Marketing Ayurveda Shampoo To Be Introduced -Myassignmenthelp.Com

Question: Discuss About The Marketing Ayurveda Shampoo To Be Introduced? Answer: Introduction: Ayurveda science attracts importance and popularity across the globe because of its therapeutic values. Presently, awareness related to personal care products which includes essential herbs and natural resources are increased, and there are number of people who prefer Ayurveda and natural products over those products which contain hazardous chemicals. These products contain the natural ingredients which are discovered by our ancestors and ensure amazing results on the body of the individual (Jain, 2017). However, this industry is not fully developed in Australia but from last few years various consumers get aware from the advantages of using herbal shampoo which is made from herbs and natural ingredients, and it increase the future prospects for Forest Pearls. Chemical shampoo results in various side effects, but no such effects are shown from using the herbal shampoo, and herbal products generally attract the customers (Baptiste, 2014). Structure of this report includes the mission, product services, marketing analysis, primary target market, marketing plan, financial plan, critical risks. Lastly, paper is concluded with brief conclusion. Mission: The main objective of Forest Pearls Ltd is to increase the consumption of herbal shampoo in both urban and semi urban areas for which company take action to transform the demand of synthetic shampoos into the demand of herbal shampoos. Specific objectives of the organization are defined below: Company aims to earn an Annual Rate of Return on Investment of 15% after tax for the period of next 3 years. Company aims to sell at least 10 million bottles during the first year of operation. Company aims to achieve at least 20% consolidated growth for next 3 year. Aim to achieve the position of being reliable and widely used herbal shampoo in Australia. Product offering: An offering in the market is the total offer made by the organization to the consumer, and it is more than the product itself and also states the factors which provide additional values to the consumers such as availability of the product, convenient delivery of the product, technical support or quality of service. Effective product offering clearly differentiate between the products offered by organization from the products offered by competitors and it also help the organization in creating the customer value by meeting different needs of the customer (Linton, n.d.). Brand name of this product is Argan pearls, and punch line for this product is Nourish Your Hair. Quality- Argan Pearls is very effective hair strengthen and moisturizing hair cleanser which contains the nutrition values of argan oil and other herbal extracts which mainly introduced for preventing hair loss and dandruff. Key ingredients- This product contain the extracts of Argan oil, Neem, shikakai, methi dana, and other natural herbs. Argan Oil is the oil which is extracted from kernels of the Moroccan argan tree and this oil is used for moisturizing, conditioning and softens the hair. It is also referred as liquid gold because of its valuable qualities and it includes number of nutrition values such as vitamin E and fatty acids which result in number of positive outcomes if applied correctly. Various positive results of Argan oil become the reason of increasing trend and usage of this oil for hair (Foxbrim, 2018; Argan oil world, n.d.). Safety- this product is completely safe, and does not include any such ingredient which cause harm to the hair or scalp, and it can be used on premed hair and artificial colored hair. Availability of the product- this product is available on all the stores of Forest Pearls Ltd and customers can also get this product online on the website of the organization (WWW.FORESTPEARLS.COM). Delivery of product- as stated product is available at all the stores of the Forest Pearls, and in case of online order product will be delivered within 3-5 business days. Different from competitors- forest pearls serves the purest form of oil to its customers, and this oil is ethically sourced because we directly reach the fields of South West Morocco for getting this oil. Market analysis: Market analyses is considered as quantitative and qualitative assessment of any market, as it determine the size of the market in both ways volume and in value, customer segments and patterns of purchasing, competition, economic environment, etc. Generally, market analysis includes information related to industry, target market, and competition (Gregory, 2017). Industry analysis: Hair care market in the