In this coursework assignment I was supposed to use and apply the ideas and concepts that I had learnt in this course module with a practical business case where I had to describe and evaluate the marketing activities that were related to the launch of new hair care product. To start with I had to first decide on product concept and finalise what was the product in hair care category that I would be working with, so to decide on this I searched over current hair care products that are available in market and then searched to identify emerging needs of customers that are either not addressed or are addressed with limited focus. During my search I found that curl control hair care solutions like shampoos that are natural based are very few in market and high in demand from customers. Also, most of these natural hair care products are priced high so are not widely used due to affordability issues hence I thought of launching a shampoo product that was based on rapeseed oil and extracts.
As rapeseed is mostly a feedstock waste so formulation of shampoo based on oil extracts and its fatty oils would be low cost material as well as high performing solution because rapeseed is natural ingredient that can be used for curl management and prevent damage due to its properties. In this report I have reflected on describing the properties of my product and benefits so as to demonstrate usage of shampoo and the manner it can solve customer needs. I have stated the key features that make my product more effective than other standard formulations and products. Also I have analysed the market of hair care product with describing the strategies for segmentation, targeting and positioning.
Thus by doing this project I got hand on learning off applying the marketing ideas like STP, product and market analysis as well as application of marketing mixes in context of real case which has extended my knowledge as well as given me opportunity to demonstrate the learning through compilation of this report. This learning gained will be useful in my future career prospects where I could apply logical reasoning to be used in strategic formulations based on evidence and research work which were the key attributes that I have learned while developing this report.
In this report the marketing activities related to the launch of new hair care product Trend Setters is discussed which is a new shampoo plus conditioning formulation made specifically for curl control and management. The product is described in details along with its properties and unique benefits, analysis of market, strategies for STP. Lastly recommendation for marketing mix of Trend Setters is given for better understanding of marketing aspects.
As the interest for individualism is extending its pace towards multicultural beauty products so this trend has allowed a shift in beauty perceptions for males and females where they are more actively engaged with products that are reflectors of their personal identities (Bano and Mohd Sharif 2016). Today the hair care markets is providing a wide range and variety to suit individual needs and concerns where individualistic hair care products are rising their demand in markets as consumers both men and women can express themselves freely now through their fashion statements where curls and straights are both becoming the centre for appeal (Young, Chihyung and Sunghyup 2017). The new hair care product that will be launched in market under brand “Trend Setters” will essentially focus on solutions of product development that will address the curl control concern of consumers and will meet their needs for new ethnic hair care product variety.
As curls and frizz are dominating concerns of consumers so Trend Setter will be the ideal product solution that consumers would require to protect from hair damage and frizz because of their curly hair texture. Moreover Trend Setter’s is a product that has been developed with emerging applications of innovative hair styling and intensive conditioner needs in products that can meet today’s consumer’s hair care management to maintain and embellish their natural tresses. Trend Setter’s is a Sulphate free shampoo plus cleansing conditioner solution that is based on concept to replenish natural texture of hair, protect them from frizzes’, maintain shine and hair volume with moisturising maintenance with unique curl friendly management concept based formulation.
Trend Setter is based on unique concept of naturally sourced vegetable fatty acid components that is highly bio-degradable and has a unique ecotox formulation in contrast to general benchmarks. Moreover Trend Setter shampoo plus conditioner will provide exceptional conditioning and replenishment properties on both wet and dry hair and it will be very beneficial and efficacious for curly hair types. Trend Setters will be available in liquid formation and will be useful for all hair kinds and universally suitable in different hair care formulations such as leave-in sprays, shampoo and conditioners. It will be based on surfactant compounds that will make Trend Setters shampoo plus conditioner product act as emulsifier, wetting agents for better curly management and frizz free hairs (Kessler 2015). Moreover this surfactant compound will give a unique thickening benefit that will help in detangling hairs giving tresses wet feel.
Trend Setter’s is a high perforating shampoo with improved conditioning effect that has several unique benefits:
(Matic and Puh 2016)
Trend Setter is a hair care product that falls under shampoo category which is under the FMCG product industries that is rapidly moving and growing in size. According to Ahn (2016) the main competitors of shampoo market are P&G with 44.9%, Unilever with 17.7% and L’Oreal at 11.4% market share within Great Britain hair care markets. The remaining market falls under natural hair care shampoo products that use organic and sulphate free components. Trend Setters will aim this 24% market size which will give them huge potential to lead this profitable market.
According to First research (2017) after recession between 2008-09 the hair care sector got hit significantly and is attempting to emerge. As per report from Mintel the economic downturn during that period affected a considerable quarter of shampoo users spending making them spend less which led to over 15 million pounds drop in market value during 2008-09. However as per Newswire (2013) revenue figures after 2012 reflected that there was a rise of 3% growth in hair care products during 2011-2014 and the revenue from hair care products like shampoos reached around 19 billion pounds during 2017. Innovation and capability to adapt helped the hair care market survive the recession after demonstration of 165% rise in new product launches during 2006-08.
The recent trend that is analysed in hair care product markets is that consumers look for quick fix beauty products such as universal form of shampoos that can go easily with hair care regimes and give them healthy, frizz free and better curl management. According to Mai (2014) the market size of curl targeted shampoo has doubled in size since 2016 with sales being grown by 140% year-on-year. According to Mintel reports around 23% women and 13% men own a bottle of curl control shampoo and this kind of shampoo is particularly popular among young women aged 16-30 years as compared to over 55 years consumers. It is even forecasted that curl control shampoo sales would reach to nearly 18 million pounds by end of this year.
