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Your assignment is to prepare and submit a paper on 1year marketing plan for a csr (coporate social responsiblity) company : the body shop international plc.
Your assignment is to prepare and submit a paper on 1year marketing plan for a csr (coporate social responsiblity) company : the body shop international plc. The cosmetics company operates in 60 markets over the globe with 2,500 stores worldwide. The company focuses highly towards establishing social, environmental, ethical transparency in their business practices (Hoffman, 2000). In fact, it is the first international cosmetics brand which was recognized under Humane Cosmetics Standard for their “Against Animal Testing Policy” (Cole, 2003). Clearly, the brand puts large emphasis on Corporate Social Responsibility (CSR). Hence, planning and reviewing of marketing strategy for Body Shop will differ from any other profit oriented company.
For better understanding of the requirement and application of marketing plan, Ansoff Matrix is considered to be one of the best strategic planning tools in Marketing Management (Cullen, 2011). It facilitates the management to understand the market condition and influence them for further strategy formulation to ensure future growth of the product. The matrix consists of four dimensions such that market penetration, market and product development and diversification. Market penetration includes launching new product as well as adding a modified product in the product basket of a company in order to capture a larger market share. Market development and product development involves entering into new, emerging markets in order to tap lucrative business opportunities and to create new product to satisfy the ever changing, complex customer need. Planning of diversification of product and services is also important in order to ensure long run growth possibilities (Finch, 2013).
Applying Ansoff’s Matrix for The Body Shop PLC, the company should understand the potential of the emerging markets like Brazil, Russia, India and China (BRIC) and penetrate in those markets. Body Shop can customize their products according to the needs of the target market.