Asia Pacific is experiencing a period of stagnation. Growth in market was generated through various innovations, technology, and benefits. Present, various issues related to the hair are faced by the people because of different reasons, and these reasons includes pollution, sun damage, scalp issues, hair thinning and loss, etc. various companies introduced different categories of products which offer the benefits for health of hair. It must be noted that large proportion of Australia is aged; almost 53% of the population is aged between the years 25-64. Shampoo holds the large area of the market in both context that are volume and value. However, market share of shampoo is declined because of the introduction of new hair health promoting natural products (Mordor Intelligence, 2016; Cision, 2017). Drivers- in Australia, aging population purchasing the more hair care products and herbal and natural care products will be considered as best drivers in hair care industry. Challenge- Australia consist competitive and mature market in context of hair care products, and it has high unique preferences. It also has increased awareness for rejecting the products which has harmful ingredients such as silicones (Rubin, 2001). Competition: As stated above, hair care industry in Australia holds large market share and because of this there are number of organizations which offer herbal hair care products in Australia. Following are the main competitors of Forest Pearls: Natures Care Pty Ltd- this company was considered as fastest growing company in field of herbal/traditional products during the period of 2017. It increases its market share by 0.5% for the purpose of becoming the third rank player in this industry. It gets benefits by selling the products contain Healthy Care vitamins and dietary supplements brand. This company target the mainstream consumers and those consumers also who belongs to niche areas (Euro Monitor International, 2017). Argan life Australia- this company also supplied pure argan oil products to its customers and considered another important competitor of forests Pearl Ltd (Argan life Australia, 2018). Figure 2 shows the product sell by this competitor. Primary target market: Forrest pearls can target following markets in Australia: Forest pearls can target every individual in Australia above 5 years of age. Those individuals who earn High income, and they can also target upper middle and middle class of urban and sub-urban areas. Individuals who earn High income and upper middle class of rural areas. Marketing: This section of the report states other important aspects of the product launched by Forest Pearls such as product, pricing, promotion, and distribution: Product: Argan Pearls is very effective hair strengthen and moisturizing hair cleanser which contains the nutrition values of argan oil and other herbal extracts which mainly introduced for preventing hair loss and dandruff. This product contain the extracts of Argan oil, Neem, shikakai, methi dana, and other natural herbs. It is suitable for every individual above 5 years. Figure 1 shows the packaging of the bottle. Pricing: Organization adopts Penetrative and Competitive pricing strategy under which company opts for lower price of the product for the purpose of attracting more customers as compared to competitors. Price of this product will be flexible and company can change the price on the basis of market conditions. Suggested price: Quantity (in ml) Price 7 Australian $ 20 35 Australian $ 110 100 Australian $ 220 Distribution: This channel of distribution is chosen by the company because company introduces its product for the first time and if company chooses to distribute this product by themselves then it can result in costly affair to the company. For the purpose of eliminating this issue company collaborates with the distributors and because this market is very large it is advisable to explore it with the help of dealers. Promotion: Company chooses following strategies to promote its product: Push and pull strategy- push strategy is the strategy under which product is directly taking to the consumer through different means, and in this manufacturer ensures that customer is aware about the brand at the time of purchase. In this forest pearls opt two tactics that are product is directed sell to customers in showroom and ensures efficient supply to the workers (Marketing, n.d.) On the other hand pull strategy involves motivated to the customers for the purpose of seeking out the brand and for this forest pearls choose advertising and mass media production. AIDA Strategy- another strategy adopted by the company for the purpose of promoting the product is