Product Development of LOreal Assignment Example | Topics and Well Written Essays - 1000 words

Product Development of LOreal - Assignment Example L'Oreal is involved in consumer-driven products especially the cosmetic products which are considered to be the neat business. Irrespective of the nature of the business, the company is committed towards its moral and ethical responsibilities. The objective of the company is to represent itself as "global citizen". The company has pursued reforms and plans to achieve sustainable development; the company was recognized as the top 100 sustainable companies in an international survey by Innovest and Corporate Knights. The company has received several acclamations; it has been listed among the leading ethical companies and is committed towards sustainable investment indices. The company has evaluated its business opportunities and has mitigated the economic risks and challenges of governance. L'Oreal took the major initiative by committing itself towards corporate social responsibility; the company is the signatory of the French Union of Advertisers' Charter (Sustainable Development Repo rt, 2007). The company has launched the L'Oreal Corporate Foundation; this foundation has taken significant initiatives for the promotion of education and healthcare. The foundation was launched with an initial budget of '40 million for a period of five years. The company has been a signatory of Bali Communiqu'; and has therefore undertaken measures towards carbon-dioxide emission reduction and water conservation (Sustainable Development Report, 2007). The precise introduction in actual interprets the product development strategy of the company. The cosmetic industry is regarded as a challenging market with several local and foreign brands; therefore the brand is always in a tough position to achieve market shares in countries where people with conservative approach survive. L'Oreal has realized that through international label it will never achieve market shares, rather for securing shares in distinct cultural society the company has to initially personify traditional approach. The initiatives undertaken by the company in the social, educational and healthcare sector is an attempt to seek acceptance among the distinct. The packaging of the cosmetic product is another crucial area to ensure and achieve product development. The packaging of the cosmetic products as per customer-specific requirements has influenced the product development strategy of the company. The core of the product development scheme is to achieve customer satis faction, and in special cases, it has been to direct the customer towards certain revelations for the improvement of living standards. The company has taken initiatives to ensure that manufacturing of the products includes environmental friendly items, and the recyclable items have been given ample focus. The major drift towards the environmental aspects by the company has been with the intent to secure acceptance among masses. The new and refined version of product development has brought laurels and success for the company. Â