Market Strategy of Baiersdorf Skincare Company - Case Study Example

 Executive Summary Baiersdorf is a German skin care company that has extended its operations in the global market especially under the umbrella of NIVEA brand. From the beginning, The Company has especially focused on extending its market on skin and personal care product and has gained a huge acceptance from both domestic and global market. However, with the advent of financial crisis, the scenario has changed significantly. The recession has lead to huge changes in the consumer behaviour as they are reducing their spending consciously from several luxury products. Thus, the financial crisis has brought an adverse impact on Baiersdorf and in the first quarter of 2009, the company has switched to €1,029 million deposits into security to diversify its risks due to financial crisis. Just after the financial crisis, the year 2009 was very difficult for the company. Although the revenue was still relatively high at €5,748 million in 2008, the company has reported €5,633 million revenue in 2009, which is far less than the previous year. Thus, from the year 2008, a major restructuring procedure has begun in its various segments and is still going on. The prime objective of this report is to examine whether the restructuring strategy is really helpful for the company to move out the impacts of recession or not. The findings has suggested that proper implementation of the strategies like, product life cycle, international business strategy, product innovation and human resource management can make the local companies to create customer base in both local and host market. In addition to that, it also helps them to create brand awareness in the global market. Acknowledgement Conducting this research has been one of the moat preferable and learning experiences in my life. It was exceptionally enhancing my knowledge and basic skill of analysis. Now, I am quite capable to handle the real life challenges that I can face while handling the real life problems. However, all these would have not been possible without special guidance and help of form many persons. First, I would like thank my supervisor _________________ for guidance and constant assistance throughout the research. After that a special thanks goes to my academic guides who shared their view and knowledge to encourage me. Finally, I would like to my team members who share their valuable insights with me and gave the strengths require to conduct the research. Table of Contents Table of Contents 4 1.0 Case introduction: 5 2.0 Case Brief: 6 3.0 Problem Statement of the case: 7 3.1 Plan of Analysis: 8 4.0 Analysis and Findings: 11 4.1 Innovation and Product Strategy: 11 4.2 International Business Strategy: 11 4.3 Strategic Management: 12 4.4 Human Resource Management: 13 5.0 Assessment of analysis, Proposed Solutions and Recommendations: 13 5.1 Innovation and Product Strategy: 14 5.2 International Business Strategy: 15 5.3 Strategic & Human Resource management: 16 5.4 Plan of Action: 17 5.5 Limitations of the Study: 17 5.6 Further Scope of Research: 18 Reference list 19 Bibliography 21 1.0 Case introduction: Based in Germany Baiersdorf is one the largest names in the global industry of personal care and cosmetics. Baiersdorf has a huge product base that includes the striking tapes, skin care, wound dressing and other medical products (Beiersdorf, 2013). Established in the year 1882, Baiersdorf is a publicly listed company and Tchibo Holding AG is the primary share holder of the company with over 50% of the total share of Baiersdorf (Beiersdorf, 2013). Presently operating in more than 100 countries all over the world, Baiersdorf has gained huge financial and brand capitals. According to the interim reports of the company, the overall sales of the company have increased by a massive 4.2% in 2014 in comparison to that of 2013 (Beiersdorf, 2013). However, the growth of the financial aspects is not steady as Baiersdorf is still overcoming the effects of the global financial meltdown. On the other hand, the growth of the competition in the market and the direct focus of Baiersdorf towards Nivea (primary product of Baiersdorf have reduced the scope of business expansion in other potential sectors. The issues are not only related to the product focus of the company but Baiersdorf is also facing problems in aligning its operational functions with the business objectives. Analysis of the issues faced by Baiersdorf based on their contemporary situation will help in creating a suitable strategic plan for the company. It can be gathered from the given case study that the financial crunch originating from the recession of 2007-08 has reduced the revenue earning process of the company (Hasse, 2013). This also has forced Baiersdorf to initiate job cuts and hence developed a bitter relationship with their stakeholders of the company. The growth of the company in the cotemporary scenario is still being influenced by these events and hence the company is finding it difficult to implement their future growth strategy. Another factor focused on the study is the product innovation and creativity segment of the business. The development of the personal care industry has attracted many new competitors and reduced the profit earning scope by providing alternative products to the customers. On the other hand, Baiersdorf mainly is dependent on its Nevia product line which is more suitable for the niche consumer segment. As a result, Baiersdorf is unable to capture the mass consumer segment and expand their market operations in the international segment. The aim of this study is to identify and analyse the factors that are influencing the operational process and the strategic growth of the Baiersdorf. The study will also intend to evaluate the best options available for Baiersdorf in accordance with their contemporary market scenario. 