The Product
The main goal of the project is to introduce exceptional skin care into the New York consumer market. The concept is built on three incentives; the inherent growing desires to drift away from products that are viewed as consisting of poisonous chemicals to natural ones that can help preserve health, appearance and confidence, the desire for affordable products and the large market available in the New York City. The pill is designed to enter this market by offering natural elements that can improve the skin tone and increase consumer confidence from a natural freshness and moisturizing ability and medicinal values and fair prices (Stark & Stewart, 2018). Importantly, it is designed in the form of pills that are gluten, peanut and free of dairy products. This will eliminate chances of immunological responses that may interrupt the health of the consumers. When consumed, the pill will work from inside and cause transformations on the skin texture and tone. As a multivitamin, it will also help improve the user’s body health by supplying nutrients and supporting enzyme activities (Lees, 2013; Ball, 2008). The user-friendly product is also designed to be cheap by reducing the manufacturing costs and the readily available to the consumers.
Market Analysis/ Industrial Analysis
The product has a global advantage and large market share reflected in its net worth of $134.5 billion (Grand Review Research, 2018). The company manufactures both general and premium products to maximize in the available market besides; the company has been growing at a rate of 4.5% on an annual basis. In the Asian region, the sale contributes to 41% of the company's total sale (Grand Review Research, 2018). Going by these ratings, the product is promising as the market viable market given its contribution to the company's brand image and growth trend.
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The American market is more lucrative and presents opportunities that can be exploited. The market has a high number of women using skin care products on a daily basis at 65% and 37% of men using them. 54% of the population use facial washes and acne treatments as well (Statista, 2018). The use of Filter pills and other skin care pills is not yet popular in such a market with a wide consumer base. This presents an opportunity for filter pills given the company’s financial base enabling it to invest successfully in the US market and lack of competitors majoring on related products.
Value to customers and users
Health
The pills are constituted from a combination of hyaluronic acid, coconut oil, vitamins E, C, A, and B7. These are natural products and are unlikely to cause any health side effect on users. Filter pills have no trace of gluten, peanut, or dairy products, which are known to cause harmful immunological reactions in some individuals (Petersen & Petersen, 2009). Thus besides improving the skin tone, the pills will enhance the consumers’ health based on the beneficial outcomes to be obtained from the intake of hyaluronic acid, coconut oil, vitamins E, C, A, and B7.
Price
The product will come in premium and mass options, which will vary in quantity and effectiveness. These packages will present the consumer with an option to choose from based on the financial abilities. Besides this, it will be priced comparably with other products in the market so that consumers can access them easily. The consumer will be able to obtain the products and save the rest of his money for other uses.
References
Ball, G. F. (2008). Vitamins: their role in the human body . John Wiley & Sons.
Grand Review Research (2018). Global Beauty & Personal Care Products Market | Industry Report, 2025. Retrieved 20 November 2018, from https://www.grandviewresearch.com/industry-analysis/beauty-personal-care-products-market
Lees, M. (2013). Skin care: beyond the basics . Cengage Learning.
Petersen, V., & Petersen, R. (2009). The Gluten Effect: How" Innocent" Wheat Is Ruining Your Health. The Gluten Effect.
Stark, K., Stewart, B. (2018). 5 Steps to Creating More Customer Value . Retrieved from https://www.inc.com/karl-and-bill/5-steps-to-creating-more-customer-value-.html
Statista (2018). Cosmetics Industry. Statista. Retrieved 20 November 2018, from https://www.statista.com/topics/3137/cosmetics-industry/
