Marketing is the process of the exchange of goods and services for money or something of value. It is a social process because it involves the interaction of people and focuses on the needs and wants of people. This is a very good way for students to learn about marketing management project on hair oil. Thus the modern concepts of marketing are based on all the following pillars :
- Identification of customers
- Understanding the needs and wants of customers.
Developing goods and services to satisfy customers’ needs.
“marketing mix is the set of tools that a firm is a set to pursue its marketing objectives in the target market.”
It consists of the following :
Product means goods and services or anything of the kind which is offered for sale. The concept of product restricts not only the physical distribution but also their benefits. The decision in product mix includes deciding about features, quality, packaging, labeling, etc.
Price is the monetary name of the product. Price mix refers to fixing price. It is important to fix it properly because it affects demand.
Place mix refers to deciding distribution channels, etc. it includes deciding one and type of dealers and various decisions about some.
It includes activities that are meant to communicate availabilities, features, and merits of the product to large customers. A firm spends a substantial amount of money and promotion.
INTRODUCTION TO HAIR OIL
Oils are the favorite insider beauty picks and for good reason.
Oils are fantastic multitaskers. They are a great hair health booster. Oils are also efficient heat protectants. The massaging and oiling of hair stimulates blood circulation which in turn helps hair.
Due to oil, our hair is protected from the strong and hot sun rays. Hair oils are composed of oils of vegetable origin as a base blended with small quantities of perfumes. Vegetable oils commonly used are coconut oil, sesame oil, and castor oil. Hair oils are also colored to characterize different brands and also rendering appeal.
MORE ABOUT HAIR OIL
Purchasers of oil have a wide array of options resigning from light, heavy, and cooling types. Hair oil purchase is a decision that purchasers evaluate carefully. In-country like India where the hair care market is growing various types of hair oils are being launched it becomes important for both stores and companies to understand shopper performance.
Shoppers were explored to find their preferences and this was followed by factor and cluster analysis to understand the dimensions involved. It strives to understand the behavior of shoppers in terms of purchase performance, frequency of use broad loyalty.
TYPES OF HAIR OILS
- COCONUT OIL: It is one of the most versatile oils in existence, and also great for the skin. It contains large amounts of fatty acids which allow it to penetrate hair deeply without evaporating.
- ARGAN OIL: Argan oil is derived from nuts produced from argan trees. Rich in fatty acids, antioxidants, and vitamin E, argan oil not only makes the hair look beautiful but also has many protective quantities.
- JOJOBA OIL: Jojoba oil is a product of the jojoba plant. It is ideal for use in hair since it shares many characteristics with sebum, the oil our scalps naturally produce.
WHY HAIR OIL?
Oiling one’s hair is one of the most important things we would take care of our hair. Hair must be given proper treatment which would mean a massage with some of the most beneficial oils. Having the right kind of oil for your hair is very important and so is oiling your hair.
Many of us have a hectic schedule due to which oiling and washing our hair hold the last priority. If you want healthy hair and one which lasts longer oiling is the best remedy.
BRAND NAME: NATURE & CARE
PRODUCT: “SHINE & RISE”
• Almond Oil
• Coconut Oil
• Mixed Herb Oil
• Amla Oil
• 4-in-1 Oil
TAGLINE: ‘nourishing your hair with the goodness of nature
USP: Intensively smooth and non-sticky, nourishing hair oil.
1. BAJAJ ALMOND DROPS: Bajaj hair oil is the key brand in the kitty of Bajaj corps, Ltd. And is the leading brand of India’s premium hair oil brands. Today, Bajaj oils are amongst the fastest growing brands in the hair oil category growing in double digits year on year. It is the second biggest hair oil brand in India in terms of value. It is the largest brand in the light, hair oil category and currently owns close to 60% market share.
