Luxury Management †Myassignmenthelp.com

Question: Describe about the Luxury Brand Management? Answer: Introduction: Each brand manager is quick to affirm that their brand or business is not the same as some other, however those overseeing luxury brands are conceivable the only ones who are who are legitimized to claim such gigantic differentiation in their brand or business. In this context there is a need of managing both the intangible and tangible brand characteristics. In order to manage such characteristics there is a need of proper plan and analysis to understand the how the brand is perceived in the market (Hennigs et al., 2013). This is what generally termed as Brand Management. A luxury brand is a brand that is highly exclusive and selective. Managing such brands needs proper emotional value and creativity for customers. Few Authors say that buying such luxury brand is shows the social position in the society. Thus, for managing such brands there is a need of Luxury Brand management which sets to understand the potentiality of such luxury brand in the targeted market (Chevalier and Mazzal ovo, 2012). Therefore, the aim of this report is to understand one of the luxurious brands named LOreal. This report discusses the company profile and tries to relate it current strategies with the brand management concepts. Before understanding these concepts, the report highlights the product life cycle of the LOreal luxury brand and then tries to analyze the relationship among its marketing strategies and brand value and also discusses its critical success factor of the brand. Based on the critical success factor of the organization, the report discusses the techniques and tools to manage the luxury brand. The report is concluded by giving a brief on the overall discussion in the report. Background Of Loreal Brand L'Oreal had manufactured dozen of brands based upon local culture and diverse segments of the worldwide business sector. As opposed to homogenizing the different brands and making them satisfactory in bunch societies, Owen-Jones chose to exemplify their (the brands') nation of source, transforming what numerous advertising masters considered a narrowing element into a showcasing excellence. In 2005, the $18.89 billion L'Oreal group was the biggest and the best makeup organization on the planet, with more than 17 global brands (Ethicalconsumer.org, 2015). L'Oreal was positioned 49th by the Business Week Interbrand overview led in August 2004. Its brands were esteemed at $5902 million ($5600 million in 2003). L'Oreal sold cosmetics, scent, and hair and healthy skin products to both men and ladies in 150 nations (Icmrindia.org, 2015). The group reported its eighteenth successive year of twofold digit development in December 2004. Since 1989, L'Oreal's sales had developed at an aggravate d yearly rate of 12% to $1.7 billion. Quickly, L'Oral is the world's biggest beauty care products and excellence organization. Its self-declared mission is to 'design excellence' and offer everybody access to the best of beautifying agents regarding quality, efcacy and security. The organization was established in 1909 and has turned into a world-driving business with 68,900 representatives in 130 nations overall and incomes of 20.3 billion (Loreal.com, 2015). Product Life Cycle Of Loreal Brand is generally considered to be an intangible asset. The owner of the brand mainly relies on these intangible resources to make profit. The main function of the brand is to make the purchasing behaviour of their potential customers easier by distinguishing the products. It is a tool to identify and distinguish similar products (Mallik, 2009). However, to maximize the potential of a brand there is a need to understand the product life cycle and make business strategies accordingly. Further, at the point when a brand has leverage over other contending brands, such a brand ought to be overseen in order to expand the product's apparent worth to the client, in this way expanding brand value. Marketing administrators are thusly anticipated that they should be aware of the product life cycle idea in light of the fact that it can be a profitable support in creating brand management systems that can manage an association. The idea of product life cycle proposes that any services or product travel through identifiable stages, each of which is identified with the progression of time and has diverse attributes. Accordingly, the product life cycle has the accompanying stages as shown below: Introduction Stage: This stage happens when a product is initially presented to its expected target market. At this stage, sales increase gradually, and benefit is negligible. Purchasers are uncertain about the product and it is not loaded by all wholesalers. The product is adjusted as clients give criticism. Sales are just expanded by early on advertising support and price offers. In the event that buyers are fulfilled by the product, its notoriety will spread and it will enter the growth stage. Growth Stage: This stage is checked by a quick move in the offers of the product particularly the early adopters like the product and the middle class larger part is starting to begin belittling the product. New contenders enter the business sector with distinctive