Marketing Product Assesment - Assignment Example

Marketing Product Assessment Product Cosmetic product is actually a product that stresses on the end product benefits other than the features it portrays. The key aim of a cosmetic manufacturer is to build hope in the customer because appearance will be improved as the end result of the product. What the company is after is to ensure gratification and self confidence. In order to meet consumers’ expectations it is rather better to look on what the product benefits the customer such as moisturizing, whitening, acne solution sensitive skin, and anti-wrinkle (Mason, 2011). In the UK, there are several types of cosmetics that Britons consume as their decorative products. Traditionally, their cosmetics are normally in form of nails ears, eye, faces, teeth, and skin. In the UK, there is also some of the cosmetics which the British people can take to supplement. Like any other country, UK has its own culture. Focusing on nails, it has numerous substitutes. In the UK, nails products are used as luxury cosmetics. A rise in price of this commodity will imply that majority of consumers will not consume the product. Its elasticity will be greater than one (E>1). An increase in price means a drastic fall in demand Basing on one of the manufacturers in London, they reported that after an increment of prices of nail products by 10%, demand for it dropped by 20%. Color cosmetic products were primarily meant for personal aesthetics, in spite of this there are industries that rise claims that their products are of scientific usefulness such fighting against signs of aging itself. Clinicians have argued that cosmetics are really useful is skincare. The fact is that they improve the look of the skin either from old to rough or rough to smooth, lifting wrinkles etc. The life cycle of cosmetics is very short as compared to the rest of consumer goods. Within the industry, color and shades play key roles as they are affected by taste, fashion trends and seasonal moods. Manufacturers have therefore ensured that they provide a wide range of colors basing on the kind of season prevailing at a given particular time (Mason, 2011). Ingredients that are used currently in cosmetics are natural resources. Cosmetics for decoration can be categorized as eye make-up, financial make-up, nail products and lip products. Lip Products: Main media advertising expenditure on mass-market lip products rose from £10m in the year ending 30th September 2006 to £12.1m between 2006 and 2007. The main bachelors who spent the most were L’Oréal, Max Factor and Maybelline. On the other hand, Avon spent much that exceeded threshold of £1.4m. Max was one of the greatest investments that supported individual product. Nail Products 6.4% of cosmetic products sales were contributed by the nail products during the year as compared to the total decorative cosmetic sector. In 2007, $66M was realized from the retail sales of the nail product. Although such growth was un-assuming in comparison with other products in the same sector. The nail product sector has suffered some negative impacts from poor publicity and health issues. Price Consumers who focus in cosmetic products have associated high priced products with high quality and safe for them to be used. Cosmetic products are normally applied to the body as per the prescriptions. Customers who have followed them wisely have come to agree with the terms that cosmetics were actually meant to sure rashes and soften rough skin, it also cares shin against any abnormalities that may come on its way. It is as a result of this that prices are very high in most of the cosmetic products (Mason, 2011). Nivea is priced so highly in order to win the trust of its esteem customers. In order to differentiate genuine Nivea from those that are not genuine is by simple checking on their prices. One that is expensive is considered good. The Nivea Company have analyzed their production and fixed on prices that are not comparable with its competitors. Nivea has been produced mainly for men with a unique scent. People When companies in Europe are analyzed, UK emerges to be the leading in terms of age population. Statistics that was conducted in 2006 revealed that the average population was at age of 39 as compared to 34 of data that was collected in 1971 .Statistically, the idea is that the ratio of those above 16 years to those below 16 was approximated to be 5:1. Furthermore, those above 65 were also analyzed in relation to those under 65. The findings were that for every six people, there was one aged 65 or over. Despite this finding analysis, it is also clear that middle aged ladies visit to these sites that offer products for sale, but some also offer consultations with experts, advice and