Description
This will be an 800 word paper. The goal here is to develop a new market strategy that will include the following for Sephora in Saudi Arabia. This is a foreign market assessment. With Saudi Arabia being a tricky country for a U.S. based company to get into:
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Running Head: NEW MARKET STRATEGY
New Market Strategy
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Running Head: NEW MARKET STRATEGY
What is the overall market readiness for the cosmetic industry in Saudi Arabia?
Saudi Arabia serves as an opportunity and a challenge for foreign businesses. With a
relatively large percentage of its population being characterized with a high disposable
income, the region can be a target for consumer products. Saudi Arabia has several cosmetics
industries located in the area with a high intake among the women and youths. Availability of
dedicated sales force and a ready market are some of the factors that would encourage foreign
business in the region.
Increased cosmetics sales have been realized with an increased number of tourists in
the region. Legal requirements such as the gender ratio at workplaces have seen the number
of women who are ready to spend on cosmetics and aesthetical products rise. Therefore,
Saudi Arabia is a perfect target for cosmetic industry.
Market entry strategies that ultimately prove successful for Sephora cosmetics in Saudi
Product pricing- the use of effective pricing strategies will enhance market
penetration. This includes offering products at lower prices than the competitors to gain
customers. The pricing strategy might be revised after the industry has gained sufficient
penetratio...
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