2.0 Case Brief: Baiersdorf was started originally as a pharmaceutical company in the year 1882. Gradually the company gained reputation among the fellow companies and the pharmaceutical industry with the help of its publications related to personal care research. The company was purchased from Paul C Baiersdorf by Dr. Oscar Troplowitz in the year 1890 (Beiersdorf, 2013). In the year 1922, the company was converted into a public limited company (Beiersdorf, 2013). This also helped the company to ensure a steady future growth in the coming years. The brand equity and the international rapport of the company are mainly based upon its Nivea product line. The first product of the Nivea brand was launched in the year 1911 and since then the brand has helped Baiersdorf gain entry into the market of more than 200 countries. Furthermore, the brand Nivea also accounts for more than 70% of the total revenue of Baiersdorf (Hasse, 2013). Based on the success of Niea, Baiersdorf has expanded their product base by launching a large number of products under its umbrella. However, this has also created some barriers to growth for other products of the company. Products such as Eucerin and Le Prairie have been over shadowed by the growth of Nivea and have restricted the growth of Baiersdorf in the potential personal care product segments. But it can be observed that the medical product line of Baiersdorf with products such as Eucerin and Le Prairie have mainly been considered as medical products and created a potential market for the German Company (Hasse, 2013). The company had a smooth surfing darting the later 90s and the entire 20th century. The problems and challenges for Eucerin and Le Prairie, Nivea and their parent company Baiersdorf started with the advent of the 21st century. The growing competition in the personal care industry and the increasing strictness of the rules and regulations of the health authorities had restricted the operations of Baiersdorf in many markets. Moreover, as the global financial crackdown of 2007-08 took place, the sales figure of Baiersdorf came down crashing (Hasse, 2013). This was a major setback for the veteran company. However, the effects of the recession were not only limited to the financial aspects of the company but also influenced the human resource and the strategic operations of Baiersdorf. Huge job cuts were implemented in the organisation for recovering from the financial crisis. The constant fall of revenue from €5,971in 2008 to €5,748 in 2009 and further fell to €5,633 in the year 2011 which resulted in developing huge pressure on the strategic decisions and operations of the Baiersdorf (Hasse, 2013). Apart from the financial considerations, the other influential factors were the economic forces of demand and supply, reduced purchasing power of the customers, impact of the government and other authoritative bodies also degraded the performance of the company. 3.0 Problem Statement of the case: The operations of Beiersdorf as observed from the given case, has slowed down in the past 4 years since the global financial meltdown. They are facing constant downfall in their revenues as well as the growth of the firm is also being hampered as the internal management of the firm is hampered with the decision making process and the revenue shortfalls. In context of the growth of the personal care industry all over the world, it can be stated that given their current condition Beiersdorf is not able to cash on the facilities or opportunities provided by the business industry (Drummond, Ensor and Ashford, 2012). On the other hand, the opportunities missed by Beiersdorf are being cashed upon by their competitors that are reducing the competitive advantage of the concerned business houses. Considering the internal problems and the errors in decision making, Beiersdorf was late to respond to their growth and the opportunities in the market. As opined by Bowman and Gatignon (2010), business houses often rely on the products or service too much which reduces the future stability of the business as they ignore the considerations of the future market. Considering the theories of business growth such as Ansoff matrix, it can be mentioned that the matrix offers solutions for business development keeping in mind the existing core competencies of the business and also the potential scope that can be banked on by the firms. The strategic decision making of the business has not been effective considering the actions taken by the business which have