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Loreal Innovation

In: Business and Management

Submitted By alexandra18
Words 796
Pages 4
Innovation- L’Oreal.
INTRODUCTION
In this essay I will propose an innovation audit for the cosmetic company L’Oreal. I will be acting as an innovation consultant and develop a proposal for conducting an innovation audit for the company. I will focus on the SWOT analysis of the company and analyse L’Oreal’s strengths, weaknesses, opportunities and threats. Then I will design a framework for conducting the innovation audit. My framework will relate to the company’s business activities and vision. The framework will also address the SWOT analysis that I have presented. I will then provide a description of my proposed research strategy , such as what type of data I will collect and how I will go about doing so. Then I will provide an outline of the key outputs that would arise from the innovation audit in the context of the proposed framework that I have provided.

DESCRIPTION OF THE COMPANY
For more than a century, L’Oreal has devoted itself solely to one business: beauty. L’Oreal(2012) The L’Oreal Group is the world's largest cosmetics and beauty company.(Jones, David 2010) L’Oreal has developed activities in the field of cosmetics. Concentrating on hair colour, skin care, sun protection, make-up, perfumes and hair care, the company is active in the dermatological, tissue engineering and pharmaceutical fields.L’Oreal has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy and safety. It pursues this goal by meeting the infinite diversity of beauty needs and desires all over the world.Since its creation by a researcher, the group has been pushing back the frontiers of knowledge. Its unique Research arm enables it to continually explore new territories and invent the products of the future, while drawing inspiration from beauty rituals the world over. L’Oreal relies on science to innovate...

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