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Pages 11 (2761 words)
Marketing Report Executive Summary As the cosmetic industry enters the second decade of the 21st century, the industry confronted significant growth opportunities in developing countries. The revenue generated from this industry is estimated to be around $197billion (Taylor, Archibong, et.al, 2011, p.4).
If the products are not presented accordingly to their needs there might be a shift towards other brands and products. Another important issue concerning the cosmetic industry is of misleading advertisements, L’Oreal two of its advertisement were banned as they were against the code of conduct and leads to purchase decision criteria of consumers. The solutions to these issues were through identifying the needs of the consumers and producing products, generating awareness through promotional tools and alternatively changing the marketing mix according to the needs and wants of the consumers. By conducting a research the consumer’s behaviour could be monitored their liking towards a brand, the reason for their preference and what different features they want in their brand. This would help the marketer to know about the taste and preference of the consumers and can work accordingly. One of the drawbacks that lead L’Oreal lose its market share was the misleading advertisement, thus to avoid such loses L’Oreal could endorse someone who actually is blessed with good skin and hair. Thus there would not raise a need to use artificial extensions and lastly in order to stay ahead the company needs to keep on innovating new products. Henceforth, L’Oreal can launch new product that would take care of the hands and feet of the consumer. ...
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