Spiros Batas Report
Table of Contents
Q1.
MADARA cosmetics was founded and established in 2006 and has its headquarters in the region of Marupe region in Latvia. The organization provides wide range of organic skincare, baby care and skin products for the people in the whole world. MADARA cosmetics operate in more than markets of over 30 countries in the global scenario and had reached a turnover of more than 170,000 Euros in 2007 and 550,000 Euros in 2008. The firm has reached an overall increase in the financial perspective by reaching 2.1 million Euros in 2010 and witnessed an increase in over 60% in 2011.
In the current perspective, MADARDA provided a unique approach to providing an innovative procedure in procuring appropriate ingredients in cosmetic products for the customers in the market (Līdaka and Ulme, 2016). There is emphasis on developing unique selling point approach for managing various perspectives of the people residing in Latvian region. In addition, the company was an entirely female-run business in the first few years of operations and entirely focused on creating wide range of cosmetic products.
Most of the people would buy various products of the firm as there is an extensive emphasis on procuring eco-based products for manufacturing skincare, baby and other organic-based products. Thus, there is an innovational approach maintained in product development process, packaging, design provides creativity and attracts customers for buying cosmetic products. This creates a sense of positive approach in the minds of the people for increasing attractiveness towards providing affordability and stability for procuring various cosmetic products in the market (Kalverša, 2016). It paves a structural process for minimizing negativity and develop long- term relationship with the people and create a strong position in the market in the future.
Q2.
There was an extensive emphasis developed by MADARA for identifying and evaluating overall identity of Latvian culture as the unique selling point during start of the business. This has paved a suitable way for managing overall needs and wants of the customers for managing success in the operations. Hence, at the exiting period there was an overall increase in the procurement of eco- cosmetic products have helped in creating an overall demand among the local people in Latvia for managing the overall needs of customers (Cvitanović, 2018). This has provided an opportunity for MADARA Cosmetics for procuring wide range of eco- friendly products and creates target audience within the market. In this aspect, the organization focused on developing wide range of eco- friendly cosmetic products in the Latvian market for developing specific customer proposition and creating suitable relationship with the overall people.
The availability of appropriate suitable market decisional marketing decisions by the organization provided a suitable strategy for launching innovative cosmetic products for the customers. There was development of wide range of surveys by the management of the firm for providing a suitable impression among the customers and create appropriate decision-making approach for launching cosmetic products in the market (Posylkina et al. 2016).
In this approach, the development of an innovational approach has helped in attracting and managing needs of the customers. The utilization of this approach has created positivity and create an suitable image of the people towards buying overall products of the company relative to other competitors in the market (Komppa, 2019). In the overall aspect, the creation of a sustainability approach in developing systematic procedures in the decision –making procedures creates a strong approach for grabbing the opportunity of building a strong customer base in favoring various cosmetic products of the firm.
Q3.
MADARA Cosmetics creates a favorable approach for assisting various types of local communities and manage strong relationships with one another. The management of the organization focuses on building up a suitable relationship with local communities in the Latvian region by building high- level of satisfaction among services developed for managing various programs. There is an increase in the acceptance level of the local entrepreneurs for evaluating various perspectives of the entrepreneurs and build stable relationships with one another (Inga et al. 2017). The formulation of an effective relationship-building program by inheriting a favorable approach builds up stability in the overall process and creates systematic structure for managing overall operations. MADARA Cosmetics focuses on improving professionalism approach and provide suitable guidance for assisting local community.
Most of the local communities focus on adopting suitable approach for building strong relationships with the management of the organization and achieve overall objectives in the future. The procurement of systematic operations creates a balance in developing an innovational approach and setting up suitable relationship in conducting various operations in the local market (Lazda, 2018). This indicates that the firm focuses on building a social relationship among the local communities and develops an appropriate relation with various personals in the market. Moreover, it has encouraged developing stabilizing relationships among the local people and provides additional guidance for achieving overall success in the future.
The procurement of the existing approach has opened up a sense of long- term relationships among one another and manages to overcome any type of obstacles in improving operations for creating future success (Ghazali et al. 2017). In the aspect of social entrepreneurship, MADARA Cosmetics provides a balance in creating affordable strategies for mitigating risks in operations and adds value to promote a relationship with the local communities.
