Our company is L’Oréal Canada, they are the leaders in premium beauty in Canada. Our new product is a completely customizable, anti-aging face mask, made of natural materials, with gluten free ingredient options. Some competitors currently offer customizable face masks in terms of the ingredients and what you want the mask to target, but it is more of a newer trend and there is no customizability in the fit of the mask. A lot of problems with these face masks, the sheet masks, not the creams, is that they are one size fits all and this does not work with everyone’s face shape. With our product we will fix this problem and the face mask will be unique to each customer’s face shape and preferences which also allows for one-to-one marketing. This customization can be done through an app for iPhones that already have face recognition and for customers without this, it can be done online through an uploaded photo or webcam. All masks will be 3-D printed allowing for each mask to be an exact fit for the customer. That feature, plus the customizability of all natural ingredients, including gluten free options, will allow our product to stand out from our competitors. Our product will fill the consumer’s want of a customizable skin care product. The consumer will no longer have to go out to a store and speak with someone to see what works best for them, it can all be done online. Our product also satisfies the consumer’s want for natural skin care products. L’Oréal’s mission statement is, “Offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy, and safety.” Our new product will align with this mission statement as it has natural and high quality ingredients, providing both safety and quality. The product is also innovative which aligns with L’Oréal’s goal of providing the best of cosmetics innovation. In order to keep the product aligned with L’Oréal’s values we will have three main objectives. The first being we want to consistently have customer satisfaction ratings above 4.5 stars or 90%. The second being we want to increase the lifetime value of a customer by 25% and the third objective being we want to increase brand loyalty. Offering this new product should help achieve these goals and keep everything aligned with the company’s values.
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