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MARKET RESEARCH
REPORT
HERBAL BEAUTY CARE
INDUSTRY
1
MARKET RESEARCH| CONFIDENTIAL 2
REPORT OVERVIEW
Industry Discussed – Herbal health care
Focused Market– Indian affluent class
Analysis focused
-- Determine the industry & market potential.
-- Identify prominent existence player.
-- Analyze their market, product , profitability & weaknesses.
-- Understand their sales, marketing & distribution strategy.
Client’s objective
The report was to be used to assess the market
potential and viability of the high end product among
the elite segments of India.
MARKET RESEARCH| CONFIDENTIAL 3
CONTENTSIndustry Overview 3
Industry Trends 4
Porter’s Five Forces Model 6
Market Overview 9
Growth Drivers 10
Competitive Analysis 11
Profit Margin Analysis 15
• Shahnaz Husain 15
• Kaya 16
• Kama Ayurveda 17
Competitor’s Weaknesses 19
Category-Wise Price Comparison 22
• Body care Products 22
• Facial Care Products 23
• Hair Care Products 24
Our Opportunities & Recommendation 25
Mistakes to Avoid 26
MARKET RESEARCH| CONFIDENTIAL 4
INDUSTRY OVERVIEW
With a growing economy that plans to see annual income triple
by 20XX, the cosmetics market of India is full of opportunities
and is a potential gold mine for many beauty and personal
care companies. Experts tend to agree that the Indian market
is bound to explode in a very good way.
₹XXX-₹XXXB
IndustrySize
XX%-XX%
AnnualGrowth
“Cosmetics market in India
is growing faster than many
other developing countries.
Though organic skincare
market is still at a nascent
stage in India, the growth
and penetration in this
segment is very
remarkable.”
-Aditi Vyas,
Founder & Director,
Azafran Innovacion Ltd.
The beauty industry in India is
growing at a break-neck
pace, almost twice as fast as
that of the markets in the
United States and Europe.
According to the recent
report by FCCI, the overall
Indian beauty market is
currently pegged at ₹XXX-
₹XXX billion and is growing at
the rate of XX%-XX% per
annum.
MARKET RESEARCH| CONFIDENTIAL 5
INDUSTRY TREND
Beauty And Personal Care Growth Slows Down In 20XX
Though the beauty and personal care market continued to
register good growth in 2015 but the growth was lower than
over the period as a result of the impact of sluggish
consumer expenditure on demand for mass products.
However, within premium product categories, demand
remains high and consumers in urban consumers with
higher disposable incomes are trading up to more
expensive brands.
Rising Herbal Personal Care Sales
Demand for natural, herbal and Ayurvedic products was
on the rise in 20XX due to launch of a number of new
products and variants backed by strong promotional
campaigns carried out by top players in the industry to tap
into the potential of natural, herbal and Ayurvedic
products.
MARKET RESEARCH| CONFIDENTIAL 6
Industry Dominated By International Brands,
In 20XX, the Indian beauty and personal care sales were
dominated by international players with diverse product
portfolios catering to the mass customer segment with
good distribution channels. The domestic players managed
to do well by launching new products with aggressive
marketing campaigns.
Grocers Remain Preferred Distribution Channel
Independent small grocers remain the primary channel for
sales of beauty and personal care products in India due to
the fact that products such as bar soaps, body lotions,
shampoos and hair oils tend to be purchased within smaller
neighborhood independent grocery stores. However, while
internet retailers, beauty specialist retailers and modern
grocery retailers currently have smaller sales shares, they
are rapidly growing in popularity and recording strong sales
growth.
Demand Expected To Remain Strong
The beauty and personal care market in India has huge
growth potential as a large number of products still have
only limited penetration in the country. The demand will be
driven by a number of factors, including rising disposable
incomes, increasing product penetration, the growth of
modern retailers, increasing awareness of beauty and
personal care products, the rising aspirations of consumers,
and strong economic growth. As a result, overall beauty
and personal care constant value growth over the forecast
period is expected to be higher than during the review
period.
