Marketing Strategy Assignment (2012) - Chiến lược marketing cho sản phẩm Chanel No5

Marketing Strategy Assignment (2012) - Chiến lược marketing cho sản phẩm Chanel No5

Chanel No5 Marketing Strategy in Vietnam

Market

Chanel SA, 2011

Table of content

EXECUTIVE SUMMARY 3

INTRODUCTION 4

CURRENT SITUATION 5

I Overview about Chanel SA 5

II Unique Selling Position – Chanel No5 5

III SWOT of Chanel No5 in Vietnam Market 6

IV Differential Strategy 7

V Comparison performance 8

VI PESTEL 9

d Technological factor 10

e Environmental factor 10

f Legal factor 10

RECOMMENDATION 11

I Segmentation – Targeting – Position 11

II Marketing Objective 13

III Marketing Strategy and program 13

1 Product – Customer solution 13

2 Price – Cost to satisfy 15

3 Place – Convenience 15

4 Promotion - Communication 15

CONCLUSION 17

REFERENCES 18

APPENDICES 21

Appendix 1 – All about Chanel No5 21

Appendix 2 – Vietnam Perfume Data 26

Appendix 3 – Further analysis of PESTEL 28

Appendix 4 – Chanel No5 Review 32

Appendix 5 – Chanel No5 Review Sample 33

Appendix 6 – Cosmopolitan Survey about Fragrance Study 2008 36

Appendix 7: Information about model Xuan Lan 42

EXECUTIVE SUMMARY

Recently, Vietnamese perfume market is develop very quick due to the Vietnamese’ perception of beauty Chanel SA is a famous luxurious fashion company in the world; its products are variety from clothes, shoes, handbags, fragrance and perfumes Chanel SA has just been penetrated in Vietnam since April 2011 However, Chanel No5 perfume product series has already existed in Vietnam for longer time Chanel No5 is facing the decline in international market, and in terms of product life cycle model, it is located in mature part in Vietnam market

With the marketing experience in international market in general, and Asia market in particular, Chanel

SA believe that Chanel No5 will develop in Vietnam, which has stable policy and rapid economy of growth The company will still focus of high income women, but also widen the targeted customer to upper class women over 35 years old with the income more than USD300/month Chanel at first will gain the brand awareness of consumers by using popular media means, inviting celebrities for advertisement, sponsoring for popular beauty reality shows In long term, Chanel SA will cooperate with other beauty company – or ally products with those companies to add more value to Chanel No5 and benefit for the company

INTRODUCTION

Vietnam is a developing country with the rapid economic growth Since 2007 when Vietnam officially joined in WTO, the government has been encouraging international enterprises developing in Vietnam market, which may lead to the higher income for the Vietnamese in general The higher living standard and education level, Vietnamese people aware of the importance of their appearance, especially through the charming of perfume scent As the demand of purchasing perfume and fragrance increases, Vietnam perfume market has developed, which attract many international perfume firms starting business in Vietnam Among those firms is Chanel SA with the famous product series Chanel No5 – one of the most popular luxurious perfume products of Chanel SA This report investigate the current situation of product range Chanel No5 – one of the most popular products lasting for long time of Chanel SA by SWOT, USP, and performance with Vietnamese context The report also gives some recommendation about marketing strategy for Chanel SA to develop the market for Chanel No5 in Vietnam market Most of the information in this report is secondary source which will be referenced adequately

CURRENT SITUATION

I Overview about Chanel SA

Established from 1009 – 1010 by Gabrielle Coco Chanel, Chanel is one of the leading luxurious fashion brand in the world, and is also of the French’s pride Chanel is famous for fashion products in different areas: clothing, accessories, shoes and handbags, cosmetics, and perfumes The current target customers

of the firm are successful people with stable high income Recently, Chanel’s competitors in the international market are: Gucci, Prada, Christian Dior, etc

Currently, Chanel has the wide distribution networks all over the world with 310 boutiques (Funding Universe, 2008) The first retail store in Vietnam was established in Ho Chi Minh City in April 2011 Chanel SA also planned to develop its network in Hanoi and Danang in the near future However, along with dealing with fake products from China, Chanel has to face the severe competition with other perfume brands which are operating in Vietnam market for longer time (i.e Lancome, Shiseido, etc)

