Product Market Analysis
In 1909, fresh out of a French chemical engineering school, young entrepreneur Eugene Schueller developed and began selling a hair dye with hues hairdressers throughout Paris couldn’t resist. The one-product venture he launched has since grown into the world’s largest cosmetics company: L’Oreal. L’Oreal got its start in the hair color business but in the 1920s, the company expanded into creating other beauty products. Today, the company’s products include hair care, hair color, skin care, makeup, and fragrances sold in 130 countries around the world. They currently own 23 brands, including pharmacy staples like Garnier and Maybelline. The company’s headquarters in Clichy, France is run by CEO Jean-Paul Agon. One of their hundreds of beauty products is the ‘True Match super-blendable foundation’, which is what I will be discussing throughout this paper.
The True Match foundation is the perfect embodiment of L’Oreal’s mission statement. Their mission statement, which can be found on the company website, is as follows: “L’Oreal has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy, and safety. It pursues this goal by meeting the infinite diversity of beauty needs and desires all over the world.” As the ad says, the True Match product comes in 33 different shades to fit women from 57 different ethnic backgrounds. This product shows their dedication to fulfilling their mission statement in that, no matter what your skin type, color, or age, they guarantee that you will be able to find your match with the True Match foundation.
The company has many strengths which make marketing this product a simple task. First and foremost, the company’s brand name is recognizable around the world. L’Oreal is currently the world’s largest beauty products company, sold in 130 different countries with over 75,000 employees. Second, they have a very strong research and...