Contents

• Executive summary 2
• Introduction 4
• 1. Industry analysis 5
• 2. Competitor analysis 6
• 3. Economic factors 8
• 4. Requirements for doing business in Turkey 9
• 5. Inflation and unemployment rate in Turkey 10
• 6. SWOT analysis for turkey cosmetics market 11
• 7. Cosmetic laws 13
• 8. Distribution and advertising of cosmetic products in Turkish market 13
• 9. Mode of entry into the Turkish cosmetic market 14
• a. Recognize the need to operate 14
• b. Evaluate resources available 14
• Conclusion 16
• References 17

Description

Turkish market on cosmetics has been growing steadily, and it has attracted new cosmetic brands in the market having attracted over 40 new brands for the past two years. The market can address the needs of different consumer by venturing into different market segments i.e. luxurious cosmetics and low-priced products (Istituto Nazionale per il Commercio Estero 2008). The introduction of new beauty products to the Turkish market in the years 2012 and 2013 contributed greatly to the growth of the overall market. The products saw a lot of advertising campaigns so that they could create consumer awareness, this translated to increased demand for the products and they reflected economic growth (Euromonitor International 2014). The beauty industry in the Turkish market is mostly dominated by the international brands that take about 75% of the market share. The dominating companies are Unilever, P&G, Avon, and L'Oréal. There is a tough competition for the turkey's local companies because of the brand name of these companies (Newman 2014). The Turkish cosmetic sector is very competitive, and this is made possible by its improved R&D and production ability. The Turkish market can have an alternative cost for both domestic and foreign customers. Dependency on the foreign sources can be reduced by encouraging university-industry cooperation and use of local raw materials so as to cut down cost (Turkish cosmetic 2009).