Market Analysis and Segmentation

This assignment delves into the principles of marketing, focusing on market analysis and segmentation. It examines customer behavior, product strategy, and the importance of understanding target markets. The assignment also discusses various marketing mix approaches and emphasizes the need for effective communication strategies to prioritize specific market segments.

INDIVIDUAL
REFLECTION

Table of Contents
INTRODUCTION...........................................................................................................................1
Description of New Product........................................................................................................1
Market for this Product...............................................................................................................2
Strategy for segmentation, targeting and positioning of the product..........................................3
Marketing Mix for this product...................................................................................................4
Reflection....................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
Market is a segment of potential buyers and sellers who interact to trade product and
services. In this, a particular item is made up of existing consumers who needs it and willing to
pay for this. For this, an organisation needs to build their own image by introducing their creative
ideas in geographical region (Tanner and Raymond, 2015). Launching a new product is not an
easy task because for this, an organisation needs to make proper analysis on target market and
audience as well. Through this, they can easily analyse customer's demand and requirement for
specific product and things. This process required proper planning, designing, manufacturing,
monitoring, controlling and implementation to getting desired goals and objectives in effective
manner. In this procedure, some organisations faces tough competition from existing firms and
their products. Therefore, management of business firm needs to use impactful strategy to easily
differentiate their products than others. This report is based on a proper marketing module in
which Dove launch a new hair care product for their professional rage.
Description of New Product
Dove absolute repair serum is a new hair care product that introduce for heat protection
and leave-in treatment. This product is used to repair damaged hair while making straightening
and blow-drying. However, main reason behind introducing this marvellous serum is to mark
each portion of the hair according to its level of damage and dryness.
For this, professionals of Dove are adopting advance technology for analysing foremost reason
behind occurrence of split-ends in hair as well as deterioration. Serum is a basically uses to treat
hair genteelly before drying, straightening and styling. It helps to smoothing length and follicles
of tame curly and frizzy hairs (Armstrong and et. al., 2014). Professionals saloons and
individuals uses such products to protect hair from heat generated styling as curling, flat ironing
and blow-drying. Dove use only natural and organic active ingredients in their Absolute
repair serum. It is helps to moisturise the scalp, re-texture the hair, add volume, repair the ends of
dry hairs and to make rejuvenated as well as shiner. Thus, some hair expert organisations are
formulate chemical ingredients that can be aggressive and harmful for hairs. Therefore, Dove
introduce their new professional range to protect hair from such chemical uses and its negative
impacts. Expert says that best apply of serum is directly on wet hairs to get better results.
Through this, customer's can get positive results of its better suited hair goals. It is basically
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apply as 1 or 2 drops on length of hairs genteelly. It can perfectly apply on wet hairs by evenly
distribute on midsection to length. It can also apply before straightening and blow-drying to
protect hairs from heat and harsh chemicals. Dove absolute repair serum is perfect for all types
of hairs and it can apply easily by adopting some simple methods. It also help to prevent hair
from heat damage but takes a long period to provide desired and better results. According to
some experts view, it is require to decreasing number of times that uses to blow-dry and
straitening hairs because it make hairs rough and frizzy (Lilien, Rangaswamy and De Bruyn,
2013). It can be a better technique to get better results without applying harmful chemicals.
These serums consider vitamins, proteins, organic essence oil and vegetable waters and so on.
Through this, hair get conditioning and volumizing within 45 days. Dove professionals provide
some other tips for hairs care that individual needs to use low heat tool and equipments because
these are generally uses in saloon treatment and impacts negatively on natural hairs. For this,
experts of Dove implement organic properties to nourished hairs by quality products. Through
these positive results, Dove absolute repair serum can easily build their new image in target
market by satisfying customers.
Market for this Product
Beauty and hair care industry is include customer base products that helps on maximising
their demand and requirement for specific services. Now a days, buying behaviour of consumers
has change due to inappropriate and unsatisfying products as well as services. As its results, it is
hard for a new organisation or products to build their own image properly in target market. This
process required proper monitoring on customers and target market for analysing their
requirement and need. Dove is a well known organisation that deals in beauty and hair care
services. For them, it is require to analyse customer's desire and need before introducing new
products in target market. Dove absolute repair serum is a new product that launch by this
organisation for hair care services (Gbadamosi, 2013). Factors that helps to create positive image
of a product can be efficiency, recommendation, penetration and target market. Professional hair
care market is basically expected for those products that helps in maximising customer's
satisfaction level properly. At that time, this industry faces a major challenge as damaged and
dry hair while making straightening, styling and blow-drying. An specific market segment of
products is distinguish on the bases of type of products, distribution channels and qualities that
assist in maximising its sales. For proper market analysis, Dove needs to use information
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analysis procedure by implementing different techniques as qualitative and quantitative. Through
this Dove can monitor exact market for this product. These are the most impelling tools of
individual synthesis to render quality services properly. All these procedures are known as data
analysis techniques that used to getting higher competitive advantages easily. It provide in depth
analysis that governing factor along with market quality on the bases of different segments.
