Introduction
Etude House is a Korean cosmetic brand with a particular focus on fun makeup products offers creative and unique products characterized by sensational colours and the up-to-date trends. The brand was founded in 1966 and incorporated by Amore Pacific in 1990. Etude’s name was inspired by Polish Composer Frederic Chopin’s Studies for the piano. Their mission is to beautify young women through lovely products and friendly counseling, therefore, their products are more targeted towards the youth market.
Etude House Singapore, had its grand opening in Singapore in June 2009. In recent years, the Korean wave, namely Hallyu, has entered and became rather popular here in Singapore, and Etude house itself being a Korean brand, uses Korean pop stars to market their products, attracting the masses of Hallyu fans. The company utilises on the few factors of Microenvironmental forces and Macroenvironmental forces and uses them to market their products to the market in Singapore. I will be looking into the few forces they are using to do so.
Macroenvironmental Forces
The macroenvironment consists of larger societal forces that affect the microenvironment. Two of the potential forces that affects the marketing of Etude House would be the market’s Cultural and Demographic forces.
Cultural
http://www.blackwellreference.com/public/tocnode?id=g9781405131995_yr2012_chunk_g978140513199516_ss5-1 Korean pop culture does not have any religion or race attached to it, therefore, it appeals to most of the Singapore market’s secondary beliefs. Korean Pop culture, or Hallyu, has made its way into Singapore and became rather popular over the past 3 years. Young adults are influenced by Korean culture through Korean dramas and music.
The Essay on Ansoff's Product Market Grid
The Ansoff product-market matrix helps to understand and assess marketing or business development strategy. Any business, or part of a business can choose which strategy to employ, or which mix of strategic options to use. This is one simple way of looking at strategic development options: Each of these strategic options holds different opportunities and downsides for different organizations, so ...
With reference to the above source, it cites that the strong Korean culture has made its way through the world, including Singapore, with its blockbuster movies, television programmes, its fashion as well as its music. Therefore, with these influence, Singapore becomes a potential location to market Etude house’s products, using the influence of Korean pop stars like the boy band Shinee, and Sandara Park from the popular girl band 2ne1, attracting the masses of young female adults mainly, to purchase their cosmetics.
http://blog.korea.net/?p=10610
The above source describes how the Korean stars look so natural and beautiful onscreen and links it to the usage of products from Etude House, this way, they are able to influence their target market on trying out their products so they can look beautiful and natural too.
Demographic
As Etude House’s main target audience are female young adults, Singapore would deem to be a good location to market themselves. As the demographics of Singapore suggests, from http://www.indexmundi.com/singapore/demographics_profile.html, there is a large percentage of population aged 15 – 64, and out of these, more than half of them are females. This statistic greatly suits the target market of Etude House, therefore they are able to more effectively market their products to the needs of our population demographics.
Microenvironmental Forces
The Microenvironment consists of the actors and forces outside the marketing that affect marketing management’s ability to build and maintain successful relationships with target customers. One of the forces that affects Etude House greatly is the customers.
The Research paper on Emirates Dates And How To Market The Product In (Sweden)
There are various strategies of expanding one’s business. The decision of which strategic move to choose is generally depends on internal conditions of the business in discussion. There are companies that manage to stay in their local markets and continue to harness growth from it, while others discover potential markets in foreign countries that drive them to expand. In the case of business ...
Customers
Since Etude house originates from Korea and it has branched out into many parts of the world, including Singapore, it greatly relies on the consumer
