Group 2 - Assignment 2

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GROUP 2 REPORT #2 – COCOON VIETNAM

Prepared for Dr. Akins Ogungbure

Troy University

Hanoi, Vietnam

Prepared by

Nhat Minh Phan Le - 1612044

Bui Tien Thanh - 1581599

Tran Thi Ngoc Anh - 1581743

Ha Hoang An - 1514445

Ha Ngoc Long - 1569998

MKT 4468 – IHFA 22/TFA

Troy University

Hanoi, Vietnam

October 23, 2022


TABLE OF CONTENTS

ABSTRACTS.................................................................................................................................2

INTRODUCTION.........................................................................................................................2

INTENDED MARKETS ANALYSIS..........................................................................................3

SEGMENTATION VARIABLES................................................................................................7

END-USER DESCRIPTION........................................................................................................8

BUSINESS-2-BUSINESS MODEL............................................................................................13

HOW COCOON WILL GO GLOBAL.....................................................................................15

CONCLUSION............................................................................................................................19

REFERENCES............................................................................................................................19

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ABSTRACTS

In the previous report, our team created a market research platform to enable Cocoon to

enter the UK market. In this report, we continue to analyze more deeply about target customers,

ways to enter the UK market, and Cocoon's B2B model. Most of Cocoon's target customers will

be between the ages of 17 and 34. In it, our team used Anna to represent most Cocoon users.

Enterprises to be able to bring goods to the UK market, Cocoon must use third-party businesses

to be able to bring goods to that party. This happens because it is much safer to use the assistance

of a third party than to export the goods themselves. When Cocoon sets foot in the UK market, in

addition to creating its retail stores, Cocoon can completely cooperate with Walmart to distribute

its products.

INTRODUCTION

In the previous report, we introduced Cocoon, a business that manufactures and sells

vegan cosmetics in Vietnam. Not only discussing Cocoon businesses and their product lines that

can be brought to the UK market. The cosmetic market, vegans, and vegan cosmetic users were

also analyzed. Based on the research results in the previous report, we can see that the market for

vegan cosmetics in the UK is showing increasing trends over time. Because of that, Cocoon

Vietnam's products will be able to penetrate the UK market completely. However, besides that,

businesses will still have to face difficulties in import and export policies and procedures and the

difference in currency between the two countries. Moreover, many businesses are selling similar

vegan products in the UK cosmetics market. However, Cocoon also has its competitive

advantages and is ideally suited to break into a new market. Continuing with the previous report,

in this report, we will describe in more detail the target market of Cocoon in the UK, find the

segmentation variables needed to target, and evaluate the survival of the target market. Not only

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that, but this report also describes the end user, identifies which are our B2B partners, and talks

about how businesses can enter foreign markets.

INTENDED MARKETS ANALYSIS

Despite being a niche concept, veganism is quickly gaining popularity in cosmetics.

Cosmetic companies are forced to reconsider the production processes utilized for their products

due to the enormous number of consumers concerned with sustainability (Fortune Business

Insights, 2022). In addition, a manufacturing redesign is probably in store as long as

manufacturers want to increase sustainability. Modern customers are more informed because of

expanding informational access and increased internet usage (Fortune Business Insights, 2022).

In addition, escalating environmental issues and the depletion of natural resources are leading to

a significant change in their behavior of choosing natural and cruelty-free products. As a result, a

Vietnamese vegan cosmetic brand, Cocoon, can have growth potential in its home country and

nations worldwide.

Primary Target Market of Vegan Cosmetics in the UK

In this article, we will discuss the market sectors that are the most opportunities, mainly

the most considerable revenue and profit potential, for selling Cocoon’s product in the Uk

market. Regarding the demand growth for vegan products, estimated from earlier this year, the

vegan cosmetics market will be worth a stunning $21.4 billion by the year 2027, while in the

UK, 82% of all newly vegan products introduced in 2020 fell into the beauty category (The

Vegan Society, 2021).

Audience

According to The Vegan Society (2021), the former sent out a survey asking respondents

how frequently they bought cosmetics and toiletries, such as toothpaste, body wash, shampoo,

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and other personal care products. More than 1000 people made up the final panel, and they

represented the following demographics:

● Age groups: 17-24 (19.8%), 24-34 (20.2%), 35-44 (17.6%), 45-54 (12.3%), 55-64

(16.4%), 65+ (13.7%) (Vegan Society, 2021)

● Gender: Female (62.9%), Male (37.1%) (Vegan Society, 2021)

● Home Region: East Midlands (7%), East of England (9.2%), London (14.1%), North East

(5%), North West (10.6%), Northern Ireland (1.5%), Scotland (7%), South East (13.8%),

South West (7.4%), Wales (6.5%), West Midlands (10.1%), Yorkshire and Humber

(7.8%) (Vegan Society, 2021)

Given this, to earn the most significant profit, Cocoon should focus on customers aged 17

to 34 years old and do advertisements in the North West and South East region.

