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題名 化妝品產業的全球成長策略研究 - 萊雅集團的個案研究
Global Growth Strategy in Cosmetics Industry – A Case Study of L`Oreal
作者 吳麗雪
Wu, Li-hsueh
貢獻者 林基煌
Lin, Chihuang
吳麗雪
Wu, Li-hsueh
關鍵詞 萊雅集團
全球成長策略
化妝品
產品策略
L`Oreal
Global growth strategy
Cosmetics
Product strategy
日期 2004
上傳時間 12-Sep-2009 12:49:24 (UTC+8)
摘要 The cosmetics market is very dynamic and high growth potential industry. This case study will attempt to analyze how L’Oreal’s success in implementing its global growth strategies. The introduction will cover the history of L’Oreal and its amazing growth performance during these past years. This case study will analyze L’Oreal’s business model, a model that is differentiated from others by a combination of research & development, portfolio of brands, a complete distribution network, and financial prowess. With a competitive advantage in production, L’Oreal can concentrate their resources on their star product marketing strategy. An effective brand management emphasizes on categories and channels expertise, innovation via precise positioning, and adaptation at the market level. In addition, L’Oreal believes in a philosophy called “the virtuous spiral”, the driving force behind L’Oreal’s steady persistent growth over these many years.
List of Tables ……………………………………………........... 6
     List of Figures ………………………………………………......... 8
     Chapter 1 INTRODUCTION ……………………………………... 9
     1.1 Motivation ……………………………………………………… 9
     1.2 Objective ……………………………………………………….. 11
     1.3 Methodology …………………………………………… …….. 12
     Chapter 2 INTRODUCTION TO L’OREAL …………………… 13
     2.1 Overview ……………………………………………………….. 14
     2.2 Performance …………………………………………………… 18
     
     Chapter 3 L’OREAL’S GLOBAL GROWTH STRATEGIES … 20
     3.1 Business Environment ………………………………………. 20
     3.2 Market Demand ……………………………………………….. 21
     3.3 Market Trends …………………………………………………. 22
     3.4 L’Oreal’s Business Organization and Business Model… 25
     3.5 Product Strategies and Brand Management …………… 30
     3.6 Competitive Advantage …………………………………...... 42
     3.7 Competitive Strategy ………………………………………… 43
     
     Chapter 4 L’OREAL’S FINANCIAL DYNAMICS …………….. 45
     4.1 Financial Analysis for L’Oreal ……………………………… 45
     4.2 Obsession with Growth ……………………………….......... 52
     4.3 Organic Growth vs. External Growth …………………….. 53
     
     Chapter 5 CONCLUSION ………………………………………... 56
     References …………………………………………………………. 59
     Appendix …………………………………………………………… 63
     A-1 Ten criteria for success in the power brand spokesperson………………………………………………...... 63
     A-2 Compared consolidated profit & loss account …………. 64
     A-3 Compared consolidated balance sheets ………………… 65
     A-4 Consolidated statement of cash flows …………………… 66
     A-5 1999-2003 five years of consolidated financial data …… 67
     A-6 The Global Brand Scoreboard – The 100 Top Brand …...68
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     List of Tables
     2.1 Breakdown of L’Oreal cosmetics sales by division and by geographical zone ……………………………………………………. 15
     2.2 Breakdown of 2003 consolidated cosmetics sales by geographic zone ……………………………………………………………………… 16
     2.3 Cosmetics sales by geographic zone …………………………….. 16
     2.4 Breakdown of 2003 cosmetics sales by business segment….. 17
     2.5 L’Oreal’s group’s best-known brands …………………….......... 17
     2.6 L’Oreal’s performance ……………………………………………… 19