II Unique Selling Position – Chanel No5

Staying focus on the target customer: high income successful people, Coco Chanel decided to produce

perfume ―The earliest trademark application for the inaugural No 5 perfume is on Thursday, 1 April

1926 No5's status is registered, renewed, and owned by Chanel, Inc‖.(Wikipedia)11

Until now, Chanel No5 is always the luxurious product brand only served for luxurious people Chanel No5 concentrates on

quality, and the long lasting scent for users Besides high recognition of brand image, niche customers

also one of the competitive advantage of Chanel no5 Along with advance technology, Chanel No5 only

uses ingredients from nature without chemical to make the scent which not only bring to consumer the

charming scent but also protecting their skin Besides, when penetrating in Vietnam market, Chanel No5 sold by Chanel official stores might have lower price (at USD64) than the other private stores have been selling (at USD 150) However, in order to attract more people to buy, Chanel should lower the price more, or have some promotion gift with Chanel No5

III SWOT of Chanel No5 in Vietnam Market

STRENGTHS

- Long history (since 1921) + high

recognition all over the world

- Strong brand image

- Strong finance

- Clear target customers: high

income people

- Impressive advertising campaign

worldwide (celebrities: Nicole

Kidman, Catherine Deneuve,

Audrey Tautou, and Marilyn

- Expanding target segment and

customers: young people, middle

- Fake productions from China

- Threats of new entrants: from Korea, Japan, etc

- Threats of substitutes: middle price perfume – Miss Saigon, Avon, Oriflame, etc

IV Differential Strategy

Comparing the target segment in Vietnamese market, Chanel No5 and other perfume product series of other brands (i.e Tresor – Lancome, Issey Miyake, Shiseido Energizing) are similar However, they all have different marketing strategy for their products

In the international market, since the first launch of Chanel No5, Coco Chanel had worked out the specific period of marketing strategy for this product The first marketing campaign called ―The first truly solo advertisement of Chanel No 5, as the most important Chanel perfume, comparable to her

legend as a couturiere, ran in The New York Times on June 10, 1934‖ (Mazzeo, Tilar J)8 ―Chanel’s collaboration with the enemy during wartime menaced her with the exposure of her treasonous activities

In an attempt at damage control, she placed a sign in the window of her rue Cambon boutique, announcing a give-away— bottles of Chanel No 5 were free to any and all American GIs for the asking‖.(Vaughan, Hal)27 10 years from now, Chanel No5 series has been located at maturity and decline

in the product life cycle declining as the sale volume is decreasing in the world economic crisis 2010 Therefore, Chanel SA is searching for new market at the developing countries which have the high economic growth rate like Vietnam Besides that, Chanel continues to launch advertising campaigns with celebrities to promote for Chanel No5 (Appendix 1, pp 23)

Has been appeared in Vietnamese market for long time, but Chanel SA officially established new store in

Ho Chi Minh City since April 2011 At the moment, Chanel is applying the market development strategy

at three big cities in three areas of Vietnam: Hanoi, Ho Chi Minh city, and Da Nang in order to help Vietnamese customers approach product faster

To develop in the new market like Vietnam, Chanel has to know more about the performance of competitors Further analysis and performance comparison will be mentioned in the next part

V Comparison performance

This part of the report will discuss about the comparison between Chanel SA in general and Chanel No5 product range in particular with others perfume brands in Vietnam market including: Tresor – Lancome, Shiseido Energizing – Shiseido, and Issey Miyake – Issey Miyake in term of share in period of 2006 -

2009 The numbers were retrieved from Euromonitor International

Figure 1 - Women's Premium Fragrances Brand Shares by GBN 2006-20094

As mentioned in the previous part, Chanel No5 is listed in the premium perfume for women The figure above shows the women premium fragrances brand share by GBN 2006 – 2009 Although the total market share of Issey Miyake Inc (3% - 2009) was lower than other companies, and was 1.7 times less than Chanel SA (5.2% - 2009), the Issey Miyake product range had the brand share which was much higher than other luxurious perfume products in Vietnam market The highest brand share rate of Issey Miyake was 15.1% in 2007 which was 4.7 times higher than Chanel No5, 5 times higher than Tresor – Lancome, and 18.9 times higher than Shiseido Energizing Chanel No5 from 2006 to 2009 was only sold

in some private cosmetics and perfumes stores in Vietnam, but the product series had achieved 3.4% brand share in 2006, and always the second highest brand share among four brands in the figure above Figure 1 also shows the decline from 2008 of Issey Miyake brand shares even though this brand share was much higher than the other four It was decrease from 15.1% in 2007 to 14% and 12% in 2008 and