Searching Patterns

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According to average monthly searches from Vegconomist (2021), UK customers are

more likely to seek vegan beauty products than cruelty-free cosmetics, makeup, and brushes.

However, they favor looking for cruelty-free cosmetics companies over vegan ones

(Vegconomist, 2021). The countries with the most interest in "vegan makeup" are England and

Northern Ireland, while "Cruelty-free makeup" is viral in Scotland and Wales (Vegconomist,

2021). Therefore, it is beneficial to open Cocoon's selling pop-ups and do advertising on social

media in England and Northern Ireland.

What does the consumer want?

Regarding all cosmetic and toiletry goods, the majority of the panel (55.5%) indicated

they would want to see more products that have been validated as a vegan (Vegconomist, 2021).

Females over 45 highly preferred vegan food alternatives and were over-indexed in each

category (Vegconomist, 2021). For instance, 71.4% of this sample stated that more vegan

choices should be available for all cosmetic and hygiene items (Vegconomist, 2021).

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There was strong demand from the panel for more vegan choices in many individual

product categories. 40.7% of the panel said they would like to see more vegan shampoo,

conditioner, and hair styling products (Vegconomist, 2021).

A promising 40.4% of respondents expressed a desire for additional vegan toothpaste and

mouthwash (Vegconomist, 2021). We presently collaborate with various businesses to provide

these choices, ranging from zero-waste Georganics to powerful corporations like Colgate.

Deodorant was the next topic, and 39% of the panelists wished there were more vegan deodorant

alternatives. The use of gentle vegan deodorants on the skin, like Crystal Spring's Salt of the

Earth, is growing in favor.

Additionally, the panel gave excellent marks to body and facial skincare, with 37.9% and

36.6% expressing a need for more alternatives, respectively (Vegconomist, 2021).

More vegan makeup was desired by 36.5% of the panelists, who increased to 45.7% of females

between the ages of 17 and 25 (Vegconomist, 2021). This generation is setting the bar to expect

more from the businesses they patronize, and the beauty sector needs to adapt to their tastes.

Following vegan cosmetics, 34 % of the panelists expressed a need for additional vegan scent

alternatives, with 40.6% of women aged 50 and older choosing this; demand was highest in this

group (Vegconomist, 2021).

29.3% of the panelists expressed a need for additional vegan feminine hygiene products.

For instance, sanitary towels may include glues and perfumes that come from animals. Finally,

just 3.4% of the panelists claimed they had no interest in vegan cosmetics (Vegconomist, 2021).

As part of the panelist expressed the need for additional vegan scent alternatives,

Cocoon's products perfectly meet the requirement with their natural scent made from Southeast

Asian herbals, which promises to bring a new experience to customers. In this case, our team

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would say that Cocoon's product lines can meet UK users' demand with its affordable price,

friendly ingredients, few preservatives, and no artificial color added. Additionally, in all Cocoon

products, every ingredient shows proportion on its label. Our team believes middle aged UK

customers can love these.

SEGMENTATION VARIABLES

Despite the team having determined the target market, it is still essential to identify the

segmentation variables to evaluate the target markets' viability. According to Tim Bock (2020),

there are different types of people within the market; therefore, the segmentation variable will

collect customers with similar characteristics. The segmentation variable will not only help

marketing teams to be more efficient in time, resource, and money but also gain a better

understanding of more profound comprehension of client needs and wants, which enables

marketing campaigns to be tailored to the customer segments most likely to buy products (IMS

Marketing, n.d). The marketing team will need to research four types of segmentation. The four

segmentations are:

Demographic segmentation - One of the most popular types is segmentation based on

demographics. It alludes to dividing up audiences according to perceptible, individual-based

differences. These characteristics include age, sex, marital status, family size, occupation,

education level, income, race, nationality, and religion (Lotame, 2022).

Behavioral Segmentation - The technique of classifying and grouping clients according to the

actions they display is known as behavioral segmentation. In this segmentation, marketers will

have to evaluate consumer's use of a product, brand loyalty, consumer behavior, price sensitivity,

and adoption of new technology (CleverTap, n.d; IMS Marketing, n.d)

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Geographic segmentation - Geographic segmentation can help marketers know the location of

their majority location. Because individuals who live in the same environment tend to have

similar aspirations and requirements, geographic segmentation allows marketers to target

customers in a country, city, or area with messages that appeal to their specific wants and needs.

