Herbal Essences Market Research: Survey Findings & Insights - Essay Sample

Introduction

The report is mainly indented to identify a market for Herbal Essences for the product to expand. The research was conducted through a survey mainly targeting the targeted population which was mostly people between 16 to 35 years. These age groups provide the largest market for the product.

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Method of Research

The method of research used for the study primarily surveyed. They include in-person surveys, telephone surveys, mail surveys, and online surveys. These research methods were crucial in collecting adequate data for making the conclusion.

Results

The markets are lacking a quality product that meets the needs and wants of the client. Most of the interviews were companioning that the existing products were making their hair dry and hard. Likewise, similar products in the market are overpriced and the customer needs a product that is reasonably priced.

Conclusion

There is a potential market and the company should take advantage of it through is a quality product that is reasonably priced.

Brand Extension

The brand I have chosen for the study is Herbal Essences, which is a brand with several variants that are designed to boorish the hair. The band offers frizz control, hydrating, damage control, volumizing through conditioner and shampoo range, and smoothing. The products us a sub-brand of Clairol which us a subsidiary of Procter and Gamble and most of its consumers are based in the United Kingdom and the United States. The brand has a market share of about 20% and it is mostly made of young people. The sales of the brand have increased by 30% percent over the last three years indicating that the brand is capturing new markets.

Methodology

The research was conducted through two main ways, which are surveys. The aim was to gather as much information as possible to help in coming up with the best conclusion. The studies included in-person surveys, telephone surveys, mail surveys, and online surveys. The main aim of these surveys was to gather more information for the research. Moreover, these were adequate as most people who were not available for an in-person interview they send their questions via email. The data collected from the survey is enough and sufficient to enable to form a conclusion.

Findings

Existing Brand and Brand Values

From the data, it was evident that the existing brands could not meet the needs of the customers. Moreover, they were of low quality and much expensive. Herbal Essences can become a household brand if the right markets and entry into the markets is approached. Not many people know about the brand. Therefore, the organization needs to approach the market using a better marketing strategy that will capture the customers who are frustrated with the low-quality products in the market, which are equally expensive. Consequently, the pricing strategy should be adequate to ensure the company gets high sales. The company should consider engaging the online marketing strategy as most of the interviewers in the survey get to learn of the new products through online adverts.

Description of the Target Market

The targeted market is people between 16 to 35 years. These are mainly the millennials and centennial. This is the best market target for the products as they can be easily persuaded through good advertising, reasonable price, and quality product. This is why the marketing strategy that the company will consider should be mainly through online adverts. Most of the age groups are always online, and they do not like watching television. Being able to get this market the company will be able to increase its profitability and market share, therefore being able to achieve its objective.

These age groups are known to love good things and beauty. This would be an opportunity for the organization to make more profit. This population is one of the largest purchasers, and therefore they would provide a good market for the product. Moreover, the survey mainly targeted the people in this age group in order to identify what the market is missing and how the organization can bridge the gap between the consumer and the company.

Analysis of the New Market

There is a potential in the new market as there are untapped areas. The organization needs to capitalize on these areas, and it will be successful with its product. This market is mainly made of the youths who can be easily persuaded by the products. All the company needs to do is have a better marketing strategy and provide quality products.

Explanation of the New Product

The product offers frizz control, hydrating, damage control, volumizing through conditioner and shampoo range, and smoothing. It makes the hair of the client look good, and it is always hydrated.

Competition

The product is mainly expected to have stiff competition from other similar products in the market, but the product being of high quality and the price is better than those other products in the markets will do better. The management should consider implementing the above strategies to ensure that the product is well placed in the market.

Conclusion

To sum up, Herbal Essences is a product of high quality, and it is likely to do better in the market. This is because the company has identified the targeted market and the product is being made to fit that market.