Possibilities for socially responsible entrepreneurship at Croatian natural and organic cosmetics market
Petra Leonora Cvitanović ()
No 1807, EFZG Working Papers Series from Faculty of Economics and Business, University of Zagreb
This paper focuses on somewhat underused window of opportunity and unrecognized entrepreneurial possibilities at Croatian natural and organic cosmetics market. There is a unique opportunity for starting a company in Croatia which will produce and sell cosmetic products of natural and organic origin. The aim of this research is to analyse the existing market situation and entrepreneurial climate for starting such a business, and to define general business goals and correct positioning of the new brand. The global natural and organic cosmetics market will grow up to 22 billion USD in 2024. The attractiveness of this industry in Croatia is influenced by barriers to entry such as consumers’ price sensitivity and strong competitive brands. By choosing the optimal sales and communication channels, the company will be able to reach the consumers, achieve greater brand awareness and larger market share. Marketing and financial goals should be related to social goals, such as opening of job vacancies, rising of awareness with Croatian citizens on the importance of conscientious treatment of nature, and educating them on toxic substances in regular cosmetic products. The main risks which the entrepreneur can expect include unwillingness of consumers in Croatia to accept the new brand and a general incomprehension of ecological business focus. If the company implements new technologies and integrates in its business environmentally friendly actions along with ethics in branding, advertising and marketing activities, it will be able to develop competitive advantage through recognizable reputation which will affect consumers' attitudes and purchase intentions. Developing a socially responsible business strategy should include a list of social projects that will be supported by the company and most appreciated by the community. In this research, online sources covering natural and organic cosmetics were used, together with books and scientific articles on social responsibility, marketing ethics, entrepreneurship and branding.
Keywords: entrepreneurship possibilities; socially responsible business strategy; environmentally friendly business; relationship marketing; marketing ethics; brand awareness; ethical brand positioning (search for similar items in EconPapers)
JEL-codes: M39 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent and nep-ipr
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Persistent link: https://EconPapers.repec.org/RePEc:zag:wpaper:1807
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