Describe in detail the characteristics of the consumers in the market.
What does demand look like?
This is a growing industry that is promising for making good sales in the future. The global hair care market has of late expanded at a steady rate, and there is a likelihood to continue expanding. One of the most vital factors that have led to the prevailing stability in the hair care market is the demand for lustrous, healthy, and manageable hair and this is the determining factor that drives the consumers to make most of the purchasing decisions. The market for the hair care products is expected to grow across the globe due to the increasing R&D activities that are meant for the enhancement of these products (MKTG 5, 2012). There has been an
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In 2015, the global hair care market was estimated to a value that is close to US$81.3 billion and is expected to grow up to US$ 105.3 billion by 2024 (Transparency research analysis, 2016). The consumption of hair care products is highest in Asia, followed by Europe, North America, Latin America, Middle East and Africa.
Is it elastic or inelastic?
The demand for hair care products is inelastic (MKTG 5, 2012). This means that a change in the price of the hair care products will lead to a smaller change in the demand.
Are there obvious substitute goods available?
The market for the hair care products is a monopolistic competition where the sellers or the producers deal with products that are differentiated from one another. There exist substitute goods in the hair care market. For instance, there are different types of shampoos across the global market, that is, there is two-rye flour, six-henna, and seven-tea among others. These have been necessitated simply because different customers will demand a different type of shampoo that they think works well on their hair (Larson, 2011). Customers will always want to pay for what they believe will work out on their hair well or as
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Yes, there are important compliments regarding the fragrance that is used mixed with some types of hair care products. For instance, it will be good to have a nice fragrance mixed with the shampoo so that when applied to the hair it can make it smell nice over a certain period. Besides that some other hair care products are sprayed to the air so that it can remain moist and smell nice; the pink after shampoo hair treatment Roux is one of the products that serve well to make the hair smell nice (Larson, 2011).
Is there decreasing marginal utility of consumption?
There is no decreasing marginal utility of consumption in the hair care products. Once a customer has got the products that they believe works well on their hair, they cannot stop buying the same products since they know what the results will look like.
Write down a utility function for a typical consumer. Justify the functional form you have chosen.
A utility function is a vital concept that is believed to measure preferences over a set of products within the market. For this case, the hair care products are the line of products that is dealt with.
U(dc, ic)=
This is the where there is use of some attraction to the consumers and in this case the use of an ...
"Toxic Chemicals Used in Salon Products." Women's Voices For The Earth. N.p., n.d. Web. 30 Apr. 2014. .
Historically, the purpose of a cosmetic product, which include personal hygiene products, skin care product, make-up and perfumery product, was to decorate and modify the appearance and odour. Although originally its purpose was essentially to enhance the appearance and odour , cosmetic products have gradually developed towards more functional role and continue to gain the capacity to cleanse, dramatically modify, protect and maintain in good condition. Cosmetic product are intended for application on the skin, external mucous membranes, hair ,and nails and to have a local effect , it is not intended to respond to metabolical needs , and is not the function of the cosmetic
The most significant weakness for Belle Couleur would be the undifferentiated product that will be introduced to the Dutch market. Although the number of shades of hair color will be reduced to accommodate the limited retail shelf space, the colors offered will not be reformulated to cater to Dutch preferences. The colors available to the Dutch market will be those that have been specifically formulated for the French market. The problem lies in the differences in color preferences of the Dutch and French women. While the French prefer darker and conservative colors, the Dutch preferences lie at the opposite end of the color spectrum, preferring lighter shades. The market research indicated that buying intentions of the Dutch women decreased after the test-use because the color ¡§didn¡¦t cover gray¡¨ or ¡§was too dark¡¨. Moreover, competing local and international brands in the hair colorant market formulate their products to Dutch market preferences.
Consumers of SheaMoisture products are still likely to purchase their products, even if they are expensive because of their brand
Overview NARS Cosmetic is a cosmetic company founded by Francois Nars in New York, US in 1994 (Hollywoodnoirmakeup.com, 2012). It is considered as one of the best-selling cosmetics and skincare products company in U.S.A, Canada, Korea, Japan, and Taiwan (Shiseido Co., 2014). Since the demand for cosmetics is growing every year and people are looking for more quality products, the company decided to open a new branch in the Middle East to have more customers and to satisfy them by making the NARS product more easily accessible. The aim of this paper is to indicate the best country among the GCC to open a new NARS Cosmetic branch by studying every country’s feasibility of a new cosmetic branch. We hope this expansion can please our customers and make better reputation in GCC countries,besides increase our profit.
