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Korres is a Greek company founded in 1996 in Athens by pharmacist Georgios Korres.
- Use of organically grown herbs and natural ingredients of the highest quality
- Clinically tested effectiveness without over promising results
- Combination of science and high aesthetics
- Reasonable prices
- Enhance its position in the Greek market
- Develop and promote a new brand Kings & Queens
-Focus on cost efficiencies.
- Improve margins and cash flow position.
-The long term goal is to increase its turnover from sales abroad
- Further strengthen the brand’s presence in US, UK, Germany, Spain, Russia, Latin America and Scandinavian countries.
Products consist of naturally-derived top quality active ingredients, which are clinically-tested, effective, pleasing to the senses and have reasonable price for everyday use.
A focus of the group is in the unit of cosmetics since it is by far more profitable than other units.
America is the 2nd largest market for Korres abroad. In January it established a subsidiary company at North America and Canada.
Korres is the fastest growing brand in large networks available especially in SEPHORA
-Korres is one of the major players in the Greek natural cosmetics market and in the pharmacies sales network for cosmetics. Its main competitor in the pharmacies network is the brand Vichy of L’Oreal
Growth for international markets 22%, had a key role in sales increase contributed to the US and the sales growth in the priority European markets.
Online markets helped the firm to increase its sales and to gain a big number of new customers
Product ITSELF, green product. Korres emphasizes on natural and chemically free products, what is requested globally by consumers nowadays
THE END
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References
HITORY REVIEW
Strategic management: concepts and cases / Fred R. David.—13th ed.
Porter Μ.Ε Competitive Advantage, Creating and Sustaining Superior Performance, New York, the free press, 1985
http://www.korres.com/
http://greece.capitallink.gr
http://www.capital.gr
www.reporter.gr
http://www.hellastat.com
http://www.ecocert.com/
Financial Data
Content
2000 First steps to foreign markets
2004 2 New shops in Barcelona,
deal with Sephora
2005 Exports in Scandinavia
2006 Exports in Asia
2006 Ranked 247th amongst the 500 highest developing companies in Europe
2007 Korres George, Greek businessman of the Year
2009 Korres patents its 3rd innovative product
2010 EU grants for researching with 8 international universities
2014 Cooperation with Avon
Business strategies for
KORRES
Revenue=47.8 m EUR
1. History
2. Mission/Vision
3. Objectives
4. Products and services
5. Structure of organization
6. SWOT analysis
7. Strategic plan
8. Financial data
9. Summary
Associate Professor: Mihaela Kardos
Student : Savitskaya Valeryia, 4th academical year
Petru Maior University
Faculty of Economic, Juridical and Administrative Sciences
3. Objectives
2. Mission
Vision
- Korres` long term vision is to produce 99% natural cosmetics products worldwide and to be recognized as the *clearest* cosmetics within the market.
The key of success
4.Products
The success of Korres is based on its innovative products that other companies don`t have. This is the reason why they invest significant sums on research and development
George Korres never underestimated the importance of Marketing and Promotion. He investigates in PR and social awareness about Korres company
The expansion increased not only the number of consumers almost worldwide but it also increased the popularity of the brand
Collaboration with Avon = increase in sales, attract clients and gain experience on the international level.
5.Structure
7. Strategic plan
Main priorities
In 2014 company reached new strategic agreement with AVON for the production and distribution of Korres products in Latin America.
BOD:
1) Georgios Korres, Chairman of the BOD and Chief Executive Officer
2) Panagiotis Spyropoulos, Vice-Chairman of the BOD and General Manager
3) Emmanuel Kontos, Member of the BOD
- Innovative products
- Further development in three markets and specifically in Greece, America and Germany
- Further strengthen the position of the pharmacy in the field of cosmetics
Strategy plan
And also
Korres excellently promotes its natural and environmentally safe products.
It targets middle aged, upper class women who is striving to live green.
Their slogan is Natural Formulation, Maximum Result
Weaknesses
Strengths
• Spending on research and development
• Spending on marketing
• New products = spending on promotion
• Around 500 products.
• Innovative products and innovative production methods.
• Eco-friendly organic facilities.
• The international presence
• Partnership with big multinationals.
• Increased sales and high profits
• Technology
• Consumers get continuously informed about the hazards of chemicals
• Research & development
• Long-term experience in the field of pharmacy
6.SWOT Analysis
of KORRES
Opportunities
Threats
• Global Trend towards natural-biological products
• Agreement with Avon
• Online market
• International further expansion
• Subsidies for research and development through the national and european programs
• Intense competition from multinationals and domestically.
• Economic crisis may lead consumers to cheaper products.
- Different legislative frameworks in foreign countries