     3.1 Main players on the cosmetics market in 2002 ……………….. 21
     3.2 L’Oreal multilevel brand management ………………………….. 36
     3.3 Brands with & without spokesperson ……………………………. 38
     3.4 Ratio of internal production & sub-contracted production…. 43
     4.1 The virtuous spiral …………………………………………………. 46
     4.2 1999-2003 L’Oreal consolidated sales………………………….. 47
     4.3 1999-2003 L’Oreal adjusted operating profit…………………… 48
     4.4 1999-2003 L’Oreal dividend ………………………………………. 49
     4.5 Acquisitions and global brands …………………………………… 55
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     List of Figures
     1.1 Research Flow ………………………………………………………… 12
     3.1 L’Oreal Organization Chart ……………………………………….. 26
     3.2 Complex Matrix Structure in L’Oreal …………………………… 27
     3.3 L’Oreal Business Model…. …………………………………… 28
     3.4 Product Hierarchy …………………………………………………… 35
     3.5 Management of innovation via cascading ……………………… 41
     4.1 10-year investment in L’Oreal shares (□) ……………………….. 50
     4.2 10 years of Consolidated Sales…………………………………….. 51
     4.3 10 years – Results of Operations…………………………………… 52
     4.4 10 years – Per Share Data…………………………………………… 52
     4.5 Organic Growth ……………………………………………….……… 54
參考文獻 1. BNP Paribas Equities, “L’Oreal – A clearer but mostly unchanged ownership structure”, 4 February 2004
2. Business Week, “The Best Global Brands- our Annual Ranking of The Top 100”, Asian Edition, August 9-16 2004, P58~P67
3. Business Week Online, “L’Oreal: The Beauty of Global Branding”, 28 June 1999
4. Credit Suisse First Boston (Equity Research), “L’Oreal 2003 Results”, 20 February 2004
5. FORTUNE Magazine, “L’Oreal’s Global Makeover- How a company for French chic became an international beauty star”, 2 September 2002 / No.16, P54 ~ P60
6. FORTUNE Magazine, “The World’s Most Admired Companies”, 11 Oct 1999
7. Goldman Sachs (Global Equity Research), “L’Oreal – 2H203 profits preview”, February 19 2004
8. Goldman Sachs (Global Equity Research), “L’Oreal: L’Oreal and Gesparal merger is a negative for L’Oreal’s share price”, February 4 2004
9. Jean-Noel Kapferer, “The New Strategic Brand Management”, Kogan Page, 2004
10. Lehman Brothers (Global Equity Research), “L’Oreal-Initiating Coverage with 3-Underweight”, January 30 2004
11. L’Oreal 2003 Annual Report
12. L’Oreal 2002 Annual Report
13. L’Oreal 2001 Annual Report
14. Merrill Lynch (Global Fundamental Equity Research Department),” L’Oreal – Focus on Underlying Business in 2004”, 23 February 2004
15. Michael E. Porter (1980), “Competitive Strategy- Techniques for Analyzing Industries and Competitors”, Free Press
16. Michael J. Sliverstein and Neill Fiske (1993), “Trading Up – The New American Luxury”, PROFOLIO, published by the Penguin Group
17. Richard L. Draft, "Organization Theory and Design" Seventh Edition, Draft, Southwestern, 2001
18. Smith Barney (Citigroup), “L’Oreal- FY03 Results Meet Consensus But Concerns Over The Quality Of Underlying EBIT Margin and EPS Growth Persist”, 1 March 2004
19. TIME Magazine, “Because They’re Worth it – L’Oreal’s marketing tilt toward Asians and blacks makes its growth prospects prettier”, Canadian Edition, 2 February 2004
20. Yeh, Kuo Long, “Growth Strategies and Financial Strategies in High Tech Company – A Case Study of Cisco”, 國立政治大學經營管理碩士論文, 2002
21. www.books.com.tw/magazines/item/bio1009.htm, “全球生技業搶搭千億化妝品市場”
22. www.colipa.com/cosmetics_indus.html
