External and Internal Analysis of Me & Mines

External and Internal Analysis of Me & Mines

External Analysis

Macroeconomic factors are demographic, economic, juristical and political, technological and cultural differences.

We can not directly control these components by ourselves but we can gain advantage from them, if we detect their signals correctly.

We as Me & Mines Company serve in personal care products sector. If we look at this sector in our country Turkey, we couldn't see any other domestic brand except us. Only "The Body Shop", the world leader of this sector, has several franchises in Turkey and they are almost monopol in this market.

Turkey has a young aged and growing population and the rate of consuming these product types are rapidly increasing. Because of this we can compete and share the market with The Body Shop more easily.

Turkey is a developing economy and it is very open for new products and entrepreneurial companies.

Income level of the population is increasing year by year and it creates more purchasing power for personal expenditures.

Government is also supporting this entrepreneurship and providing too many juristical easinesses, for example discounts on taxes, subsidies for production and laws against monopolistic competitions.

Technology is developing every day and we can produce new and different products. Because we are more recent and flexible than The Body Shop, we can innovate ourselves and attract more people in the market.

With the changes in social and cultural life styles, people care more about their physical appearances and start to consume more products in our market. Therefore our products' elasticity is decreasing.

When we look at the market, The Body Shop is our only competitor and therefore we are the firm, which enters and makes competition in this market. Because of that we are not threatened by substitute products and brands.