But the market revived soon in 2010, and the country witnessed a dramatic increase in the sales of cosmetic products. China has been the major target of the major cosmetic brands in the world. The primary aim of the research is to study and analyze the high-end cosmetic industry in China. The analysis is based on four major perspectives, namely the product mix, the channels of communication and distribution, and the consumers. The analysis of the perspectives throws light on the business interests of the largest cosmetic producers in the world. The research has been conducted using both primary and secondary research techniques. The literature review is primarily based on secondary research. It provides the history of the cosmetic industry in China, and the recent developments and changes that have taken place. It presents the macroeconomic context in which the industry operates. A competitive analysis has also been presented along with the popular channels of distribution, product strategy and the behavior of customers. Primary research constitutes the next part of the research report. The questionnaire method is chosen for the study. A sample of 100 people has been chosen as the sample for the study. The questionnaire is framed with the purpose of bringing out the change in perceptions of people regarding cosmetics and studying their consumption pattern of the same. A number of open ended questions have also been provided to allow respondents to provide their views without any constraints in which they are not required to choose from any given set of alternatives. The project ends with a number of suitable recommendations following from the results of the study. The recommendations are provided from the perspective of the producers on how they could devise strategies to establish and enhance their position in the market and retain competitive advantage as well. Chapter 1: Introduction and Objectives It has been an age old practice among individuals to look beautiful as good looks are often associated with a charming personality. It helps individuals to attract attention towards individuals which has been reported as one of the basic human intuitions. The aspect of good looking and charming personality has been associated with cosmetics which have been used since a long time by humans to provide better looks. The cosmetic industry has grown from simple products like talcum powders and creams to beauty therapies and spas which have become the buzzword for beautiful looks in the modern world. The luxury cosmetic industry has seen a major revival in the year 2010 after the major slump that it witnessed during the economic recession which had a major impact on the disposable income of the individuals across the world. This had led to fall in sales and revenue levels of the firms associated with the business of luxury cosmetics products in the business markets. Various reports have suggested that a new niche consumer segment has developed which has emerged as the best potential customers for luxury cosmetics. This
Luxury cosmetic industry in the Chinese Market: opportunities and challenges Table of Contents Abstract 4 Chapter 1: Introduction and Objectives 5 1.1: Aims and Research Objectives 9 Chapter 2: Literature Review 9 2.1: Consumers 9 2.2: Competition 11 2.3: Market Communication 13 2.4: Product Strategy 17 2.5: Channels of Distribution 19 2.6: Segmentation and Targeting 20 2.7: Positioning 24 Chapter 3: Relationship of Ideas 26 Chapter 4: Primary Research 27 4.1: Research Question 27 4.2: Research Methods 28 4.3: Hypothesis Design and Testing 28 4.4: Sampling Technique 29 4.5: Research Limitations 29 4.6: Research Findings and Analysis 30 Chapter 5: Recommendations and Conclusion 39 References 4…
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