Biolage R.A.W. is a professional haircare brand launched in 2017, in Portugal. The brand is taking its first steps into the Portuguese market and facing a lack of awareness about high-end natural products along with facing challenges with pricing in this segment. This case looks at how Biolage R.A.W. can come up with a launch strategy in a market where the brand name is unknown and the price of the products is regarded as high by the target consumer.
My Company for this assignment is Facebook.
For this course’s final project, you will develop a business plan for the new product, service, or other business idea that you began conceptualizing in the previous MBA 515 Business Environment, Innovation, and Entrepreneurship course. After completing this week’s readings and after reading the corresponding article in the Reading and Resources section of this module, address the importance of the following items for your chosen business or idea:
- Identifying your target demographic(s)
- Defining the psychographics of your target demographic(s)
- Addressing the needs and wants of the target demographic(s)
- Describing how the company can use its brand to help establish trust with the target demographic
Requirements: 1-2 Paragraphs
Answer preview
One of the psychographics of millennials, male and female, is the high use and embrace of technology. According to Materdomini (2019), there has been a high rise in mobile phones and the internet in the last few years, and the millennials are ranked as the most exciting user generation. This is a positive indication that millennials will also strongly embrace the new F22 smartphone from Facebook. Secondly, most millennials are employed or are entrepreneurs and therefore have money to spend on the selected products making them the best target demographic for F22 smartphones. Lastly, millennials are reshaping the brands and retail industry, where they have easy access to product information and prices at their disposal. They, therefore, are choosing brands that offer them maximum benefits and convenience at the lowest cost. F22 smartphone needs to be of the highest quality and affordable for millennials to choose over others in the market quickly.
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