Published by MBA Skool Team, Last Updated: March 17, 2017
Marketing Strategy of Lakme analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Lakme marketing mix, help the brand succeed.
Lakme marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Lakme Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Lakme Product Strategy:
The product strategy and mix in Lakme marketing strategy can be explained as follows:
Lakme is one of the leading cosmetics brand in the world. Lakme has a wide range of products and services in its marketing mix, which are well portrayed in its website and stores. Lakme offers the following to its customers:
1. Look book - to take inspirations from Lakme's signature looks
2. Lakme Makeup - which includes products for eyes, face, lips and nails and all these products are well categorized in two categories - application area and range
3. Skin needs - hydration, anti-aging, skin brightening, cleansing, skincare and makeup, moisturizing, sun production
5. Lakme Salon - which offers show stopping collection, runway menu, salon offers, franchise options, teaching academy, gift cards, loyalty programs, salon locators, etc.
a. The runway menu includes various categories for hair, hand and feet, skin, essentials, innovation and bridal. The hair category includes services related to colour, extensions, care, form, styling and textures. The services can be pre booked from the website. Lakme Fastnfab is its unisex salon. Lakme Absolute salons are its exclusive salons which provides special grooming and styling options to the premium customers.
6. Lakme Fashion Week Store for gallery of previous fashion shows and latest trends and looks.
Lakme also has a bridal stylist website, which has styles to inspire brides with bridal beauty, fashion, inspirations, healthy options and wedding extras. It has separate websites for Lakme, Lakme India and Lakme bride.
Image: company website
Lakme Price/Pricing Strategy:
Below is the pricing strategy in Lakme marketing strategy:
Lakme has targeted its major customers in India, and priced its products accordingly.
Lakme also came up with a new range a 9 to 5 collection which was targeted for the working ladies and its prices were slightly higher than the basic products. Also, Lakme has a completely exclusive range for models and glamour world. It has outreached to the population in urban and rural areas and hence its prices are set accordingly. As a result of the customer friendly pricing strategy, Lakme stands out as the leading domestic brand for cosmetics in India. This gives an insight in the pricing strategy of Lakme.
Lakme Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. Also read Lakme SWOT Analysis, STP & Competitors
Lakme Place & Distribution Strategy:
Following is the distribution strategy in the Lakme marketing mix:
Lakme has made sure to be available in all parts of the country with utmost ease and convenience. It has a well-designed website, it is easily available in all kind of stores including retail outlets, convenience shops, hyper markets, malls, etc. Lakme has its salons widespread across major cities in India and is coming up with projects in new cities as well.
Lakme has more than 300 products and they are available in more than 70 countries.
Lakme Promotion & Advertising Strategy:
The promotional and advertising strategy in the Lakme marketing strategy is as follows:
Lakme has never stood back in spending money in advertising. Through its rigorous ad campaigns involving leading actresses and promotions in televisions, online ads, magazines, newspapers, etc Lakme has always maintained a position in the minds of customers. Lakme has been aggressive in its promotion strategy. Its brand ambassadors include Indian film stars like Shraddha Kapoor, Kareena Kapoor, Katrina Kaif and other leading models. Lakme has its well- developed training centre in Chennai, Delhi and Mumbai to train people in becoming professionals. It also has its R&D lab which explores various new techniques of product application, formulation and design. It also organises Lakme India Fashion Week twice a year to maintain its visibility and popularise the brand through all possible means. All these activities helps Lakme to promote its brand positively and maintain a good relationship with customers. Hence, this completes the Lakme marketing mix.
Lakme was the first Indian beauty brand to launch its cosmetics in India. Lakme Cosmetics was established in 1952 by Mr J. R. D. Tata to cater the needs of Indian women and avoid them from buying international brands. Its name originated from the name of the goddess, Lakshmi who is known for her beauty. In 1966, the company was no longer a subsidiary of Tata group and they sold their stakes to Hindustan Unilever Limited. Its products ranges to a wide variety of personal care items including skin care, cosmetics, grooming services and it is now a subsidiary of HUL. It also has its own salons in major cities and has upcoming projects in tier 2 cities as well. This acts as an added advantage to the company’s profile. It also organises and sponsors the biggest fashion show in India, “The Lakme India Fashion Week” where leading designers showcase their designs.
It has products in all ranges and of the best quality. Through tremendous endorsements, advertisements and innovations it has a large and loyal customer base.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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