resulted in stakeholder dissatisfaction. On the other hand, the reduction in number of employees was targeted towards reducing the operational expenses of the company and developing production focus (Drummond, Ensor and Ashford, 2012). However, the desired results were not gathered as the business process has not been able to cope up with the market challenges (Bowman and Gatignon, 2010). Considering their product problems, it can be mentioned that Beiersdorf has not been able to shed the cover of Nivea and are still dependent on this product base for business growth. The reduced efforts of the company in the local markets have also created a gap for other firms in the sector enter the market. Bearden and Teel (2007) stated that considering the competition in the global market, firms have to focus on business expansion based on product innovation as well as new market entries. In this regard, it can be observed that Beiersdorf has established its business empire in all the major regions of the business world but has failed to manage all these operations. Even their primary product Nivea has suffered losses in the international market with fall in the sales in the year 2008. However, Nevia sub-sgements such as Nevia Deodorant and Nivea Bath care has been able to generate good revenue for the company (Beiersdorf, 2013). On the contrary, the overall sales of Beiersdorf have reduced by 8% in the years succeeding 2008 recession period. The consumer EBIT (earnings before interest and tax) in Europe is amounted to €135 million in 2009, while it was 157 million in 2008 (Hasse, 2013). 3.1 Plan of Analysis: Innovation and Product Strategy: Innovation and product strategy is focused towards developing new ideas for improving the product development and offerings to the consumers of a company. The product development and innovation strategy has been considered as Beiersdorf is extensively dependent on Nivea product chain (Hasse, 2013). Product innovation of a company can be changed by developing a new method of production, producing a new product, introduction of a new supply method, developing a new market place and opening a new subsidiary based on the market demands of a new segment (Aksoy et al. 2008). The process of implementing product innovation has however been long debated among researcher such as Bearden and Teel (2007), Barlow (2009) and Robbins (2009). While Robbins (2009) maintained the view that technology is the key to product innovation, Miner (2012) argued that product innovation depends on the market acceptance of a brand and the capability of a business to resolve the demands of the consumers. Bowman and Gatignon (2010) and Kotler, Gregor and Rodgers (2007) stated that product innovation can be evaluated by assessing the existing position of a company in context of its core competencies and hence develop their operational process in alignment to the innovation strategy. Based on these arguments, it can be considered that observing and analyzing the position of Beiersdorf will help in deciding upon the product innovation strategy that can be used for enhancing their customer offerings. International Business Strategy: The international business strategy of a firm identifies the factors that should be considered by a business firm for fulfilling their organizational objectives. Aksoy et al. (2008) noted that developing effective internationalization process is based on the alignment of the organizational objectives with the market conditions and the strengths of the firm. Considering the case of Beiersdorf, the growth of the company is has been halted by their financial misfortune but their brand image has also hampered in the international market. In order to develop their international business process branding strategies can be implemented by Beiersdorf that will also focus on building a platform for communication as well as help the company to develop the organizational relationship with their stakeholders (Kotler, Gregor and Rodgers, 2007). Also Beiersdorf has to ensure that they have access to the consumers in a direct manner which will help them in gaining consumer loyalty. As most of the subsidiaries of Beiersdorf are owned by the company, they need to focus on creating alliances in the international market place with the retailers so that they can manage have an existing and experienced operators in new and unknown market environment (Aksoy et al. 2008). Thus, the international strategy for Beiersdorf will be to create alliance and develop their brand image among the international stakeholders. Strategic Management: Strategic management process of a firm is primarily aimed at developing a competitive advantage for the company in order to create a sustainable business growth (Zeithaml, 2007). On the other hand, Mullins and Walker (2012) argued that strategic management focuses on creating a connected operational process that is directed towards the achievement of the organizational goals and objectives. The case of Beiersdorf reflects that the company is unable to manage its extended business operations and have a limited consumer offering. The initiative for managing the organizational problems of Beiersdorf should be directed towards