Customer Insights for Cosmeceuticals, Nutraceuticals, and Nutrocosmetics
Added on 2019-11-26
14 Pages2123 Words166 ViewsType: 166
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Market research survey 1Student name:Student ID:Course Name:Course CodeMarket Research
Market research survey 2Executive summaryThis research survey was focused on understanding the customers’ buying and consumption behavior asfar as nutriceutical, cosmoceutical and nutrocosmetics are concerned. The understanding of the customerbehavior would therefore form a basis on which the company was going to lay strategies as far asmarketing is concerned so as to increase its customer base. A close analysis showed that most customerspreferred being reached through social media. The research survey also established that most customerspreferred nutrocosmetics compared to the other two products. This report therefore recommends to themanagement that it should concentrate more on social media as a way of reaching its customers in orderto increase its customer base. to add on, it should produce more of nutrocosmetics compared to the othertwo products.
Market research survey 3Table of content Page1.0 Introduction 41.1 Main objective 51.2 Specific objectives 52.0 Methodology 52.1 Data analysis and results 63.0 Recommendations 134.0 References 14
Market research survey 41.0 Introduction It goes without say that there has been an emerging trend in the health, nutrition and physical wellbeing.Just to shed some light on the three categories of products, the health or products with medicinal valuesare known as pharmaceuticals, products with food supplements known as nutritional products whilepersonal care products are known as cosmetics. Companies dealing in health products, nutritionalproducts and products that enhance physical wellbeing have in the recent past seen the need to diversifytheir products due to market demand across the world. In an effort to achieve their objectives ofdiversifying the market, they have created sub-industries that manufacture products with a mix of two ofthe three product values afore mentioned. From cosmetics and pharmaceuticals, cosmoceutical productshave been manufactured. From nutritional and pharmaceutical products, nutraceutical products have beenproduced while from nutrition and cosmetics, nutricosmetic products have been produced. By definition,nutraceuticals can be said to be those products produced from food sources that apart from providingnutritional value they also provide health benefits. Cosmoceuticals on the other hand refer to cosmeticproducts that have got medicinal benefits. Lastly, nutricosmetic refer to nutrient supplements that areformulated for beauty purposes. Statistics have it that these industries in the recent years have had a global growth of from 4% to 8%. Theresearch also indicates that the three industries have had varying domination across the global market.Asia and in particular Japan and China have been found to dominate in nutricosmetics contributing to90% of the sales made globally. United States of America on the other hand has been found to dominatein production of Nutraceuticals. It accounts for about 45% of the total global sales in the product. Thecore driving factor for these industries has been found to be ever increasing demand for preventivehealthcare and anti-aging products.
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