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Principles of Business Analytics

   

Added on  2020-02-18

11 Pages2534 Words66 Views
Principles of Business AnalyticsNameInstitutionInstructorDate

Table of ContentsIntroduction...............................................................................................................................................3Results.........................................................................................................................................................4Understanding theindustrysegments....................................................................................................4Product preference-New South Wales................................................................................................5Product preference-Queensland..........................................................................................................5Product preference-Western Australia...............................................................................................5Product preference-South Australia...................................................................................................5Product preference-Tasmania.............................................................................................................5Product preference-Victoria...............................................................................................................5Understandingthe consumers................................................................................................................5Gender versus Product Type...............................................................................................................5Age band versus product type..............................................................................................................6Form in which consumers would prefer.............................................................................................6Channels for communicating with the consumers.............................................................................7Amount willing to spend in a month..................................................................................................7Understanding the potentialmarketsandopportunities.........................................................................8Confidence rating................................................................................................................................8Recommendation rating......................................................................................................................9Conclusion.................................................................................................................................................10Recommendations.....................................................................................................................................10References.................................................................................................................................................11

IntroductionIt has been noted that over the few decades, the nutritional, personal care and pharmaceuticalindustrieshave all come together so as toaddress the growingdemandsinthe wellness, healthandbeautymarket.The coming together has culminated to the creation of new industrial segmentssuch as Nutricosmetics, Cosmeceuticals and Nutraceuticals.PersonalCareNutritionCosmeceuticalsNutricosmeticsNutraceuticalsPharmaceuticalsFig1:Emergenceofnewindustrysegments.·Cosmeceuticals:topicalcosmeticproductsthathavemedicinalordrug-likebenefits(creamsandfortifiedsyrups).·Nutricosmetics:supplementationofnutrientsthatareformulatedforbeautycare(bothoralandtopical).·Nutraceuticals:productsderivedfromfoodsourcesthatprovideextrahealthbenefits,inadditiontothebasicnutritionalvaluefoundinfood(dietarysupplementsandfunctionalfood).The three segments are majorly driven by the ever increasing awareness and the desire to havepreventive measures, anti-aging products as well as the natural therapies. It is approximated thatthe annual growth of the new segments could hit between 4%-8%. Major regions wherenoticeable dominance has been recorded are Japan and China which account for about 90% of the

world sales. USA on the other hand has been noted to dominate the Nutraceutical industry withapproximately 45%. The main aim of this paper was to analyze the emergence of the three segments in the Australianmarket using an end-user survey that had been conducted. Two different business intelligenceanalytic tools were employed to analyze the data. The two tools are;SAP LumiraExcel PowerPivotResultsUnderstanding theindustrysegmentsParticipants in the survey were asked on which of the product type they would be most interestedin. Majority (40.8%, n = 147) of the respondents were most interested with Nutricosmeticproducts while Cosmeceuticals has the least proportion (26.4%, n = 95) of people who are mostinterested in it. 32.8% (n = 118) of the respondents were most interested in Nutraceuticalproducts.Table 1: product most interested inRow LabelsCount of Product TypePercentCosmeceuticals9526.4%Nutraceuticals11832.8%Nutricosmetics14740.8%Grand Total360100.0%Table 2: Preference of the products based on regionsCount of Product TypeColumn LabelsRow LabelsCosmeceuticalsNutraceuticalsNutricosmeticsGrand Total New South Wales12%62%27%100% Queensland48%7%45%100% Western Australia5%47%48%100%South Australia37%20%43%100%Tasmania28%37%35%100%Victoria28%25%47%100%Grand Total26%33%41%100%

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