Significance of Exposure and the Media on the Ruby & Millie Brand - Essay Example

? Ruby & Millie Ruby & Millie Introduction Entrepreneurship essentially refers to the act of undertaking new ventures such as business to create new organizations. Ruby Hammer and Millie Kendall established a cosmetics business named Ruby & Millie. This paper will examine various aspects of the company and entrepreneurs that have enabled the business to thrive, examining the significance of exposure and the media on the Ruby & Millie brand. Personal Characteristics and Skills Ruby Hammer and Millie Kendall have viable characteristics and skills, which give them the description of successful entrepreneurs. Although neither of the entrepreneurs has any managerial background, they are extensively experienced in their respective fields. Firstly, Ruby has immense practice as a make-up artist having worked with celebrated supermodels, for instance, Naomi Campbell, Kate Moss and Cindy Crawford. On the other hand, Millie Kendall has a lot of experience as a high-powered beauty specialist. Both entrepreneurs gifted in the performance of their duties within their distinct professionals. Part of the skills that enable the two professionals to become formidable entrepreneurs is creativity and effective decision making based on good ideas (Begoun 2003, p. 16). The professionals are high achievers who think of good ideas and establish viable goals to achieve their objectives. Through their confidence, the entrepreneurs have the capacity to counter challenges, which come their way. Creativity and enthusiasm are perhaps the most pertinent skills held by both professionals. Millie and Ruby have substantial enthusiasm and creative energy, which supplements their experience within the beauty industry. Having worked in the industry for a while, both entrepreneurs are knowledgeable of market’s needs and the gap that necessitates the development of appropriate products. Competition in the Cosmetics Industry The cosmetics industry in Britain is quite competitive consisting of nearly 250 manufacturers and 695 retailers who either manufacture or sell cosmetic products at retail stores. However, most premium cosmetics in the UK are selectively distributed and are confined to a few renowned retailers and manufacturers. Ruby & Millie’s strongest competitors include Selective Beauty SAS, which manufactures and distributes cosmetics through a global network. Selective Beauty SAS entered an exclusive 10-year licensing agreement with Jimmy Choo, the famous accessories and shoes brand (Hillgren & Cheatham 2000, p. 139). Other key competitors include high street stores such as Super drugs and Body shop, which sell cosmetics on a large scale. Departmental stores such as Harrods, Debenhams and Nichols, are also some of Ruby & Millie’s primary competitors. Other competitors include supermarkets such as ASDA and Waitrose and specialist websites such as Mac.com, which specialize in direct selling (Roese 2005, p. 154). In order to differentiate their products and brand, Ruby & Millie embarked on a personality-driven make-up strategy (Daniels 1999, p. 78). Ruby & Millie’s brand’s uniqueness stems from the entrepreneurs’ gifted personal profiles. The association of Ruby & Millie with Boots continues to impact the brand’s positioning within the competitive cosmetics market. Cooperation with Boots When small businesses cooperate with greater manufacturers, the former benefit from both the large organization’s exposure and market experience (Hammer & Kendall, p. 108). Ruby & Millie’s cooperation with Boots, which is a massive and globally renowned company, allows the former to benefit from Boot’s immense knowledge of the cosmetics market. Since Boots is a massive company, it enjoys economies of trade such as effective and easy research and development, particularly with regard to product positioning and assessment of market needs (Schippmann 1999, p. 97). Consequently, Ruby & Millie’s small business gains pertinent information regarding the cosmetics market enabling the organization position its products and brand effectively. Boots’ economies of scale have also enabled the small business produce 300 different products within a short period. Additionally, Boots enables the small business to enhance its sales capacity since the business’ affiliation with a massive company is a form of promotional mechanism that creates market awareness of Ruby & Millie’s business. In turn, Ruby & Millie’s small business affected Boot’s image by showing that the large company is appreciative of change and is ready and capable of working towards providing the creation of trendy and innovative cosmetics. Ruby & Millie’s brand also enhances Boots’ credibility and popularity within the cosmetics market. Regretting starting a Business Entrepreneurs regret the decision of establishing their own businesses when they realize that their expertise alone is not sufficient to allow the business to prosper. Most people establish businesses as professionals with a business rather than business people with professional expertise. Banking on expertise alone is a recipe for anxiety and failure. Therefore, most people regret not having learnt more regarding a business prior to establishing one (Conway 2004, p. 91). People may also regret establishing a business rather than being employed after realizing that the business is exceedingly shrouded with risks, which is particularly the case when the business person is naturally not a risk taker. Business success is pegged on the entrepreneur’s capacity to take risks and appreciate change so as to remain relevant in the market (Malkan 2007, p. 15). Role of the Media Both the British and international beauty and fashion press impacted Ruby & Millie’s brand’s success, enabling the business to outperform its original sales forecast (Borman 1991, p. 56). Since the small business launched its business and became a popular topic for beauty and fashion press, the business has been approached by other niche brands, which have raised the industry and market status of the Ruby & Millie brand. Through promotional services offered by the media, Ruby & Millie brand positioned itself strategically within the market. The intensity of the media regarding Ruby & Millie with emphasis on the brand’s originality has enabled the business scale new heights in the industry. Moreover, media advertising and promotions continue to build hype around the brand thereby enhancing its market position (Timsel 2006, p. 102). Featuring in popular fashion magazines such as Cosmopolitan, Elle, Vogue and Maire Claire has also developed the company’s brand image and status. The modeling industry has always fascinated me. Publicity positively affects the industry; hence a modeling agency can gain from publicity if it produces top-notch models. Such publicity can positively affect the agency’s image and status. Conclusion Starting a business is the best form of entrepreneurship. Running a successful business requires numerous inputs such as skills and expertise on the part of entrepreneurs and overall effective management. Brand positioning is also paramount to business success. References Begoun, P, 2003, Don't go to the cosmetics counter without me, Beginning Press, Chicago. Borman, WC 1991, ‘Job behavior, performance, and effectiveness’ In Dunnette, MD & Hough, LM (Eds.), Handbook of industrial and organizational psychology, Consulting Psychologists Press, California. Conway, J, 2004, Make-Up artistry: For professional qualifications, Heineman, Birmingham. Daniels, AC 1999, Bringing out the best in people, 2nd edn, McGraw-Hill, New York. Hammer, R & Kendall, M, 2000, Face up: The essential make-up handbook, Ebury Press, Boston. Hillgren, JS & Cheatham, DW 2000, Understanding performance measures: an approach to linking rewards to the achievement of organizational objectives, WorldatWork, Arizona. Malkan, S, 2007, Not just a pretty face: the ugly side of the beauty industry, New Society Publishers, New Jersey. Roese, N, 2005, If only: how to turn regret into opportunity, Broadway, New York. Schippmann, JS 1999, Strategic job modelling: working at the core of integrated human resource systems, Lawrence Erlbaum Associates, New Jersey. Timsel, JH, 2006, Perfume & cosmetics manufacturing in the UK - Industry market research report, Brixton Press, London. Read More