2. EMAMI: Emami Limited is one of the leading and fastest-growing personal and healthcare businesses in India, with an available portfolio of households brand. Established in 1974, we have a portfolio of over 250 products based on ayurvedic formulations. Emami’s current operations comprise more than countries. Emami after a year of research has brought a breakthrough in hair oil a unique combination of 7 oils that will repair hair damage, this extraordinary oil, was co-created by Indian and International Hair experts.
3. DABUR: Dabur-a name, a brand, a way of life for billions of people across the globe. From its humble beginnings in the by lanes of Kolkata way back in 1884, Dabur has today emerged as a true India Transnational with a portfolio of products that has not just won the trust of consumers in over 60 countries but has become an inseparable part of their daily routine. Dabur ranked as the no. 2 social Brand in India at the Click Asia Summit 2012.
4. HIMALAYA: Himalaya’s hair oil prevents hair fall and stimulates hair growth. It is enriched with the goodness of Bhringaraja and Amalahi which strengthen the root shafts and prevents hair fall. Himalaya Herbals is a range of 100% natural and safe products with rare herbs collected from the foothills of the Himalayas. Each product combines the best of Ayurveda with years of dedicated research. Batch to batch performance and complete purity and safety and assured through the application of advanced pharmaceutical technology.
5. PARACHUTE: A market leader in its category and one of the oldest brands. Parachute coconut oil today stands for purity and quality. Over the years, the brand has seen a lot of innovations in packaging, sizing, and tampers proofing. Parachute enjoys erroneous loyalty in urban, semiurban, and rural market parachute oil is made from been chosen especially keeping in mind the delicate nature of children’s hair.
The display of information about a product on its container, packaging, or the product itself is known as labeling. For several types of consumer and industrial products, the type and extent of information that must be impaired by a label is government by the relevant safety and shipping laws. Six qualities of label design :
- The right material
- Colors that pop.
- Great graphics
- Readable, eye-etching fonts
- Super shapes
- Fabulous finish
The process includes creating a unique name and image for a product in the consumer’s mind, mainly through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains legal consumers.
- Branding promotes recognition
- Strong branding generates referrals
- Branding sets expectation
- A strong brand adds value.
Packaging refers to the act of designing and producing the container or wrapper of a product. Levels of packaging. It plays a very significant role in marketing success.
LEVELS OF PACKAGING :
- PRIMARY PACKAGE: it refers to the product & immediate containers. In some cases, the primary package is kept till the consumer is ready to use the product
- SECONDARY PACKAGING: It is the additional packing given to a product to protect it such packing is retained till the consumer wants to start using the product.
- TRANSPORTATION PACKAGING: It refers to packages essential for storing identifying or transporting, for example, the use of corrugated boxes, wooden crates, etc.
WAREHOUSING AND TRANSPORTATION
Warehousing is a key component of the overall business supply chain. The supply chain consists of the facilities and distribution options for the procurement of materials from the manufacturer to the customer and all points in between it including the production of materials into components and finished products and then the distribution to customers.
Weekly orders would be dispatched to local retailers and shop owners from the centralized distribution center. While monthly stock would be uploaded upon the location, quantity, and availability, the mode of transportation is selected.
SWOT analysis is an analysis framework used to evaluate a company’s competitive position. It’s a tool that identifies the strength, weaknesses, opportunities & threats of a business.
Strength: they describe what an organization excels at & separates it from the competition. Things like a strong brand, loyal customer base, strong balance sheet, unique technology, and so on.
Weaknesses: It stops an organization from performing at its optimum level. They are areas where the business needs to improve to remain competitive things as higher than industry average turnover, high level of debt, an inadequate supply chain, or lack of capital.
Opportunities: It refers to favorable external factors that an organization can use to give it competitive advantages.
Threats: It refers to factors that have the potential to harm an organization
PERMISSION & LICENSES
- FPO: FPO mark is a certification mark mandatory on all processed products sold in India such as packaged beverages, and squash, following the food safety and standards Act, 2006.
