Recent Market Developments
Lumina Corporation is a representative of a group of innovative companies, which operate in the field of cosmetic medicine (Welcome To Lumina Cosmetic Medicine). Lumina Corporation provides customers with safe and effective non-invasive medical skin recovery treatments with little or no downtime. The main slogan of the company is a healthier and younger looking skin with a smile (About Us).
The chosen product for this marketing strategy is Lime by Lumina Corporation. It represents an industry of cosmetic medicine and covers the market of clinites – cosmetic products such as skin-care creams, anti-aging lotions or sun-care oils. According to the data provided by consumer survey of clinites market, Lime covers all income segments (high earners, affluent, medium income, low income and singles). However, segment of affluent buyers tends to be the most valuable for Lime and counts about 66% of brand awareness. It means that 66% of individuals have unaided recall of brand name.
The market of cosmetic medicine is represented by six major corporation: Monster (revenue - 309 million dollars), Tipas (revenue – 266 million dollars), Ninja (revenue – 83 million dollars), Raspovia (revenue – 52 million dollars), Lumina (revenue - 21 million dollars) and SPARTA (revenue – 38 million dollars). In fact, Lumina is one of the weakest corporations in this industry, as it has to compete with such giants as Monster and Tipas. Lime product covers 1.7 per cent (retail sales – 19.289 thousand dollars) of the total clinites market.As the chosen product is designed mostly for affluent buyers, the advertisement expenditures for this segment are the highest (390 thousand dollars).
Nevertheless, this figure is small if compared to Tiley (1620 thousand dollars) and Rise (1170 thousand dollars) products. Lime faces strong competition in the sphere of advertising from these products. Moreover, the estimated communication dimensions and message quality table from competitive advertising estimates of clinites market suggest that the quality of brand messages is on a very poor level.According to the data presented by industry dashboard of firm Lumina, the industry of clinites is not affected by nutrites and continues to expand. The industry retail sales have increased from approximately 1050 million dollars in 6th period to approximately 1250 million dollars in 8th period. Moreover, the market is constantly expanding. It is forecasted that the overall market size will rise from 108460 thousand units this period to 117228 thousand units next period. The overall market growth rate is expected to be 8.1 per cent.
The market segment of affluent buyers, the one that corresponds to the chosen product, is forecasted to grow as well. It will change from 8401 thousand units this period to 9225 thousand units next period. It means that the overall market growth can be successfully employed to conquer new customers and increase revenues as a result.Brand PerformanceIn the current period, Lumina Corporation tends to be out of place. Revenues have fallen …