2009, respectively Similar to Issey Miyake, Tresor brand share also went down from 2006 to 2009 even Lancome had wide distribution network Different from the two brands above, Shiseido Energizing had a stable share growth although the percentage was the lowest in four product ranges Chanel No5 had the decline of share from 2006 to 2008, but then increased gradually in 2009 and was forecasted to increase

The problem recently is that there are a lot of fake Chanel No5 come from China Besides, price for one

of this product is high which is not suitable for the majority of Vietnamese people who have middle income Therefore, to increase the brand share for Chanel No5, Chanel SA should investigate carefully the Vietnamese market, searching for opportunities to expand the market

VI PESTEL

a Political factor

Since 2007 when Vietnam officially joined in World Trade Organization (WTO), the government has always encouraged international trade Besides, Vietnam politic is quite stable, which ensure the long-term business environment for all international and domestic companies in Vietnam

b Economic factor

Vietnam is a developing country with high economic growth rate According to the Vietnam Economic Committee at National Assembly 8th Convention in 2010, GDP 2010 of Vietnam until October 2010 was 6.7%, 0.2% higher than the beginning plan, and 1.4% higher than GDP 2009; while the total GDP of East Asia and Pacific was 9.2%, and world GDP was 4.2% in 2010 (The World Bank, 2010) Until 21stDecember 2010, the total registered FDI is Billion 17.23 USD It is why Vietnam is an attractive place for investment

c Social factor

In term of democracy, in 2010, Vietnamese population was 87.8 million, and increasing to approximately 90.5 million people in July 2011 The Vietnamese population is young, but it is believed that the population is turning to old There are 38.3% of people from 25 – 50 who are the target age customers of Chanel No5 (Statistic Vn, 2010) GDP per person is VND22.8 million (1140 USD) in 2010 (GSO, 12/2010) Chanel No5 is sold in private cosmetics stores at USD147 – USD150 while in international market is USD115 Therefore, people can afford one Chanel No5 product

In term of customer behavior, Vietnamese people now care more about appearance and brand name of product Besides, they all care about the quality of the product equal to high price of product Chanel No5

as reviews from many Vietnamese women is the symbol of charm and luxurious although it is expensive

d Technological factor

As increase in standard of living, almost all Vietnamese families have TV cable and internet at home and

at work They will easily adapt information about Chanel and its product through searching on internet This is also one way to promote for Chanel No5 in Vietnamese market

e Environmental factor

Environment is always one of the concerns for the Vietnamese Most of Vietnamese people prefer using product from the companies which make no harm for the nature and environment Green – Eco is becoming objective of every firm in Vietnam Promotion relating to protect the environment may enhance the brand image of Chanel No5

f Legal factor

With the attractive economics growth rate and the increasing in demand for fashion in general and perfume in particular, many international fashion companies have joined and developed in Vietnamese market It creates the severe competition for all the corporations in terms of perfume products ranges Therefore, in order to develop and success in perfume/fragrance market, Chanel should have precise and suitable marketing strategy along with the current strategy: market development The next part will show

the recommended strategy and tactics for Chanel No5 product rages in Vietnam market

RECOMMENDATION

I Segmentation – Targeting – Position

According to Porter (1985), the application of market segmentation serves the purpose of developing competitive scope, which can have a ―powerful effect on competitive advantage because it shapes the configuration of the value chain‖ Segmentation is the process of grouping people or organizations within

a market according to similar needs, characteristics, or behaviors In terms of perfume, different segments can be divided based on income, status, age, sex, lifestyle, etc Here are some possible segments which can be suitable for perfume market in Vietnam

Segment variables Preferred types of perfume Income/month Social class Age Sex Lifestyle

