Abstract

The Greek natural cosmetics pioneer Korres SA's success and methods are examined in this case
study. Foreign investors are interested in the company's global presence, expansion, and
innovation. Korres, a pioneer in natural beauty products for women and men, has seen double-
digit export growth in recent years. Many Greek pharmacies sell Korres, however the selection
varies. Currently, Nafplio's Syntagma Square pharmacy has a good assortment. Korres' European
and American stores are linked here, but Greece is cheaper. The article examines Korres'
accomplishments, including its focus on Research and development technology, improved
packaging design, and global expansion. Despite economic constraints, the company has grown
turnover and exports, becoming a natural cosmetics leader. Strategic partnerships and
distribution network reorganization affect sales, notably in North America, according to the
report. Greek enterprises like Korres led the industry's response to the economic crisis by
growing exports and global prominence. Korres S.A. Natural Products Fundamental Company
Report covers all company matters. Complete and accessible data is supplied. Financial analysis
and SWOT , industry analysis, opinions, estimates, and stock market expert annual and quarterly
forecasts are included in this study. The study permits direct comparisons between Korres S.A.
Natural Products and its rivals. This clarifies Korres S.A. Natural Products' position in the
Consumer Products Industry for our clients.
Introduction
Korres Natural goods SA manufactures, distributes, and markets cosmetics, herbal, organic
pharmaceutical, and homeopathy goods. The company sells organic skin, hair, makeup, and
herbal goods. Face, body, hair, sun care, fragrance, makeup, daily, pharmacy, pure Greek olive,
and male items are available. It sells online through several e-commerce sites. Korres is based in
Convert, Athens. The natural cosmetics business has grown rapidly, led by Korres SA. This
report summarizes Korres' performance, including international expansion, R&D, and strategic
partnerships. The company's financial performance, market plans, and cosmetics industry issues
are discussed. Korres prioritizes quality above quantity and has expanded distribution. Korres
initially approached the top rated department stores and online websites in each country rather
than every pharmacy in Europe to get placements. Due to its global presence in 30 countries,
Korres SA has succeeded. The company stands out in the market with its research and
development, natural components, and innovative packaging. Growth was driven by distribution
network reform and Avon collaboration in Brazil, according to the study. Operating performance
has also been examined in relation to finn ownership structure and board size. There is little
research on how the Greek debt crisis affected operating performance. Even though the Greek
debt crisis is unrelated to the 2008 global financial crisis, Greece has suffered the most in
Europe. The late 2009 Greek fiscal crisis affected the government, financial system, enterprises,
and citizens. The real economy has suffered alongside social impacts of the crisis. Austerity
measures taken by the Greek government since the crisis began have reduced demand for
products and services, plunging the Greek economy and property market into deep recession
(Ylamis, 20-14). Besides the housing market, other sectors of the Greek economy suffered.

