Innisfree marketing strategies.docx
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Innisfree marketing strategies.docx
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Innisfreemarketingstrategies
StrategicAnalysisforInnisfreeinUKmarket:
casestudyforopeningnewstoresinLondon
TableofContent
1.Introduction1
2.Competitiveness2
2.1.PESTEL2
2.1.1.Politics3
2.2.2.Economics3
2.2.3.Sociology4
2.2.4.Technology4
2.2.5.Environment5
2.2.6.Legal5
2.2.SWOTAnalysis5
2.2.1.Strengths5
2.2.2.Weakness6
2.2.3.Opportunity6
2.2.4.Threaten6
3.StrategicPositioning7
4.PotentialStrategies8
5.RecommendationsandConclusion8
Reference9
1.Introduction
Foundedin1945,AmorePacificCorporationisaworldleadingcosmeticcompaniesbasedinSouthKorea.Thecorporategroupisinvolvedinover10industriessuchasofcosmetics,personalcare,healthcare,householdproductsandelectronics,etc.Itownsabout30cosmeticsincludingSulwhasoo,Laneige,Mamonde,Etude,andInnisfree.ItispubliclistedinSouthKorea(KRX:
090430).TheCorporateownsmanyindependentR&Dcentresdomesticallyandoverseas,withbranchesacrosstheworld.Ithasglobalmarketingnetworkinmorethan40countriessellingover4000typesofproducts.ThisreportfocusoneofthebrandsownedbyAmorePacific-Innisfree,andpresentsstrategicallyanalysisforInnisfreeinLondon,UK.
AsianinWesternercountrieshasagreatdemandinclothingandcosmeticproducts.AmongAsianslivinginEuropeancountries,oneparticulargroupisyoungAsianstudents.Accordingtomarketresearch,thereareasmanyas2millionAsianstudentsinLondon,UnitedKingdom,whoareinneedfashionableandstylishAsiancosmeticswithgoodqualityandreasonableprice.AsianmakeupandhealthcareareverydifferentfromWesternersintermsofstyle,skintypesandmaterials.Atpresent,only2storesofwhichSouthKoreacosmeticsbrandaresoldexitinLondon.MarketprospectsinLondongivesgreatpotential,providingopportunitiesforopeningEuropeanmarketsforInnisfree.Thepromotionofcost-benefitcosmeticsinUKandotherEuropeancountriesisthemaintargetofthisstrategicanalysis.Strategically,InnisfreeisabletomeettheperceptionandinAsianstudentsinthecosmeticsdemandpotentially.
2.Competitiveness
Intensityintheindustrycosmeticsisverycompetitive.TherearemanysimilarlocalbrandssuchasLush,BodyShopandBoots.ThesebrandsarenotonlylocatedinLondon,UKbutalsoinmanyothercountriesintheworld.InAmorePacfic,therearealsosimilarbrandwithsimilarmarkettargetssuchasLaneige,MamondeandEtude.ItisnecessarytodetermineInnisfree'suniqueadvantages;itcanhelpitstandoutintheworldofothercompanies.Thisstrategyaimstoanswerafewquestions.Whatisthereasonthatcustomerschoosethebrandofproducts,andnototherbrands,whythebrandcanwinthecustomer'sheart?
Comparedwithotherbrands,howcanitcompetewithbrandsinthemarketshareholding?
Itispossiblethatothercompaniescanlearnfromsomeofthestrategiesofthebrand,andhaveachievedgreatsuccessinLondon,otherpartsoftheUK.
2.1.PESTEL
ThefollowingPESTELframeworkispresentedbyidentifyingthoseofthedynamicpowermanagementoftheperformanceofthelargestandunpredictableenvironmentalimpactanalysisofInnisfree.
2.1.1.Politics
Thegovernmenthasbeenaroundtheworldthroughanumberofotherwaystohelpthemhavemorebordermarkets,whichareintheworldofeconomicdevelopment.ProceedthisbusinessinUKisadvantageous,forbothcountries'(SouthKoreanandUK)governmentinrelationtotheirbroadermarket(GibsonandWard,1998).AsLondonisthepoliticandcommercialcentre,itismoreeffectivetoopennewstoreshere.OpeningastoreLondonisthefirststeptoopentheEuropeanmarke.Ontheotherhand,thegovernmentcantaxmore,becausethecosmeticstaxrateisactuallyveryhighcomparedwithothercommodities.
2.2.2.Economics
TheeconomicfactorisanimportantissuetoInnisfreeattention-itisdirectlyaffectthecustomers'purchasingbehaviour.AlthoughtheBritisheconomyhasofficiallydeclaredthe2008economicdownturn,thegovernmentintheinterestratedecreasedsignificantlyhelptodecreasetheunemploymentrateandtorisefurtherasaresultofthisin2009,consumerspendingisrisingsteadilyfortheyintheircurrentfinancialsituationmoreconfident(Picton&White,1998).However,therearestillalotoffinancialuncertaintyindicatingthatconsumersofhighqualityproductsarelikelytospendless,includingorganicmatterandcookingdelicacies,willadverselyaffectthesalesandprofits.Agrowingnumberofpeoplearewillingtospendmoneyoncosmetics,notonlytargetsresidentsfromAsiancountries,butalsotostudentsfromothercountries.