> $1000 High class 30 – 65 M&F High standard Luxury

$300-$1000 Upper-class 25 – 50 F Elegant Attractive, scent durable

Dur

25 – 50 M Manly Attractive, scent durable

$150-$285 Middle class 25 – 45 M Manly Attractive

25 – 45 F Trendy Attractive, trendy

<$150 Lower class 20 - 40 M&F Trendy Attractive, trendy

M: Male – F: Female

In Vietnam, perfume is believed to be used by women more than men Most of the people using perfume are around 17 years old, but people who purchase for real perfume are over 25 years old as they have income from their job After defining the segment groups, the company needs to choose the target segments to aim at Recently, Chanel No 5 is believed to have strong and long lasting scent which is not suitable for people under 30 years old as they prefer the fresh scent more Therefore, Chanel No5 is attracted women over 35 years old with the high income and upper income, or the high and upper class women who have income over USD300 per month These people can be business women, celebrities (singers, movie stars, models) who required the attractive, long lasting scent, luxurious, and sometime strong scent Besides,

When defining the target customers, it is necessary to position the product range in the market ―The position statement is the point where the bundle of attributes join to form one concept which aims at capturing the essence of that which the target audience seeks in the product category‖ (Jorge A Restrepo) In Vietnam market, Chanel No5 will be positioned as the high quality and high price comparing to the living cost of Vietnamese people The position map below also shows different perfume brands in Vietnamese market

Price and Evaluation at: http://www.linhperfume.com

The figure above show the competitor analysis of Chanel brand and other perfume brands existing in Vietnam market The direct competitors are Gucci, Hermes, Prada, Issey Miyake, and Lancome which already has a wide distribution network in Vietnam Lancome Tresor targets on high income people but also the middle and upper income people as well as the variety of products and biggest distribution network among those brands, so they can also attract customers from Chanel as well as Hermes and Issey Miyake Fake perfume products from China are the biggest threat of Chanel no5 which have low price (Fake type 1: USD20 – 30, fake type 2-4: USD 5 – 15), these fake products are purchased everywhere and mostly by students and low – middle income people

II Marketing Objective

In order to successfully launch the campaign to develop the market and Chanel no5 brand image, marketing objective should be identified base on the target customer and brand position analyzed in the previous part

In the first 3 years:

- Expand distribution network to other three main areas: North: Hanoi – 3 biggest shopping centers – 1 official retail store; Middle: Da Nang – 1 shopping center – 1 official retail store; South: Ho Chi Minh city – 3 more shopping centers

- Brand awareness of targeted customers rises into 70% after first year

- Market share increase 10% in high income segment, 4% in upper income segment, 2% in middle income segment after 3 years

- Increase high level of customer satisfaction up to 85% after 3 years

In the next 2 years:

- Increase product brand awareness up to 90% after 5 years

- Market share rise into 15% after 5 years

- Distribution network broaden to other tourism city: Ha Long – Hue

III Marketing Strategy and program

To develop Chanel No5 market share in Vietnam, the company should have an appropriate marketing strategy and program In this case, 4P’s in marketing along with 4Cs’ developed by Bob Lauterborn will

be taken into consideration

1 Product – Customer solution

In the 4Ps’, ―product‖ can go along with ―customer solution‖ of 4Cs, which means Chanel SA should pay attention to the targeted customers’ (analyzed in previous part) needs and wants to adjust or offer new suitable products In this scenario, Chanel No5 has existed for long time in the international market and has been famous for its scent; thus, this product range can be adjusted to suit Vietnamese customers The adjustment can be the size and shape of Chanel No5 perfume bottle

Size: currently, Chanel No5 has 3 sizes: 35ml – 50ml – 100ml 50ml bottle can be used in 1 – 1.5 year for people who often used perfume In addition, upper class Vietnamese people often have 3–4 (or more) perfumes at the same time, so they prefer 50ml and lower There are also many consumers younger than 35 years old often buy the sample products for lower price Therefore, Chanel SA can produce size of 15 – 20ml Chanel No5 bottle

Shape: according to the offline survey made in 100 women on lamchame.com and webtretho.vn, more than 63% of women said that the current shape of Chanel No5 is not attractive, and it even looks a bit manly and formal The shape has been not changed for a long time since the first time Chanel No5 was launched The suggestion is that Chanel SA can change the Chanel No5 bottle shape related to diamond which is symbol of luxury to attract more Vietnamese customers