MARKET RESEARCH| CONFIDENTIAL 7
PORTER’S FIVE FORCES MODEL
The beauty industry has grown over the past few decades and
it is currently a multi billion rupees industry. Many consumers of
beauty products have realized the importance of self image
and presentation and this has boosted the purchase of beauty
products across the world. There is great innovation in this
industry which has also led to the gradual growth in the beauty
industry.
However, there are certain factors which affect the entry to the
beauty industry by firms. These factors can be briefly analyzed
using the Porter Five forces analysis. They include the threat of
substitutes, threat of new entry, bargaining power of customers
and suppliers as well as intensity of rivalry in the industry.
THREAT ENTRY: LOWNo barrier for new entry
Initial capital investment is hugeInitial set up of business is complex
Huge growth opportunities in herbal beauty industry.
THREAT SUBSTITUTE:HIGH
Lot of alternatives available
Low switching cost for the Buyer
RIVALRY: HIGHStiff competition
FDI in B2C can fuel up the competition
BUYER BARGAININGPOWER: HIGH
Multiple options to chose from
Low switching costPrice information easy
available
SUPPLIER BARGAININGPOWER: LOW
Large number of suppliers
Large supply of diverse products
MARKET RESEARCH| CONFIDENTIAL 8
Threat Of New Entrants:
The beauty industry has a low threat of new entrants due to
the huge costs of entry. Developing unique beauty
products requires a lot of resources both in terms of
research and development and the actual manufacturing
process. Few middle and small scale firms have access to
the funds and expertise required to perform this effectively.
Another factor which discourages entry into this industry is
the huge competition present in the industry
Bargaining Power Of Customers:
The beauty industry has a high bargaining power of
customers due to the increase in competition and
availability of beauty products from a variety of
manufacturers.
Bargaining Power Of Suppliers:
The beauty industry has a low bargaining power of suppliers
due to the high number of market players and large supply
of diverse products to the market. There are many beauty
products which are developed by both large and small
scale manufacturers. Due to the huge supply, consumers
have the power to influence the market prices as opposed
to the suppliers.
Threat Of Substitutes:
The presence of many competitors makes the threat of
substitute high. If manufacturers sell their products at higher
prices, or if the products are of low quality, then consumers
are able to purchase substitutes from the many competitors
who are present in the market environment.
MARKET RESEARCH| CONFIDENTIAL 9
Rivalry Within Industry:
With high threat of new entrants and no entry barriers, the
competition in the beauty industry is so intense and getting
more intense day by day. Business have to come up with
new unique beauty products every often and spend more
in research & development and marketing to be in the
competition.
The industry has high competition, high entry barriers, low
supplier power, high customer power and a large number of
substitutes. In order for the company to enter and be successful
in the beauty industry, it has to apply various strategies. These
may include focus on emerging markets, implementing a cost
leadership strategy, implementing research and development
and applying aggressive marketing campaigns. These
strategies will ensure that the company captures a market
share, develop customer loyalty and achieve long term
profitability over the years.
CONCLUSION
MARKET RESEARCH| CONFIDENTIAL
MARKET OVERVIEW
₹XXX CrCurrent Market Size
XX%-XX%Growth rate
₹XXXX CrEst. Market Size(2020)
Organic Skin Care
Natural Hair Care
₹X.XXCrCurrent Market Size
XX%Growth rate
Driven by the increasing awareness towards beauty & wellness,
and rapidly changing life-style, herbal beauty sector is one of
the fastest growing segment in the global personal beauty
product industry. Organic living is seen as an established trend
in developed countries and the concept is fast catching up in
India with consumers opting for organic products for daily life.
The trend of 'Go Organic' or 'Live Organic' is catching up in the
skincare segment too.
Organic personal care products are
manufactured from natural
ingredients extracted from plants,
herbs and flowers under eco-
friendly conditions. Currently the
market for organic beauty products
in India is estimated at ₹XXX crore
and growing at XX-XX% per year.
