Ruby & Millie Essay Example | Topics and Well Written Essays - 1000 words

Ruby & Millie - Essay Example 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 substa ntial 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 Supe r 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 mas sive 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