product forms emerging from the expanding number of potential clients. Since it might be fundamental to the achievement of a brand to acquire the amplest conceivable circulation, transactions with these key dispersion players are fundamental. Maturity Stage: No product or business sector can become perpetually; in the end all the noteworthy uses will have been created. The curve of sales will smooth and the business or product will have arrived at the level of maturity. Reach the peak of the profits and afterward start to decay, reflecting heightened rivalry, and particularly on cost. Interest is additionally reasonably steady as of right now with no sudden upsurges or descending plunge in the offers of the product. At this stage likewise, accentuation is on lessening the expenses of generation keeping in mind the end goal to amplify returns; however a superior method for fulfilling the needs of the consumers will more positively be given by an alternate new product and will enter into the decline stage. Decline Stage: This is the period when sales decrease and profits break up rapidly around the zero point. The reduction may be quick or abate. The reason behind entering this stage are: Increase in global or domestic competitors in the market which open some new lines of things which the clients were not aware of in the later past. Technological advances which can render the item offering obsolete, for instance, the gramophones as limited to radios, stereos as opposed to CD and DVC players, thus on furthermore its running as one with line of things. Another reason may be a shift in customers' tastes, which is typical in the clothing business From the above concept of product life cycle, it can be said that the LOreal brand is situated in the growth stage of the life cycle as; it is still innovating and launching new products to tap the untapped markets and also meet the changing needs of its customers. Talking about its introduction stage, LOreal was first launched in the year 1907. In the year 1972, LOreal dispatched the fanciful battle "Because I am worth it, advance the inclination line of hair shading. The enthusiastic pitch "Because I am worth it" the customer like paying higher costs for L'Oreal items. Throughout the following few years, the organization's business extended extensively. It began conveying its items through specialists and committals to the Russia, South America, US and the Far East. Gradually, it entered its growing stage. In year 2005, the brand with $18.89billion became the successful and largest cosmetic companies globally with 17 different international brands. In the year 2004 a survey conducted by the Business Week Interbrand ranked LOreal in 49th position. Its brand value was worth $5902million. Within 2004, 85% of sales of LOreal consolidated outside France. By December 2004, it reported double digit growth. Since 1989, the sales of LOreal grew with an annual rate of 12%. Present, it has captured the market of around 130 countries in world. As per the statistic, in 2011, LOreal had market capitalization of around $73billion compared to PG which is over $68billion and Unilever with $35billion (Forbes, 2011). In 2013, L'Oral was the main brand of personal care in the world with a brand esteem that added up to 17.97 billion U.S. dollars. Since 2010 to 2013, the organization's compound yearly rate of growth expanded by 4.8 percent. Worldwide employing 77,452 individuals in 2013, consolidated sales of L'Oral's created 22.98 billion U.S. dollars. The cosmetic section of the organization is principally centered on skin care, hair consideration, make-up, perfumes and hair colorants with the previous producing 29.7% of worldwide sales of cosmetic section of L'Oral in 2013(www.statista.com, 2015). The organization faces competition with cosmetic manufacturers like Revlon, Avon, Estee lauder, Shiseido and also as seen cosmetic brands like Beiesdorf, Unilever and Procter and Gamble, but still it has presently market capitalization of $98 billion and approximately $30.5 billion revenues by the end of FY 2013. This shows the organization is still growing; it is trying to capture the overall worlds cosmetic market. Relationship Between MArketing Strategies and Brand Value: Today the worldwide business sector is meant by a furiously aggressive environment in which the vital focus for organizations is to catch the expanding return by minimizing/ bringing down production cost with awesome flexibility and speed. Being an international chain, L'Oreal tries to attain to these focuses through its predictable innovation in RD to make products that are attractive and have a huge turnover inside different portions and sub-fragments of the worldwide business (Louis and Lombart, 2010). L'Oreal has not just taken after a complete, RD long term technique that has brought about making technological leap via products like Fructis, however it has additionally attempted to address and keep up its harmony between marketing and RD interface. In addition, the organization takes after a three level method for creating economically reasonable products. The three organized methodology incorporates L'Oreal's propelled research, applied product development and exploration and every stage having its own exceptional