Harvard Case - Shiseido: Reinvesting in Brand
"Shiseido: Reinvesting in Brand" Harvard business case study is written by Jill Avery, Nobuo Sato. It deals with the challenges in the field of Marketing. The case study is 21 page(s) long and it was first published on : Dec 4, 2018
At Fern Fort University, we recommend that Shiseido implement a multifaceted strategy to revitalize its brand and regain market share. This strategy will focus on leveraging digital marketing, expanding into emerging markets, and fostering innovation while staying true to its heritage and core values. This approach will involve a combination of strategic brand management, targeted marketing campaigns, and product development initiatives to cater to evolving consumer preferences and competitive pressures.
2. Background
Shiseido, a Japanese cosmetics giant, faced a decline in market share due to changing consumer preferences, increased competition, and a lack of innovation. The company's traditional focus on luxury products and mature markets was no longer resonating with younger consumers seeking more accessible, inclusive, and digitally savvy brands. The case study highlights Shiseido's need to re-energize its brand and appeal to a wider audience, particularly in the lucrative emerging markets.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong brand heritage and reputation for quality
- Extensive global distribution network
- Expertise in skincare and cosmetics
- Strong financial position
Weaknesses:
- Aging brand image
- Lack of innovation in product development
- Limited digital marketing presence
- Overreliance on mature markets
Opportunities:
- Growing demand for skincare and cosmetics in emerging markets
- Increasing adoption of digital channels for product discovery and purchase
- Potential for brand partnerships and collaborations
- Growing interest in natural and sustainable beauty products
Threats:
- Intense competition from both established and emerging brands
- Shifting consumer preferences towards personalized and inclusive beauty products
- Economic uncertainty and fluctuating currency rates
- Growing popularity of online retailers and direct-to-consumer brands
Marketing Analysis:
- Market Segmentation: Shiseido needs to identify and target specific consumer segments with tailored marketing messages. This includes focusing on younger demographics, diverse ethnicities, and digitally savvy consumers.
- Brand Positioning: The company must redefine its brand positioning to appeal to a wider audience. This could involve highlighting its heritage and quality while emphasizing inclusivity, innovation, and sustainability.
- Consumer Behavior Analysis: Shiseido needs to understand the evolving needs and preferences of its target audience. This includes researching their online behavior, product preferences, and purchasing habits.
Competitive Analysis:
- Direct Competitors: Shiseido faces competition from established global brands like L'Or'al, Est'e Lauder, and Unilever, as well as emerging brands focusing on niche markets and digital marketing.
- Indirect Competitors: The company also faces competition from brands offering alternative beauty solutions, such as natural and organic skincare products, and DIY beauty products.
4. Recommendations
1. Revitalize Brand Image and Positioning:
- Reimagine the Brand: Develop a new brand campaign that emphasizes Shiseido's heritage while showcasing its commitment to innovation, inclusivity, and sustainability. This campaign should be launched across all marketing channels, including digital platforms, social media, and traditional advertising.
- Embrace Digital Marketing: Invest heavily in digital marketing strategies, including social media marketing, influencer marketing, and search engine optimization (SEO). This will help Shiseido reach younger consumers and build stronger relationships with its target audience.
- Product Innovation: Develop new product lines that cater to the needs and preferences of younger consumers, including personalized skincare solutions, sustainable packaging, and innovative beauty technologies.
2. Expand into Emerging Markets:
- Target Emerging Markets: Focus on expanding into high-growth markets like China, India, and Southeast Asia. This will allow Shiseido to tap into a new pool of potential customers and diversify its revenue stream.
- Adapt Marketing Strategies: Tailor marketing strategies to the specific cultural and economic context of each emerging market. This includes using local influencers, translating marketing materials, and offering products that are relevant to local consumer preferences.
3. Leverage Technology and Analytics:
- Data-Driven Marketing: Utilize data analytics to understand customer behavior, optimize marketing campaigns, and personalize product recommendations. This will help Shiseido make more informed decisions and improve its marketing ROI.
- Artificial Intelligence (AI): Explore the use of AI and machine learning to enhance customer experience, automate marketing tasks, and optimize product development.
4. Foster Collaboration and Partnerships:
- Strategic Partnerships: Collaborate with other brands, retailers, and influencers to expand reach, increase brand visibility, and create new product offerings.
- Co-Branding Initiatives: Develop co-branded products with complementary brands to attract new customers and tap into emerging trends.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Shiseido's current situation, market trends, and competitive landscape. They consider the company's core competencies, including its strong brand heritage and expertise in skincare and cosmetics. The recommendations also address the need to reach new customer segments, particularly younger consumers in emerging markets, and leverage the power of digital marketing and technology.
Attractiveness:
- Increased Market Share: The proposed strategy is expected to increase Shiseido's market share by attracting new customers and retaining existing ones.
- Revenue Growth: Expanding into emerging markets and developing new product lines will drive revenue growth for the company.
- Enhanced Brand Equity: Revitalizing the brand image and focusing on innovation will enhance Shiseido's brand equity and increase its perceived value among consumers.
Assumptions:
- The global economy will continue to grow, providing opportunities for Shiseido to expand into new markets.
- Consumer demand for skincare and cosmetics will continue to rise, particularly in emerging markets.
- Shiseido will be able to successfully adapt its marketing strategies to different cultural contexts.
- The company will be able to effectively leverage technology and analytics to improve its marketing effectiveness.
6. Conclusion
Shiseido has a unique opportunity to revitalize its brand and regain market share by embracing a multifaceted strategy that focuses on digital marketing, emerging markets, and innovation. By adapting to evolving consumer preferences, leveraging technology, and fostering collaborations, Shiseido can position itself for long-term success in the competitive global beauty market.
7. Discussion
Alternative Options:
- Focus solely on mature markets: This option would involve continuing to target existing customer segments and maintaining the company's traditional brand image. However, this approach would likely lead to continued market share decline as younger consumers shift towards more innovative and digitally savvy brands.
- Acquire a smaller, more innovative brand: This option would allow Shiseido to quickly gain access to new products, technologies, and customer segments. However, this approach would require significant investment and could pose integration challenges.
Risks and Key Assumptions:
- Execution risk: Implementing the proposed strategy will require significant resources and effective execution.
- Competitive risk: Shiseido's competitors may also adopt similar strategies, leading to increased competition in the market.
- Technological risk: The rapid pace of technological advancements could make it difficult for Shiseido to keep up with emerging trends.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and resource allocation for each recommendation.
- Conduct market research: Gather data on consumer preferences, competitive landscape, and emerging market trends.
- Pilot test new products and marketing campaigns: Launch pilot programs in select markets to test the effectiveness of the proposed strategies.
- Monitor performance and make adjustments: Continuously track key metrics and make adjustments to the strategy as needed.
By taking these steps, Shiseido can successfully navigate the challenges of the global beauty market and achieve its long-term growth objectives.
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Case Description
Shiseido was in the midst of a six year corporate turnaround, trying to reverse the effects of decades of under-investment in R&D and marketing which had led to a cycle of declining customer support and brand value. Would the CEO's VISION 2020 plan, centered on four strategies: 1.) increasing R&D spending from 1.8% to 3% of sales, 2.) investing an incremental ¥120 billion in brand-building marketing, 3.) moving to a "think global-act local" matrixed brand management structure, and 4.) rethinking brand portfolio strategy, be enough to achieve aggressive 8% per year sales goals while simultaneously increasing the company's operating margin from 8% to 10% in the highly competitive and slow growing beauty industry?
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