Performance of Mythic Oil Le Parfum and for it Coursework

Performance of Mythic Oil Le Parfum and for it - Coursework Example This research will begin with the statement that for companies to sustain in the current global scenario, it has become necessary to focus on aggressive innovation strategies, as it would permit constant extension to the product lines and help preserve brand image to retain competitive advantages. As Porter & Kramer notes, in today’s capitalist market, producing shared values for stakeholders through innovative strategies is too necessary for organizations to ensure their long-term success. This particular trend has already influenced many organizations around the world, including Unilever, Nestle, Johnson & Johnson, and many others. As a matter of fact, indeed, product innovation is quite easily associable with the brand name of The LOrà ©al Group. Almost every year, the company launches new products as per the review of the market changes, which reflects the current consumer demands and preferences. It is thus that the company obtains competitive advantages by serving the c ustomers’ needs through continuous product innovation. It was in the year 2013 that the company launched a new range of products for its global customers, targeting both men and women. Among the newly launched products, one was the Mythic Oil Le Parfum, which has gained much appreciation since its launch in 2013. In the discussion henceforth, emphasis will be laid on the performance of the product selected, i.e. Mythic Oil Le Parfum since its launch. Special emphasis will also be delivered to identify the drivers’ responsibilities to trigger such performance of product along with its challenges applying theories relevant to the context. The objective of the discussion is thus to evaluate the performance of the product chosen and identify the reasons for its success in the global market after its launch. There is a wide-ranging product line introduced by L’Oreal in the global market targeting its male and female customers. Every year the brand intends to extend i ts product line with the introduction of new products as per the market preferences, needs, and trends. Therefore, it can be stated that the company emphasizes continuous innovation in its product line to enhance its competitive position.