When researching geographic segmentation, marketers must find information regards to region,

density, and Climate (Directive, 2021)

Psychographic Segmentation - This segmentation categorizes customers based on

psychological traits that impact their buying behavior and their preferences and way of life. It

mostly depends on "how" people think and "what" they want out of life. Marketers will have to

study consumers based on their lifestyle, Social status, and personality (QuestionPro, 2021; IMS

Marketing, n.d)

END-USER DESCRIPTION

The term "end user" refers to someone who utilizes and interacts with the good or

service. It is possible that they are not a specialist or someone very educated about the

construction of the goods. Nevertheless, it is they who make use of the product in their everyday

lives and are the ones who experience the effect. In this part, I will create a persona that

represents the particular end-user for Cocoon.

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Describe:

The particular end-user for Cocoon can be defined as a Vegan cosmetics lover. Her name is

Anna Smith, and she is 25 years old and currently works as a CEO assistant in a company with

several employees, no more significant than 250 people in the banking industry. She got her job

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after finishing her bachelor's degree. Her gender is Female. Anna is now living in Edinburgh,

Scotland. However, Anna does not have a family and is now still single.

Skills:

Communicate:

She has good communication skills with people. Her job always has to meet with her partner

boss and travel between departments to assign work.

Office information:

Her office computer skills are average because she does not have to work on the computer too

much.

Organize and arrange:

She has a relatively high level of organization and arrangement skills. As an assistant to the

CEO, she has to synthesize information to pass on to the manager regularly.

Recording:

Her note-taking ability is average. Her work, besides taking notes, needs more thinking and

flexibility because the work often changes information and is not stereotyped.

Pains:

She is worried about her beauty and self-deprecating when appearing in front of everyone. Some

beauty problems include her skin is not smooth, her face being full of acne, and her hair is frizzy.

She has to wear makeup every day to go to work. From the above issues, she wants to find

makeup and skin care products suitable for her skin type.

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Gains:

She will feel more confident with beautiful glowing skin, smooth hair, and a flawless face. From

there, she will have more energy in life and focus on work. Her favorite is sharing beauty

knowledge with other office colleagues. Moreover, she aspires to look age-appropriate rather

than trying to look younger.

Jobs to done:

Due to the nature of her job, she has to regularly meet partners with the director, so she wants to

become more good-looking in everyone's eyes to fit into an environment full of high-status

people. For the above reasons, she wants to upgrade herself to suit her work position.

She will start with skin care products, her hair, and finally, her skin. In her mind, there are

already some big brands of care products. However, she feels the products are too expensive for

the money she wants to spend on beauty. Therefore, in her free time, she will often search for

emerging and similar products to refer to

Pain relievers:

She has a preference for vegan cosmetics due to the influence of the joint opinion of British

women, that is, "British women do not use cosmetics tested on animals."

Understanding her anxiety, we recommend vegan cosmetic products to help her have a radiant

face, smooth hair, and smooth skin. Moreover, the market price will be lower than big brands

and still have the same effect.

Gain creators:

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We will provide her with information about our vegan products, such as makeup, hair care, acne,

and body care, via a short online advertisement or our official website to help Her believes in the

product. After that, there will be a customer care consultant when she needs advice on

information about a specific cosmetic product of our company. Because the skin and hair care

cosmetics we offer are all designed with different and unique jars, users can experience the

products longer and see results daily.

Product and services:

- Cocoon Winter Melon Acne Drops

- Cocoon Hung Yen turmeric gel cream

- Cocoon eucalyptus & mint body lotion

- Cocoon Inca inchi hair repair serum

- Cocoon winter melon face mask

Reach:

Brand: Cocoon is one of the new products appearing on the UK market and has many beauty

care uses. Reasonable market price.

Trends:

Negative trends:

She does not like animal-tested products.

Positive trends:

She likes vegan products.

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Mid-range market price.

Many uses.

BUSINESS-2-BUSINESS MODEL

B2B, "Business to Business," refers to the form of business, direct transactions between

companies and businesses. You can understand that B2B is a business that provides what other

companies need. B2B includes e-commerce and high-value face-to-face transactions requiring a

physical meeting. Today, the B2B model is more developed when businesses promote their

business through commercial websites. The forecast shows that the percentage of websites aimed

at organizations and companies will continue to increase sharply in the coming time, from 76.4%

to 84.4%. (HRchannels, 2021). Therefore, in expanding our company in the UK market,

"Cocoon" also needs to focus on applying this business form to bring necessary products and

services closer to consumers in the UK.