capacities to perform with a specific end goal to make successful developments (Romaniuk and Wight, 2009). L'Oral is lavishly enriched with an arrangement of global brands that is exceptional on the planet and that covers all the lines of beauty care products and reacts to the assorted needs of purchasers the world over as demonstrated as follows (Loreal-finance.com, 2015): Every brand division is adding to a particular vision for every distribution channel, to react to the needs of all ways of life. The LOreals collection of worldwide brands has enormous development potential: every one of them catches excellence beauty desires, creating a nearer and nearer association with purchasers. The brand division is as shown below: Source: Made By Author L'Oral Luxe offers both female and male all through the world a collection of morder and prestigious international brands with an extraordinary legacy. The brands of L'Oral Luxe strive to advance the distinctive specialities of extravagance excellence: skincare, make-up and scents. They likewise set out to offer brilliant items through a specific distribution channel, and give phenomenal administration that regards the differences of its customers. The luxury brands in this area are Lancome, Biotherm, Ralph lauren, Diesel, Clarisonic and many more. Then, the consumer production division offers the best in beauty care products advancement to the best number of individuals on every landmass. Its brands are accessible in mass-business channels (hypermarkets, grocery stores, drugstores and conventional stores). This division helps the organization to win more than a further billion purchasers. The brands in this section include Garnier, LOreal Paris, Softsheen, Maybelline and Essie. Furt her, the professional products, verifies that with every passing day more individuals can exploit the most elevated norms of value and skill from excellence salon experts everywhere throughout the world. These brands include Krastase, Redken, Purelogy, Matrix, Decleor, Carita, Mizani, and Essie. Addtionally, Active Cosmetics is to help everybody enhance the quality and wellbeing of their skin, whether they are influenced by touchy skin or dermatological conditions, in all medicinal services channels around the world: drug stores, excellence and wellbeing retailers, drugstores and medi-spas. On account of its profoundly correlative brands, and its nearby connections with dermatologists, pediatricians and doctors who are specializing in aesthetic medicines, this division is worlds number one in dermocosmetics. These brands include the Vichy, Sanoflore, Skinceuticals, La Roche Posay and RoggerGallet. Lastly the Body Shop dependable sourcing, reasonable exchange fixings and supporting t he local commodities. In 2013, the brand is making the following stride with its entrance into Brazil and access to another customer base. These brands include all kind of socially, distinctive and naturally engaged products like masque, exfoliating scrubs etc. LOreal approached to make these brand divisions by not only following a well-defined RD process but also followed the well-segmented product portfolios. It has a well-segmented products functioning across various different pricing tiers. This is helping the brand LOreal to drive its growing sales and also face the challenging times in the economy. L'Oral brands are uniquely fragmented over estimating levels and target groups of onlookers. While YSL and Lancme are premium, L'Oral Paris works in the upper level of the mid business and Garnier is a mass brand (Annual Report, 2013). The retail channels are entirely kept up for these brands so as not to weaken brand picture. For instance, premium extents are mostly accessible in retail chains, while Garnier is utilized for entering as a part of developing nations' lower-level markets. This shows LOreal focused on Income Segmentation strategy. It has segmented the brand into two divisions one for the economical mass and other for the premi um mass. It marketed its products based on these segments. It launched the low cost products to attract the economical mass and high cost products for the rest. Further, LOreal also used the Age segmentation strategy by segmenting the market into kids, younger and the old adults, based on their ages. It introduced products for the kids like Kids Disney Princess Extra Gentle Shampoo, LOral Kids Burst of Sweet Pear Tangle Tamer, etc (Lorealparisusa.com, 2015), for youngster it introduced Youth Code BB cream and for aging people it introduced Revitalift, Age Perfect for mature skin (Lorealparisusa.com, 2015). It also follows the gender segmentation by differentiating the products based on sexes, psychographic segmentation by introducing the luxury brands like Ralph Lauren, Lancme, Biotherm etc. It also further segmented the cosmetic market in the basis of benefits by introducing the Excellence Creme for dry hair for Women. This way it has focused on Multiple Segmentation strategy for a pproaching the cosmetic markets differently (Bothra, 2013). Apart from Segmentation strategy, discussing the targeting and positioning strategy, it can said that LOreal has well targeted the female section. For instance, female with grey hair. It observed a need for targeting this untapped