Management perspectives and Future Strategies Free Essay Example, 4000 words

Later on, although they have increased the price but the value of service and corporate social responsibility with eco-friendly approach helped them a lot to retain their entire customer base. 4. Overview of Business Strategy of ‘The Body Shop’: If one analyze the business strategy of Body Shop it is very clear that the company is largely dependent on the Blue Ocean strategy. In fact they are the first one to use this concept in the field of cosmetic industry. The Business strategy of the company is more or less divided into three key segments and these are: following proper ethical approach, developing unique products to reach out to more number of customers and catch the untapped markets or niche markets and concentrating on after sales services and customer satisfactions. (Body Shop: UK) If one consider the value innovation part then it is very clear that The Body Shop is rely on its unmatched price and uncompromised quality to serve all kinds of customers across the segments. Roddick, the co-founder of the company has mentioned that as an organization, the Body Shop able to develop a specific market and a particular segment of customers who like CSR and values mentioned by the company. We will write a custom essay sampl e on Management perspectives and Future Strategies or any topic specifically for you Only $17.96 $11.86/pageorder now No other organization can offer such service or values to the customers for that same price like The Body Shop. (Charter and Polanski, 294) His statement can be considered as a key evidence of their value creation. Likewise, to reduce the cost of their product, the company decided not to use extensive advertisement campaign or any well-known brand ambassador to promote their product. As a matter of fact, without their aggressive promotional strategies they are able to spend 20 years in the market having a distinct customer base and being a well-known brand in the field of cosmetics industry. Kaplan (1995) in his review has mentioned that â€Å"The Body Shop, without "advertising, " has managed since 1976 to achieve high visibility for its products andcorporate identity through effective manipulation of news organizations that keep thecorporation in the news† (Kaplan, 51). But as the time moves on, the company has started to face tough challen ges from other players in the market who started to copy the business model adopted by them so successfully. Various new companies such as Bath and Body Works, Origins, and Lush presented the same ideas and started to capture the market once occupied by The Body Shop. Bath and Body works was the main competitors the Body Shop as they also started to present natural beauty products in the same market.