The market is estimated to grow
two-fold in next five years and cross
the mark of ₹XXXX crore by the year
20XX.
“During the last decade, the herbal beauty care business has
emerged as the new growth frontier for beauty business in India,”
- Kuick Research
10
XXX
XXXX
Market Potential
2015 2020
Fig
ure
sin
cro
res
MARKET RESEARCH| CONFIDENTIAL
Our findings based on a study done
by the research firm Nielsen, reveals
that market for herbal shampoo is
pegged at ₹X.XX crore and the
market is growing at a rate of XX% per
annually.
11
"while consumers in the
rest of the world have to
be educated about the
benefits of natural herbs,
this knowledge is well
inherited in India from
generations.”
MARKET GROWTH DRIVERS
Organic skin care products are
gaining fast traction in the Indian
markets as well as APAC region,
with notable brands making a
beeline into the segment.
Rising concerns for health, safety,
increasing go green consciousness
and growing consumer awareness
towards hazards of synthetic
chemicals has fueled the demand for
organic personal care products in
these regions. With the emergence of
a young urban elite population, rising
disposable incomes and increase in
working women looking for lifestyle-
oriented and luxury products, the
market for organic skin care is
expected to grow as more people
shun chemical products in favor of
organic ones.
The findings of the research are encouraging and confirms the
opportunities lying ahead in sector for herbal beauty products
in the coming time.
₹X.XX Crore
Market size of the
herbal shampoo
XX% Annual
Growth Rate
Health & Safety
Consciousness
Young Urban
Population
Rising Disposable
Income
Increasing Working Women
Population
MARKET RESEARCH| CONFIDENTIAL 12
COMPETITIVE ANALYSIS
The identification of the firms that provide the same services as
our company, is the most essential aspect of this research as it
paves the way for the most suitable strategy required to
position the company in the market. Our competitors can be
segmented on the basis of the following aspects:
DEMOGRAPHIC SEGMENTATION
Demographically, our main focus will include, primarily young
girls and women belonging to middle to higher section of the
society. Based on the demographics our closest competitors
are:
Body Care, Hair Care, Skin Care,
Make Up & Fragrances
Skin Care & Hair Care
Skin care, Hair Care &
Cosmetic
₹XXXX-₹XXXXX
PRODUCT CATEGORIES PRICE RANGE(High end products)
SPECIALTY
Body Butters, Born Lippy Gloss & Hemp Hand
Protector
Body Lotions, Skin Toners, Face
Washes & Hair Serums etc.
Skin Facials, Pigmentation, Anti-Acne etc.
₹XXXX-₹XXXXX
₹XXXX-₹XXXXX
MARKET RESEARCH| CONFIDENTIAL 13
GEORAPHIC SEGMENTATION
Geographically, Our primary focus will include Delhi NCR
region. Based on our target region, our closest competitors are:
Body Care, Hair Care & Skin Care
Skin care, Hair Care, Body
Care, Make Up & Lip Care
PRODUCT CATEGORIES PRICE RANGE(High end products)
SPECIALTY
Skin Cleansers, Fruit Skin Scrubs,
Body Lotion, Anti-Acne
Cream
Sunscreen Lotions, Scrubs,
Moisturizers, Lip Balms &
Shampoos
PSYCHOGRAPHIC SEGMENTATION
Our primary focus will be young girls and women who prefer
herbal beauty products over the chemicals, women who care
about nature and mother earth. Based on these aspects are
closest competitors are:
Bath & Body Care, Hair Care & Skin
Care
Skin care, Hair Care, Bath & Body Care
PRODUCT CATEGORIES PRICE RANGE(High end products)
SPECIALTY
Fruit face wash, Hair Oil,
Shampoo & Gels
Body Butters, Scrubs,
Moisturizers, Face Wash, Hair Oil &
Conditioners
₹XXXX-₹XXXXX
₹XXXX-₹XXXXX
₹XXXX-₹XXXXX
₹XXXX-₹XXXXX
MARKET RESEARCH| CONFIDENTIAL 14
Bath & Body Care, Facial care Hair
Care & Skin Care
PRODUCT CATEGORIES PRICE RANGE(High end products)
SPECIALTY
Skin Toners, Hair Vitalizer, Bath Oils, Beauty Elixir, Body
Lotions etc.