market and started maximizing its profits by making the minds of the customers receptive towards its expensive and luxurious products (Christiaans and Buttgen, 2013). The introduction of Excellence: Creme gave the women segment, additional benefits for making healthy hair without damaging by using the cheap dyes. LOreal justified their reason behind charging high price with their high benefits through this product. Further, keeping in mind the low-income mass, they also introduced the Color Naturals with cost $3.10 (Euromonitor International, 2012). Further, LOreals CSR also plays a vital role in positioning the brand. The social initiatives of LOreal are mainly linked to three different areas that are Education, Science and Women. If seen globally, it laun ched a program Beautiful Beginnings in the year 2009 in India. In year 2013, in Argentina, it introduced beauty salons in Buenos Aires, Los Piletones and Cidanez employing around 500 women to support their pride and confidence. Further, they have taken a commitment to innovate socially and environmentally benefit products by 2020 (SUSTAINABLE DEVELOPMENT REPORT, 2013). These initiatives show that LOreal brand mainly values (shown below) passion for what beautifying agents can bring to ladies and men: prosperity, self-assurance, an openness towards others (Fitzmaurice, 2006), innovation as beauty is an unending mission that continually obliges a more elevated amount of execution (Anholt, 2007), entrepreneurial spirit as LOreal has dependably been energized and epitomized in a particular managing style, open-mindedness that is listening to buyers and comprehension their way of life, being interested in others and profiting from their disparities are outright needs to react to the unbounded assorted qualities of magnificence goals far and wide (Banerjee, 2007), quest for excellence which is an esteem that pervades each part of our business, in every nation and that is communicated in a perspective and a steady quest for perfection and lastly the responsibility which is the obligation to save the excellence of the planet and to add to the prosperity of their workers and of the groups in which they are available (Loreal.com, 2015). Source: Made By Author Critical Success Factor of L'Oreal Brand: There is no doubt that LOreals brand segmentation, RD and passion for beauty are some of the success factors. However, an alternate secret for L'Oral's prosperity is the significance the organization puts on ability development. For youngsters with extraordinary potential, L'Oral liberally offers chances to put their capacities to full utilize. The profession improvement of Mr. Agon, the fifth CEO in the century-long history of L'Oral serves as a case for this devotion to ability cultivation (English.sina.com, 2015). At the same time, the organization additionally provided for him the opportunity to go for different developments, including presenting all-new business arrangements. This demonstrates that the association fosters youth cultivation. Sustainability development of L'Oral is also one of the key success factors. It incorporates eco-responsible methodologies and is positioned among the main 100 most economical organizations. In 2009, the organization declared three natural objectives: to cut significantly its emission of greenhouse, water utilization and waste created in its processing plants and circulation focuses. Its recent creation sites are inherent an eco-friendly manner (Kapferer and Michaut-Denizeau, 2013). Further, the Category expansion has also contributed towards the growth of the organization. For Instance, It entered various new markets, for example, Ukraine with its deodorants, yet the pace appeared to have backed off as of late. It is extending in body care with Roger Gallet yet its best class extension has come from including skin care gadget Clarisonic in the US (Sheng Goh, Chattaraman and Forsythe, 2013). Additionally, the cross-broader knowledge has also helped the organization to tap the market of India and China. Developing professionals from various different cultures have helped LOreal to succeed in the emerging markets. This strategy has helped the organization to transform the France based beauty products organization to a global business leader (Wiedmann, 2015). The multicultural executives played a crucial role in the development of various LOreal products in the market. The managers of LOreal kept in mind that their products are much more than just the chemical mixes. The products are symbol of self-image, sophistication and fashion. Thus, utilizing the traditional marketing approaches would not have helped them to tap the world. Thus, various structural approaches like establishing regional entities and autonomous subsidiaries by meeting the needs of both global and local responsiveness have helped them to be the business leader (Harvard Business Review, 2013). Even, the technological factors have also provided LOreal with effective intends to express their inventiveness and take learning of skin and hair more distant and quicker. While the advancement of dynamic fixings and plan stay at the heart of L'Oral's development, the exploration groups have constantly depended on the most progressive advances to make progress. Today, robotics, advance