Through this analysis Dove can analyse dynamics in changing market, competitive organisations
and potential as well as niche market. All these analysis assist to create a positive image of
organisation in geographical region.
Strategy for segmentation, targeting and positioning of the product
For a business organisation, it is required to analyse target market and audience while
launching a new product. In this procedure, they can use STP model that helps in analysing
strategic approach of modern market (Okol'nishnikova and Iuldasheva, 2013). By implementing
such strategies, an organisation can easily analyse customer's requirement and need to cater
quality services to them. This plan aid to build positive marketing communication strategy to
prioritise specific proportion of market. It is used to engage with target customers properly. In
this procedure, communication play most important role in order to analysing customer's
requirement and need on the bases of different segmentation. This strategy is determine three
different elements as
Segmentation is a most specific procedure that uses to analyse new customer's and their
demand for specific product. Through this, Dove can easily launch their new strategy in front of
target audience by properly determining features, quality and effectiveness of their new products.
This strategy is classify in different ways as Demographic variable is stand for Age, gender
income level and religion of customers. Through this, Dove can easily provide their quality
services to them. This is a most specific area that used to distinguish audience in different
segments. Dove absolute repair serum can be more promising for female customers by providing
leave-in treatment to them (Lees-Marshment, 2014). Geographic variable is used to analyse
Locality and highly demanded area. These kind of products are basically uses by hair care
professionals and female candidates, so for this organisation needs to make proper focus on such
location. Through this, employees of Dove can easily engage with customers of different
geographical regions. Behavioural variable is also a part of segmentation strategy. In this
procedure, Dove needs to analyse Customer's choice, demand and need to render appropriate
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services to them. Dove absolute repair serum is a hair care product that can used for heat
protection and leave-in treatment procedure. This product is aid to repair damaged hair while
making straightening, styling and blow-drying. Psycho-graphic proportion used to analyse
customer's Lifestyle, hobbies and emotion for specific products and services. Through this
organisation can easily serve quality goods to them on the bases of their requirement and need.
Dove absolute repair serum is helps in heat protection and leave-in treatment of hairs. They also
implement organic properties in this products to provide natural nourishing to hairs. This product
is suitable for all types of hairs to protect them from dryness (Moriarty and et. al., 2014).
Targeting is also a factor of product strategy which is generally used to make proper
analysis on existing segments that served by other firms. Through this Dove can easily analyse
different area that helps to provide befitting ontogeny and sustainability. This activity helps to
make proper gap analysis in which firm examine what they supposed to be and where they are
right now. All these factors make a significant importance of firm's new strategy they wants to
introduce with specific targets. Choosing a target is depends on several products and services
that organisation wants to offered. For this firm needs to adopt undifferentiated marketing
strategy to to promote their services proper in each segment of market.
Positioning strategy is used to create impactful image and goodwill with own products
and services. Dove always launch their processional range on the bases of customer's
requirement and need. Dove absolute repair serum is also a impactful Product that used to
prevent hair from heat damage. This is a most ingenious idea and approach that aid to move them
one step forward from present image. To make better positioning firm needs to use cost
effective strategy to capture customer's attention easily toward their services. To create desirable
position in competitive market, Dove needs to implement promotional approaches for introduce
features and effectiveness of services in front of target customers (Morgan and Pritchard, 2012).
Marketing Mix for this product
It is one of the mostly used by marketers in order to increase the efficiency of market
plans. It includes several marketing tools that help company to achieve marketing objectives.
Earlier, in involves 4P's which included Product, Price, Promotion and Place and later on it was
extended to 7P's which includes Process, People and Physical evidence. Marketing mix of Dove
absolute repair serum are mentioned below:
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Dove company is manufacturing multiple products which include mainly haircare,
skincare, etc. These products nourishes and make skin glowing and radiant and also protect skin
and hair from pollution, dust and damage. Due to this property, it has attracted lager number of
customers specially female customer towards their products (Villeneuve, J.P. and Pasquier, M.,
2017). Now, they have introduced a new product that is, Dove absolute repair serum in order to
protect hairs from damage. Scientists have used recent technology in order to formulate this
serum.
Products of Dove have generally moderate and sometime high price but is affordable by
everyone. They have set moderate price for this hair serum so that, customer who wants to
purchase this product can easily buy it. By this, they can achieve high selling due to its unique
features with moderate pricing.
