INTERNATIONAL MARKETING PLAN

International Marketing Plan

International Marketing Plan

Introduction

Due to the development of new expertise and gigantic existing and promise claims in the home market and a global market, businesses like L'Oreal desires to recognise these worth opportunities and develop new goods to rendezvous those demands.

There are three major parts in this report; in the first location, the scribe is conversing about the significance of evolving new goods for a business like L'Oreal, in terms of Customers, Competition, Culture and the merchandise Life Cycle. All of these are key issues to consider when launching new products.

As the globalization of markets continues at a rapid pace, L'Oreal has to face the challenge of staying current with the development of new products (David 2006). Standardization or adaptation is an important topic in globalization. Therefore secondly, the scribe talk about the degree of standardization and adaptation that L'Oreal desires to follow in relative to the potential dangers of commencing up to 2,000 goods a year into international markets. There are three important issues which will be discussed in this part, Costs and Benefits, Market-Entry Timing, and Marketing Strategy (Svend 2001).

1. Importance of developing new goods for L'Oreal Driven by buyer claims and with the development of new technology, numerous businesses have to convey some new goods to the market, if they desire to stay their comparable advantage and maintain the profitable growth. Thead covering is why new merchandise development can become the most significant enterprise process. In this L'Oreal case, innovation is its driving force, in terms of both technology and fashion, L'Oreal has invest so much in innovation, innovation is quite important and essential to L'Oreal which wants to keep continuous growth and perform well in the global market, and there are many forms of innovation, new products and services are one aspect of them, it is very important for L'Oreal to know how to identify innovation opportunities and transform some good and useful ideas into new product development (Philip 2006). There are several items to consider about why L'Oreal has to develop new products.

1. 1. Customers Because N.P.D is a Customer-Driven Process. So a discussion of customer need analysis is necessary. Generally speaking, N.P.D can offer superior value to customers compared with the existing products. L'Oreal spends much time and capital on R&D every year in order to understand customer needs, because customer needs can generate much important information for L'Oreal to decide if there are some value opportunities in developing new products, especially appealing to different segments in a global market (Philip 2003). Through R&D, market segment identification and analysis can help L'Oreal to identify which segments can offer opportunities to develop new products, and who are L'Oreal's existing and potential customers, and what are the gaps between the existing products and customers' expectation. From customers' points of view, they always have demands for new products, because there are demands for differentiation, especially for cosmetics like L'Oreal; consumers who often use L'Oreal products are usually professional enough, therefore, it requires ...