Choose one of the L'Oreal corporation products.
1. Answer- Mascara
Describe the components of this product value. (Help)
What strategic alternatives are open to the L'Oreal Corporation? Explain and Justify answer. (Help)
The first question is asking you what makes this brand of mascara a good value. Why should a person buy it?
The second part asks what else the company could say about its mascara that might entice prospective customers.
http://shopping.yahoo.com/s:Eye%20Makeup:4168-Brand=L'Oreal:4586-Makeup%20Type=Mascara
http://www.lorealparisusa.com/_us/_en/default.aspx#
To choose one of the L'Oreal corporation products, let's go with Mascara.
Mascara is a cosmetic product used to enhance the appearance of eyelashes, making them look longer, thicker, and darker. When it comes to the components of the product value for Mascara, you can consider the following:
1. Functionality: Mascara is designed to provide the desired cosmetic effect of longer and thicker lashes. This functionality is a key component of the product value as it fulfills the primary expectation of the consumers.
2. Quality: L'Oreal is known for producing high-quality products, including their mascaras. The components and formulation of their mascaras are carefully selected to ensure superior performance, longevity, and safety.
3. Brand Reputation: L'Oreal is a well-established and trusted brand in the beauty industry. The reputation of L'Oreal as a brand adds value to their products, including mascaras. Customers often associate the brand name with quality and reliability, which contributes to the overall value of the product.
4. Packaging and Design: Mascara packaging plays a significant role in attracting customers. Eye-catching and user-friendly packaging designs can add value to the product as they create a positive impression and enhance the overall customer experience.
5. Price: The pricing strategy adopted by L'Oreal for their mascaras also contributes to their perceived value. L'Oreal positions their mascaras in different price ranges, catering to various target markets and consumer preferences. The price should align with the overall product value and offer a reasonable return on investment for customers.
As for the strategic alternatives open to the L'Oreal Corporation, here are a few options:
1. Innovation and products expansion: L'Oreal can continue to invest in research and development to create innovative mascara formulas and applicator designs. By introducing new variants and continuously improving their existing products, they can cater to evolving customer preferences and gain a competitive edge.
2. Market diversification: L'Oreal can explore new markets or expand their market reach by targeting different customer segments or geographical regions. This may involve adapting their products to suit specific cultural preferences or consumer needs.
3. Sustainable Practices: L'Oreal can focus on sustainability by incorporating eco-friendly and ethical practices throughout their supply chain and manufacturing processes. This can enhance their brand reputation and attract environmentally-conscious customers.
4. Digital Transformation: L'Oreal can embrace technology and enhance their digital presence to reach and engage with a wider audience. This may include leveraging social media, online marketing, and e-commerce platforms to expand their customer base and gain a competitive advantage.
The choice of strategic alternatives would depend on various factors such as market trends, competition, customer demands, and available resources. L'Oreal would need to carefully analyze and justify their decisions based on these factors to ensure the success and growth of their business.