Market and Product Analysis

The discussion deals with the description and analysis marketing activities that are associated with the launch of a new hair care product.  At the when a new product is launched the development of the new product needs a detailed and sophisticated analysis of the business. The analysis of the business will help in the determination of the expenses included in the proposed development of the product, along with the forecasting of the profits that can be obtained from the product in the upcoming financial years (Shaw 2016). The various development of costs of the product are substantial, hence the new ideas for services and products are regularly conceived. However, there exists many ideas may not turn out to be successful due to improper implementation of the strategies and techniques of marketing. A proper market research may help in ensuring that both the product launch will help in earning a greater market share and obtain a complete satisfaction of the customers (Helm and Gritsch 2014). The launch of the new product in this current discussion includes market understanding and competition analysis of hair care product. The study deals with evaluating the target customers, determination of the marketing strategy and examination of the product life cycle.

Brief overview of the company

The manufacturing company of “British Manufacturers” is established in early 1990 in whales, U.K. It deals with variety of consumer products and household items like toiletries, clothes, fragrances and cosmetics. At present, the company wants to explore on hair care products. In order to be successful in this, the company is exploring the market in U.K in order to manufacture the products as per the needs of the consumers.

The launch of the new product in this current discussion includes market understanding and competition analysis of hair care product. The hair care product helps in the nourishment and protection of the hair with various treatments of hair problems of the customers. The name of the new hair product is “Global hair care”. After the market research it has been found that the market wants solution for various kinds of hair problems like dandruff, split ends, and dehydrated and weak hair. The launch of the new “Global hair care” product aims to fight all these issues thus having a motive of capturing a greater share in the market. Initially the product would cover the market in UK. However, the launch may explore further the abroad markets. Growing the demand for personal care and cosmetics products is driving the hair care products in UK. Hence the “Global hair care” must provide an innovative service to its customers to establish and secure a sound goodwill. The product would fight the growing problem of hair and scalp like hair loss and dandruff. The product would contain various essential oils that would provide sustained nourishment to the customers

Product Overview of Global Hair Care

 The hair care products help in the protection and nourishment of the hair of the clients to reduce their hair damage.  The North America has the largest maker share of the hair product that followed by Europe, therefore, for the rise of the common health care problems among the customers in Europe this product would be successful. However, the markets demand in Asia is not very high due to existence of high market demand of Asian products and lower standard of living will result in not having a high demand at present, but there is an expectation that there is a rise in the hygiene awareness leading to a scope of launch in this market in future. With the increase in the beauty consciousness in the minds of the people will help in securing a sound market share of the proposed grooming product of “Global hair care”. However there exist various competitors like the Revlon. L’Oreal, Avon, Mac and many more. This would lead to a concern for the new launch in the market.

The market segmentation deals with the division of the market of the particular product. In this case “Global hair care” is considered. The division may include groups or segments. The groups are created considering the traits of the market like similar needs, interest, preference and others (Baines at al. 2017). The strategy for market segmentation would help the “Global hair care”. Predict where the product would get the high demand and allow a better customer satisfaction, loyalty and experience. The market segmentations can be segmented as four groups that includes demographic, geographic, behavioral, and psychographic. The market segmentation strategy would help in offering various marketing solutions to the new launch (Blakeman 2018). The market segmentation of “Global hair care” is shown in the following table:

Demographic: The Demographics refers to the most common segmentation procedure. In this process there is the division of the customers by various specific traits (Belch et al. 2014). In the analysis of the “Global hair care” launch the segment analysis in case of demography includes:

• Age: The targeted age of the customers includes variations of age that may range from youths to middle aged and old people. Since the product would induce in damage- control of hair, mainly working and office-going middle aged crowd would be targeted.
• Gender: The product would focus mainly on the female population since “Global hair care” is a beauty product and helps in damage control of hair and scalp problem. However, the males can also use the product therefore they can be targeted as well.
• Income: Since the hair care products are medicated and shall be used for damage control purpose. Therefore, the cost of the product shall be relatively higher. The targeted customers for the product shall range from middle to high income groups. “Global hair care” is a luxury item hence it will be a high priced product.
• Occupation: The occupation of the clients may vary as “Global hair care” is a product that can be used and afforded by middle and high class society groups. It can vary from business class to service sections.
• Marital Status: There is no specification about the marital status of the clients of “Global hair care”. Generally family groups may be interest for the product as this as “Global hair care” can serve the purpose of the whole family.
• Social Class:“Global hair care” is a product that can be used and afforded by middle and high class society groups.The general interested public can vary from business class to service section groups.
• Religion: Religion is not a factor that is to be considered at the time of launch of the product. Since it nit a food product anyone can use irrespective of their religion
• Education: Education is also not a factor that is to be considered at the time of the product launch as this is a hair care product that is used for damage control of hair. There is no educational qualification needed. However, since the product is medicated product, the awareness of the product would be more prominent in case of literate class of the society.
• Geographic: For the market analysis, the Regional demographics would help in selling the products and services, considering the location of its customers (Sargeant and MACQUILLIN 2016). For this the considered factors are:

