Rainbow is targeting mostly ladies between ages 2 to 50, and men worldwide. Women and men that want their skin looking young, feeling soft and clear of marks, rainbow offers a variety of products for those areas. Rainbow products show improvement of skin within a week of usage. Strengths, Weaknesses, Opportunity, and Threats analysis: Strengths: We manufacture quality products high end and is loved by the cosmetic industry and customers all over the world. Our staff have a wide knowledge of the local and the international market and enterprise.
Weakness: we have little experience in marketing and advertising our products. Opportunity: many other retailers high in the cosmetic industry and offer to buy our products to sells. Which would generate more profit and popularity of our brand and products. Threats: we have a lot of competitors that offer the same type of products we offer and the are becoming successful and catching up to us. Competitive analysis/ Competitive review: The expansion of The Body Shop has increase competitor pressure. Our major competitor is: The Body Shop.
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Being ranked the second generation cosmetic business in the world and offering similar organic manufacture products for the skin. It has made it easier for their customers to get the products by opening branches in every country that has a great cosmetic market. They also advertise by having forums and charity events and retail to outlet around the world. Despite this strong competition, Rainbow (cosmetics) can build it self and gin more recognition worldwide among the targeted segments. Our packing style is a more convenient package for the customers o differentiate for the competitive advantage.
Also offering online commerce for customer would be very successful, where customer can order products they wants in the comfort of their homes. Organization marketing strategy: Rainbow (cosmetics) is going to start retailing their product to the publics by changing the comparative advantage from just man factoring products and not retailing them, we’re going to do both. Rainbow will also be setting up physical branches around the world in countries like US and Canada. Recommendation Staff training: train new staff or previous staff customer service and the operation of the business.
Also educate staff of the history of the business and about the products we retail. Total quality of management: management needs to focus on reducing errors and problems in the business. Human resources need to be looked at properly to ensure work is being done, this includes management making sure the objectives and goals are being accomplished. Implementation Introduction of new product: Constant introduction to new product to offer need to be developed. So that our customer base have something new to try out. Introduction to new services: new staff may bring new and different skills and may potentially offer a service to customers.
This may help to generate revenue and increase growth. New technology: Business can upgrade to accounting on computers and keeping records on computer. Also selling through the internet, where customers can order product from the comfort of their homes. Evaluation of business performance and staff performance: evaluate the performance of the business every month to ensure the profits and revenue are in tack and staff evaluation performance to make sure that staff are doing their assigned jobs properly and efficiently.