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L’ORÉAL SEEDZ MANAGEMENT TRAINEE PROGRAM Lê Châu Bảo Ngân Question 2:…

- - - - Other than that:
        According to Kantar (2021), 60% Vietnamese still believe higher price products means higher quality & 77% buy brands that are of good quality even more expensive.
        
        Customer understanding:
        Despite declining in prioprities, prestige products, shopper continue to keep paying premium prices for hygience & liquid wash. They measure the true value of premium benefits rather than monetary value.
        Strategy:
        In the prestige segment, while in the middle of the downturn, the strategy should keep customer be loyal to maintain sales volume instead of increasing it through loyalty activation & discount service.
  - - - Strategy:
        According to Kantar (2022), brands now lift shopper spend per trip by offering small package or sachet version for sophisticated benefits in middle segment product for customer lower entry barrier.
        But in the next 2 year, in Vietnam, consumers may need more than that.
        Sachet version is not enough to stand out, the brand from L'Oréal could offer a proceed step even before consumer purchase the sachet version.
        Customized format - for every skin concern from everyone.
        Yet the ingredients cannot be changed, brand such as L'Oreal Paris with Skin Genius, or La Roche Posay with Effaclar SpotScan+, could upgrade to recommend accessible & fitting amount of product case by case.
        In this way, customers could accelerate their product selection & acknowledge their skin needs to purchase right amount & right product for their skin types & skin concerns.
    - - Strategy:
        While offering the product merge the wellness & beauty, the strategy should focus more on consumer experience to help manage their convenience as well.
        For the hybrid concern from consumer understanding, the strategy is to offer hybrid benefit with visible effiacacy to save their time.
        That can be minimal product which is reformulated for both skincare & makeup benefits,
        or fast-absorbing focused advertising for convenience-driven skincaring product,
        or even an innovation that automatically apply product in personalized daily routine (such as an advanced daily face mask) to offer them shorter time but not reduce quality or replace any of their loyal product in their daily routine.