Retail business Tesco is the most familiar brand in the UK with markets and

supermarkets large and small, but Walmart is the perfect partnership for "Cocoon." Walmart

currently operates more than ten thousand stores and clubs under fifty banners in twenty-four

countries and e-commerce platforms. Moreover, Walmart has a perfect supply chain because it

owns more than two hundred distribution centers, including direct delivery services to branches

and goods to customers worldwide, with a dedicated staff. Transport includes ninety thousand

vehicles in the form of tractors and trailers driven by eleven thousand drivers. (Walmart Inc,

2022) . With supermarket centers in the UK located in almost all major cities such as London,

Manchester, etc.It will create opportunities for "Cocoon" products to be accessible to the vast

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majority of British people in the UK. Across any city or countryside quickly without relying on

costly conventional marketing methods.

Upon completing the paperwork required by Walmart, such as product safety certificates,

disclaimer documents, and assistance in handling customer feedback and becoming a company

partner. Walmart is a retail business focusing on innovation and market diversity when adding

nearly a million new monthly products from suppliers, most of which are from third parties.

Three online sellers, big or small, can recommend their products to consumers accessing the

Walmart e-commerce platform. With nearly four hundred visitors a month, Walmart is

considered the e-commerce platform they claim to be second in the position consumers use to

buy and sell products. (Parker, 2022). It can be said that with Walmart's e-commerce platform,

"Cocoon" can put its products up to promote the product to reach more consumers in the UK and

also as a form of testing to see if Cocoon products can attract new users before moving to

cooperate with Walmart's retail supermarkets to sell products on supermarket shelves.

Walmart is very different from typical UK retailers like Tesco because they allow their

suppliers access to a retail affiliate platform and show them detailed customer traffic statistics.

Each of their products and the sales performance of the suppliers themselves. In a few weeks,

Walmart will host a workshop to guide suppliers in using the features of the affiliate platform to

make it easier for suppliers to offer their products on the e-commerce platform (KrunchBox,

2019). Cocoon will have a great interest in having Walmart share the sales system on Walmart's

retail affiliate platform on Walmart's e-commerce platform. Thanks to the retail affiliate platform

data, Cocoon can entirely focus on developing its best-selling items on the e-commerce platform.

Strategic joint venture to diversify products not available on both sides. According to

Jamie Grill-Goodman (2022), Walmart created a "Walmart Start" program to find five new

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beauty brands that cover skin beauty, cosmetics, nail products, hands, perfumes, and accessories.

This program will select brands to roll out and launch in nearly a thousand new Walmart stores

by 2023. If selected, the brand will be supported by Walmart with various resources, including

operational developers and local executives, to support the operational system. This will help

"Cocoon" compete to compare "Cocoon" products with potential domestic products to innovate

development directions and approaches and create opportunities to collaborate with those brands

to develop new products.

The partnership with Walmart is the best option for "Cocoon" to reach more UK

consumers and reduce marketing costs. Moreover, "Cocoon" will know which products should

go into production in the UK through Walmart's retail platform data. This will be a crucial

component in "Cocoon's" UK growth. "Cocoon" chose Walmart - a brand from the UK that

owns a more developed e-commerce platform than Tesco - a traditional brand in the UK.

Walmart's commerce platform will be suitable for developing "Cocoon" products in the UK as it

reaches more British consumers to generate sales and expand the company's business.

HOW COCOON WILL GO GLOBAL

After January 1, 2021, any non-UK manufacturers that intend to continue selling their

products on the Great Britain (GB) market or begin doing so must designate a UK-based

Responsibility Person (Obelis, 2022). The Responsibility Person ensures that safety precautions

are taken and legal requirements are fulfilled. This means that a Responsible Person must have a

UK-based address to make cosmetic items available in Great Britain. Mail forwarding or PO box

addresses are not considered part of a UK-established address (Obelis, 2022).

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For non-UK producers, this process carries a significant level of risk since they risk

having non-professional RPs with the following qualifications handle the representation of their

products:

- A lack of awareness of the UK's new regulatory obligations;

- Lack of expertise in representing oneself before authorities;

- Unaware of their new position.

All non-UK makers of cosmetic goods must hire a qualified UK-based RP. The latter can

counsel them on the regulatory compliance of their products, notify their products, and manage

all elements of representation to the authorities to prevent these risks. Based on the research and

analysis models to assess the business environment in the selected UK market, the marketing

team would like to choose the entry method: Indirect export.