Figure1EconomicPerformancefrom2001-2010
Source:
http:
//www.nber.org/papers/w14235
2.2.3.Sociology
Moreandmorepeoplearewillingtoacceptthisidea.Thisisveryimportantaspeoplearespendingmoremoneytobuyfashionableclothesandhighqualitycosmetics,inordertoimprovetheirsocialimage,sothatitcanhelpthemwinabetterchance,orintheworkplace,andtopromotethepositivein((Bensonetal.,2004).Moreimportantly,peoplearenowbasedontheirappearanceinthechangingtrendsofsocialtrends.Iftheycan'tkeepupwiththefashiontrend,theywillfeelnervous.Inthiscase,itcanhelpmanyofthelake'sproductsarebasedonthetrendoffashiontrendshavealwaysadvocated.
2.2.4.Technology
Directimpactoftechnologyonthemacroenvironmentisoneofthekeyvariablesinthesupplychain..InnisfreehasindependentR&DcentresandmanufacturesinSouthKoreaandChina.TheproductsareaccessiblefromthestoresandtheInternet.UsetheInnisfreeoperationthroughdirectshippingfromthefactoryinSouthKorea,andChina(Jain,M.,2012).Over70%ofpeopleinUKhaveaccesstoInterne(NationalBureauofstatistics,2010).MoreandmoreapplicationsandprogramsarebasedonITinordertoencouragecustomerstoswitchfromtheircompetitors'traditionalseelingmodetoonlineO2Oselling(Jindrichovska,I.,2013).Innisfreehasbeenextendedallthetime.
Figure2SimilarProducts
(Source:
2.2.5.Environment
Allthecompaniestoreducethepollutionoftheenvironmentareveryimportant,whichmeansthattheyneedmoreenvironmentallyfriendlyproductionmethods.ItHasfoundbytheNationalBureauofstatisticsdata(2010),theproportionofconsumersstillusetheplasticbagsfrom71%to74%,thegovernmenthastriedtoreducetheplasticbagofthestore'speople;ithasincreasedfrom65%to68%.ThishelpstoreducetheoverallcostofthebenefitsofInnisfreecorporatesocialresponsibilityimage.
2.2.6.Legal
Inordertofindthenecessaryforavarietyofmethodstoensurethatallrules,itinLondonfoundedthecompany;therearemanyotherwaystoknowwhatthegovernmentalpolicyandcosmeticsindustry(Jain,M.(2012).
2.2.SWOTAnalysis
2.2.1.Strengths
InLondon,theInnisfreehasmanyadvantagestosomeextent.First,agoodlocationisakeytosuccessfullymakingprofit.TheaveragecommercialrentinLondonisaround£2600moreexpensivethanotherBritishcity,butproportionally,thelocationhasasignificantlylagerpeopleflow(moreuniversitiesmeaningmoretargetclients,andmorevisitors),attractingmorecustomerstobuycosmetics.Inaddition,merchandise,thestoredecidedtosellthebrandhasagoodreputationintheworld(Jain,M.,2012),thosethatitcouldattractstudentsfromAsiancountries;andinrecentyears,likeKoreanandcosmetics.Itsproductsareveryfashionable.Peoplecanknowitfromitsadvertisements.
2.2.2.Weakness
ForInnisfree,italsohassomeweaknesses,thereareobstaclesasattractingmorepeople,especiallymoreandmorestudentstopurchaseInnisfreeproducts.Firstofall,thebrandshouldletmorepeopleunderstandthefactthat,infactitsellingcosmeticsarenotthesamequalityandcheaperpricerangecomparedtothoseinwesterncountries.Currently,manyEuropeanstilldoubtthequalityofAsianproduct(especiallyChinesemade)andpeoplesometimethinkbecauseofthelowprice,thequalityisnotasgood(Wood,A.J.,&Wollenberg,B.Fetal.,2012).Secondly,thestorealsohastospendalotofmoneyinadvertising,ifitwantsmorepeopletounderstanditcomparedwithotherbrands.SouthKoreaisstillnotveryfamousintheworldofproducts.
2.2.3.Opportunity
ThereareindicationsthatthesaleofSouthKoreaandcosmeticsshopsinLondonsofar,andmorestudentsarecomingfromAsia,andtheyareallpossiblecustomersofthestore.ThemostimportantofthemarebigfanofSouthKoreanproducts.
2.2.4.Threaten
TherearemanysimilarshopsinLondonsuchasBodyShoporLush.Innisfreemaynotbeprofitable,affordableforthefirstyear;thestorewillbeallthecostof.Inaddition,itisthestore,findmorewaystodealwith,willfacethecompetitioninthefirstyear,theproblemofothercompaniesbetter.
3.StrategicPositioning
InnisfreeisoneofthemostpopularKoreanbrands.Ithasawidevarietyofproducts,anditcanbeappliedtodifferentcustomers.Innisfree,whichisasubsidiaryofcosmeticsbrandAmorePacific,targetingtheyoungpeopleintheAsiancountries,especiallyfromChinaandSouthKoreaisveryfamous.
Therefore,itcanbeconcludedthatthelakecanbecoveredintheBritishsupplyandcosmetics;loveisverymuchtheSouthAsianstudentsdemandgapbetweentheconclusionsofthebrandclothes.Inaddition,Innisfreecosmeticsandclothesinadifferentstyle,itisbecauseofthis,theyneedtomeetthedifferentpreferencesofstudents.
Researchershavebeenusingdatasetsfromprimaryandsecondaryschoolstoaddcredibilityandauthenticitytothefindingsandresults.Because
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