For the upcoming year Proctor & Gamble would like to introduce a Liquid Body soap that is made with natural fragrance and supports a sustainable supply chain. Looking at market trends it is noted that the natural beauty market will reach ~22BN by 2024 and to connect with a growing set of consumers who are environmentally conscious and look to support small business we feel that this would be a great opportunity to grow the brand.
More and more consumers are concerned about the environmental impact of how their goods are made and supporting local businesses and resources. In looking to launch a natural liquid body wash I decided that the best company to help me achieve success would be Procter & Gamble as they are a globally recognized brand with a multitude of product offerings. Part of Procter&Gamble’s values is doing what is right not only by people but by the environment. So, by leveraging the brand and its presence any product I would put in market would be a bit more successful and have an immediate value to customers familiar with the other brands.
Given the huge growth that natural beauty has seen and can expect to see in the foreesable future as more and more consumes become aware of not only what they are putting in their bodies but what they are putting on the outside also counts. As supply chains get better and standards of living go up we should expect to see more and more consumers get back to the proverbial “basics”. the demand for such products has facilitated companies to fulfil the need and therefore we see more and more products in market. As the standard of living goes up in various markets, consumers are willing to pay more to purchase organic or natural products. Asia Pacific market will be the fastest growing market in which to offer a natural liquid body wash following North America.
When collecting data during the market research phase it will be crucial to let consumers know that we are storing it and not sharing with third party vendors if we are doing it in house. If leveraging a focus group these people will have consented to sharing information with a company. We also need to make sure that the product marketing doesn’t have any misleading information and that if we are stating that the product is fair trade certified we are abiding by FLOCERT regulations.
The biggest limitation based on the research is creating awareness for the product at a larger scale along the lines of say Dove body wash. A secondary concern would be pricing as this liquid body wash would be priced higher than most current in market brands, that are not organic. I do think that there is more research that can be done to identify areas where I can overcome the awareness and pricing concerns. Hopefully during the market surveys I can find what those areas are before going to market.
Global Organic Beauty Market to reach $22bn by 2024. (2016, July 15). Retrieved September 16, 2018, from https://formulabotanica.com/global-organic-beauty-market-22bn-2024/
Anthony, B. B. (2017, July 24). How P&G Tripled Its Innovation Success Rate. Retrieved September 16, 2018, from https://hbr.org/2011/06/how-pg-tripled-its-innovation-success-rate
Organic Skin Care 2018: Global Industry Forecasts to 2024 – CAGR Expected to Grow at 10%. (n.d.). Retrieved September 16, 2018, from https://www.prnewswire.com/news-releases/organic-skin-care-2018-global-industry-forecasts-to-2024—cagr-expected-to-grow-at-10-300654926.html
Global Organic Personal Care Market Size | Industry Report, 2018-2025. (n.d.). Retrieved September 16, 2018, from https://www.grandviewresearch.com/industry-analysis/organic-personal-care-market