The mission statement of L’Oreal has been taken into account. L’Oreal is a cosmetics and personal care product manufacturing company. It is a famous world renowned brand which is truly global in its operations as well as the target market. The company L’Oreal has established its one liner mission statement to be ‘The right to be beautiful, day after day’ (‘L’Oreal’s Company Overview - Our Mission’, 2007). The full mission statement is provided in the appendix.
The mission statement for L’Oreal depicts that it is a market oriented mission statement. The statement provides the companies long term aim to be successful in providing personal care and cosmetic products to its target market on a continuous basis in order to make them look and be beautiful the orientation of the statement is focused towards the customers or the target market as the mission statement itself is written in such a manner that is seems like the ultimate mission of its target market.
Marketing on the other hand is process by which the needs of the customers are identified and fulfilled through the provision of a product or a service. According to Phillip Kotler making is the process whereby the individuals get their needs and wants through the process of creating and trading products and values with other parties.
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The core concepts of marketing include the following:
Target markets and segmentation: Segmentation is the process by which the market is divided into smaller market segments. Then the company may chose to target certain market segments. These segments are called target markets
Needs, wants and demands: The needs are the absolute necessities required by the market. The wants are what they would wish to have while demands are the products and services for which they are willing and able to pay money or conduct trade. The marketing campaign essentially targets the needs, wants and fulfills the demands of the market.
Product offering: Product offering is the composition of product and service provided by the company to the consumers/ target market in order to fulfill the needs, wants and demands put forward by them.
Value and satisfaction: value and satisfaction are the elements that are achieved by the target from the consumption of the products/ services provided to them as a result of their demand.
Exchange and transaction: this pertains to the transfer of goods and services for other material like money or similar value entities like a trade in product or service. Usually the company indulges in a transaction with the customer whereby it receives money for providing the product and or the service.
Marketing channels: The marketing channels are the different channels through which the business interacts with the target market and provides the products and service to the consumer. These channels are used to reach out to the target markets and to promote and market the products and service to them
Supply chain: Supply chain is the series of processes and entities which provide the product and service to the target market. The supply chain is essentially a component of the value chain through which value reaches the customers. Marketing channels form part of the supply chain.
Competition: Competition includes all those parties who are providing the same or similar products to the same target market.
Marketing environment: the marketing environment is the company culture and the working environment in the business which is focused towards the marketing principle while being customer and client oriented.
1.(2007), L’Oreal’s Company Overview - Our Mission, L’Oreal’s Official Website, retrieved on October 18, 2007 from http://www.loreal.com/_en/_ww/index.aspx?direct1=00001&direct2=00001/00002&direct3=00001/00002/00001
2.(2007), Mission Statement, Business Resource Software Inc, retrieved on October 18, 2007 from http://www.businessplans.org/Mission.html
3.Marketing of Educational Institutes, Programs and Services - Core Concepts of Marketing, Technical Teachers’ Training Institute, retrieved on October 18, 2007 from http://188.8.131.52/search?q=cache:tdJMQq9YQ78J:www.hindustanstudies.com/files/coreconcepts.pdf+core+concepts+of+marketing&hl=en&ct=clnk&cd=1&gl=pk
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