the AIDA model which stands for attention, interest, desire, action. In this company must ensure effective advertisement and free distribution of samples (Suggett, 2017). Financial plan: For the purpose of financing, company conduct loan of $ 100,000 from financial institution for the purpose of raising funds for new venture. This section states the financial plan for the above stated product and for this purpose statement shows two sets of venture capital investments of $160,000 and additionally $40000 for cash flow purpose. Critical risks: Following are the risks which must be addressed by the organization: Manufacturing risk: in this two issues must be addressed by the organization, and these two issues are process of the product and quality of the product (Hill, n.d.). Financing risk: it must be noted that no traditional funds are required for this venture and it is not related to fluctuating interest rates. Conclusion: After considering the above facts, it can be said that Forest pearls can introduce this product in the market after following this business plan. This plan highlights various important areas and it also state the risk which must be addressed by the forest pearls while introducing this herbal shampoo in the market. It is prepared by the team of experts who possess great knowledge and experience in the field of marketing. This report defines the list of actions but this list of actions required the strong foundation otherwise it does not work for a business. It is recommended to the organization to focus on the secondary market also, because now days this market is also flourished and has great scope. Company must concentrate on the quality of their product because customers of Argan oil are quality conscious. References: Argan life Australia, (2018). Genuine And Ethically Sourced. Available at: https://www.arganlife.com.au/. Accessed on 20th January 2018. Argan oil world. Argan Oil for Hair The Ultimate Guide. Available at: https://arganoilworld.com.au/the-ultimate-guide-to-using-argan-oil-for-hair/. Accessed on 20th January 2018. Baptiste, D. (2014). Benefits Of Herbal Shampoo For Hair. Available at: https://www.boldsky.com/beauty/hair-care/2014/benefits-of-herbal-shampoo-for-hair-037213.html. Accessed on 20th January 2018. Cision, (2017). Australia New Zealand Market Study on Herbal Supplements: Beauty Supplement Product Type Segment Estimated to Account for a Value Share of 14.3% by 2025 End. Available at: https://www.prnewswire.com/news-releases/australia--new-zealand-market-study-on-herbal-supplements-beauty-supplement-product-type-segment-estimated-to-account-for-a-value-share-of-143-by-2025-end-300452035.html. Accessed on 20th January 2018. Euromonitor International, (2017). Herbal/Traditional Products in Australia. Available at: https://www.euromonitor.com/herbal-traditional-products-in-australia/report. Accessed on 20th January 2018. Foxbrim, (2018). Why argan oil shampoo is your hairs new best friend. Available at: https://www.foxbrim.com/blogs/simply-foxbrim/95169473-why-argan-oil-shampoo-is-your-hair-s-new-best-friend. Accessed on 20th January 2018. Gregory, A. (2017). How to Write the Market Analysis Section of a Business Plan. Available at: https://www.thebalance.com/how-to-write-the-market-analysis-section-2951562. Accessed on 20th January 2018. Hill, B. Why Are Major Risks in the Business Plan?. Available at: https://smallbusiness.chron.com/major-risks-business-plan-60271.html. Accessed on 20th January 2018. Jain, S. (2017). Why is Ayurveda important?. Available at: https://www.quora.com/Why-is-Ayurveda-important. Accessed on 20th January 2018. Linton, L. What Is an Offering in Marketing?. Available at: https://yourbusiness.azcentral.com/offering-marketing-7598.html. Accessed on 20th January 2018. Marketing. Push pull marketing strategies. Available at: https://marketing-made-simple.com/push-pull-marketing-strategies/. Accessed on 20th January 2018. Mordor Intelligence, (2016). Australia Hair Care Market - By Products, Distribution Channels and Vendors - Market Trends and Forecasts (2015 - 2020). Available at: https://www.mordorintelligence.com/industry-reports/australia-hair-care-market-industry. Accessed on 20th January 2018. Rubin, H. (2001). The Australian Herb Growing Industry. Available at: https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=6cad=rjauact=8ved=0ahUKEwiShrrCm-bYAhXJqo8KHaeTB-MQFghFMAUurl=https%3A%2F%2Fagrifutures.infoservices.com.au%2Fdownloads%2F01-024usg=AOvVaw2m4FuXfDlZJH85aqPZndXq. Accessed on 20th January 2018. Suggett, P. (2017). Get To Know, and Use, AIDA. Available at: https://www.thebalance.com/get-to-know-and-use-aida-39273. Accessed on 20th January 2018.