Recent design New design (only for reference)

Although changing in size and shapes need Chanel SA to update the technology systems which will refer to the high cost However, in the long term, the changing in size and shapes might bring more value and benefit for Chanel SA not only in Vietnam but also worldwide

Customer service should be also strengthened The VIP card can be implemented for consumers purchase more than USD500 as silver card, USD1000 as gold card, and USD5000 as diamond card Each product should have warrantee also

2 Price – Cost to satisfy

When talking about price, to company should refer to cost and value from customer’s aspect Customers often expect what they receive when decide to buy product Currently, Chanel No5 is sold at USD115/100ml bottle, and USD85/50ml bottle Although it is cheaper than some perfume retail stores in Vietnam (USD150/100ml bottle), but Chanel No5 is still suitable for high income and upper income people To penetrate and consolidate in Vietnam market, Chanel SA should import 15-35-50ml bottle first, which focus more on the upper class people The recommend price for 15-20ml bottle is from USD20-30

3 Place – Convenience

When talking about place, it should be reflected convenience in 4Cs At the moment, Chanel network is still small; there is only 1 official store in Ho Chi Minh City, so the risk of fake products is still high Besides, there are some perfume retail stores such as LinhPerfume, Thegioinuochoa, and thousand online stores on website: muare.vn, enbac.com It is essential for Chanel SA to make commitment with retailers and website administrators to ensure that they will not sell fake products In addition, the distribution networks should be broadened in 3 years at mainly shopping centers in 3 big cities: Hanoi-Da Nang-Ho Chi Minh to attract attention of consumers Besides, there should be showrooms in Hanoi and Da Nang

4 Promotion - Communication

Finally, promotion and communication should be concerned in the marketing strategy ―Promotion concentrates on what company says, while communication also includes what customers perceive‖ (Marketing Strategy lecture, Hanoi 2011)

The marketing objective has mentioned about the increase of brand awareness to 75% in the first year and 90% in 5 years In order to make it happen, advertising via media means is necessary Chanel No5 image can be advertised on fashion magazine whose readers are mainly the fashion targeted customers The magazine can be The Gioi Thoi Trang, Dep, Elle Vietnam, etc The advertisement on magazine should be the whole page which focuses on Chanel No5 bottle, and contains company/retail stores information Nowadays, internet is one of the important and effective ways for marketing As establishing in Vietnam, Chanel SA should located Vietnam in the retail contact on chanel.com for worldwide recognition Besides, almost all the magazines have online website, there are also many fashion and perfumes websites and social sites on internet (i.e Facebook, Twitter) Vietnamese people often believe in word of mouth and reviews in some family website (i.e lamchame.com, webtretho.com), Chanel SA can work with those website publishers to post article, and reviews about Chanel No5 (see

example at Appendix 5, pg 30), as well as the Q&A topic for all the concerns of consumers, and samples for retail stores to let consumers try

For the initial stage of marketing campaign for new Chanel No5, banner and poster is also one effective ways to gain awareness The banner can be at one of both left/right or at top side of a website, and posters can be hung on the shopping centres’ big windows

To encourage customers purchase as well as change behaviour of using Chanel No5 product, advertisement on TV or youtube.com (a video social network) will be effective In the past, Chanel was very successful with the advertisement using celebrities (i.e Nicole Kidman), this way can also be applied for Vietnamese people The celebrities can be famous models such as Xuan Lan, Ha Anh, or beauty queens They also can be movie stars or singers In addition, Chanel can sponsors some television reality fashion shows such as Vietnam Next Top Model, Miss Vietnam, etc Chanel No5 product will be the award item for all the best candidates in these television competition shows

During the year, Lancome and Shiseido have discount time, mostly from 10% to 50% However, this will

be not a good way for Chanel SA as the company is listed as the luxurious brand image worldwide for high class consumers

Although discount will attract more Vietnamese consumers, but there are still several way to attract consumers without using this way In term of promotion, Chanel SA can use the promotion of buying one 100ml Chanel No5 get one new model Chanel No5 15ml; or get one Chanel Teddy bear