- TRADEMARK: A trademark is a recognizable insignia, phrase, or symbol that devotes a specific product or service and legally differentiates it from all other products.
- PAN number: Permanent account number (PAN) in a code that acts as an identification for individuals families and corporates, especially those who pay Income Tax.
A tagline refers to a slogan that is used for the promotion and advertisements of the product. Today almost all leading brands have a tagline that helps in building the brand value of the product. The essential qualities of a good tagline are :
- It must be considerably short so that customers can easily remember it.
- It must be catchy.
- It must be suggestive of the product’s quality.
Our Tagline – NOURISHING YOUR HAIR WITH THE GOODNESS OF NATURE…
Price fixation is an important component of the marketing mix, consumers always, look for value for money and they purchase a product only when they feel that the price of the product is matching with its quality.
Our prices :
|Salon use pack (500ml)||80||85||90|
Grading is the process of sorting individual units of a product into well-defined classes or grades of quality. The goods are graded or sorted out into different lots by the specified standards. The established standard lays down the grades of the product. In the case of manufactured goods, goods can be of uniform quality.
But agricultural products like fruits and vegetables, etc, vary in quality, therefore, classes or grades of quality are set and different units of the product are stored into the established standard grades thus, grading involves the division of products into classes made up of units possessing similar characteristics of size and quality and standardization refer to the process of setting up basic measures or standards to which the product must conform and taking steps to ensure that the good produced adhere to these standards. Standards reflect desirable features of a product in terms of its design, weight, color, etc.,
CHANNELS OF DISTRIBUTION
The distribution channel is a chain of business or intermediaries through which a good or service passes until it reaches the end consumers.
The first channel is the longest in that it includes all four, from producer to the consumer the wine and adult beverage industry is a perfect example of this long distribution channel. It operates in what is known as the three-tier system meaning the winery is required by law to first sell its product to a wholesaler, who then sells to a retailer the retailer, in turn, sells that product to the end consumer the second channel is one where the producer sells directly to a retailer who then sells the producer’s product to the end consumer.
The third and final channel is a direct-to-consumer model where the producer sells its product directly to the end consumer.
Promotion refers to the entire set of activities that communicate the product brand or service to the user. The idea is to make people aware attract and induce them to buy the product in preference to others :
- Branding at prime locations with hoardings
- Celebrity endorsement
- Sponsoring a clear event
- Workshops to be organized at colleges, gyms, and sports complexes to spread awareness.
Discount to be given if a used bottle is returned.
The societal concept needs to be fulfilled by every business, to protect and serve the society and environment.
Shine and rise are concerned about the environment and promote recycling.
- The package of the hair oil is made out of recycled plastic.
- On the purchase of a bottle of shine and Rise, 7 % of its MRP goes towards the noble cause of educating the underprivileged
- The company also spreads awareness regarding the importance of educating the girl child and protecting them.
By way of this project, we understood the importance of Al’s of the marketing mix for the success of any business knowledge of marketing mix.
The introduction of a new product in the market is a tedious process. The govt must simplify it for obtaining licenses as it is currently a very expensive and time-consuming process. After detailed analysis, it can be concluded that the marketing of hair oil is very profitable in India but to stay above the competition a brand must have its USP.
Since it is a consumer good a sound promotion policy would prove very effective in promoting sales. A good quality product with the right pricing will capture a huge market share.
I would like to express my special thanks of gratitude to my teacher—well as our principal who gave me the golden opportunity to do this wonderful Marketing Management Project On Hair Oil, which also helped me in doing a lot of research and I came to know about so many new things. Secondly, I would also like to thank my parents and friends who helped me a lot in finalizing this project within the limited time frame.
This is to certify that class —of—-school, has completed his Marketing Management Project On Hair Oil under my school supervision. He has taken proper care and shown utmost sincerity in the completion of this project. I certify that this project is up to my expectations and as per the guidelines issued by CBSE.
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