L'Oreal Marketing Strategies Analysis
Added on 2020-02-03
14 Pages5196 Words579 Views
Higher Education
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Table of ContentsIntroduction:....................................................................................................................1Task 1:............................................................................................................................2Task 2:............................................................................................................................5Task 3:............................................................................................................................9Task 4:..........................................................................................................................11Conclusion:...................................................................................................................13References:..................................................................................................................13
Introduction:The unit argues about the marketing planning and different aspects of marketing process. Theunit initiates with the discussion of elements of the marketing process in L’Oreal. Further, it talksabout different marketing strategies and the environment of the business that has its effects onthe marketing strategies of the company. Later part of the unit argues marketing mix thatinvolves 4p’s and extended marketing mix that involves 7p’s of marketing. The last part of theunit discusses about difference in the marketing strategies and the requirements in differentmarket segments by the customers. The explanation is supported by the marketing strategies ofL’Oreal in b2band b2c marketing. Task 1:Newsletter: Marketing elements: L’OrealIntroduction:Marketing is the concept that deals with creating awareness about the product in the market.Marketing helps in stimulating the public to buy the product. It is about targeting the right peopleat the right time for the right product. It is the foundation of sales. Marketing is done byfollowing a process known as marketing process. This process involves various elements. It isvery important for the marketing team of the organisaton to have the knowledge about theseelements as they form the basis for all the marketing strategies that have been formed. For betterunderstanding of these elements, L’Oreal marketing process has been studied.(Beamish, 2004)The first element is the market research and finding the needs in the market by analyzing theenvironment.It is very important and critical to research the market before making the marketingstrategiesfor a product. This research involves identification of the marketing factors that affectthe product, the environment of the business and the requirement of the market. As far asL’Oreal is considered, it is the long standing and old brand that is serving the market for years. Itis the company that not only focuses on improving the products but alsodoes market research toknow about the competitor’s products. This helps the company to come up with more innovativeproducts than competitors. L’Oreal launched the makeup cleanser with the small towel that helps
to remove makeup easily. This strategy is the extension of the product that already exists.(Beamish, 2006)Second element is STP (segmentation, targeting, positioning) who are the customers the peoplethat should be targeted. As the mission of the company is to cover the world market, L’Orealfocuses on launching the products that are favorable to the women all over the globe.(Cherunilam, 2010)The third element is the marketing mix. Marketing mix is formed by combination of product,price, place and promotion. L’Oreal is into cosmetic business and manufacture cosmetic productsfor women. As far as price is concerned, L’Oreal is the brand that believes in serving all kinds ofpeople and thus launched its products in variable prices. The professional range of the brand isfor the people who have high price purchasing power while the normal range is for the peoplebelow that class. Place of the product is undoubtedly urban areas. L’Oreal is the brand that ismore focused into serving urban areas from the franchisee stores, online or retailers as well.Promotionalactivities of L’Oreal involves advertising, personal selling, store selling, campaignetc.Another element of marketing process is marketing strategy, which company must applymarketing tools and frameworks such as SWOT analysis.The basic marketing strategy of thecompany is to cover more and more market area. The mission statement of the company suggeststhat the brand wants to serve all over the globe with its products.Last element of marketing process is sales. Marketing ends where sales starts. Marketing processis conducted in order to increase the sales of the product. Research suggests that the sales ofL’Oreal have increased by 1.17% in 2016. This determines that the innovation in the productsand the marketing strategies of the company is worth performing. (Choi, 2010)Now, the discussion is about the marketing approach of L’Oreal. Organizations opt forapproaches to market the product. It can be market oriented approach or product orientedapproach or production orientation approach. Initially when the concept of marketing has comeinto existence, organizations believe in product oriented approach of marketing. This means theyused to produce the product and stimulate its demand in the market. In this approach of productorientation, customers face the problem of product failure as they produce the products that donot match up with the needs of the customers. Now the things are changed, more and more of theorganizations are concentrating on marketing oirneted approach rather than being product
oriented. L’Oreal is the organisation that concentrates on market and consumer wants rather thanthe product. Marketing oriented approach by the organisation forces them to look for the needsand wants of the customers before manufacturing a product. Now a day, customers are veryintelligent and restrict the non essential products. This is the reason that organization need toconsider the needs of the customers during product manufacturing and marketing. (Djordjevicand Dejordjevic, 2012)L’Oreal has the objective and goal to cover the world market. This can only be done by usingmarket oriented approach as the company focuses on creating the products that satisfy the needsof the people. L’Oreal’s products and solutions are created to meet up with the severalpreferences and choices of precise client segments within just every single target market place.As an illustration, gentlemen may perhaps like various natural beauty materials from adultfemales. With the identical vein, youthful visitors may perhaps have a preference for severalnatural beauty products and solutions from seniors. L’Oreal has stored on studying the variationsand constructing products which meet up with the brand new demands. L’Oreal has many storesat different parts of the world having products that meets the cultural, social and economicaldemands of the people at that area. This means that L’Oreal focuses on serving the market withthe relevant products according the customer’s choice in that market. Although these elements of marketing support the marketing practices of the company but it alsohas some of the disadvantages. Marketing research is the very long and an expensive process tobe done. It is very difficult to synchronies all the steps of the process. Formation of marketingstrategy is also a very difficult process as it requires skillful employees to formulate the policies. Conclusion: This is very essential for the organisation to be market oriented these days. This is becausecustomers are very demanding and particular about their needs and wants. Organizations have tomanufacture products and bring out innovations in the products that can match up worth the newdemands and needs of the customers. This customer focus approach somehow decrease the riskof product failure as the companies are [producing the products that are needed by the customers.The only effort that the company needs to make is to innovate their marketing strategies so thatthey can influence the customers to buy their product instead of competitor’s product.
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