BUS5PB : Principals of Business Analytics Assignment 2022

BUS5PB – PRINCIPALS OF BUSINESS
ANALYTICS
Assignment 01: Self Service Analytics
Solutions
Table of Contents:
 Introduction...........................................
.............................................................3
 Survey Analysis...................
................................................................................4
 Ratings analysis and recommendations..........
...............................................9
 Conclusion.......................................................................................
.................11
 Recommendation................................
............................................................12
 Reference................................................................................................
..........13
1

Self Service Analytics Solutions – Emergence of Pharmaceuticals
in Australia
INTRODUCTION
Lifestyle patterns are constantly evolving in Australia with consumers
focusing more on well balanced diets, good work-life balance, and healthy
living. The purchasing behavior is continuously shifting with consumers
making more mindful decisions, paving way for new products in the
markets focused on health, nutrition, and beauty care. This has resulted in
the formation of new industry segments – Nutraceuticals, Cosmeceuticals
and Nutricostmetics.
• Cosmeceuticals: topical cosmetic products that have medicinal or drug-
like benefits (creams and fortified syrups).
• Nutricosmetics: supplementation of nutrients that are formulated for
beauty care (both oral and topical).
• Nutraceuticals: products derived from food sources that provide extra
health benefits, in addition to the basic nutritional value found in food
(dietary supplements and functional food).
The demand of these three segments is driven by increasing desire to
have preventive measures, anti- aging products as well as natural
therapies. Health and beauty products are focused on getting consumers
to use fewer but better products and raising awareness on the benefits of
these. The annual growth rate of these new segments in Australia is
estimated to be between 4% - 8%. Japan and China have shown an
increased demand for these segments as part of the healthy lifestyle
accounting for 90% of the world sales. Nutraceutical industry has
established well in the USA accounting for approximately 45% and
showing promising growth in the coming years.
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UNDERSTANDING THE GROWTH OF INDUSTRY SEGMENTS IN
AUSTRALIA
Data collected from 360 participants across Australia was used to
understand which segment was the most popular among all age groups.
The highest number of consumers was interested in Nutricosmetics –
nutrition supplements for beauty care (147 responses out of 360: 41%).
The second in lead was Nutraceuticals (118 responses out of 360: 33%)
and the least interest shown in Cosmeceuticals (95 responses out of 360:
26%).
Segments
Count of
Product Type % Share
Cosmeceutical
s 95 26%
Nutraceuticals 118 33%
Nutricosmetic
s 147 41%
Grand Total 360 100%
Table 1: Products most interested in across the three segments
UNDERSTANDING PRODUCTS PREFERENCE ACROSS AUSTRALIA
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Figure 2: Industry segments in different
regions
From the 360 responses observed, the segments were most popular in
Victoria state and least favorable in Western Australia.
Product preference in:
Queensland: Second most popular region. Consumers in this region
preferred Cosmeceuticals (29 responses out of 60: 48%) with
Nutricosmetics following closely (27 responses out of 60: 45%).
Nutraceuticals was not preferred highly in this region (4 responses out of
60: 7%).
Tasmania: In Tasmania, Nutraceuticals was the most preferred (37%)
followed by Nutricosmetics (35%). Cosmeceuticals is not very popular in
this region (28%).
South Australia: Nutricosmetics (43%) is the most preferred segment in
this region followed by Cosmeceuticals (37%). Nutraceuticals is the least
preferred (20%).
Western Australia: Both Nutricosmetics (48%) and Nutraceuticals (47%)
are quite popular in this region while Cosmeceuticals (5%) is less
preferred.
NSW: Nutraceuticals (62%) is not only the most preferred segment in this
region but also has the highest popularity among consumers compared to
other regions in Australia. Nutricosmetics (27%) is preferred more than
Cosmeceuticals (12%).
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