• State and Country: The states in which the product are to be launched. In the case of “Global hair care”, since the launch would take place in the states of UK, the listed states would include England, whales, Ireland and Scotland initially. However, the company plans to explore abroad.
• International Marketing: At present the launch of “Global hair care” would focus on the international marketing. The product would be launched in the domestic states of UK at present.
• Psychographics: The Psychographic which refers to the targets of lifestyle segmentation in the context of customer’s interests and hobbies (Koekemoer 2014). This part of strategic segmentation considers the quality, attractiveness and recognition of brand. The factors that are to be considered for this segmentation includes:
• Interests: Interest refers to the taste and preferences of the customers who are expected to be in demand of the clients (Petersen, Kushwaha  and Kumar  2015). For the case of “Global hair care” the targeted customers shall be beauty conscious and in need of hair damage control products.
• Societal conditions:“Global hair care” is a product that can be used and afforded by middle and high class society groups. The general interested public can vary from business class to service section groups
• Personality Type: The personality analysis of the customers is not needed for the launch of “Global hair care”. However, it can be expected that there would be beauty conscious people who shall be willing to demanding for the product.
• Attitudes and Values: Similarity the attitude is not a factor that is to be considered with respect to this product.

Behavioral: The Behavioral segmentation refers to a relatively newer at the present age of digitalization. Therefore, it takes into hand information that have been obtained from the market research along with the data reports of the customer (Villeneuve and Pasquier 2017).  It is the response of the clients that can be gotten after the launch of the product. The factors that are to be considered in these sections are pattern of use of the products and brand loyalty.

Market Segmentation Strategy

In the context of the new launch of the hair care product “Global hair care” targeting and positioning refers to the framework of market segmentation that will provide the process in which the buyers of the product are divided into range of variables that will help in determining the tendencies and the characteristics of the market (Malhotra and Peterson  2014). In case of “Global hair care” helps in selecting the market and planning of the media of advertising  that would help in making  the segment of “Global hair care” more attractive.

Positioning on the other hand refers to the process of focusing on the desires of the customers on the product that is to be provided to them (Bresler and Lubbe  2014). Therefore, the perceptions of the customers have a great impact in the market competitive advantage. For the “Global hair care” there are three positioning types that include:

• Functional positioning: The functional positioning refers to the process in which aspect in the product of “Global hair care” shall fulfil the needs of the client.
• Symbolic positioning: The symbolic positioning on the other hand considers the aspect of fulfilling the customer self-esteem.
• Experimental positioning: Lastly, the experimental positioning refers to the aspects where the product would stimulate the emotional or sensory aspect of the customers.

 In the context of market analysis the marketing mix refers to the combination of the 4 Ps of marketing that includes Product, price, promotion and place. This set of marketing tool would help in achieving effectively the various objectives of marketing (Sulaiman and Syahrivar  2018). At the present case in the market analysis of the heir care product named “Global hair care”, it will provide a wide range of products to satisfy its clients suffering from various hair care problems like hair fall and dandruff. The marketing mix of the product is as follows:

Product: The product of “Global hair care” has the motive to provide a range of hair care products to satisfy the needs to the customers in the parts of UK at present. However, the company is planning to explore further in the companies as well. The main products that “Global hair care” is to provide include shampoos, conditioner, hair packs and hair moisturizers (Borden 2015). The product would include essential medicated elements that would help in reducing the various hair care problems like hair fall, dandruff, Split ends and many others. Moreover it would provide shine and health to the hair.

 The product would segmented in four division:

• Anti-dandruff hair product
• Split end rescue product
• Extra shine product
• Hair moisturising product

Place:The research and development of “Global hair care” would be concentrated in UK at present, however the company may aim to explore further in other countries as well. The “Global hair care” would be available in the various outlets that includes hair salons, perfumeries, super markets, beauty outlets pharmacies and is available through direct mail(Posner,   Williams  and Posner  2015). Apart from this, the brand of “Global hair care” would have a website along with various other tie-ups with several shopping sites on the web sites.

Targeting and Positioning

Price: The “Global hair care” products is in the group of high quality product, the organization is aiming to maintain a pricing policy that is premium. The “Global hair care” has decided to maintain a value added policies of pricing for that products. However, there would be product that would focus on the middle class society section. The pricing policy would be kept reasonable sto make the products affordable (Huang and Sarigöllü  2014). The company at the initial state in order to promote the product may offer various schemes and discounts. This would help in maximizing the revenue at the preliminary stage.

 Promotion:The “Global hair care” is a hair treatment product hence it would have its slogan “Damage Control”. Being a brand in UK, being one of the well developed countries, the advertisement will also be of a premium level. At the initial stage the company may deliver free samples products with other related products at the salons, shops and market (Hutchinson et al. 2015). There exists various discounted products that would help in increasing the volume of sales and enable in effective promotion of the products. There are also several customer satisfaction surveys from place to place that would be taken placeto get the feedback for the service from the item. 

Conclusion

 At the time of doing the project, I got to know the importance of marketing at the time a launching a product. In the preset case the launch of the new product “Global hair care” the marketing analysis has been done. I understood how company before launching a new product understands the market and the needs of the customers. There are four Ps in the marketing mix, analysis of which would help in understanding the market and increase the profitability of the business. At the when a new product is launched the development of the new product needs a detailed and sophisticated analysis of the business. The analysis of the business will help in the determination of the expenses included in the proposed development of the product, along with the forecasting of the profits that can be obtained from the product in the upcoming financial years. However, the pricing strategy determination is not clear for me after the study. The above discussion has helped me a lot to understand the concept of marketing at the time of launch of a new product. This would help to understand my subject and get a good result

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