in medical imagery and even 3D demonstrating add to the advancement of innovative LOreal products. These apparatuses empower analysts to work in a practical, non intrusive way, on the way that skin and hair carry on, or to quicken the procedure of determination or making of dynamic molecule (Loreal.com, 2015). Lastly, excellent supply chain management also plays a vital role in gaining competitive advantage. They used various software tools to make the work simpler and manage the operations complexity. These tools have helped LOreal marketing and sales team to get readily available information and share that real time information with the organization to launch an innovative product. This easily available and visibility towards reliable data is the keystone of the supply chain process of the organization (The Logistics Business, 2015). Critically Evaluate The Current Practices: The above discussed practices of LOreal have helped the organization to reach the position, presently where they are. These strategies have helped the organization to strengthen the competition in the cosmetic market both with the international and domestic players and also retain their market share. With its acquisition strategies, it has also tapped the Chinese market. For Instance, the acquisition of Magic Holdings International Limited in 2013, proves its attitude against the competition. Then, its strong brand segmentation strategy considers a superior allocation of the limited resources of the firm. With developing diversity in the tastes of advanced consumers, L'Oreal is observing the profit of adjusting a multitude of new markets. Additionally, the brand segmentation strategy helped the organization to launch the right products for the right market. This helped them to reduce the risks of making targeting decision and also helped to increase the efficiency of the market by directing effort by being consistent with the characteristics of the segment. It also helped the organization to expand in the untapped territories of the world like China. Further, this process has also helped the organization to retain its customers. Thus, presently, the organization has committed to reach 1bn customers within 2020 (Loreal.com, 2015). Further, the adaption of cross-channel approach through implementation of dynamic omnichannel in product marketing helped the organization to meet the needs of the customers. In 2013, LOral adopted mobile and industry-leading on-site application that helped to deliver face- face experience of consultation to its customers. This shows that the above technological practice is also helping the organization to grow further in the life cycle process. Based on the present practices, it is still recommended that LOreal should focus on their hair care pace. This is the key category in skin care. They can tap the retail channels by branding their products in various salons. Further, the organization needs to focus also on the organic or the natural category. Even thought, LOreal brand Body shop is emerging in the market but yet has to focus to tapping the organic category in the Western markets, though it might face competition from Beiersdorf through its Nivea Pure and Natural. L'Oral has been driving deals development of Clarisonic fundamentally in the France and US. It could consider propelling it in China given Chinese purchasers expanding reasonableness also distraction with skin health management. The brand is accessible on various sites albeit there are questions about its realness. All things considered, Clarisonic has gotten rave surveys, demonstrating a great business opportunity. Conclusion: In conclusion, this report has effectively discussed the concept of luxury brand management by specifically examining the branding strategy of LOreal globally. The reason behind not specifically focusing on a particular market is that, concentrating globally has helped the author to elaborate the broad aspects of luxury brand management. From this report it is clear that the luxury brand need to focus and invest more on their RD process. This would help the luxury brand to reach the customers and also meet their demand. Further, proper brand segmentation also plays a vital role in meeting the need of the customers. However, before starting segmentation analyzing the product life cycle helps the marketing managers to maximize the potentiality of the brand. From the report, it is highlighted that the LOreal brand is in growth stage. Other key success factors that play a vital role in brand management are category management, sustainable development, technological factors and also suppl y chain management. Practicing these success factors effectively helps the brand to manage the process based on customer needs and also continually deliver the brand promise. These promises are nothing but the brand values that integrates with the marketing strategies and also allocate resources and gather intelligence. Like LOreal is exclusively defined its potential customers, every organization need to define their audiences and then build the strategies to meet the needs of the customers. This would then help to differentiate the brand from the customers in the market. 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