gossip (Mason, 2011). As a result, a beauty shop will find it useful through this shopping strip as they will have already market their products online. There are numerous websites that have been developed purposely to serve this one purpose of creating awareness. Another case is women who have been using cosmetic products ever since in their lives will not cease from using them at their old age, one of their key reasons why they used cosmetics during their young age was to fight against rashes. It is at old age hat rashes will tend to increase and increase their rate of usage. Another supporting reason as to why they will prefer to use cosmetics is that they will be having huge amounts of disposable incomes to spend on such luxurious products. In a research conducted in 2001 on ethnic composition in the UK, the findings revealed that there was a growing percentage of ethnical minorities. In comparison with the one that was carried in 2007, their population had increased from 7.9% to 10% being categorized as non-white. Expectations were that an additional increase of 3% will be witnessed. Within the same finding, 71% of non-white ethnics in the UK are aged between 18 and 35 years. Majority of communities are Indians. Nearly 70% of Indians believe that ethnic faces were used in advertising being a token gesture for consumer brands (Mason, 2011). Product availability is also restricted and confined to highly ethnic areas of a population approximate to be near half the population of non-whites living in London as per statistics that were conducted in 2001. Promotion The following table groups together the two NMR categories of premium beauty co/op and premium cosmetic color ranges. Main media advertising expenditure on these was £6.1m in total in the 12 months to the end of September 2007, considerably increased from the £3.4m seen in the comparable period of 2005/2006. Estée Lauder and Clinique were the biggest spenders in the latter period, together accounting for 43.9% of total expenditure in the category (Mason, 2011). Main Media Advertising Expenditure on Premium Beauty and Cosmetic Ranges (£000), Year Ending 30th September 2007 Estée Lauder 1,446 Clinique 1,246 Clarins 717 Lancôme Beauty Product Range 592 Space NK Beauty Range 313 Chanel Product Range 283 Bobbi Brown Make-Up Range 207 Christian Dior Backstage Make-Up 143 Elizabeth Arden Product Range 113 Sub threshold brands 1,073 Total† 6,135 † — may not sum due to rounding Source: Nielsen Media Research Main Media Advertising Expenditure on Mass-Market Cosmetic Ranges (£000), Year Ending 30th September 2007 L’Oréal product range 582 Maybelline Dream Mousse range 518 Max Factor make-up range 485 Revlon limited-edition collection 297 Avon make-up range 193 Revlon make-up range 174 Revlon Colorstay make-up range 156 Rimmel make-up range 149 Maybelline cosmetics range 133 Maybelline Dream Sun Glow range 131 Rimmel Summer collection make-up 115 Rimmel generic 106 Cosmopolitan beauty accessories 85 Sub-threshold brands 420 Total †3,546 Main Media Advertising Expenditure on Mass-Market Eye Make-Up (£000), Year Ending 30th September 2007 Max Factor Masterpiece Mascara 3,993 Rimmel Magnifeyes† 2,312 L’Oréal Telescopic 1,700 Avon Super Full Mascara 1,269 Maybelline Volume Express Mascara 1,234 Maybelline Define A Lash Mascara 826 Avon Uplifting Mascara 705 Maybelline Intense Xxl Mascara 674 Rimmel Lash Maxxx Mascara 669 Barry M Dazzle Dust Eye Make-Up 630 Revlon Fabulash Mascara 514 Bourjois Volume Clubbing Mascara 372 Revlon Colorstay Eyeshadow 365 Rimmel Colour Mousse Shadows 313 L’Oréal Double Extension Carbon Black 268 Revlon 3D Extreme Mascara 157 Rimmel Colour Rush Shadows 131 Prestige Cosmetics Lashmatrix 119 L’Oréal Volume Shocking Exact Brush 111 Bourjois Petit Guide De Style 86 Sub-threshold brands 414 Total †16,862 Source: Nielsen Media Research Main Media Advertising Expenditure on Mass-Market Facial Make-Up (£000), Year Ending 30th September 2007 Max Factor Age Renew Foundation 1,755 L’Oréal True Match 1,719 Maybelline Dream Matte Mousse 1,531 Rimmel Cool Matte Mousse Foundation 1,336 L’Oréal Infallible Make-Up 1,086 Max Factor Foundations 867 Maybelline Superstay Silky Foundation 666 Rimmel Recover Anti Fatigue Foundation 628 Rimmel Aqua Matt Mousse Foundation 624 Revlon Colorstay Softflex Foundation 580 L’Oréal Age Perfect Foundation 501 Max Factor — Generic 267 Rimmel Magnifeyes Waterproof Mascara 165 L’Oréal Bronze Duo Sun Powder 141 Bourjois 10 Hour Sleep Effect Foundation 133 Maybelline Instant Rewind Foundation 81 Sub-threshold brands 528 Total †12,609 † — does not sum due to rounding Source: Nielsen Media Research Reference Mason, B. (2011). Income inequality at record high. International Committee of the Fourth International. London Read More