Myassignment.live is not sponsored or endorsed by this college or university
MAC cosmetic is one of the famous professional makeup brands, which depict the trend and evolution of the fashion industry. It was opened in 1984 by Frank Toskan who was recognized as one of the brilliant makeup artist and photographer of that time. However in 1994 was taken over by Estee Lauder Companies, which was later connected with the retail industry on the global level (WHAT IS M · A · C?, 2019).
MAC has been providing premium and high quality products to its target customers. Moreover, it manufactures make-up like foundation, lip-shades and other creams, cosmetics tools, which can rejuvenate their skin so they can look stylish and beautiful. In the initial years of set-up, the company was supplying products to makeup artists, fashion model and actors but after becoming well established they expanded their target segment and today they are marketing their products in more than 120 nations. To endorse its products in the market, the company has adopted innovative tagline where they empower the culture, norms, believe and faith of an individual Mac celebrates the beauty of person regardless of its age, sex, race, and complexion. It has made a mark in this industry and now works with the most popular people of this time who have taken the fashion on another level like Rihanna, and Lorde. Through its great initiatives towards the development of society, it is providing Viva glam lips shades to the patients of HIV Aids so they can feel good (WHAT IS M · A · C?, 2019).
In the culture of Spain, MAC cosmetics are serving and reaching its clients through the best range of products. However, to reach all types of customers the company has to adopted price strategy so it can give cutthroat competition other cosmetic companies. The approach is based on (Pricing - factors to consider when setting the price, 2019):
While taking any decisions related to the pricing policy, competitors play an important role since they act as decision makers in the market and influence the activities of other companies. In 1998, MAC cosmetics were owned by the holding company Estee Lauder and competes with Natura Bisse, skeyndor, and Ami lyok. Whereas Natura Bisse is a luxury brand that provides expensive skin care products (Fox, 2017).
Mac is a luxury brand, which through its online services and retail-outlets sells a different range of cosmetics in Spain. The company commits to launching new categories and currently they are manufacturing 50 collections of make-up on an annual basis. However, the consumers of Spain are more into online purchasing than window-shopping. Moreover, due lack of financial stability, there are only a few Spanish families that can afford luxury brands, therefore, to serve the entire Spanish market MAC has to reduces its prices range so it caters the need for all classes and the size of its lipsticks and foundation bottles. It will help the company to increase the demand for its product.
In Spain, the demand for makeup is more among women from the age group of15-65 years. With the great life expectancy, Spanish people are very health conscious and like to spend on the products, which can make their skin rejuvenate.
In the Spanish market, demand for natural and organic cosmetics is growing, as consumers are considering those natural products that can keep their skin clear, they look more young and beautiful. To satisfy the demand of customers, many cosmetics company like Natura Bissie, Skeyndor that is now providing its products on the global level (OUR ICONIC PRODUCTS, 2019). These companies, however through its eco-friendly technology is manufacturing the skin care products without the essence of silicon and sulfate. Through their user-friendly and brand loyalty both the companies have become has become the most consumed brand.
MAC, which is a subsidiary company of Estee Lauder is known for its premium quality cosmetics and perfumes. It is one of the right-hand of number professional artist. In Spain, it targets women of all ages. However, the company is facing issues in conducting the business, as the old demographic people are not much responsive towards Mac products because they preferred natural products, which does not create any harmful effect on the environment. Therefore, to attain a large market share of cosmetics, the company has adopted the eco-friendly procedure of manufacturing the products. In its lip shades and eye palette category, the company must introduce Fruits shades like pomegranate so it can give natural look and long lasting affects their lips and eyes.
MAC produces diverse make-up products, which is made available to the consumers in their retail outlets and on-line store. It is a well-re-owned runaway boss, which is accomplishing its branding objectives by marketing and communicating its products with different social media channels. It empowers the lifestyle of every woman by introducing a range of products like lip shades, foundation, making blending tools in the market of Spain. Like (The most sold , 2019)
Hence, from the above comparison it can be observed that MAC provides premium quality products to its customer and provide the shades of makeup according to the season. The company has currently launched its limited edition for the professional females so she can look beautiful and daring in every meeting. Mac targets professional Makeup artist, fashion models and upper class segment However, L’Oreal Paris launches a variety of collections in the single product has and promotes teen and trendy makeup than professional. L’Oreal Paris aims to outreach every segment whether it is business class or working professionals who want to look the most exquisite.
For its beloved customers MAC has launched Summer Solstice, so the consumers can easily beat the hot and sunny rays. In the Summer Solstice collection, the company has introduced long-lasting make-up which includes two kits- the day trio at $52 (original value $ 74) and the night trio at $15(originally worth $18.50) which is available on the official website of MAC. However, the company has not introduced any discount offers for its customers in Spain (Hot Haul for Summer Solstice, 2019).
Nu Skin is one of the largest personal care like skin care kit, AgeLoc and nutritional supplements brand that market and sell its products directly to its consumer ( Nu Skin Products, 2019). Blake Roney, Sandie Tillotson and Steve Lund are founders of Nu Skin who established this company 26 years ago in the United States (Founders, 2019). The company operates with the ideology of “All the good, none of the bad”. Nu Skin provides innovative and natural ingredients products to its customers. It is one of the preferred brands as it makes the consumers look more beautiful by naturally enhance their skin and fitness. Nu Skin has made its mark as one of the premium anti-ageing company (Nu Skin History, 2019). Today with more than US$1 billion, the company has maintained its ethical values and its USP is that it provides the best quality products and services to its customers. Presently the company is supplying its product in 52 markets across the US, Europe and the Asia Pacific regions. However to expand its business and market its product on the global level the company is desired to enter the Spanish market of toothpaste. Therefore, there are few recommendations regarding market and consumer preferences.
As per 2017 statistics, there are about more than 19.1 million people who consume toothpaste on regular basis in Spain (Number of people using toothpaste in Spain from 2014 to 2017, by type (in 1,000s), 2017). Spanish people follow the principle of cleaning their teeth twice a day. Moreover, people over there are very hygienic and they are more quality conscious than prices. Currently the consumers are analyzing the products that have the essence of natural plants like mint and tealeaves that can make them alive and give fresh vibe with good smell.
According to a report published regarding the best toothpaste brand of 2018, Colgate bagged a “first position” and around 18.9 million people chose as their favorite brand (Brands of toothpaste ranked by a number of users in Spain in 2018 (in 1,000s), 2018). Therefore, to attract the customers in the new market the company has to maintain the quality of their products high. Moreover, they should launch toothpaste according to the taste and in different flavors for customers, so they can satisfy the wants of every segment. The toothpaste that will be introduced by the company must not contain spicy ingredients, otherwise it will affect the health of the customers. For the sensitive teeth the company must introduce sensitivity gum paste.
Spanish people are more inclined to use social platforms and prefer to do shopping from the company official sites and from various other commerce sites. Therefore, to outreach the customers, the company must use the online platform as it will help in making connections with the customers and will boost the sales of Nu Skin. Nu Skin while providing services through this platform must provide discount offers and other schemes while keeping the best quality so it will attract e customer on a large scale.
Number of people using toothpaste in Spain from 2014 to 2017, by type (in 1,000s). (2017). Retrieved 2017, from Statista: https://www.statista.com/statistics/441981/toothpaste-usage-by-type-in-spain/
Brands of toothpaste ranked by number of users in Spain in 2018 (in 1,000s). (2018). Retrieved 2019, from Statista: https://www.statista.com/statistics/446310/leading-brands-of-toothpaste-in-spain/
Nu Skin Products. (2019). Retrieved 2019, from Nu Skin: https://www.nuskin.com/content/nuskin/en_GB/products/nuskin/view_all_products.html
Founders. (2019). Retrieved 2019, from Nu Skin : https://www.nuskin.com/content/nuskin/en_GB/people/management/founders.html
Hot Haul for Summer Solstice. (2019). Retrieved 2019, from Online Offers: https://www.maccosmetics.com/offer-details
Makeup. (2019). Retrieved 2019, from LOreal Paris: https://www.loreal-paris.es/productos/maquillaje
Nu Skin History. (2019). Retrieved 2019, from Nu Skin: https://www.nuskin.com/content/nuskin/en_GB/culture/company_history/the_history.html
OUR ICONIC PRODUCTS. (2019). Retrieved 2019, from Home: https://www.naturabisse.com/as/en/home
Pricing - factors to consider when setting price. (2019). Retrieved 2019, from tutor2u: https://www.tutor2u.net/business/reference/pricing-factors-to-consider-when-setting-price
The most sold . (2019). Retrieved 2019, from MAC Cosmetics: https://www.maccosmetics.es/bestsellers#limited
WHAT IS M · A · C? (2019). Retrieved 2019, from Our Story: https://www.maccosmetics.es/our-story
Fox, E. (2017, November 30). 10 Spanish Cosmetic Brands You Should Know. Retrieved 2019, from The Cuture trip: https://theculturetrip.com/europe/spain/articles/10-spanish-cosmetic-brands-you-should-know/
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2022). Accounting Principles II. Retrieved from https://myassignment.live/free-samples/acct2023-accounting-principles-ii/financial-statements-of-the-business-file-A1D39FE.html.
"Accounting Principles II." My Assignment Help, 2022, https://myassignment.live/free-samples/acct2023-accounting-principles-ii/financial-statements-of-the-business-file-A1D39FE.html.
My Assignment Help (2022) Accounting Principles II [Online]. Available from: https://myassignment.live/free-samples/acct2023-accounting-principles-ii/financial-statements-of-the-business-file-A1D39FE.html
[Accessed 06 September 2022].
My Assignment Help. 'Accounting Principles II' (My Assignment Help, 2022) < https://myassignment.live/free-samples/acct2023-accounting-principles-ii/financial-statements-of-the-business-file-A1D39FE.html> accessed 06 September 2022.
My Assignment Help. Accounting Principles II [Internet]. My Assignment Help. 2022 [cited 06 September 2022]. Available from: https://myassignment.live/free-samples/acct2023-accounting-principles-ii/financial-statements-of-the-business-file-A1D39FE.html.
Are you confident that you will achieve the grade?
Our best Expert will help you improve your grade
If you are the original writer of this content and no longer wish to have your work published on Myassignment.live then please raise the content removal request.