23. www.ecct.com.tw/euroview/issue57/euroview_article76.php, “French Cosmetics and Fragrances in Taiwan”
24. www.ecrm-epps.com/Expose/V3_8/Trends_Cosmetics.asp, “Trends in Cosmetics by Susan Schervish”
25. www.ettoday.com, “國產化妝品掀風潮”, 2003/12/08
26. www.ettoday.com, “玻尿酸 /台糖將推新利器”詩丹雅蘭” 生技廠斥資10億”, 2003/12/27
27. www.fox.rollins.edu/~slackman/cosmetics_online.htm, “Cosmetics On-Line: An Industry Survey”
28. www.getgoal.com.tw/infor/news/9107223.htm, ““化妝品產業將列入專業學士”, 中國時報, 2002/7/3
29. www.health.nsysu.edu.tw/fdaglobe/ctrend_001.htm, “化妝品產業的新興趨勢(Cosmegenesis: The emerging Trend in Cosmetic Industry)”
30. www.LOreal.com
31. www.LOreal-Finance.com
32. www.win21.net/asp/article.asp, “化妝品產業初探”
描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
90932716
93
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0909327161
資料類型 thesis
dc.contributor.advisor 林基煌zh_TW
dc.contributor.advisor Lin, Chihuangen_US
dc.contributor.author (Authors) 吳麗雪zh_TW
dc.contributor.author (Authors) Wu, Li-hsuehen_US
dc.creator (作者) 吳麗雪zh_TW
dc.creator (作者) Wu, Li-hsuehen_US
dc.date (日期) 2004en_US
dc.date.accessioned 12-Sep-2009 12:49:24 (UTC+8)-
dc.date.available 12-Sep-2009 12:49:24 (UTC+8)-
dc.date.issued (上傳時間) 12-Sep-2009 12:49:24 (UTC+8)-
dc.identifier (Other Identifiers) G0909327161en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/30762-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 經營管理碩士學程(EMBA)zh_TW
dc.description (描述) 90932716zh_TW
dc.description (描述) 93zh_TW
dc.description.abstract (摘要) The cosmetics market is very dynamic and high growth potential industry. This case study will attempt to analyze how L’Oreal’s success in implementing its global growth strategies. The introduction will cover the history of L’Oreal and its amazing growth performance during these past years. This case study will analyze L’Oreal’s business model, a model that is differentiated from others by a combination of research & development, portfolio of brands, a complete distribution network, and financial prowess. With a competitive advantage in production, L’Oreal can concentrate their resources on their star product marketing strategy. An effective brand management emphasizes on categories and channels expertise, innovation via precise positioning, and adaptation at the market level. In addition, L’Oreal believes in a philosophy called “the virtuous spiral”, the driving force behind L’Oreal’s steady persistent growth over these many years.en_US
dc.description.abstract (摘要) List of Tables ……………………………………………........... 6
     List of Figures ………………………………………………......... 8
     Chapter 1 INTRODUCTION ……………………………………... 9
     1.1 Motivation ……………………………………………………… 9
     1.2 Objective ……………………………………………………….. 11
     1.3 Methodology …………………………………………… …….. 12
     Chapter 2 INTRODUCTION TO L’OREAL …………………… 13
     2.1 Overview ……………………………………………………….. 14
     2.2 Performance …………………………………………………… 18
     
     Chapter 3 L’OREAL’S GLOBAL GROWTH STRATEGIES … 20
     3.1 Business Environment ………………………………………. 20
     3.2 Market Demand ……………………………………………….. 21
     3.3 Market Trends …………………………………………………. 22
     3.4 L’Oreal’s Business Organization and Business Model… 25
     3.5 Product Strategies and Brand Management …………… 30
     3.6 Competitive Advantage …………………………………...... 42
     3.7 Competitive Strategy ………………………………………… 43
     
     Chapter 4 L’OREAL’S FINANCIAL DYNAMICS …………….. 45
     4.1 Financial Analysis for L’Oreal ……………………………… 45