STRATEGY OUTLOOK
The analysis of competitors’ strategies is an essential
component that can provide both an offensive and defensive
context to identify opportunities and potential threats lying
ahead for the venture. This analysis will help in the identification
of the most suitable strategy required for marketing, sales,
pricing and distribution.
MARKETING SALES DISTRIBUTION PRICING
StoresMedium-Upper
mediumOnline &
StoresSocial media,
website & campaigns
Franchise system
Online & Salons
Electronic &print medium
Premium pricing
ClinicsOnline & Clinics
Video tutorials, Social media,
Online directory listing & research
collaborations
Medium-Upper medium
₹XXXX-₹XXXXX
MARKET RESEARCH| CONFIDENTIAL 15
MARKETING SALES DISTRIBUTION PRICING
Super stores, Own stores &
Franchise system
Medium-Upper medium
Online & Stores
Mass media advertising
Super stores, Own stores &
Franchise system
Medium-Upper medium
Online & Stores
Mass media advertising &
Online
Organic Stores &
Health Food Stores
Medium-Upper medium
Online & Stores
Word of mouth
stores & online
Lower medium-
Upper medium
OnlineSocial media & Online
Online, Exclusive stores &
Franchise system
Premium pricing
Online & Stores
Social media, TVC, Loyalty
program, Coupons, gift vouchers etc.
Research reveals the following common strategy adopted by
our competitors:
CONCLUSION
PRICE
DISTRIBUTION
MARKETING
Medium to Premium pricing strategy.
Social media and Mass Media advertisement.
Online and sales through exclusive stores,
franchise and super stores.
MARKET RESEARCH| CONFIDENTIAL
PROFIT MARGIN ANALYSIS
Financial Matrix 2011 2012 2013 2014
Net Revenue XXXXXXX XXXXXXX XXXXXXX XXXXXXX
Net Profit XXXXXX XXXXXX XXXXXX XXXXX
Profit Margin XX% XX% XX% X%
SHAHNAZ HUSAIN
XX
XX
XX
X
2011 2012 2013 2014
Profit Margin
Source : Calculated from company reported financial statements
REVENUE ANALYSIS
The company sales have shown a steady growth during the
period 20XX-20XX. However the growth in the year 20XX is
steeper than the previous year mainly due to an increase in
sales of services through franchise.
MARKET RESEARCH| CONFIDENTIAL
KAYA
2011 2012 2013 2014
Net Revenue XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX
Net Profit (XXXXXXXX) XXXXXXXXX XXXXXXXXX XXXXXXXXX
Profit Margin X% XX% XX% X%
PROFITABILITY ANALYSIS
The company have been operating in an efficient way in the
period considered which is reflected through the company
profit margin that stands as high as XX% in FY 20XX. However in
FY 20XX the company Profit Margin has fallen severely. This
decrease is mainly due to written off of depreciation and
amortization on assets for which provisions were made earlier.
From coming period the profit margin is expected to grow at a
decent pace and follow the trend of period before FY 20XX.
Revenue Analysis
The company sales have shown a steady growth during the
period 20XX-20XX. The growth is mainly favored by the increase
in demand of organic health care services provided by KAYA
through its various health care parlors spread across urban
regions.
MARKET RESEARCH| CONFIDENTIAL
X
XX
XX
X
2011 2012 2013 2014
Profit Margin
Profitability Analysis
The company Moto is to have a profit margin in the range of
10-20%. However the last four years period shows a completely
different picture. The main reason behind this uneven profit
margin is domestic & international expansion and huge
investment in research & development of products and
services. Looking at the company financials It wont be unjust to
say that company is thinking of creating a persona of a go to
brand for organic personal care among people.
