs). Retrieved November 13, 2020, from https://www.forbes.com/sites/margueritacheng/2019/06/19/8-characteristics-of-millennials-that-support-sustainable-development-goals-sdgs/?sh=518d76f529b7
Delta Intellicom. (2015, January 06). The Millennial Generation and Technology. Retrieved December 04, 2020, from https://www.deltaintellicom.com/millennial-generation-technology/
Fry, R. (2020, August 28). Millennials overtake Baby Boomers as America’s largest generation. Retrieved September 18, 2020, from https://www.pewresearch.org/fact-tank/2020/04/28/millennials-overtake-baby-boomers-as-americas-largest-generation/
Grandview Research. (2019). Skin Care Products Market Size: Industry Analysis Report, 2019-2025. Retrieved November 25, 2020, from https://www.grandviewresearch.com/industry-analysis/skincare-products-market
Grogan, M. (2019, July 26). What is Hallyu and why has it become such a big trend? Retrieved November 08, 2020, from https://www.blackswan.com/what-is-hallyu-and-why-has-it-become-such-a-big-trend/
Proctor & Gamble. (2020). Brands. Retrieved October 30, 2020, from https://us.pg.com/brands/
Info Quest 