     4.2 Obsession with Growth ……………………………….......... 52
     4.3 Organic Growth vs. External Growth …………………….. 53
     
     Chapter 5 CONCLUSION ………………………………………... 56
     References …………………………………………………………. 59
     Appendix …………………………………………………………… 63
     A-1 Ten criteria for success in the power brand spokesperson………………………………………………...... 63
     A-2 Compared consolidated profit & loss account …………. 64
     A-3 Compared consolidated balance sheets ………………… 65
     A-4 Consolidated statement of cash flows …………………… 66
     A-5 1999-2003 five years of consolidated financial data …… 67
     A-6 The Global Brand Scoreboard – The 100 Top Brand …...68
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     List of Tables
     2.1 Breakdown of L’Oreal cosmetics sales by division and by geographical zone ……………………………………………………. 15
     2.2 Breakdown of 2003 consolidated cosmetics sales by geographic zone ……………………………………………………………………… 16
     2.3 Cosmetics sales by geographic zone …………………………….. 16
     2.4 Breakdown of 2003 cosmetics sales by business segment….. 17
     2.5 L’Oreal’s group’s best-known brands …………………….......... 17
     2.6 L’Oreal’s performance ……………………………………………… 19
     3.1 Main players on the cosmetics market in 2002 ……………….. 21
     3.2 L’Oreal multilevel brand management ………………………….. 36
     3.3 Brands with & without spokesperson ……………………………. 38
     3.4 Ratio of internal production & sub-contracted production…. 43
     4.1 The virtuous spiral …………………………………………………. 46
     4.2 1999-2003 L’Oreal consolidated sales………………………….. 47
     4.3 1999-2003 L’Oreal adjusted operating profit…………………… 48
     4.4 1999-2003 L’Oreal dividend ………………………………………. 49
     4.5 Acquisitions and global brands …………………………………… 55
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     List of Figures
     1.1 Research Flow ………………………………………………………… 12
     3.1 L’Oreal Organization Chart ……………………………………….. 26
     3.2 Complex Matrix Structure in L’Oreal …………………………… 27
     3.3 L’Oreal Business Model…. …………………………………… 28
     3.4 Product Hierarchy …………………………………………………… 35
     3.5 Management of innovation via cascading ……………………… 41
     4.1 10-year investment in L’Oreal shares (□) ……………………….. 50
     4.2 10 years of Consolidated Sales…………………………………….. 51
     4.3 10 years – Results of Operations…………………………………… 52
     4.4 10 years – Per Share Data…………………………………………… 52
     4.5 Organic Growth ……………………………………………….……… 54		-
dc.description.tableofcontents List of Tables ……………………………………………........... 6
     List of Figures ………………………………………………......... 8
     Chapter 1 INTRODUCTION ……………………………………... 9
     1.1 Motivation ……………………………………………………… 9
     1.2 Objective ……………………………………………………….. 11
     1.3 Methodology …………………………………………… …….. 12
     Chapter 2 INTRODUCTION TO L’OREAL …………………… 13
     2.1 Overview ……………………………………………………….. 14
     2.2 Performance …………………………………………………… 18
     
     Chapter 3 L’OREAL’S GLOBAL GROWTH STRATEGIES … 20
     3.1 Business Environment ………………………………………. 20
     3.2 Market Demand ……………………………………………….. 21
     3.3 Market Trends …………………………………………………. 22
     3.4 L’Oreal’s Business Organization and Business Model… 25
     3.5 Product Strategies and Brand Management …………… 30
     3.6 Competitive Advantage …………………………………...... 42
     3.7 Competitive Strategy ………………………………………… 43
     
     Chapter 4 L’OREAL’S FINANCIAL DYNAMICS …………….. 45
     4.1 Financial Analysis for L’Oreal ……………………………… 45
