Friday, September 27, 2019

New Business Start Up Essay Example | Topics and Well Written Essays - 3750 words

New Business Start Up - Essay Example As they are planning to introduce a totally new product and brand to consumers, they are anxious about the consumers' response and reaction. For that detailed survey was carried out. It must be notified that Radiant Co. products target skin conscious people of upper middle and upper class. Sample size focused on age groups of 15 onwards. The Survey primarily focused on age level between 15-25 because sun protection and beauty conscious people are mostly found in this age group. But other age groups were also explored to know their behavior. In the soap market many brands dominate the scene, making their presence felt in one way or the other either through aggressive advertising or promotional schemes. LUX dominates the soap market through its outstanding market share, as supported by the survey result its market domination is 51%. LUX with periodical revitalization of its brand has kept the product in the British for a long period of time. Therefore, LUX appears to be the major competition for Hibuty in the soap industry, especially when one of its soap is providing sunscreen formula as an additive feature. Next stands SAFEGUARD, with 23% market share. SAFEGUARD is gaining a lot of popularity as a medicated soap fighting germ all- round -the- clock. There is a future threat to Hibuty of its emerging as a new competitor, although not a direct one as SAFEGUARD presents itself as medicated rather a sun protective soap. Other soaps include Nivea Milk, English Lavender, Safeguard, Lifebouy and Dove. Most Influencing Factors in Soap Purchasing The major influencing factor of potential Hibuty customers, in making their purchasing decision for soap is GOOD QUALITY. 60% of the market gives performance of the soap a priority when buying it. Second most influencing factor determining their soap purchasing decision is brand loyalty with 25% of the market getting affected by it. Third factor being again brand loyalty (23%), fourth most influencing factor is easy availability (30%); fifth most affecting factor is less price (36.5%). Least most influencing factor is status of soap marked as imported (50%). Survey reveals that soap purchasing decision in not at very much influenced by foreign status of the soap. The survey shows that there is opportunity for any soap that offer good quality at reasonable price, potential customers of Hibuty are not very price conscious as they consider LESS PRICE option among the least influencing factors list. Commonly found skin type Survey purports that most common skin type found is oily with 40% of the customers having it. Normal skin types consist of 32% of the market, t-zone or combination skin (13%), sensitive (5%). Preference of fragrance in

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