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Before Stephen J. Kobrin joined Wharton management department, he was a brand manager for Procter Gamble working on the Crest account in Caracas, Venezuela. of the great advantages was the distance between Caracas and Cincinnati, P headquarters, he told a session on global strategy at the Wharton Global Alumni Forum 2005 earlier this month. someone called with a question I couldn answer, all discount mac cosmetics I had to say was, a terrible connection and I can hear you and then hang up.
Now, Kobrin said, is no place to hide, which means there has been a dramatic transformation in global strategy.
was hard to picture what the world was like in 1958, Lauder said. was just emerging from World War II. The phrase in Japan was a sign of cheapness wholesale mac makeup rather than quality. in China was almost non existent except for little magicians tricks you could buy in an amusement park. Europe was emerging but England was in the middle of austerity. Imports of cosmetics, for example, were forbidden. The idea of being a multinational company at the time was extraordinary.
The concepts behind Estee Lauder strategy were premium pricing, selected distribution and a single international image, Lauder said. pricing sounds logical today given the proliferation of luxury brands back then, being at the top of the market was unheard of. Instead, the goal was to sell products as inexpensively as possible. advertised by the phrase, makes a cream worth 100 guineas? This positioned the product being about 10 times more expensive than anything else on the market. We did that when we entered the German, Swiss and Italian markets, among others. Premium pricing was an essential part of our strategy.
The company also focused on narrow distribution, Lauder said. had just one customer in London when we started Harrods. France had cheap dior makeup about 20 to 30 perfumeries. We developed a market share of between 20% and 50% of each individual account, and then took that pattern and expanded it. we have about 52% to 54% market share in our relevant distribution channels. The key words are distribution. We didn try to go broad; we went as narrow as possible.
In addition, rather than mold a separate image for each country in which they operated, Estee Lauder concentrated on a single international image. didn have different ad campaigns in each country, although every one of our competitors did. Our image was the same worldwide, Lauder said. And kept a very low profile. We didn boast about how successful we were. For example, after we had become the dominant cosmetic company in Japan, Fortune magazine wanted to do a story on our success. But we were a privately held company and we didn need [Wall Street] to be excited about us. I turned it down. I Mac Makeup Foundation was afraid that if we started to boast, the story would be translated into Japanese and put on the desk of some sumo wrestler chairman of our major competitor. He would read that story and say, them. We kept a low profile.
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