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Bourletidis and Triantafyllopoulos (2014) say insufficient financial resources and high interest
rates for external funding hurt Greek SMEs. Innovation drives productivity increase, as
mentioned above. Understanding the sources and patterns of economic innovation is essential to
developing effective policy. Innovation helps member states recognize their strengths and
shortcomings and create policies and programs. Identifying policy priorities, offering examples,
and measuring policy impact can help overcome deficiencies and valorize strengths (Korres,
G.M. and Kokkinou, A., 2012).
Q1: Korres' Competitive Advantage (and its evaluation)
Korres has a competitive advantage thanks to their commitment to research and development,
their use of natural components, and their innovative package design. When it comes to the
market for natural cosmetics, the company stands out owing to the fact that it is committed to
both product quality and innovation. The Five Forces analysis developed by Michael Porter
offers a helpful framework for evaluating the competitive advantage that Korres already
possesses. Furthermore, because tourism is a powerful engine for economic and social
development, particularly in underdeveloped regions, and because investments in infrastructure
have a multiplier effect on GDP growth, it is essential that the tourism industry utilizes
technology to its full potential in order to gain a competitive advantage in the market and assist
local economies in thriving while also leveling the playing field in terms of political, cultural,
and economic power on a global scale. To carry out their day-to-day operations, businesses in
the tourism industry were among the first to extensively rely on information and communication
technologies (ICTs). According to Garzotto et al. (2004), organizations that promote tourism
locations come into play.
A competitive landscape in an industry is comprised of 04 characteristics;
 Strength of buyer and supplier bargaining power
 Possibility of new competitors joining the market
 Availability of adequate substitutes
 Intensity of competition amongst existing firms
Each of these factors has a distinctive role in shaping the competitive landscape of an industry.
Because of the imposing brand and specific product offerings that Korres provides, clients have
less authority to negotiate with the company. It is possible that suppliers do not have much
influence; this is because there is an abundance of natural substances. The natural cosmetics
business is experiencing reduced competition from new entrants as a result of the sector's
emphasis on research and development. It is true that there is a slight risk posed by alternative
products; however, what truly sets Korres apart is the fact that it places a strong emphasis on
natural components.
Q2: Korres' Corporate Strategy, Alternative Corporate Strategies, and their
Characteristics
Global expansion, innovation, and strategic relationships are the three pillars that support the
business strategy that Korres employs. Expanding into new markets, developing new products,

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expanding existing markets, and diversifying business tactics are some of the different business
strategies. At the same time as market penetration refers to the process of selling existing
products in existing markets, product development is the process of introducing new products to
existing markets. In contrast to market development, which focuses on expanding into new
markets with existing products, diversification involves entering new markets with a variety of
products. One of the most successful companies in the cosmetics sector is Korres, and the
purpose of this essay is to analyze the company's business strategy in relation to that of other
companies operating in the same industry, as well as other strategies related to strategic
management. Since its humble beginnings as a tiny cosmetics maker in Greece, the firm has
evolved into a prominent participant on the international scene, known for its cutting-edge,
distinctive, and very useful products (Sahota, 2014). The company's early beginnings can be
traced back to Greece. This essay will evaluate Korres by utilizing frameworks such as PESTLE
and Porter's five forces, and it will also provide recommendations for the company's next
endeavors by utilizing pertinent theories of strategic management. The objective is to make use
of theories in a reflective manner and to adapt them to include the Korres example. Additionally,
the author will have the opportunity to draw from his own personal experience while working
with Korres. The strategy that Korres has chosen to implement involves a combination of market
and product development responsibilities. New items are constantly being developed by the
company, and it is expanding into new markets. There are a number of characteristics that define
this strategy, including the management of risk by consistent expansion, the capitalization on
established brand equity, and the guarantee of sustained growth through the introduction of new
products. The necessary rationale is provided by the case study, which exhibits the spectacular
growth of the company as well as its successful expansion into new international markets.
Q3: The Role of Human Resource Management in Formulating Successful Strategies -
Korres Employees’ Performance Management
When it comes to the implementation and looking after of company strategies, human resource
management is an extremely important factor. In the case of Korres, the success of the firm may
be ascribed to its capacity to both recruit and keep talented employees, which is in line with the
inventive and expansion-focused strategy that the company employs. Recognizing and rewarding
personnel for their contributions to research and development, worldwide expansion, and
marketing activities is an integral part of Korres' performance management system (Armstrong
and Baron., (2002). emphasize the significance of performance management in the process of
accomplishing the goals of a company. Within the context of national economies all across the
world, tourism is an extremely important factor. The amount of money that was brought in by
tourists from other countries in Europe was nearly three times larger in the late 1990s compared
to what it was in the late 1980s. When it comes to contributing to the accomplishment of a
number of important EU goals, such as economic growth, employment, sustainable development,
and economic and social cohesion, tourism has a significant amount of potential to do so. The
significance of innovation in the service and tourist industries has been undervalued for a
considerable amount of time. When it comes to successful innovation, such as innovation that is
also profitable for the tourism company in a market that is highly competitive, it is necessary for
the innovation to raise the value of the tourism offering as a whole. Research has been conducted

