Reference no: EM133223564
Assignment:
Case study: Benton: Would Australian men follow their Korean counterpart's purchase of beauty products?
The genesis of the Korean perspective of male grooming and beauty kkhotminam (soft boys), portrays male Korean artists in softer imagery in contrast to the hegemonic imagery of masculinity of western cultures. Male Korean celebrities are now renown and trademarked to dress well, have a delicate features and beautiful skin, wearing makeup and even to the extent of undergoing beauty surgery. Feminism, gender theories, role reversals and other social, cultural and economic changes contributed to the evolving norms and increasing awareness of 'soft masculinity' and men's advocacy for self-care. The collective shift has had obvious impacts to beauty products.
Leveraging on the international acclaim and phenomena of the K-Pop culture, interest in men's grooming and beauty products have become a lucrative trend. Korea's Trade-Investment Promotion Agency Report (2019) evidenced that the Korean cosmetic market is now an export-oriented industry growing by 28.6 percent annually since 2010 and that in 2016, cosmetic exports were valued at almost USD4 billion. South Korea's men's skincare and cosmetic industry had a USD1 billion revenue in 2018.
More men have developed skin care routines and added a beauty component to their fitness regimen. The improved habits, frequency of use and increased knowledge about self-care products and natural ingredients contributed to more men having a vested interest in their well-being. This new behaviour presents multiple business opportunities.
The changing demographics of users and the lucrative market has encouraged the establishment of new businesses and product development for men. Inspired by the male main character of the movie 'The Curious Case of Benjamin Button', Benton was established in Korea's beauty epicentre with the aim to cater to their customers' desire to look and feel younger. Products promise to deliver effective skincare products that work by restoring the skin's elasticity, suppleness and glow effortlessly. They have an organisational commitment to not add any harmful ingredients into their products.
However, Benton is not the only newcomer to the industry. The market is also becoming highly competitive. Expensive brands such as Clarins, Limier, Shishedo, Kiehl's and Aesop as well as drug store brands like Nivea and Gillett, are capitalising on this trend by either developing products using traditional Korean beauty ingredients, manufacturing in Korea or employing Korean celebrities as brand ambassadors.
Brand ambassadors seems to be pivotal to the increasing popularity of such products. The number one male K-Pop band BTS (Bullet Proof Boy scouts) for example has seven members. Their lead singer, Jimin, has 30 million followers on Instagram and the band collectively earns an average of USD4.5 million for each product they endorse.
The marketing costs and competitive factors are challenges for Benton. In an effort to expand their market, Benton has established their Australian branch. Their products are marketed as having exotic ingredients. A 'Snail Bee High Content Mask' for example contains Camellia sinensis leaf water, bee venom and snail secretion. It touts to improve skin barrier and maintains moisture levels, keeping skin hydrated and smooth. So, will the exotic ingredients, trendy lifestyle and international advocacy help to encourage Australian men to purchase Benton's products?
Task 1
Research Benton's customer profile to guide appropriate strategies. Identify consumer priorities, needs and preferences that affect the marketing mix.