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Innovating for a local market, both with product and pricing, as well as an aggressive marketing strategy, have proved particularly effective, says Dinesh Dayal (MBA '84J), L'Oreal India's chief operating officer. "It's really a mixture of intuition, hard market research and the power of the global R&D which yielded the right kind of innovation." In the emerging markets, product penetration is low, providing generous room for growth. "There's a huge growth and a desire to consume," says Dayal. "Even within segments that have a lot of usage like shampoos, there is a desire to upgrade to performing products."
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