Another noticeable trend was penetration pricing where initially new hair care products are offered at low prices while entry into market and when these become established the prices are eventually increased. As per Connelly (2013) around 80-86% companies that launch a new shampoo in market use penetration pricing as entry mode strategy. Additional trend that is notable in shampoo market is continuous demand for innovative products which can leverage brands maintain competitive edge through consistent promotions and research & development. In UK out of all hair care products a one fourth part is those of new shampoo launches and Trend Setter will also fall in this category where the new curl control shampoo will be marginally priced, offer high quality and give consumers professional, salon quality formulations within budget and convenience of home.
Strategy for the segmentation, targeting and positioning of the product
Trend Setters Shampoo plus Conditioning product will target three different consumer groups to distinctively attract each customer segment with different appeal.
Trend Setter’s will target three segments: (Trivedi, Patel and Savalia2015).
Trend Setters hair care shampoo plus conditioning product will be targeted to three distinct segments and separately. Example, men tend to have shorter hair and those with curl texture usually need more often care, pamper and hair replenishment properties to prevent hair damage and manageable hairs that looks soft. So for male customers between 13-55 years Trend Setters will be targeted on the desire to be seen as tough man, where new shampoo will be positioned particularly for men as a hair care product that gives them freedom from flat dull hair, making their tresses and scalp look more healthy to attract attention from attractive women. The positioning of Trend Setters will be made on strategy that this new hair care product is the one that is least likely to leave men with a bad hair day (Verma 2017). As Trend Setters has surfactant compounds so this will make men feel their hair as shining, more in volume with growth agents and looking soft and frizz free. These properties will be used as positioning and promotion strategy for men segments.
To target female segments between 18-45 years age who cannot afford going to salon or salon treatment products that are expensive the new Trend Setter will be targeted as shampoo that they can experiment with since it is low cost and involves low risk of damaging their tresses. Trend Setters will be positioned as hair care formulation that can stand out from the usual standards of similarly priced products. The strategy that will be applied to appeal women with curly, frizz hairs is that Trend Setters will be positioned as new hair care product that has unique silkening formulation, offered at mid prices that will lend quality, health and curl management for women .
who want to go to salon but cannot afford, so lifestyle envy concept will be promoted that is been experienced by these women as price battle (Khare 2014). Trend Setters will be positioned as product that will give these women enjoy happy time entirely with all qualities that will increase their self confidence and discard price insecurities and amplification of self criticism, giving them a unique product priced nominally to bring women out of their bad hair phenomenon and giving them a new fascinating salon hair look so that their capabilities and power are intensified in contrast to other who pamper tresses at salon.
To target young mothers with kid’s aged 0-7 years who get less time and juggle between regimes during their daily activities, the new Trend Setter hair care product will be positioned as a display of strength that resound these mothers. By using Trend Setters this segment will have less of hair breakage, volume and shine and the product will offer quality hair styling, easy yet sophisticated hair management and emphasis on convenience (Malik and Singhal 2017). The positioning will be surrounded on capabilities of these young mothers who experience bad hair days due to time crisis but Trend Setters will get them out of their feel inferior psyche and will give them intense high performing solution that can be used with regular level of daily activities and will act as middle ground for these segments who cannot give time for long hair treatment sessions and need quick fix.
Recommendation of Marketing Mix
The recommended marketing mixes are: (Ottley 2016).
Trend Setters shampoo will have compounds that will make sure curl is controlled and managed through prevention of damage giving hairs a wet look as well as ensuring their health and shine texture. The product will be maintaining a standard formulation and is kept confidential prior to launch. The shampoo will be sulphate free, environment friendly and safe and will include natural ingredients like fruit extracts, vegetable fatty acids, extracts of rapeseed oil that are ingredients that naturally repair damage and nourish hair to give them a curl control look with shine texture. The other ingredient will be almond oil that will soothe hair and surfactant compounds will energise and prevent hair damage.
Trend Setters will be offered at value based pricing that will help to attract and retain customers. The prices will be set on value that is created by the offered product and the pricing will be driven by strategy that would reflect pay for performance concept. Trend Setters will be competitvely priced and as it is a natural, fruit extarct product so the proposed pricing will be 10% more than regular shampoos in the market.
Trend Setters will be intially launched in urban areas and metro cities to ensure it reaches maxium number of consumers across major point of stores in cities across UK and will also be distributed through suppliers and sales representatives of major hair grooming centres in cities. Further major online retailers will display Trend Setters and will be placed over online shopping platforms.
the marketing communication will be developed for each target segment separately through blend of different forms of promotions including advertising, personal selling and social network advertising. Also activation programs will be hosted in popular multiplexes in cities and in Youth festivals for promoting Trend Setters new hair care products. In initial stage promotions will be run on TV and radio commercials to create brand awarness, personality and image amongst customers to boost brand acceptance. Some promotioanl strategies that will be focused are free sample distribution over POS of major retail stores, billboard, demo activation camps in youth programs and in events hosted in multiplexes.
Thus it can be concluded that new hair care product Trend Setter will be successful and acceptable amongst customers as it is unique in its formulation that will provide easy and simplified curl control management, giving hairs volume and smooth texture naturally. Also as product will be marginally priced so it can be purchased by customers of all kinds due to budget friendly strategies. Moreover the product will be environment friendly and safe as it will be incorporating natural ingredients that will have no damage on hair and scalp.
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