With this form, Cocoon will manufacture its products in Vietnam and sell them to the UK

through an export management company that also acts as Personal Responsibility. This company

will distribute products to cosmetic retail systems in Great British because Cocoon is a start-up

company, small scale, immature, and incapable of human and financial resources. Therefore, it is

natural to encounter difficulties and risks while exporting goods. In order to cooperate and

develop, Cocoon needs a third party with experience and expertise in exporting goods, especially

cosmetics, and entering the UK market.

Advantages of indirect export:

Small businesses or new export businesses like Cocoon need intermediaries to facilitate

the process of conveniently moving goods abroad. In this form, the unit that stands out to

perform the task of exporting goods will be the person who understands and firmly grasps the

market situation and legal procedures. Thereby helping the organization to promote business and

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develop more quickly. In addition, this indirect export brings minimal risk (related to markets

and politics). Do not consume too many resources while ensuring a high level of market

diversification.

Disadvantage of indirect export:

This method has a minus point: profits will be reduced due to the cost of intermediary

companies; adding a member to this distribution chain may increase costs, thereby reducing

profits for the producer. If the wrong distributor is selected, it can affect the market, reputation,

and efficiency. Leading to hindering the ability of the company to operate.

However, with limited export experience, this method will minimize risks for Cocoon when it

can take advantage of the intermediary company's capacity, market understanding, and service

quality while still having the power to decide on pricing policy, sales conditions, advertise, and

use on their behalf. This is how Cocoon entered the UK market safely when it first launched its

product to the world.

Decision:

After researching and surveying a few companies and import-export services, our team chose

Export Services of Goldwell international logistics to bring Cocoon products to the global

market, specifically to the UK market. Goldwell Logistics International Company is one of the

leading quality and reputable import-export service companies in Ho Chi Minh City. Goldwell

International logistics provides import and export services in the global supply chain. With over

ten years of import and export experience, Goldwell Logistics is confident in-service quality and

competitiveness in the service market. Moreover, Goldwell provides customers with a full-

service package, completing all export procedures, which Cocoon has no experience in.

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After researching, we found that Goldwell Logistics has an All-in-one import and export

service. All-in-one import and export services of Goldwell Logistics include (Goldwell

Logistics, 2021):

• International sea freight services to countries around the world (LCL LCL & FCL full container

cargo),

• Air freight import and export services,

• Booking containers, booking (booking) ships for export - import goods

• Services of Customs Clearance and preparation of customs declaration documents for import

and export shipments and other related work,

• Import and Export Customs Clearance Agent Service,

• Cargo packing service (Closed wooden bales, thin bales, wooden pallets, plastic pallets, PE net

wrapping,...),

• Fumigation, animal, and plant quarantine services, especially agricultural products,

• Service of applying for an import license, product announcement, etc.

• Service of applying for certificates of origin of exported goods, sample forms: Form A, Form

B, Form E, Form D, Form AK, Form AJ, Form AANZ....),

• Transportation Services of Trucks, Tractors,

• Import-Export Package Service – “Door to Door” in Ho Chi Minh City.

• Package Customs Services of all types: business, non-commercial, outsourcing, production, and

export, on-site import and export, temporary import for re-export, etc.

Next, after completing the formalities, processes, and shipping, we need a representative

in the UK to accommodate the Personal Responsibility requirement. My team chose Obelis UK

Ltd. as a legal representative in the United Kingdom. The Obelis Group has offices in the UK,

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Switzerland, and Brussels, giving it a substantial advantage in helping Cocoon compliance in

those target countries, namely the UK (Obelis, 2021). In the regulatory community, the original

concept has helped Obelis establish a distinguished reputation throughout time. It has also

enabled us to successfully represent over 3000 exporters from more than 60 nations worldwide

(Obelis, 2021).

Based on the new UK Cosmetic notification database, Obelis (2021) will stand out to consultants

and fulfill the required information of a PR:

• Product's name and category;

• Product formulation;

• The UK-based RP's name and address (where the PIF will have to be made available) + name

and contact details of a natural person representing the RP.

In short, Goldwell Logistics and Obelis are two businesses we consider cooperating with

because they provide convenient and necessary services. Cocoon businesses can safely entrust

transportation to Goldwell and personal representation of Obelis. For Goldwell, as an export unit

working in Vietnam, we can quickly contact and exchange. For Obelis, a long-time and reputable

representative, two businesses will be participating with Cocoon in bringing Cocoon's products

to the international market.

CONCLUSION

In conclusion, this report talked about Cocoon's target market in the UK and identified

segmentation variables in that market. In addition, this report also describes the end-user,

identifies B2B partnerships, and sets out the steps for the business to enter the UK market. Based

on the research in this report, our team is ready to launch further studies on the introduction of

Cocoon into the UK cosmetics market.

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