MADARA Cosmetics is a start-up firm that is established new in the current market and focuses on providing wide range of eco-based cosmetic products for the people in the market. As a start-up organization, it becomes relevant difficult for attracting large amount of investors for managing overall resources needs in conducting operations in the market. In order to minimize presence of appropriate availability of financial operations, there should be formulation of suitable strategy for attracting large amount of investors. The company had focused on availing local investor for procuring operatiosn and provides stability in accumulating huge amounts of resources with excessive financial support in the environment (Gajbhiye and Sakharwade, 2016). This has helped in building range of social networks for attracting large amount of investors for providing financial resources and creates sustainability in accumulating wide range of resources for achieving overall objectives in the future.
In addition to financial support, the firm had developed a wide network of advisors for developing an initial strategy for providing additional support for procuring additional funds in conducting business operations. There was extra help provided by various families and relatives for procuring substantial amount of financial resources for managing overall operations and reducing instability in the current operations (Ohvanainen, 2020). The development of additional networks provides a suitable approach for guiding and designing an effective long- term plan for providing substantial amount of financial resources.
Hence, there is presence of wide range of financial resources for building stability and manage support systems for creating suitable range of operations within the operating environment (Hameed et al. 2019). There is a direct relationship among maintenance of systematic range of relationship for establishing proper guidance strategy for managing operations and reduce instability in the operations for MADARA Cosmetics.
Q5.
In the case of MADARA Cosmetics, there should be development of an effective and long- term strategy for expanding existing operations in the market. There is a need for the company to build a strategy for expanding further in the global market and build positive reputation among the customers. As a start-up organization, there should be utilization of a strategy for experiencing success in the current operations for the company in the local market and expand in the global market. Thus, formulation of venture capital strategy provides exceptional advantage for the company to improve operations and build stability in operations for achieving overall profit on a global scale (Chin et al. 2018). The adoption of venture –capital strategy approach creates an potential for managing operations for the firm in the long- term market by providing additional financial help from renowned investors. This has opened up suitability in existing approach for conducting overall operations and helps to expand the market base in several countries in the market.
The procurement of venture capital platforms provides extensive opportunities for MADARA Cosmetics for creating an balance between developing innovational approaches in procuring guidance approaches and manage overall objectives in the future. In addition to the presence of available resources, this process provides a suitable procedure for minimizing any type of legal and other implications during operations in foreign market (McIntosh et al. 2018). There is development of faster growth that creates additional advantage in the process and develops better decisions for organizing the overall procedure. Thus, this process is sustainable for managing long- term obstacles and creating superior strategies for overcoming any type of financial challenges for the company in the future. This is an effective platform developed for reducing any negativity in the operations and provides effective guidance for balancing operations in the future aspect for expanding current position in the global market.
Q6.
MADARA Cosmetics has to develop affordable approach and strategy for protecting intellectual property and deliver quality products for a wide range of customers in the market. It is crucial for the firm to select most appropriate process for selecting wide range of quality people and manage every aspect of the operations. The development of an ideal intellectual property process provides range of innovating ideas for overcoming wide range of obstacles in the operations and focuses on managing development in the exiting operational approach (Abels and Angelova-Fischer, 2018). Thus, there is procurement of most affordable range of workers within the firm like the brand manager, public relations manager and presence of properly trained staff for conducting operations. In this process, the procurement of sustainable approach in operations creates flexible structure for improving existing operations and develops a long- term understanding among one another in the overall operations.
The adoption of intellectual approach developed by the company provides a platform for managing to improve quality in the manufacturing of the products in the global market. Hence, the building of an efficient strategy focuses on continuous improvisation on building a suitable approach for managing increased sense of customer proposition in the various markets about the products and build suitable culture (Väisänen, 2019). This promotes sense of innovational procedures in building most suitable process for reducing existing approaches in managing quality of the products for the company and develops success in the future. Moreover, the firm needs to achieve an increased approach in creating additional values among the customers and build global reputation in the market. There is a sense of stability and growth in the current operations for the company in accordance with the other competitors providing variety of cosmetic products.