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on a significant amount of topics, including the manufacture and distribution of new technology.
The purpose of this study is to demonstrate the reasons why technological innovation is seen as a
significant factor in the tourism business. Moreover, it makes an effort to investigate the
influence that technical advancement has had and the consequences that it has had on the
progress of member states in the region. The connection between HR practices and
organizational strategy. They claim that businesses that pursue an innovation strategy, such as
Korres, require a staff that is both adaptable and dynamic. Through the promotion of an
innovative culture and the provision of opportunities for ongoing education, Korres' human
resource practices are in line with this requirement (Miles and Snow,.(1984).
Q4: Korres' External Environment and its Analysis - Application of Proper Tools for its
Analysis
The PESTEL framework, which takes into account political, economic, social, technical,
environmental, and legal variables, can be utilized to conduct an analysis of the external
environment that Korres is affected by. In the cosmetics industry, some of the most important
factors include political stability in target markets, economic conditions that influence consumer
spending on cosmetics, societal trends toward natural products, technological advancements in
production and distribution, environmental concerns that influence sustainability, and legal
regulations. The PESTEL analysis is a straightforward and efficient instrument that is utilized in
the process of situation analysis. Its purpose is to identify the most important external influences
(at the macro environment level) that have the potential to influence the business. This group of
forces has the potential to present an organization with both opportunities and threats. There is a
strong correlation between the environment in which your organization operates and the success
of your organization. Because of its comprehensive character, PESTEL analysis is among the
most effective instruments for conducting external analysis that you may utilize. It is an
abbreviation for the elements that make up the framework, and the word PESTEL is an acronym
for those elements. A PESTLE analysis, a SWOT analysis, and Porter's Five Forces analysis are
some of the methods that are utilized in the process of doing an external business environment
study. The framework known as PESTLE analysis is utilized to gain an understanding of the
macro environmental elements that have an impact on a company (Johnson et al. (2017). the
significance of doing an exhaustive external study when making strategic decisions. By applying
the PESTEL framework to Korres, the research may indicate prospects in expanding areas that
have favorable political climates and an increased demand for natural products. In addition, it has
the potential to identify threats that are associated with economic downturns, shifting preferences
among consumers, or rapidly evolving regulatory landscapes. The success of Korres may be
linked to the company's competitive edge, well defined corporate strategy, efficient management
of human resources, and a grasp of the external environment. We have a better knowledge of the
strategic factors that have contributed to Korres' success in the natural cosmetics sector as a
result of the application of theoretical frameworks and instruments.
Conclusion
In conclusion, Korres SA's case study shows a fascinating natural cosmetics success story. This
report's critical study illuminated Korres' strategy, competitive advantage, human resource

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management, and external environment response. Korres has become an industry leader due to
its research and development and natural ingredient focus. However, the critical review
recognizes the necessity for innovation and agility to maintain this advantage in a changing
sector. The company's international expansion and innovation plan matches market and product
development, showing strategic acumen. However, serious analysis highlights the difficulties
and hazards of steady expansion. Future strategy decisions should balance steady growth and
opportune opportunity. Human resource management, which promotes innovation and learning,
contributed to Korres' success. Critical thinking requires a closer look at internal issues and HR
methods' flexibility to varied global contexts. Long-term success requires a consistent corporate
culture as the company expands abroad. The external environment analysis using PESTEL has
revealed Korres' operational factors. The critical review emphasizes the need for constant
monitoring and responsiveness to industry, customer, and regulatory changes. After reviewing
the important points, Korres' success is due to a well-crafted strategy, innovation, and human
resource management. Critical thinking has revealed strengths and weaknesses. Korres should
focus on innovation in the natural cosmetics business going forward. Continuous external
monitoring and plan flexibility are needed. Human resource methods should adapt to global
expansion to create a united business culture. Korres SA's journey is a fascinating case study for
natural cosmetics entrepreneurs seeking success. Korres succeeds in a tough sector by embracing
innovation, changing strategy, and creating a dynamic company culture.

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