In the long run, Chanel SA can use product alliance with other beauty company such as Vietnam luxurious spa companies (i.e QI Spa systems, Xuan Spa, Wellness Group Spa, etc) in order to create more value and benefit for Chanel SA, targeted the right customers (high – upper class), and increasing the recognition for product brand image

CONCLUSION

As the popular long-standing and experienced company, Chanel SA in general ad Chanel No5 has a lot of chance to develop in new Vietnam market The target consumers still high class women consumers, but also broadened to upper class customers Chanel No5 has to face many challenges as this model is old and the price is high while there are so many fake products existing for long time in Vietnam However, with the innovation and experience in international market, Chanel SA can identify an effective strategy

to get success Product alliance – Brand Collaboration strategy has become a tendency or element of growth for any business worldwide, Chanel SA can also follow this trend to develop in Vietnam market

REFERENCES

1 Asley Kryscynski, (2008) Coco Chanel Marketing Strategy (), pp.2,3,4

2 Allenlin (2009) Chanel Brand story [ONLINE] Available at:

http://www.articlesbase.com/sales-articles/chanel-brand-story-1362490.html [Last Accessed 20th November 2011]

3 Elle (2011) Nhung hieu nuoc hoa hang dau the gioi (the leading perfume brand in the world)

[ONLINE] Available at:

http://marketing-branding.vn/index.php?option=com_kunena&func=view&id=788&catid=14&Itemid=38&lang=vi [Last Accessed e.g 31 August 11]

4 Euromonitor, (2010) Fragrances - Vietnam Euromonitor International : Country Sector Briefing (),

pp

5 Glen O Brechbill, (2011) Arranging Fine Perfume Composition 1st ed New Jersey - USA:

Fragrance Book Inc

6 Kotler, P (2003) Marketing Management: Analysis, Planning, Implementation and Control.(8th Ed.) Englewood Cliffs: Prentice Hall

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t%E1%BA%BF-vi%E1%BB%87t-nam-nam-2010-v-khuy%E1%BA%BFn-ngh%E1%BB%8B-cho-8 Mazzeo, Tilar J, (2010) '' In: (ed), The Secret of Chanel No 5 1st ed : HarperCollins pp.132

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University

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APPENDICES

Appendix 1 – All about Chanel No5

Source: Chanel No5 History [ONLINE] Available at: http://en.wikipedia.org/wiki/Chanel_No._5

Chanel No 5 is the first perfume launched by Parisian couturier Gabrielle "Coco" Chanel The French

government reports that a bottle of Chanel No 5 is sold every thirty seconds and generates sales of $100 million a year It was developed by Russian-French chemist and perfumer Ernest Beaux It is often considered the world's most famous perfume

A Aesthetic inspiration for a new fragrance

Traditionally fragrance worn by women had adhered to two basic categories ―Respectable‖ women favored the pure essence of a single garden flower Sexually provocative perfumes heavy with animal musk or jasmine were associated with women of the demi-monde, prostitutes or courtesans Chanel felt the time was right for the debut of a scent that would epitomize the boyish, modern flapper that would speak to the liberated spirit of the 1920s

B Iconography of the No 5 name

At the age of twelve, Chanel was handed over to the care of nuns, and for the next six years spent a stark, disciplined existence in a convent orphanage, Aubazine, founded in the twelfth century.[3] From her earliest days at Aubazine, the number five had potent associations for Chanel Aubazine had been founded by Cistercians, a Catholic order who placed great emphasis on numerology The number five was especially esteemed as signifying the pure embodiment of a thing, its spirit, its mystic meaning The paths, which led Chanel to the cathedral for daily prayer, were laid out in circular patterns repeating the number five

Her affinity for the number five co-mingled with the abbey gardens, and by extension the lush surrounding hillsides abounding with cistus, a five-petal rose It is noteworthy that the Cistercians, an ancient branch of Catholicism, derived the name of their order from this very flower

In 1920, when presented with small glass vials of scent numbered 1-5 and 20-24, for her assessment, she chose the sample composition contained in the fifth vial Chanel told her master perfumer, Ernest Beaux, whom she had commissioned to develop a fragrance with modern innovations: