My chosen company is Innisfree. It is a Korean-based company that deals with cosmetics and sharing the natural benefits of healthy beauty. The company deals with natural products that pursue a healthy beauty through infusing pure, natural, and high-quality ingredients originating from Jeju island (Innisfree, 2020). The company's products include skincare, eye care, suncare, among others. The company targets its market in Singapore, where it has many potential customers. The company's customers are of all ages, from young to old and in both genders. Many cosmetic customers opt to go for Innisfree products as they are less expensive, and they are of high quality compared to other companies' products. Also, the company offers products throughout, which ensures the availability of its products to its customers.
The competitor company is The Face Shop. The company offers a wide range of products that have been made from natural ingredients (The Face Shop, 2020) . Below is its SWOT analysis.
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| Strength | Weaknesses |
| The company has good brand awareness. The company has got many stores in Singapore, thereby a large volume of its customers can get their products. Additionally, the company's brand is widely accepted in Singapore due to t its high skin products. FaceShop is committed to its brand concepts and developing differentiation strategies like establishing a small quantity batch production system, upgrading its products, and diversifying them, increasing consumer demands, and offering affordable prices by reducing the distribution stages. | The has been an increase in the number of customers in the local market. The company is losing its younger customers, and its success has strengthened the branded market that has led to an increase in the number of its customers. |
| Opportunities | Threats |
| Korean culture's popularity has increased, and music in Singapore has led to an increased in demand for Korean products. | There is a challenge of increasing the Korean new and fresh beauty counterparts that are overtaking The Face Shop. This is reducing the company beauty producing hence reducing its market. The company's competitors are also producing more and more products reducing the popularity of The Face Shop products. |
The Face Shop remains the largest cosmetic brand despite stiff competition. However, the company has lacked strong marketing plans, but its objective is to become a truly global brand. The local cosmetic manufacturers have a stronger brand demand than the Face Shop since their development prospects exist abroad. The company sells its products at low and middle prices hence making it economical to its customers. The company also produces products for both men and women and produces products mix for each different country. The company applies the SPA strategy to ensure its success in the cosmetic industry, hence providing new value to the clients who were not available in the cosmetic market (Kim, 2018) . The compa ny work is working towards companies that are imitating their products.
In order to beat The Face Shop, Innisfree should develop proper marketing strategies and objectives. These marketing objectives are critical to helping it to succeed. The first objective is to increase its presence online to handle potential online customers through the internet. E-commerce and digital markets are common trends in modern society. Increasing its online presence will help it to reach more customers. The second objective is to increase the awareness of its brand and image amongst the online users. The final objective is to increase the number of online followers on social media platforms such as Facebook and Instagram. The company can analyze and determine whether the campaigns done on social media were fruitful or not. The company also plans to use a viral marketing strategy whereby the company will send an advertising message to its customers and empower them to send something along to everybody they know.
References
Innisfree. (2020). Brancd Concept . Innisfree. https://www.innisfree.com/my/en/BrandPage.do?pageName=brand_concept
Kim, S. (2018). The Face Shop The Market Leader Transforming the Landscape of the Korean Cosmetics Industry. https://www.researchgate.net/deref/http%3A%2F%2Fdx.doi.org%2F10.5040%2F9781474208796.0026
Shop, T. F. (2020). The Face Shop Natural Story . The Face Shop. https://www.thefaceshop.com.my/brands/brand-thefaceshop
