Business Analytics for Products in the Australian Market

Describe about the Business Analytics for Products in the Australian Market.

Introduction:

This report is about the new business development of the advanced personal and health care products in the Australian market. The new types of the beauty and health products have a good market demand in the present market. In order to understand the situation of the present market and develop an efficient marketing strategy for the new business, a survey has been conducted among the target market. The results of the survey have been analyzed through the use of the first tier analytics technology using Cognos and Power BI. The marketing strategy will be developed based on the results of the analysis.

Business background analysis:

In the recent years, the demand of the pharmaceutical, personal care and nutritional products are increasing with a high speed in the global market of the beauty, health and wellness products. The increasing demand of the products has formed new industry sections Nutricosmetics, Cosmeceuticals and Nutraceuticals. The new industry segments are developed by combining the products of three main product lines. The topical cosmetic products with the facilities like medicines are called as the cosmeceuticals. The supplementation of the nutrients, which are formed for the beauty care treatments are known as the nutricosmetics. The food products with extra benefits regarding the nutrition or health of the consumers are known as the nutraceuticals. These products have a high level of demand in the global market. The Australian market is not the exception of this fact (Sonnenberg et al., 2013). The common people of the present generation are becoming more health conscious regarding the food, beauty and health care products (Kriwy and Mecking, 2012).

Makers were dynamic in new item improvements in 2015, with new dispatches critical to keep up shopper enthusiasm for the exceedingly focused business sector. Regular fixings keep on featuring emphatically in new dispatches, and additionally items including dynamic fixings and items for delicate skin. The “selfie” pattern is bringing about customers searching for items to give them a perfect completion, with makers dispatching items with elements, for example, obscuring, digitally embellished and faultless completion. The conjecture time frame execution of excellence and individual consideration is relied upon to be driven by development, with new items to highlight leap forward cases, multi-usefulness and new conveyance designs. Besides, a maturing populace will bolster development in excellence and individual consideration as shoppers hope to keep up an energetic appearance through top-notch magnificence brands. Rivalry is relied upon to heighten over the figure time frame, as excellence authority retailers keep on expanding in nearness, supporting development among corner and premium brands. Discounter Aldi may pick up offer in the mass fragment as it hopes to extend in South Australia and Western Australia.

Depending on this scenario, it can be concluded that the business of these products may be profitable in the Australian market. The survey of the target market will help to analyse the particular factors regarding the demands of the selected products in the Australian market.

Critical review of the survey:

The survey has been conducted among the regular customers of the beauty, health and wellness products in the Australian market for understanding the demand of the products with respect to the various important factors of marketing.

The first question of the survey is regarding the living state of the respondents. After gathering the feedbacks from the respondents, the state with maximum number of states will be the strongest area of marketing the products. The business should target that state for selling the products. The next question of the survey is about the income level of the respondents (Krauseet al. 2012). The income level has been subdivided into four groups. The income level group with the maximum number of responses will be the potential target customers of the new products. This will also help the business organizations to decide the price of the products. The third question of the survey, is about the age group of the consumers. The age group of the customers who are using the products mostly need to be understood for selecting the target customers of the business. The maximum responses found in the section of the age group will be selected as the potential target customers of the business (Willis, Reynolds and Keleher2016).

The next question of the survey questionnaire is the choice of product types among the consumers in the Australian market. Responses of this question will help to understand the product line with the highest amount of demand. The product line with the highest amount of demand should be given the highest level of priority for manufacturing and marketing in the Australian target market. After that, the next question is regarding the money spent monthly for this type of products. The responses of this question will help to understand the profit may be earned from the business of the selected products (Chenet al. 2013). Depending on this situation, the investment should be done for starting the business in the new target market. After that the next question of the survey is about the form of the products. Mainly there are three categories of the products; pill, beverage and food. The customers need to give their responses about the mostly used form of this products. The responses of this question need to be considered for understanding which form of the products will be the best seller in the target market. Depending on this criteria, the business organizations should select the form of the products. The form should be decided as per the demand of the customers (Dinca and Scorei2013). The business organization should try to develop most of all the three types of products in the form, which is most wanted by the respondents.

After the initial level of choice of the respondents, the next section of the questionnaire was about the confidence level of the customers from the products. The responses given in the account of this question will help to understand the reliability of the products as per the perceptions of the target customers. If the confidences of expected outcomes of the products of the products are very high among the target customers, then the manufacturers should maintain this much quality of the products and in case of low confidence of the respondents, the manufacturers should try to improve their quality and the business organizations should promote the products in attractive and convincing way. In today’s world, the word mouth marketing strategy is the most popular for expanding the target market of a business. The last question of the survey was about the confidence of the customers for recommending the products to friends. The score of the recommendation confidence will help to identify the effort should be given in the area of promotional activities for the new products in the new target market.

Developing two analytics solutions:

The data gathered through the survey has been analyzed by using Dashboard using Cognos and Power BI software. The visual representation of the raw data will be used for providing proper recommendations to the market strategy development for the new products in the target market. The dashboards developed by the two software are given in the below two figures.