     4.2 Obsession with Growth ……………………………….......... 52
     4.3 Organic Growth vs. External Growth …………………….. 53
     
     Chapter 5 CONCLUSION ………………………………………... 56
     References …………………………………………………………. 59
     Appendix …………………………………………………………… 63
     A-1 Ten criteria for success in the power brand spokesperson………………………………………………...... 63
     A-2 Compared consolidated profit & loss account …………. 64
     A-3 Compared consolidated balance sheets ………………… 65
     A-4 Consolidated statement of cash flows …………………… 66
     A-5 1999-2003 five years of consolidated financial data …… 67
     A-6 The Global Brand Scoreboard – The 100 Top Brand …...68
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     List of Tables
     2.1 Breakdown of L’Oreal cosmetics sales by division and by geographical zone ……………………………………………………. 15
     2.2 Breakdown of 2003 consolidated cosmetics sales by geographic zone ……………………………………………………………………… 16
     2.3 Cosmetics sales by geographic zone …………………………….. 16
     2.4 Breakdown of 2003 cosmetics sales by business segment….. 17
     2.5 L’Oreal’s group’s best-known brands …………………….......... 17
     2.6 L’Oreal’s performance ……………………………………………… 19
     3.1 Main players on the cosmetics market in 2002 ……………….. 21
     3.2 L’Oreal multilevel brand management ………………………….. 36
     3.3 Brands with & without spokesperson ……………………………. 38
     3.4 Ratio of internal production & sub-contracted production…. 43
     4.1 The virtuous spiral …………………………………………………. 46
     4.2 1999-2003 L’Oreal consolidated sales………………………….. 47
     4.3 1999-2003 L’Oreal adjusted operating profit…………………… 48
     4.4 1999-2003 L’Oreal dividend ………………………………………. 49
     4.5 Acquisitions and global brands …………………………………… 55
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     List of Figures
     1.1 Research Flow ………………………………………………………… 12
     3.1 L’Oreal Organization Chart ……………………………………….. 26
     3.2 Complex Matrix Structure in L’Oreal …………………………… 27
     3.3 L’Oreal Business Model…. …………………………………… 28
     3.4 Product Hierarchy …………………………………………………… 35
     3.5 Management of innovation via cascading ……………………… 41
     4.1 10-year investment in L’Oreal shares (□) ……………………….. 50
     4.2 10 years of Consolidated Sales…………………………………….. 51
     4.3 10 years – Results of Operations…………………………………… 52
     4.4 10 years – Per Share Data…………………………………………… 52
     4.5 Organic Growth ……………………………………………….……… 54		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0909327161en_US
dc.subject (關鍵詞) 萊雅集團zh_TW
dc.subject (關鍵詞) 全球成長策略zh_TW
dc.subject (關鍵詞) 化妝品zh_TW
dc.subject (關鍵詞) 產品策略zh_TW
dc.subject (關鍵詞) L`Orealen_US
dc.subject (關鍵詞) Global growth strategyen_US
dc.subject (關鍵詞) Cosmeticsen_US
dc.subject (關鍵詞) Product strategyen_US
dc.title (題名) 化妝品產業的全球成長策略研究 - 萊雅集團的個案研究zh_TW
dc.title (題名) Global Growth Strategy in Cosmetics Industry – A Case Study of L`Orealen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. BNP Paribas Equities, “L’Oreal – A clearer but mostly unchanged ownership structure”, 4 February 2004zh_TW
dc.relation.reference (參考文獻) 2. Business Week, “The Best Global Brands- our Annual Ranking of The Top 100”, Asian Edition, August 9-16 2004, P58~P67zh_TW
dc.relation.reference (參考文獻) 3. Business Week Online, “L’Oreal: The Beauty of Global Branding”, 28 June 1999zh_TW
dc.relation.reference (參考文獻) 4. Credit Suisse First Boston (Equity Research), “L’Oreal 2003 Results”, 20 February 2004zh_TW