the market expansion with new products that will also aim to solve their financial troubles (Bearden and Teel, 2007). On the other hand, the problems with the staff and stakeholders will be managed by connecting their HRM with the strategic decision making process. This will ensure a mutual podium for growth of the company as well as its employee base. From the above analysis of “innovation and product strategy” Ansoff matrix has been considered for making the strategic decisions of Beiersdorf for international business management. Human Resource Management: Since the extensive job cuts in Beiersdorf, the production of the company has fallen and the trade expenses has also increased resulting in extended losses for the company. The primary function of Beiersdorf in this scenario is to assess the factors hampering the performance of their employee base. Dalgic (2010) mentioned that changes in the work structure or the employee base of an organization directly influence the performance of the existing employees of a firm. Cabrera, Cabrera and Barajas (2009) added that job cuts reduce the job security and physiological job satisfaction of the employees and hence they get de-motivated. In order to manage the internal factors of Beiersdorf, they will have to communicate with their employees and motivate them for following the organizational vision and create a mutual effort. The collective effort of organization and a loyal employee base is essential in order to cope up with the challenges of the market and also acts as an additional competitive advantage for the business (Mullins and Walker, 2012). 4.0 Analysis and Findings: 4.1 Innovation and Product Strategy: The product range of Beiersdorf is highly reflected by Nivea that contributes almost 70% of the global earnings of the company. The long lasting stand of Nivea among the continuously arising new products in the personal care and skin care industry has helped the company in boosting its financial growth and brand (Dess and Lumpkin, 2009). The product strategy for Beiersdorf will not focus on the most probable product line that can increase the consumer offerings of the firm but will reflect the process which can develop a sustainable product life in the competitive market. This has been considered by the researcher because the problems faced by Beiersdorf are not only for Nivea but also other products but also for the sales of Nivea that fell after the recession of 2008 (Boulding et al. 2010). It has to be noted that the primary target consumers for Nivea predicts is the niche consumer group. On the other hand the failure of the company to reduce their operational expenses is also preventing them from reducing the end price of their products. The findings in relation to their production innovation strategy reflects that the product life cycle of the products of Beiersdorf is being cut short by the competitor products because of their high price and lack of product variants. Not only this, the supply chain management of the company needs to be connected in a manner for smooth flow of information that will help in aligning the market demands with the supply process of Beiersdorf (Erevelles, 2008); (Dess and Lumpkin, 2009). Beiersdorf has to reduce their cost of production for creating more space in terms of profitability of the firm. 4.2 International Business Strategy: Based on the discussions of the problem statement segment of study, it can be observed that Beiersdorf not only has suffered from financial losses but also have a diminished brand image in the international market and hence branding and strategic alliance was suggested (Glynn, 2012). The key findings of the study in context of their international business strategy reveals exponential growth in competition in the personal care segment as other firms such as L’Oreal, Henkel, etc are expanding in the emerging markets (Hasse, 2013). However, the market presence of Beiersdorf in the emerging nations is limited and as a result the growth of the company is slow in comparison to its competitors (Sirdeshmukh, Singh and Sabol, 2008). In response to these threats, the key strength and tool of Beiersdorf is their brand equity in the international market. Using the brand image of the firm for creating alliances with the retail sector of the new markets, Beiersdorf can develop a connected network that will help them in communicating with the mass consumer base as well as keep their existing niche market consumers (Glynn, 2012). Although, Beiersdorf had suffered financial losses since global financial meltdown, but the company also has a huge reserve worth €2.2 billion to their convenience (Hasse, 2013). Considering the current situation of the company, the high reserve can be reflected underutilized resources. The brand building process of the company by involving strategic alliances can be generated with the help efficient reserve management. 