Customer Segmentation - Our product is specifically designed to cater to customers who prioritize both their health and appearance. We strategically market our product to target a specific segment of the population: health-conscious individuals who are interested in maintaining a youthful and good complexion. This market segment includes both men and women who are willing to invest in quality skincare products that offer long-term benefits. Example: Oue product can also be used for outdoor active people due to the functions of protecting from air pollution and UV radiation.

Product innovation is important in keeping a business afloat in a highly competitive industry. It produces a competitive advantage due to product differentiation and uniqueness (Emeritus, 2023). The beauty industry is rapidly changing with constant improvements and both La Roche Posay and CeraVe are no stranger to innovation. Both companies are constantly introducing new products with creative functions. For example, La Roche Posay launched an acne serum that also combats anti-aging (PR Newswire, 2023). This combination is rare to find; therefore, it can create demand in the market. Hence, both La Roche Posay and CeraVe scored 10 in product innovation. Our cream on the other hand is innovative due to its multifunction; however, it scores an 8 as we are not as experienced as the other two brands.

Price plays a significant role in a customer's buying decision. Some customers would prefer to pay an elevated price point, associating it as higher quality, while others may favor lower prices for affordability. CeraVe scores 8 in pricing as it's known to be affordable and accessible. While looking through their product catalog, their price varies from 185 THB to 1000 THB, with many below 500 THB. Alternatively, La Roche Posay and our product have mid-range prices. Our product cost XXX while La Roche Posay's products cost between 300 THB to 2250 THB. The reason behind this pricing strategy is to find a middle-ground compromise between conflicting factors such as quality versus value or demand versus; hence, why it's the most common t of pricing strategy in the mass market (Blechschmidt, 2019).

Many businesses think that Variation is crucial. As different consumers require different things, providing selections to choose from will help meet their specific needs and preferences. Both La Roche Posay and CeraVe score 10 on variation as they are known for having wide variations that are specialized based on skin and functions. Having products targeting specific needs is critical as some products may not be suitable for some people. For example, a person with oily skin is not suited to using products designed for individuals with dry skin, as this can exacerbate their skin's oiliness. In contrast, because our product is new, it scores a 1 as we currently don't have variations; however, our product is suitable for any skin and is multifunctional.

Finding the right distribution channels is critical as it ensures the accessibility of the product to the consumers. The consumer's convenience should be prioritized when finding the right distribution channel. La Roche Posay and CeraVe both scored 10 as their products are accessible in many places such as pharmacies like Boots and Watsons, beauty departments like Eve and Boy and Sephora, online and some dermatologist clinics. Our brand scores 6 as we do not sell in beauty departments but more focusing on partnering dermatologist clinics, pharmacies, online and our own brick and mortar where consumers can come in and be educated on their skin and our benefits.

Finding the best Ingredients is key in making the perfect formula for any skin care products. Most ingredients are chosen based on the functionality as every ingredient has its own benefits. Choosing the right ingredient is also crucial for the skin's health as poor choice or synthetic ingredients may cause skin irritation or even cancer (Why the Ingredients in Your Beauty Products Matter, n.d.); for example, sulfates and alcohol is known to irritate and inflame skin. Nowadays, consumers are well educated in choosing the right skin care as they see ingredients before brands (Chitrakorn, 2022); hence, it's key for the beauty industry to use safe and useful ingredients for their consumer's wellbeing. When it comes to comparing our brand with our competitors, all three brands scored 10 as the ingredients chosen are safe, ethical and beneficial.

Brand recognition is crucial in every business as it provides a competitive advantage and influence consumers buying decisions (Hanna, 2023). The stronger the brand recognition, the higher chances of consumers choosing that brand over others. This is because consumers often lean towards brands that they recognize or trust. La Roche Posay scores a 10 as it is known to be the fastest growing skincare brand in 2022, ranking first among thirty brands and has a sales growth of 46% in 2022 (PR Newswire, 2023). CeraVe scores an 8 as although its brand recognition is not as strong as La Roche Posay, it went viral on the internet after receiving attention from a popular skincare YouTuber, Hyram (Rearick, 2021). Since then, CeraVe's brand continues to grow and quickly became a cult favorite. Our product on the other hand, scores a 1 as we are new and it's a common and expected scenario. With market awareness and building trust, ou product can gain brand recognition in the future.

Use the information and answer the following questions.

1. Can you discuss how we are differences from our competitors in terms of

(a)Multifunctional product

(b)Customer focus service

(c)Product usages convivence ?

Answer rating: 100% (QA)

a Multifunctional product Your product stands out from your competitors in terms of its multifunctionality While La Roche Posay and CeraVe offer innov... View the full answer