Promotion is an effective way to promote company's product and make customers aware
about new products that are launched by the organisation. Company uses wide variety of
promotion tools like, advertisements with celebrity to pose more impact on customer, online
advertisements, sample distribution at launch parties, magazines, newspapers, etc. They spend
huge amount on advertisements and due to this they gain attention of large number of customers.
For promoting this new serum, company can also use theses sources to advertise and brief
customers about their features and its importance. This is an effective way to gain maximum
revenue and with strong promotion, they can maximise their sales.
Place is distribution and positioning is crucial part of marketing mix. They help marketers
to distribute company's product t different markets as well as to different countries. Company
aim is to make their products available to customers on time. This will increase trust within
consumers and they will prefer them over other industries (Yeshin, T., 2012). Dove absolute
repair serum is a new product which company can distribute and make available to different
parts of countries by choosing strong distribution channel. They should also ensure that,
packaging of the product is not hindered or damaged by any physical forces and remain intact till
the consumer gets it.
Process of Dove company develop manufacturing process or procedures which are cost
efficient and meets all quality standards. This new serum is manufactured by professionals and
are using advanced technology. For developing this new serum, they have used organic elements
like vitamins, proteins, organic essence oil, vegetable waters and others. These are used in order
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to nourish hair properly and increase their volume in shorter period of time. These are the unique
features of this serum and is capable to attract customers as they prefer organic products as
compared to chemical products.
People factor consider employee of organisation who provide their effective contribution
in introducing in services in target market. In Dove, professionals analyse several areas of
requirement to reproduce quality services easily (Hastings and Domegan, 2013). Absolute repair
serum is a new hair care product that acquaint for heat protection as well as leave-in treatment
services. In this process, employees adopt advance technology to represent quality services in
market.
Physical evidences are used to provide higher satisfaction to customers by implementing
new and unique features in products and services. These practices should have to eye capturing
that assist to create positive image in target market (Ennew, Waite and Waite, 2013).
Reflection
Throughout the entire assessment I have gone through numerous of problems such as;
hard to acquire relevant information, authentic data, product need, target market and so on. In
this process I have analysed several areas of target market in which I can initiate new products
and services. It is very ambitious to canvass each and every segment of hair care industry
because female customers are affectionate of hair styling activities. Major faint point of my
research is to analyse the behaviour of different female customer in several market segments
which affects to get desired results. The most common issue that I identify through this research
is that they faces issues of damage hairs and dryness while making straightening, styling and
blow-drying. I also examine that hair needs more protection and care before styling, so for this
individual needs to apply a simple process as wash hair, conditioning them properly and use a
minimum amount of serum through damp hair from midsection to ends of hairs. This process
requires to apply 3 times in a week to getting better results. I choose this product best because it
consider all the natural and organic properties that always impacts positively on each segment. In
future, these kind of assignments helps me to build positive relation with customers by providing
efficient and quality services. Through this, I can easily make proper research on each portion of
market by implementing creative and impactful ideas.
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CONCLUSION
As per the above report it has been summarised that market is a segment in which buyer
and sellers interact to each other for exchanging experiences on the bases of their purchasing and
selling behaviours. Customers are the last buyer of products, so for them organisation needs to
make impactful strategy to provide higher satisfaction to them. For this, an organisation can
launch new product in target market by analysing customers need and desire. It requires proper
analysis on Market for Product, Strategy for segmentation, targeting and positioning of the
product and Marketing Mix approaches. This plan aid to build positive marketing
communication strategy to prioritise specific proportion of market.
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REFERENCES
Books and Journals
Armstrong, G., and et. al., 2014. Principles of marketing. Pearson Australia.
Tanner, J. and Raymond, M., 2015. Principles of marketing. University of Minnesota Libraries
Publishing.
Lilien, G.L., Rangaswamy, A. and De Bruyn, A., 2013. Principles of marketing engineering.
DecisionPro.
Gbadamosi, A., 2013. Principles of marketing: A value-based approach. Palgrave Macmillan.
Okol'nishnikova, I.I. and Iuldasheva, O.U., 2013. Personalized communications in the system of
subject-subject marketing cooperation with consumers. Economics & Management
Research Journal of Eurasia. (1). pp.48-61.
Lees-Marshment, J., 2014. Political marketing: Principles and applications. Routledge.
Moriarty, S., and et. al., 2014. Advertising: Principles and practice. Pearson Australia.
Morgan, N. and Pritchard, A., 2012. Advertising in tourism and leisure. Routledge.
Villeneuve, J.P. and Pasquier, M., 2017. Marketing management and communications in the
public sector. Routledge.
Yeshin, T., 2012. Integrated marketing communications. Routledge.
Hastings, G. and Domegan, C., 2013. Social marketing: From tunes to symphonies. Routledge.
Ennew, C., Waite, N. and Waite, R., 2013. Financial services marketing: An international guide
to principles and practice. Routledge.
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