Moreover, the reduction of trade barriers and tariffs indicated that to retain a competitive advantage globally the company had to develop an effective International strategy, whilst benefitting from economies of scale. Cross-functional integration and speed of innovation increasingly became imperative to corporate strategy.
Pham Linh Thuy Pham Running head: To further expand the international markets, Innisfree sees massive opportunities in other emerging cosmetic markets such as Vietnam.
Hanoi, which is the capital of Vietnam and also a shopping paradise with shopping malls has been chosen to be our next destination. This is because Hanoi is the metropolitan city with high living standards, a few competitors, high health and beauty consciousness. We are targeting specific segments of the young consumers from 15 to 30 years old with low and middle income.
Innisfree will strengthen its differentiated naturalism identity, respond to customer and market's trend quickly as well as satisfy the needs of core customers.
In addition, consumers, especially green consumers, will be impressed by Innisfree because of its donation campaigns for the nature such as Bottle-recycling, Eco- handkerchief and so on.
In recent years, the demand of using organic products is increasing. This is because consumers believe that these products not only are safer, better quality but also environmental friendly.
However, most of these famous brands in Vietnam are mass and premium with their target customers are middle and high class while there are few brands for people with middle and low income especially those from 15 to 30 years old.
Market needs Vietnamese cosmetics market is dynamic. There are many cosmetics brands in Vietnam; some of them come from unregistered businesses and are sold widely on the internet through social media like Facebook, Instagram or online shops throughout Vietnam. However, because of buying fake products at unbranded stores, young people nowadays tend to official stores where they can believe in their quality as well as the origin of products.
In addition, apart from quality, consumers also concern price. Most of the Vietnamese people are price-sensitive. Therefore, they prefer products with lower price but higher quality. In conclusion, Vietnamese consumers are looking for products with 4 main characteristics: China brands receive the least concern in all.
Korean products become the most favorite because some following reasons: Korean brands always use celebrities who has a huge of Vietnamese fan to advertise its products in Vietnam.
As a result, young generation who are their fan of those celebrities tends to imitate their idols and gradually absorbs in Korean culture as well as Korean beauty standards, which leads to an increase in using Korean cosmetic brands.
This means that more consumers gradually increase awareness about the importance of beauty and personal care products which make them more successful to make a good impression on others. Competition - Small cosmetics stores and online shops utilizing social media: Most of them are the low-recognized or hand-carried products from different countries.
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Because they are unregistered shops, there is no guarantee about the quality of products sold in these shops. They can mix fake products and branded products; therefore, consumers are so confused whenever they buy them.
It was established in and until now, it has more than 2, stores in 29 countries. As being well known as one of the most luxury cosmetic brands, Laneige focus on professional, natural and strong woman. Etude House was launched in by Amore Pacific. At present, Etude House has more than branches in all over the world.
In terms of market segments, when entering into Vietnamese market, The Face Shop, The Body Shop, Laneige and The Etude House position themselves as mass and premium brands Price with target customers are people with middle and high income.
Regarding to market share, The Face Shop has the highest market share 17 storesfollowed by The Body Shop 6 storesEtude L House and Laneige with 5 stores and 3 stores respectively.
The Body Shop E: Laneige Low Market share As can been seen from the chart, if Innisfree enters Hanoi market, it seems that Innisfree has a little competition with these mass and premium brands because it will position itself as a mid- range brand.
More specific, Innisfree divides into 2 main groups: With low-income level, they prefer low-priced cosmetic products but good quality.Starkwhite will present a group show at Sydney Contemporary, from September, featuring the work of pioneer experimental filmmaker and kinetic artist Len Lye, along with works by contemporary practitioners Rebecca Baumann, Seung Yul Oh and Michael Zavros.
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