Question

1. Your sister has just created a new skin care product that helps slow down the aging process. How should she market this product?

Answer 1

Solution:

Since this is a beauty product, she should first understand her intended target consumer. This is a slow aging skin care product hence the appropriate target market will involve people from the age group of 40 and above. This will include both females and males in the target consumer base. Once she identifies the target consumers she should segment them based on their demographic properties and understand the like size of the market for her product. This will allow her to estimate the size of the market in which she intends to sell her product. She should then do a competitor analysis to find out different competitors in the same marketplace selling the same skin care products. These activities will give her a holistic view of the market conditions for her skin care product.

After she has the holistic view of the market she has to then understand the ways in which she can market the products to her target consumers who are aged people above the age of 35 to 40. The best way to market products for any entrepreneur is to use social media and its huge implications on the business which can allow her to reach a maximum audience with minimum cost. Using search engine advertising, social media promotions and e-mail marketing can help her develop a consumer base to whom she can cater to her current products and future products if she develops. Hence, She should use the social media and tools of internet marketing for a better, low cost and effective marketing campaigns for her business.