Business Analytics for Cosmoceuticals, Nutricosmetics and Nutraceuticals

This report discusses the use of business analytics in solving problems related to Cosmoceuticals, Nutricosmetics and Nutraceuticals. It includes a critical review of a survey, two analytics solutions using IBM SPSS and Microsoft Excel, and recommendations for effective marketing strategies. The report also provides information on the growth of these segments in the market.

BUS5PB Principles of Business Analytics

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Critical review of survey.............................................................................................................3
TASK 2............................................................................................................................................4
Developing of two analytics solution..........................................................................................4
TASK 3............................................................................................................................................7
Recommendation relating to effective marketing strategies.......................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The business analytics is being defined as the disciplines and technologies which are used in order to solve the business
problems using data and other statistical models. The business operates in external environment and there are many different problems
being faced by the business. Hence the use of statistical tools is very assistive in solving the problem. In the present report the
discussion relating to the survey conducted and the outcomes will be discussed. Further two different analytic solutions will be
provided using the data sets. In the end effective marketing strategies will be recommended in order to improve the working of the
new segments that is cosmoceuticles, nutricosmetics and nutraceuticals.
TASK 1
Critical review of survey
Currently within the external environmental Pharmaceutical sector is being converted within different segments. This is
particularly because the Pharmaceutical now focuses on personal care and nutrition as well. The personal care involves cosmetics and
other related products which involve some kind of medicinal or drug benefit. The new industry segments have been added that is
Cosmosatical nutricosmetic and nutraceuticals. Currently a survey was conducted for analysing the fact that whether these segments
will be popularized among the consumers or not. With the primary data analysis it was evaluated that the customers are buying the
products related to these segments. This is because of the reason that there is a trend of effectively working over the personal health
and well-being (Krishnamoorthi and Mathew, 2018). And because of the reason these segments will be popularized among the people.
Further with help of the external sources and other information as well it is justified that all the segments are being popularising in the
current market. With a report it was evaluated that the Global nutricosmetic market is expected to be having a growth of 8% over the
period of 2020 to 2030. This is particularly because of the reason that currently the people are being motivated towards their health
and well-being. Further another report evaluated that the CAGR of Cosmos electrical industry is 8.81 % for the forecasted period of

2016 to 2026 (COSMECEUTICALS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027), 2022).
This also states that the Cosmoseutical industry is also growing and developing because now people are being focused on the way they
appear and look within the competitive market.
TASK 2
Developing of two analytics solution
IBM SPSS
Relation of confidence rating with form and product type
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the
Estimate
1 .174a .030 .025 1.29893
a. Predictors: (Constant), form, producttype
ANOVAa
Model Sum of Squares Df Mean Square F Sig.
1
Regression 18.862 2 9.431 5.590 .004b
Residual 602.335 357 1.687
Total 621.197 359
a. Dependent Variable: confidencerating
b. Predictors: (Constant), form, producttype

Coefficientsa
Model Unstandardized Coefficients Standardized
Coefficients
t Sig.
B Std. Error Beta
1
(Constant) 3.541 .254 13.929 .000
Product type -.262 .089 -.153 -2.926 .004
form .146 .083 .091 1.749 .081
a. Dependent Variable: confidencerating
With the analysis of the regression it is clear that it is a relation present between the confidence rating and the different forms
and type of product. This is particularly because the significance value is 0.004 which is less than the standard that is 0.05. Hence it
can be stated that the confidence rating depends on the form and the type of the product used. Individually it can be seen that the form
of marketing does not affect the confidence rating of the person (Pappas and et.al., 2018). This is particularly because of the reason
that the significance value is more than the standard that is 0.081. On the other hand the product type is related with the confidence
rating. In case the customer will not like the product then the confidence rating will be low.
Microsoft Excel
Row Labels
New South
Wales Queensland
Western
Australia
South
Australia Tasmania Victoria
Grand
Total
F 31 35 34 26 29 35 190
Email 10 10 17 9 13 11 70
Cosmeceuticals 1 4 3 4 3 15
Nutraceuticals 6 7 3 5 2 23

Nutricosmetics 3 6 10 3 4 6 32
Post 8 2 10 7 6 6 39
Cosmeceuticals 2 1 2 2 7
Nutraceuticals 4 1 5 2 2 3 17
Nutricosmetics 2 5 3 2 3 15
Social Media 13 23 7 10 10 18 81
Cosmeceuticals 1 12 2 4 2 6 27
Nutraceuticals 8 1 3 5 7 24
Nutricosmetics 4 10 2 6 3 5 30
M 29 25 26 34 31 25 170
Email 12 6 12 10 14 6 60
Cosmeceuticals 1 3 1 1 5 4 15
Nutraceuticals 10 8 3 2 1 24
Nutricosmetics 1 3 3 6 7 1 21
Post 10 6 11 6 8 3 44
Cosmeceuticals 1 4 4 1 10
Nutraceuticals 3 2 4 1 5 2 17
Nutricosmetics 6 7 1 2 1 17
Social Media 7 13 3 18 9 16 66
Cosmeceuticals 1 5 8 3 4 21
Nutraceuticals 6 1 3 3 13
Nutricosmetics 8 2 7 3 12 32
Grand Total 60 60 60 60 60 60 360
The above pivot table outlines the total number of males and females geographical wise agreeing with the type of product. In
addition to this the different forms of marketing are also included within the table. This simply states that total females and New South
Wales like email and most like product is nutraceutical (Ashrafi and et.al., 2019). This pivot table assist in evaluating the particular
kind of person a green with a particular type of product and the form of marketing as well.

TASK 3
Recommendation relating to effective marketing strategies
With the above analysis it is clear that people are preparing the new segments within the pharmaceutical industry. Some of the
recommendations for effective marketing are as follows-
The first and foremost recommendation to company is that they must effectively select the target market. With respect to the
current trends and customer preference the major market segment of company of the pharmaceutical industry must be young people
(Aydiner and et.al., 2019). For the Cosmoseutical sector the major focus must be young ladies and the working women.
In addition to this another recommendation to the company is that they must charge the prices low at initial. This is necessary
in order to attract a large segment of the customer and then slightly increased the prices in order to increase profits.
CONCLUSION
In the end it was concluded that business analytics is essential in order to improve the working efficiency of the business and
solve the issues of company. The above report evaluated that the survey was a sister when order to analyse the views of the people
within the segment. For the tool of IBM SPSS and Microsoft Excel assisted in analysing the preference of customers and taking
decision in accordance to that. In the end the recommendation relating to the marketing mix likes the target market and pricing
strategy that is penetration pricing was provided.

REFERENCES
Books and Journals
Pappas, I.O., and et.al., 2018. Big data and business analytics ecosystems: paving the way towards digital transformation and
sustainable societies. Information Systems and e-Business Management, 16(3), pp.479-491.
Ashrafi, A., and et.al., 2019. The role of business analytics capabilities in bolstering firms’ agility and performance. International
Journal of Information Management, 47, pp.1-15.
Aydiner, A.S., and et.al., 2019. Business analytics and firm performance: The mediating role of business process
performance. Journal of business research, 96, pp.228-237.
Krishnamoorthi, S. and Mathew, S.K., 2018. Business analytics and business value: A comparative case study. Information &
Management, 55(5), pp.643-666.
Online
COSMECEUTICALS MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027). 2022. [Online].
Available through: <https://www.mordorintelligence.com/industry-reports/global-cosmeceuticals-market-industry>