4.3 Strategic Management: The strategic management analysis contributed in gathering information regarding the decision making style of Baiersdorf. Some of the decision taken by Baiersdorf after the recession of 2008 was to cut off their operational expenses by reducing the number of employees. This was also focused on creating market reserve that will focus on the international expansion of the business. However, as it happened the stakeholders of the company were not satisfied with the business decision as well as the production costs also remained the same which highlighted the inefficiency of the management to develop the business process (Lancaster and Massingham, 2010). On the other hand the activities of Baiersdorf almost seemed ignorant of the market competition and were more focused on managing their internal issues. The basic factors such as limited product offerings and falling brand image of the company in the eyes of their customers because of poor stakeholder management were not being attended to (Willmott and Knights, 2006). As suggested in the discussion of theories and concept, the Ansoff Matrix can be utilised in this scenario for developing a clear direction for Baiersdorf. The company has to set its objectives in a transparent manner so that they can gain stakeholder support and also assess the gaps in the new strategies. Apart from this, the Ansoff matrix will also help the company to develop the product innovation strategy. 4.4 Human Resource Management: The human resource management process of Baiersdorf has definitely taken a downfall after the implementation of the job cuts in the work culture of the firm. The existing employee base of the company is demoralised and also insecure in context of job securities (Pophal, 2010). The ability to manage the employees and share a vision has not been highlighted in the strategic decisions of the company. The changes in the work process of the company had not been appreciated by the work base of the firm. When Stefan F. Heidenrecih was appointed as the CEO of Baiersdorf, the company had broken their long tradition of selecting the CEO from the existing employee base. This was a shock to the employees and the stakeholders of the firm. Moreover, Heidenrecih was not aware of the organisational culture and his style of working was aggressive which was suitable for the employees of the firm. Hence a gap developed within the relationship of the employees and the management of Baiersdorf. The changes that occurred after the financial failings after 2008 recession were too much to handle for the stakeholder base of the company and as a result, employee support was all but nearly lost to the organisation. Considering these factors, the researcher had previously suggested the process of implementing a motivational concept that can include the entire employee base and develop a secure work culture within the work structure of Baiersdorf. One such motivation concept is the Hierarchy of Needs developed by Abraham Maslow. The hierarchy of needs lines up the needs of the various employee groups and also helps the organisation in assessing the needs of their staff (Yücel, Elibol, and Dagdelen, 2009). 5.0 Assessment of analysis, Proposed Solutions and Recommendations: From the above conducted analysis it is evident that the business process of Baiersdorf has suffered greatly since the global financial meltdown mainly because of their limited variety in product pricing process and the reduced consumer purchasing power. On the other hand, the drop in sales has also forced the company to reduce their operational expenses and hence lot of job cuts were incorporated in various functional departments of Baiersdorf. 5.1 Innovation and Product Strategy: The analysis of the innovation and product strategy has reflected the inability of Baiersdorf to reduce the product price and also target the mass consumer market rather than focusing on the growth of the niche market. Considering the huge product of Baiersdorf, it can be observed that product innovation is not the issue for the concerned enterprise but product strategy is a major concern (Kotler et al. 2007). Baiersdorf has launched one after another successful products in the market but still they are finding it difficult to match the market competitiveness. The probable solution for Baiersdorf in this situation is to align their product pricing structure with the consumer expectations. The most adverse effect of the increased price structure is that the product life cycle of Baiersdorf has reduced considerably. As soon as a cheaper alternative is available in the market, the consumer preferences tend to shift from Baiersdorf. The development of the product innovation needs to focus on enhancing the longevity of the products in the market place. Figure 1: Extended Product Life Cycle for Baiersdorf (Source: Erevelles, 2008, p. 87) As the company has already decided upon reducing its operational expenses, they can focus on streamlining their functional segments by including vertical integration. This will create the opportunity for reduced outsourced materials and enhance the flow of information in the production process. As a result, the supply of the products of Baiersdorf can be aligned with the market demand and the inventory management cost will also be reduced. 