BUS5PB Principles of Business Analytics - Self-service Analytics Solution Assignment Help

Introduction 

The cosmetic industry is dynamic and complex where new product launches happen at a fast rate. Over past few years, many new concepts have emerged while disrupting the beauty, health and wellness market. The ongoing research and development has formed new industry segments including nutraceuticals, cosmeceuticals and nutricosmentics. These three new segments have highlighted the increasing demand for preventive healthcare and anti-aging products by consumers. In order to understand these industries, the survey of 360 participants has been conducted that indicates the budget, demand and confidence of regular consumers of beauty, health and wellness products. 

Critical Review of Survey

The questionnaire contained 10 questions that highlighted the response related to gender, salary, age band, contact preference, interested products, spending limit and confidence in the product by the respondents. However, the survey could’ve been designed in a much effective way if it contained open-ended questions along with these close-ended ones. Information related to skin problems, health problem and diet could’ve pointed out preferences of the respondents in a better way. Question related to perceived benefits of nutrient intake on daily basis could also justify the attitude of respondents towards the nutraceuticals, cosmeceuticals and nutricosmentics. A study by Melendez-Martinez et al. (2019) used questions related to skin structure, skin functions, skin beauty and skin disorders to review and discuss the importance of nutraceuticals and nutricosmentics in skin health and its appearance. Another survey related to nutraceuticals, cosmeceuticals and nutricosmentics segments was conducted by IFS in 2018. The survey by IFS (2018) included the questions related to health benefits, cardiovascular health, and energy and weight management. The result of the survey by IFS indicated that 20% of the respondents expected cardiovascular health to be improved the most when they consume nutraceutical products followed by weight management and increase in energy. 

Royer et al. (2013) also conducted a survey for understanding the potential benefits of nutraceutical, nutricosmetics and cosmeceuticals. The survey was designed in a way that reflected the respondents’ understanding of these emerging segments. Similarly Anunciato and Filho (2012) also conducted survey for understanding the perception of nutricosmetics, antioxidants and cosmeceuticals in the market. The survey included questions that examined the expectations of customers consuming cosmeceuticals and nutricosmetic products related to skin and health. The results indicated that respondents expected wrinkle reduction and beauty enhancement the most when consuming cosmeceuticals, nutricosmetics and nutraceuticals. 

The above literature indicates that the survey conducted for current study could’ve been designed in a better way if it included more questions related to skin, health and beauty. Moreover, the questions about expectations of consumers could also allow the researchers in understanding the market segment of cosmeceuticals, nutraceuticals and nutricosmetics in a much better way. 

Analysis of Dataset 

The first analytical solution is done by analyzing dataset on SAP Lumira. The second analytical solution is done by analyzing the dataset on IBM Cognos. Based on both analyses, the effective marketing strategies are recommended to be used by potential clients who are intended to enter into cosmeceuticals, nutraceuticals and nutricosmetics industry segments in Australia. The analysis of the survey will highlight the most demanded products based on gender, age etc. The screenshot of the data visualization can be seen for each of the software i.e. IBM Cognos and SAP Lumira.