Project Outline - Olay Skincare for Men

PROJECT OUTLINE for Olay Men’s Skincare Products About Olay Men’s Skincare Products Olay Men’s skincare product line is geared towards providing men with an important routine to cleanse, exfoliate, moisturize, and protecting their skin. This complete concept of skincare products of facial wash, mask, toners, moisturizers, and eye cream for men will enable the average person to be able to provide TLC for themselves from the comfort of their homes at a reasonable cost from a brand that has been serving women for many decades. Goals The goal of Olay is to attract men to our products as an alternative of scheduling costly spa treatments or competitors’ brand that does not carry a full skincare product line for men. Olay’s goal is to design a skincare product line for men that will be around for current and future generations to come. Our long-term goal is to help all consumers of our product feel confident and comfortable taking care of their skin. Target Customer Olay for men skincare product is trying to attract men from a varied demographic and socio-economic group. We are looking to target customers between the ages of 18-44, because there is a market share of 63% of potential customers available to use our product. We are interested in this group of men because 84% of them are within our target customer’s age, while 37% of them practice some form of skincare daily. We can use our current female customer base to target and attract their male counterpart with a combined discounted offer price to promote inclusion and unity of our products available to every household. This type of marketing strategy will help our Proctor & Gamble parent company to increase its beauty sales and maintain brand recognition in the industry. We are living in a time when everyone is encouraged to consider lifestyle factors such as diet and stress management. Targeting male customers will continue to PROJECT OUTLINE for Olay Men’s Skincare Products encourage them to think of a solid skincare routine which is the cornerstone of good male grooming and maintaining healthy skin. Market Opportunity The worldwide skincare industry has reported revenue of $130 billion (USD) with the United States having a market share revenue of 17.5 billion (USD). The Olay brand has many competitors such as L'Oréal Group which has a greater market share of 23.52 billion (USD). This is a market opportunity for the Olay brand to add a full line of men’s skincare products, which is currently not provided by any of our competitors. We have identified 63% market share available in the industry, therefore we will use our existing customers (females) to help acquire market opportunities with our potential male consumers, by combining offers to promote the product. We understand our current marketplace which will enable us to create a sound business strategy to establish the skincare product line for men that is better than any of our competitors. This strategic move will allow the Olay brand to grow into a more profitable one for the Proctor and Gamble Company for generations to come. The more customers we can drive closer to our products the more sales we are likely to close. Our competitor’s analysis has allowed us to identify market opportunities and pinpoint products that are missing in the market for a full skincare product line for men. Financial Opportunity The research conducted shows there is a positive financial opportunity for this projects cash flow and profitability for the Olay brand and the P & G Company because skin care products on the global market reported profits of $130 billion (USD) for 2020 and is projected to reach an estimated $177 billion (USD) by 2025. The analysis of such positive forecast for the industry provides us with information that revenue in the industry will continue to grow as PROJECT OUTLINE for Olay Men’s Skincare Products everyone becomes more confident with their skin care routine. Revenues estimated to reach such heights will create a gap in the industry for a full-scale men’s skin care product line, which none of our competitors has been able to launch. Consumer behavior will have a positive impact on our financial opportunities because the global pandemic which prevented free flow of movement where everyone had to resort to self-care during the pandemic. Therefore, skin care regiment will continue to be a must have for people to maintain their youthfulness. Our investment in this financial opportunity to move this concept forward can be finance by our free cash flow available to the company after paying operating expenses and capital expenditures. The Olay brand has been a top performer for the P & G Company as well as a well-known brand that can be trusted. The financial opportunity of this concept will have risk which we will need to evaluate and analyze because the skin care segment for men is a tough market to break. However, with determination, focus, and strong marketing to appeal to men from 18-44, I am confident we will create our Olay for Men skin care product. Timeline As the Olay brand aims to claim a piece of the 63% market share available within the skin care industry for men, an average product can take a minimum of twelve weeks or up to two years develop. However, we have dedicated years of mastering our products on the market for females, therefore we will not hastily develop our formulas overnight for our male consumers. We treat our development process for our male consumers as we do for our female consumers and provide a quality product, the Olay brand is known to offer since its launch. Our goal is to develop a product that we can receive third party certification and clinical testing of our product prior to launching. Our goal is to develop a solid foundation on our idea to formulate a skin care product where our target consumers is given priority. This idea has the highest potential for PROJECT OUTLINE for Olay Men’s Skincare Products success; therefore, we will screen the feasibility of our idea, and conduct a detailed SWOT analysis to identify our strengths and opportunities if they will overpower threats and weaknesses. We will conduct our unique value proposition evaluation towards our skin care product for men to ensures we discover any issues and minimizing any financial losses in the development process. My next approach will be geared toward our marketing strategies to applying the McCarthy’s 4Ps of marketing to determine whether our concept is worth moving forward. Putting our product in place and enter the phase of the products development process where a prototype is followed by the minimum viable product (MVP). Then the product will enter a live environment where the process involves implementation. Our final stages of the development process will involve market entry of our full product line for men’s skin care products.