5.2 International Business Strategy: In the international business strategy, Baiersdorf can focus on implementation of strategic alliance strategy to get back its previous reputation. It has been noted that the primary business strategy of Baiersdorf is based on the primary business expansion. Global market reach of the company is limited (Barlow, 2009). Thus, in this context strategic alliances can be an effective technique for the company to promote their brand among the international consumer base and also develop a steady platform for communication with their global stakeholder base. On the other hand, alliances created by Baiersdorf should focus not only on the large business firms but also on the small retailers who have a good network in the market and specific knowledge regarding the consumer behaviour and preferences. This will act as a sales and marketing channel for Baiersdorf and reduce their cost of hiring a third party market information collector. The development of the business process in a new market place also depends upon the compatibility of the products with the consumer needs (Dalgic, 2010). With the right allies in the market, Baiersdorf will have the advantage of assessing the changes in consumer behaviour and hence re-design their product base with offers and discounts. 5.3 Strategic & Human Resource management: Existing strategic management process of the Baiersdorf is directed with their organisational objective and market identification process. However, the market operations and implementations of the organisational objectives have not been able to provide suitable results. Based on the Ansoff Matrix options, it can be stated that the combination of new products and existing markets or new markets and existing products has to be conducted in an accurate manner (Bowman and Gatignon, 2010). Reduction in expenses of international expansion and business operations can help the company to manage their operational cost and also enhance the product innovation process. Furthermore, in the contemporary scenario of business management HRM is considered as a vital part and hence Baiersdorf needs to design a platform for allying the organisational objectives with the business interests. Figure 2: Maslow’s Hierarchy of Needs (Source: Robbins, 2009, p. 98) As a result of the job cuts, the employee motivation has touched the sea bottom. Baiersdorf’s higher authority should consider the influence of this action on the remaining employees and provide a sense of job security and belongingness to the employees (Drummond et al. 2012). Apart from this, developing a wide spread motivational environment within the work structure of the company will help in enhancing employee loyalty reducing the negative influence of the job cutting incident in Baiersdorf. During the initial phase of the motivation build-up, Baiersdorf can implement the Maslow’s Hierarchy that focuses on all level of employees and connects their interests with the organisational goals. 5.4 Plan of Action: The plan of action for Baiersdorf will initially focus on streamlining their operational process for reducing their functional expenses. They need to recover the lost market share and hence has to bring down their trade expenses as well as increase their production efficiency. Vertical integration in the business will help to establish a proper network of communication among the various subsidiaries of the firm and also manage their supply of products. The changes initiated due to the vertical integration in the business process will also influence the activities of the employee base. Hence, Baiersdorf have to keep their employee motivated and try to create a shared vision that will help the company generate employee loyalty and support. Once the employee base and operational process are in line, Baiersdorf can focus on managing their international operations by creating alliances with the local retailers for gaining access to the consumers of the host countries and create brand awareness. 5.5 Limitations of the Study: The study is based on secondary data in a qualitative analysis process. The absence of updated primary data can hamper the outcome of the analysis process. Another shortfall of the study remains connected with the lack of evidence to support the suggestions made for the company as the recommendations may already been implemented by Baiersdorf. The monetary concerns of the researcher have also influenced the study because updated data reports of the company could not be purchased for improving the research report. 5.6 Further Scope of Research: This research can be further improved by focusing on the financial aspects of Baiersdorf and including a financial analysis of the business that will reflect the quantitative aspects of the strategies being followed in Baiersdorf. On the other hand, collecting primary data regarding the operations of the company and their operational markets is also another factor that can be used to improve the outcome of the study. Reference list Aksoy, L. Groening, C., Keiningham, T. L. and Yalçın, A. 2008. “The Long-Term Stock Market Valuation of Customer Satisfaction,” Journal of Marketing, 72, pp.105–122. Barlow, J. 2009. Excel models for business and operations management. 6th ed. New Jersey: John Wiley & Sons Inc. Bearden, W. O. and Teel, J. E. 2007. 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