dc.relation.reference (參考文獻) 5. FORTUNE Magazine, “L’Oreal’s Global Makeover- How a company for French chic became an international beauty star”, 2 September 2002 / No.16, P54 ~ P60zh_TW
dc.relation.reference (參考文獻) 6. FORTUNE Magazine, “The World’s Most Admired Companies”, 11 Oct 1999zh_TW
dc.relation.reference (參考文獻) 7. Goldman Sachs (Global Equity Research), “L’Oreal – 2H203 profits preview”, February 19 2004zh_TW
dc.relation.reference (參考文獻) 8. Goldman Sachs (Global Equity Research), “L’Oreal: L’Oreal and Gesparal merger is a negative for L’Oreal’s share price”, February 4 2004zh_TW
dc.relation.reference (參考文獻) 9. Jean-Noel Kapferer, “The New Strategic Brand Management”, Kogan Page, 2004zh_TW
dc.relation.reference (參考文獻) 10. Lehman Brothers (Global Equity Research), “L’Oreal-Initiating Coverage with 3-Underweight”, January 30 2004zh_TW
dc.relation.reference (參考文獻) 11. L’Oreal 2003 Annual Reportzh_TW
dc.relation.reference (參考文獻) 12. L’Oreal 2002 Annual Reportzh_TW
dc.relation.reference (參考文獻) 13. L’Oreal 2001 Annual Reportzh_TW
dc.relation.reference (參考文獻) 14. Merrill Lynch (Global Fundamental Equity Research Department),” L’Oreal – Focus on Underlying Business in 2004”, 23 February 2004zh_TW
dc.relation.reference (參考文獻) 15. Michael E. Porter (1980), “Competitive Strategy- Techniques for Analyzing Industries and Competitors”, Free Presszh_TW
dc.relation.reference (參考文獻) 16. Michael J. Sliverstein and Neill Fiske (1993), “Trading Up – The New American Luxury”, PROFOLIO, published by the Penguin Groupzh_TW
dc.relation.reference (參考文獻) 17. Richard L. Draft, "Organization Theory and Design" Seventh Edition, Draft, Southwestern, 2001zh_TW
dc.relation.reference (參考文獻) 18. Smith Barney (Citigroup), “L’Oreal- FY03 Results Meet Consensus But Concerns Over The Quality Of Underlying EBIT Margin and EPS Growth Persist”, 1 March 2004zh_TW
dc.relation.reference (參考文獻) 19. TIME Magazine, “Because They’re Worth it – L’Oreal’s marketing tilt toward Asians and blacks makes its growth prospects prettier”, Canadian Edition, 2 February 2004zh_TW
dc.relation.reference (參考文獻) 20. Yeh, Kuo Long, “Growth Strategies and Financial Strategies in High Tech Company – A Case Study of Cisco”, 國立政治大學經營管理碩士論文, 2002zh_TW
dc.relation.reference (參考文獻) 21. www.books.com.tw/magazines/item/bio1009.htm, “全球生技業搶搭千億化妝品市場”zh_TW
dc.relation.reference (參考文獻) 22. www.colipa.com/cosmetics_indus.htmlzh_TW
dc.relation.reference (參考文獻) 23. www.ecct.com.tw/euroview/issue57/euroview_article76.php, “French Cosmetics and Fragrances in Taiwan”zh_TW
dc.relation.reference (參考文獻) 24. www.ecrm-epps.com/Expose/V3_8/Trends_Cosmetics.asp, “Trends in Cosmetics by Susan Schervish”zh_TW
dc.relation.reference (參考文獻) 25. www.ettoday.com, “國產化妝品掀風潮”, 2003/12/08zh_TW
dc.relation.reference (參考文獻) 26. www.ettoday.com, “玻尿酸 /台糖將推新利器”詩丹雅蘭” 生技廠斥資10億”, 2003/12/27zh_TW
dc.relation.reference (參考文獻) 27. www.fox.rollins.edu/~slackman/cosmetics_online.htm, “Cosmetics On-Line: An Industry Survey”zh_TW
dc.relation.reference (參考文獻) 28. www.getgoal.com.tw/infor/news/9107223.htm, ““化妝品產業將列入專業學士”, 中國時報, 2002/7/3zh_TW
dc.relation.reference (參考文獻) 29. www.health.nsysu.edu.tw/fdaglobe/ctrend_001.htm, “化妝品產業的新興趨勢(Cosmegenesis: The emerging Trend in Cosmetic Industry)”zh_TW
dc.relation.reference (參考文獻) 30. www.LOreal.comzh_TW
dc.relation.reference (參考文獻) 31. www.LOreal-Finance.comzh_TW
dc.relation.reference (參考文獻) 32. www.win21.net/asp/article.asp, “化妝品產業初探”zh_TW