Sunday, 5 May 2013

Youth Marketing in Cosmetics and Toiletries-Dissertation and MBA Project Report

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Introduction: The rise in youth marketing

Over the last five years there has been an increasing focus on youth marketing. The number of products specifically aimed at young consumers has increased, combined with a rise in the sophistication of the techniques that are used to target them. This has aroused significant interest from manufacturers, who see young consumers as a key profit opportunity in a highly competitive and stable market.

Retailers have also been instrumental in targeting the youth market. The techniques they have adopted have become more sophisticated in order to make young consumers spend more time in store and at the point of purchase. This has increased the frequency of visits to stores and the level of purchases of cosmetics and toiletries products made by young consumers. From creating basic children’s areas in store, to sophisticated
techniques that make shopping visits entertaining, retailers will play a critical role in shaping future growth.

There are several specifics that affect the youth markets and that necessitate tailored marketing. Two main areas that require consideration when targeting the young consumer are the bipartite purchasing decision and the pester power factor. The purchasing decision of the young consumer represents a combination of two sets of views, those of the youth and the parental figure. These two groups will often have differing concerns relating to what product they would wish to buy. A key factor in the youth market is understanding the nature and level of influence of each party in this bipartite decision making process.

The second factor of pester power follows on from the purchasing decision, as it represents a mechanism by which the youth can affect their level of influence over the purchasing decision. The extent and effectiveness of this mechanism varies with the age of the young consumer, which must be accounted for in the product’s design and marketing in order to maximise turnover.

The key growth drivers for the youth market

There are several key factors driving youth marketing in cosmetics and toiletries. The charts below show the results for each age category.

Key drivers for the child age group
For the child age group there were three drivers that were considered to be the most important, although media advertising had the highest actual relative importance. This was followed by in-store marketing and pester power. The close results of these three drivers reflect the fact that the child age group is being driven by a combination of  factors rather than any one single factor. There was a relatively high degree of
consensus that pester power represents a key driver of growth for the child age segment.

Youth Marketing in Cosmetics and Toiletries-Dissertation Topic
Key Drivers for the Child Age Group

The most important distribution channels

For this question the grocery market channel was referred to as supermarket and hypermarkets. Broadly similar trends were displayed for all three age categories with the leading distribution channel for each age group being the grocery market channel, followed by drugstores then department stores for each age group.
For the child age group grocery channels were the most important, followed by drugstores and department stores. There was an unusually high response for other retail outlets for this age group. Not all respondents supplied details of what they intended by their other results but the majority of answers referred to shops such as local convenience stores. This was not replicated for any of the other age groups. Mail order
distribution was rated the least important of the distribution channels. For the tweenage category similar results were seen to those of the child and the teenage categories. The significant difference between the tweenage and the child results was the sharp fall in the ‘other’ category result, the answers given here again referred to local convenience stores. There was also a noticeable shift in the relative importance of the
mail order channel.

Source-Business Insights-Youth Marketing in Cosmetics and Toiletries- By Piers Berezai

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