Recommended marketing strategy:

Target market selection:

The results of the analysis by using both the two software packages, the maximum amount of responses found from the young people having the age between 20 to 40 are the people, who are using these products mostly in their daily life. Therefore, the business organizations should target these people as the target customers at the initial level of the business in the new target market. The young generation people of the country have the higher level of incomes and using these products mostly. These people will be the valuable customers of the new business for gaining high level of profits. The states of Queensland and Victoria have the maximum number of respondents. Therefore, at the beginning level the business organizations should target the customers of these states. The demands of the products in the New South Wales and South Australia are not so bad. The business organizations should give significant focus on these areas also. The people having the income level between 70000 and 90000 are the most potential customers of the products. These people are highly conscious about the quality of the products. Therefore, the companies should target these people with the high quality products.

Market opportunities:

As most of the target customers of the products are the people with the high-income level, therefore, the business organizations may fix the prices of the products in a higher level than the existing products. The amounts of monthly expenses are also very high as per the individual responses given by the target customers of Australia. Therefore, the business organizations may be able to have a good amount of profit from the business of the products.

It has been found that the demands of the Nutricosmetics products are the highest in the Australian market. The demands of the reaming two products are not so low but not as high as the first one. Therefore, it can be said that all the three product lines have good opportunities in the target market, but at the initial level the business organizations should give the maximum focus in the developing and marketing of the Nutricosmetics products. As per the analysis of the Dashboard developed by the Cognos the demands of the Cosmeceuticals are highest in Queensland and the demands of the Nutraceuticals and Nutricosmetics are higher in the New South Wales. Therefore, the business organizations should sell more of the Nutricosmetics products in Queensland and the remaining two products in the area of New South Wales.

The demands of the food form of the products have highest level of demand in the Australian market. As per the analysis of the data, the demands of the pills and beverage of the products are also have a good demand. Therefore, it can be concluded that little bit of extra focus should be given in the food from at the beginning level of the business. The other forms should also have to be developed and sold in the market and after sometime, the other forms should be also utilized as per the choice of the customers at that time.

The expectations of the customers from the products are in some areas and average in some other areas as the average confidence level of target customers regarding this fact has been found mostly in the section of 5 and 10. Therefore, the business organizations should focus on both the quality and promotional activities of the products.

Communication channels:

The selection of the promotional strategy or the communication channels is very important for making business of these products. The analysis of the data gathered through the feedbacks given by the target customers is indicating that the Word of Mouth promotional strategy will help the business organization in a medium level. The cross analysis of the confidence of the customers regarding the quality and the recommending to others have been done in the Dashboard developed using the Cognos. The chart is showing that the peak value of both the two factors is 5. Therefore, both the factors can be considered as having average level of priority. The business organizations should develop good promotional activities for attracting the new customers towards the products. The Word of Mouth strategy will help them potentially but besides this, they should also use the social media platform as the communicational and promotional channel for the new business of the products in the new target market of Australia.

Conclusion:

This report was about the development of a marketing strategy for the new business of the three new product lines; Nutricosmetics, Cosmeceuticals and Nutraceuticals in the Australian market. In order to understand the current market status of the target market and the opportunities of the business, a survey has been conducted among the customers of the country. The analysis of the data gathered through the survey has been conducted through the use of Power BI and Cognos software packages. After developing the Dashboards,some recommendations have been given for the marketing strategy of the products. The business organizations would definitely have good business growth using these recommendations.

References:

Chen, M.J., Liu, Y.T., Lin, C.W., Ponnusamy, V.K. and Jen, J.F., 2013. Rapid determination of triclosan in personal care products using new in-tube based ultrasound-assisted salt-induced liquid–liquid microextraction coupled with high performance liquid chromatography-ultraviolet detection. Analyticachimicaacta, 767, pp.81-87.

Dinca, L. and Scorei, R., 2013. Boron in human nutrition and its regulations use. Journal of Nutritional Therapeutics, 2(1), pp.22-29.

Krause, M., Klit, A., Blomberg Jensen, M., Søeborg, T., Frederiksen, H., Schlumpf, M., Lichtensteiger, W., Skakkebaek, N.E. and Drzewiecki, K.T., 2012. Sunscreens: are they beneficial for health? An overview of endocrine disrupting properties of UV‐filters. International journal of andrology, 35(3), pp.424-436.

Kriwy, P. and Mecking, R.A., 2012. Health and environmental consciousness, costs of behaviour and the purchase of organic food.International Journal of Consumer Studies, 36(1), pp.30-37.

Sonnenberg, L., Gelsomin, E., Levy, D.E., Riis, J., Barraclough, S. and Thorndike, A.N., 2013. A traffic light food labeling intervention increases consumer awareness of health and healthy choices at the point-of-purchase.Preventive medicine, 57(4), pp.253-257.

Willis, E., Reynolds, L. and Keleher, H. eds., 2016. Understanding the Australian health care system. Elsevier Health Sciences.

 

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