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Burt's Bees Market Opportunity Factors Essay

1034 words - 5 pages

Burt’s Bees Marketing Opportunity Factors
Burt’s Bees started out as a candle making company in 1984 and has grown into a recognized brand in the natural personal care products market. They entered the natural personal care products market in 1991 with the creation of their Beeswax Lip Balm, which is still their leading bestseller. They expanded their business in 1991 by moving to North Carolina where they are still headquartered today. In 1999, they began their global expansion. In 2006, they began distributing their products to drugstores and other retail centers to allow the mass market the ability to buy natural made products. Burt’s Bees has several environmental and sustainability projects, and continuously works with the Natural Products Association to develop a standard by which all natural product companies should abide. In recent years, Burt’s has begun expanding its brand with new product lines, but remains true to its core business philosophy of “The Greater Good” (Burt’s Bees, 2013).
Market Demand and Consumer Definition
Burt’s Bees is the leader in the Natural Personal Care Products markets, with annual revenue of $61M. According to Hoover’s (2013), Burt’s Bees Top 3 competitors are:
1) The Proctor & Gamble Company
2) Nature’s Sunshine Products
3) Tom’s of Maine
Burt’s Bees demographic target market for the majority of their product line is educated females between the ages of 18-34 (Gnolfo, 2010). As an example of the target market opportunity in the United States, using U.S. Census (2010):
2010 Census
Population Size: 308,745,538
Female: 156,964,212
Female 18-34*: 35,298,351
% Women with Bachelor Degree 36.0%
Potential Market 12,707,406
Burt's Bees Lip Balm
Potential Market 12,707,406
Cost Per Tube of Lip Balm $3.30
Potential Revenue $41,934,441
*Estimate based on available data
Burt’s Bees brand target psychographics include women who are interested in fashion and travel. She has a need to protect the environment and therefore consumes “green” products (Gnolfo, 2010). She is the ultimate buyer and user of the product and marketing campaigns should be directly focused to her.
Environmental Elements
Several environmental elements may affect Burt’s Bees. These include legal, demographic, economic and cultural social.
Legal: Aside from being a natural product, Burt’s Bees is also valued for being a cruelty free company. They do not conduct product or ingredient tests on animals (Burt’s Bees, 2013). Currently, China requires animal testing for cosmetic products. As such, Burt’s Bees cannot sell in the Chinese market, unless they changed their philosophy and tested their products on animals. While changing their philosophy might allow them to enter the Chinese market, there is likely to be backlash from their consumers who value their cruelty free philosophy. China is currently reconsidering their animal testing requirements for “non-specialized” cosmetics manufactured in China starting in June 2014. This politic/legal shift...

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