The Cosmetics Industry Essay

915 WordsDec 21, 20154 Pages
Introduction The cosmetics industry has developed at a steady pace over the past decade growing by “3.8%, from €127 billion in 2005 to hit a total worth of €181 billion in 2014.” (Consultancy.uk, 2015). Since benefit was founded in 1976 by twin’s jean and Jane ford, it has grown to become a household name. Benefit faces competition from larger brands such as MAC Cosmetics, L’Oréal and Urban Decay amongst other major brands; benefit is at times overshadowed due to its not always publicised advertisements. Within this report I am aiming to target the five key areas that will disassemble the points behind the success of Benefit Cosmetics, these areas include; the macro-environment, target customer, the product and price, growth strategies within the company and the use of communication made by the company. 1. Main body. 1.1. Macro environment Within this section, the main area of focus, is the effects of the microenvironment on Benefit Cosmetics as a whole 1.1.1 Economical 1.1.2 Sociological 2 As industries, the cosmetic and beauty sectors receive a considerable amount of inescapable attention. Unlike many products, this attention is not so much toward the physical product, but the effect psychologically it has on the user, and societies perception of them. Most recently, the ‘#nomakeupselfie’ trend encouraged consumers to upload an image of themselves, bare faced onto social media, proposing makeup is unnecessary, and an almost negative addition to ones lifestyle. ‘A study

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