Principles of Business Analytics - Assignment 01: Self-Service Analytics Solution
Added on 2020-09-15
17 Pages2464 Words83 Views
Nutrition and Wellness
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Principles of Business AnalyticsAssignment 01: Self-Service Analytics Solution
TABLE OF CONTENTSSR NO.SR NO.PARTICULARSPAGENO.1Introduction022Critical Review of the Survey033Recommendations043.1Market Opportunities043.2Targeted Customers073.3Form of products and spending103.4Channel for Campaigns134Conclusion155References16
INTRODUCTIONGlobal healthcare has emerged as a major source of financial output in the recent years. Global Wellness Institute in United States has divulged that global health and wellness market is expanding at 12.8% between 2015 and 2017 and amount to 5.3% of global output in terms of economy and is forecasted to grow at 5.7% in forthcoming years. (Global Wellness Institute, 2019). Demand for healthcare resources in Australia has increased due to age deterioration of population, pervasiveness of prolonged diseases and advancement of technologies which results to surge in number of patients. Consumers tend to lean for beauty products and cosmetics because of embodiment of wellness beliefs into their way of living. The Health and Wellness are increasingly sought after by people considering the benefits and transformations that operate in your own life. (Springer, 2014) It sounds ludicrous that businesses are competing to treat consumers by merging different health standards together like gym workouts and nutrition, yoga and Ayurveda. Everything in this sector is intermingled as businesses capitalize on wellness, making it impenetrable to intersect markets into solo buckets. (Fast Company, 2019).As we know that in the bygone two decades, pharmaceutical, personal care, and nutritional industries have come together to form new industry fragments-Nutraceuticals, Cosmeceuticals and Nutricosmetics which are still climbing initial ladders in Australia.Thus,apprehension regarding those segments, customers, markets and opportunities are imperative.This survey is accordingly exploring substantial strategies (market opportunities, targeted clients, channels for campaigns, and so on.) for a capable contributor proceeding to enter these new industry segments in Australia.
CRITICAL REVIEW OF THE SURVEYAs mentioned in the given case study, a survey has been already carried out by the end-user. In relation to that, data is available for appraisal. The motive of this survey is to edify servility on areas which are growing and are of utmost importance. This will help in advancing business and assimilating information regarding industry segments, customers and market of beauty, health and wellness. There were several questions mentioned in the survey which covered almost every aspect from determining consumer satisfaction to product capabilities in the market of wellness, beauty and health. This survey has been conducted on two types of consumers mainly, firstly those who know about such products and are captivated and secondly who has zero knowledge in it. This survey summarized data and after detailed analysis of the information, we can say that survey shows fruitful signs because it reinforces on income, gender, product preferences, demographics and nature of market. These cases are of great importance because it helps in distinguishing strategies needed to be initiated, recognising opportunities in the market and how the customers willingness to the product. This survey has uncovered areas like performance on existing products, promotional propaganda, economic conditions, initial markdown and offers on products which would helpin increasing the numbers and goodwill into the Australian market. Substantially, this survey has covered all the main objectives for the new market however questions regarding past performance and promotional strategies were not embraced which could have helped in planning operational strategies in of beauty, health and wellness market of Australia.
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