There is need for maintaining a balance in maintaining creativity and rationalism in the exiting approach of the MADARA Cosmetics for enhancing success in the operations in the global market. In the existing business environment, there should be procurement of transforming and procuring more quality products for the wide range of people located in the global market. The organization will look to enter various markets in European Countries that have a favorable amount of customers attracted to use cosmetic products. The main competitors of the firm include renowned competitors like Cosmogen, Herbacian Cosmetic, IMAN Cosmetics etc. In reaching to the various sections of the people in foreign markets and develop a firm position in the market, MADARA Cosmetics should look to adopt a penetrating price strategy in the market. The adoption of strategy would help in providing low prices in the cosmetic products for the firm in accordance with the competitors in the foreign market (Cornier et al. 2019).
Most of the cosmetic products of the organization is aimed and specifically made for attracting young female sections in the foreign market. There should be specific focus on developing products for middle class and high-class income level in the market. The various cosmetic products of the firm have to be promoted to the people by using various forms of social media platforms like Facebook and also procure official websites of the organization. It helps in achieving extra popularity among the people for procuring cosmetic products and build a reputation in the foreign market in the future.
Abels, C., and Angelova-Fischer, I., 2018. Skin Care Products: Age-Appropriate Cosmetics. In pH of the Skin: Issues and Challenges (Vol. 54, pp. 173-182). Karger Publishers.
Chin, J., Jiang, B.C., Mufidah, I., Persada, S.F. and Noer, B.A., 2018. The investigation of consumers’ behavior intention in using green skincare products: a pro-environmental behavior model approach. Sustainability, 10(11), p.3922.
Cornier, J., Keck, C.M., and Van de Voorde, M. eds., 2019. Nanocosmetics: From Ideas to Products. Springer.
Cvitanović, P.L., 2018. Possibilities for socially responsible entrepreneurship at Croatian natural and organic cosmetics market. EFZG working paper series, (07), pp.1-14.
Gajbhiye, S., and Sakharwade, S., 2016. Silver nanoparticles in cosmetics. Journal of Cosmetics, Dermatological Sciences, and Applications, 6(1), pp.48-53.
Ghazali, E., Soon, P.C., Mutum, D.S. and Nguyen, B., 2017. Health and cosmetics: Investigating consumers’ values for buying organic personal care products. Journal of Retailing and Consumer Services, 39, pp.154-163.
Hameed, A., Fatima, G.R., Malik, K., Muqadas, A., and Fazal-ur-Rehman, M., 2019. Scope of nanotechnology in cosmetics: dermatology and skin care products. Journal of Medicinal and Chemical Sciences, 2(1, pp. 1-40), pp.9-16.
Inga, S., Aleksejs, Z., Ilona, Z., Janis, K., and Janis, S., 2017. Comparison of a near-infrared reflectance spectroscopy system and skin conductance measurements for in vivo estimation of skin hydration: a clinical study. Journal of Biomedical Photonics & Engineering, 3(1).
Kalverša, M., 2016. The development of Latvian cosmetics franchise business in Estonia and Lithuania.
Komppa, P., 2019. User-driven in-store visuals: How to design user-driven in-store visuals for skincare products in Finland. Case: Lumene ldt.
Lazda, M., 2018. Negotiating gendered transnationalism and nationalism in post-socialist Latvia. Nationalities Papers, 46(3), pp.422-440.
Līdaka, K., and Ulme, A., 2016. Design and innovative organizations in the business environment. Materials Science. Textile and Clothing Technology, 11, pp.35-41.
McIntosh, K., Smith, A., Young, L.K., Leitch, M.A., Tiwari, A.K., Reddy, C.M., O’Neil, G.W., Liberatore, M.W., Chandler, M., and Baki, G., 2018. Alkenones as a promising green alternative for waxes in cosmetics and personal care products. Cosmetics, 5(2), p.34.
Ohvanainen, I., 2020. In-store shopper experience in hypermarket face care department.
Posylkina, O.V., Kotlyarova, V.G., and Chechotka, O.V., 2016. Analysis of peculiarities of growth for the medical cosmetics market in Ukraine.
Väisänen, H., 2019. Too Good to Be True: Misleading Advertising of Cosmetics Products.