For this signature assignment, I will examine how advertisers utilize marketing concepts and methods to target different market segments. By doing so, I chose two cosmetic print advertisements from the magazine, CBS Watch! to identify both differentiations, similarities, generalizations, the impact on individuals, and on society as a whole. The two print ads chosen for this signature assignment includes, Givenchy Gentlemen Only Casual Chic, and Oscar de la Renta Extraordinary.
The consumer decision process consists of these six steps. First, problem recognition: Awareness of an unmet need. Second, information search: Search for alternatives that will meet your needs. Third, alternative evaluation: Evaluate the alternatives. Forth, purchase decision: Decide on the best alternative for you based on your criteria. Fifth, post-purchase behavior: Determine if you are satisfied with your choice. Sixth, disposal of product: Determine if you will keep it, upgrade it, or get rid of
The media control all mass communication all over the world, its existence is integral to today’s twenty-four hour society. All media is highly influential, from on television to radio, newspapers to magazines, but especially the £19billion advertising industry. Although many people refuse to admit it we are easily manipulated into buying particular products subconsciously, a well-produced and marketed advert can increase sales revenue for any product. Schwarzkopf hair care & dyes is well known as an alternative to the mainstream hair companies. Hans Schwarzkopf whose first formula in 1903 was an instant hit with his female customers established Schwarzkopf in 1868. The water-soluble powder shampoo, “The Shampoo with the Black Head”, offered an easy-to-use and value-for-money alternative to the expensive oils and harsh soaps of the time. Since then the brand has continued to grow and is famous for providing striking colours for women with a more adventurous style at an affordable price.
Throughout the decades, women’s fashion has evolved many times, each time creating a fashion stamp unique to that particular decade. One thing has remained the same and managed to remain a part of every era: hairspray. It is a cosmetic product that is meant to hold hair in its place. A lot of products we use today are may have unseen consequences to daily usage. A product I use almost daily is hairspray. I always knew hairspray was bad for the environment because of the aerosol that was in them would break down the ozone layer, so I began to look at a specific hairspray that I use just about every morning and night, Sebastian Shaper Hairspray, Regular, Styling Mist for Hold & Control. This specific Sebastian Hairspray product is not only bad for the environment; it is also bad for humans and animals.
“Marginal analysis involves changing the value(s) of the choice variable(s) by a small amount to see if the objective function can be further increased (in the case of maximization problems) or further decreased (in the case of minimization problems)” (Thomas & Maurice, 2012, pp. 91). Marginal analysis is known as “the central organizing principle of economic theory” for its importance and applicability to many aspects of our daily lives as well as our careers (Thomas & Maurice, 2012, pp. 94). The key concepts of marginal analysis include total benefit, total cost, marginal benefit, marginal cost and net benefit. These concepts all come together to play a significant role in the use of marginal analysis to reach the optimal desired outcome.
Most people will use beauty products every day in order to be more attractive, whereas the cost is very high. Hence, customers want to obtain a low price in the stage of transaction.
Consumer offerings are essential products that are available in the consumers’ market. However, not all these offerings are part of the consumers’ need at a particular time. In this brief piece of writing, readers will understand the consumer offerings that relate to their needs and when. Similarly, readers will learn the difference in these offerings and probably the products the author has patronized with a vivid example. At the end of the paper, readers should feel free to consult the references that aided the writing.
The US and Western European markets are reaching saturation- therefore cosmetic companies see the future markets for their products in Central and Eastern Europe, Chi...
The theory or law of diminishing marginal utility (LDMU) states that the marginal utility (MU) of each unit of good consumed will fall as more units are consumed. At this point it is helpful to first define some terms. Marginal utility (MU) is defined as the extra utility derived from each unit of good consumed. Total utility (TU) is the total satisfaction derived from all units of the good consumed.