2012 2013 2014
Net Revenue XXXXXXXX XXXXXXXX XXXXXXXXX
Net Profit XXXXXX XXXXXX XXXXXXX
Profit Margin X% X% X%
KAMA AYURVEDA
MARKET RESEARCH| CONFIDENTIAL
X
X
X
2012 2013 2014
Profit Margin
Revenue & Profitability Analysis
Yet again a firm from the organic personal care genre
following a decent growth in sales in the period 2012-
2014 as of it’s above counterparts. However in the same
period the profitability margin of the firm is declining. An
increasing sales and declining profitability suggest that
something is wrong with the operations of the company.
MARKET RESEARCH| CONFIDENTIAL 20
BRAND QUALITY PRICE CUSTOMER
SERVICES
PACKAGING
Shahnaz Husain
Good High Very Good Poor
The Body Shop
Average High Poor Good
Kaya Good High Poor Very Good
Biotique Good Medium NA Average
Lotus Herbals
Average Low-Medium NA Average
Rustic Art Good Medium NA Good
Kama Ayurveda
Good High NA Good
Forest Essentials
Good High NA Good
COMPETITOR’S WEAKNESSES
FACE CLEANERS
MARKET RESEARCH| CONFIDENTIAL 21
BODY LOTIONS
BRAND QUALITY PRICE CUSTOMER
SERVICES
PACKAGING
Shahnaz Husain
Good High Very Good Average
The Body Shop
Average High Poor Average
Kaya Average High Poor Average
Biotique Average Medium NA Average
Lotus Herbals
Average Low-Medium NA Average
Rustic Art Good Medium Good Good
Rustic Kama Ayurveda
Good High NA Good
Forest Essentials
Average High NA Average
MARKET RESEARCH| CONFIDENTIAL 22
BRAND QUALITY PRICE CUSTOMER
SERVICES
PACKAGING
Shahnaz Husain
Good High Very Good Average
The Body Shop
Good Average Poor Average
Kaya Good Medium-High
Poor Good
Biotique Good Low-Medium NA Average
Lotus Herbals
Average Low-Medium NA Average
Rustic Art Average Medium NA Good
Rustic Kama Ayurveda
Good High NA Good
Forest Essentials
Good High NA Good
SHAMPOOS
MARKET RESEARCH| CONFIDENTIAL 23
BRAND QUALITY PRICE CUSTOMER
SERVICES
PACKAGING
Shahnaz Husain
Good High Very Good Average
The Body Shop
Average High Poor Good
Biotique Good Medium NA Average
Rustic Art Average High NA Good
Rustic Kama Ayurveda
Good High NA Good
Forest Essentials
Good High NA Average
BODY WASH
Our research based on the customer reviews reveals that our
competitors lag in the following areas:
CUSTOMER SERVICES: The customers are unhappy with theunpleasant after sale services of competitors.
PRICE: The prices are on the high side.
PACKAGING: Unhandy packaging of competitors’ productscreate inconvenience for the users.
MARKET RESEARCH| CONFIDENTIAL
BODY CARE
PRODUCTS
24
CATEGORY-WISE PRICE COMPARISON
BRAND PRODUCT PRICE QUANTITY
Shahnaz Husain Personal Formula Herbal Moisturizing Cream
₹XXX 40 gms
Kaya Body Essentials ₹XXX 200 ml
Lotus Herbals Aloesoft™ Daily Body
Lotion SPF 20
₹XXX NA
The Body Shop Wild Argan Oil The
Radiant Oil
₹XXXX 125 ml
Kama Ayurveda Jwalini Retexturing Skin
Treatment Oil
₹XXX 100 ml
Biotique Bio Winter Cherry ₹XXX 190 ml
Rustic Art Organic Aloe Vera Gel
with Lemon Extract
₹XXX 100 gms
Forest Essentials Ayurvedic Body
Massage Oil Narayana
₹XXXX 200 ml
MARKET RESEARCH| CONFIDENTIAL 25
BRAND PRODUCT PRICE QUANTITY
Shahnaz Husain Flower Power White
Water Lily Rehydrant
Lotion
₹XXXX 100 ml
Kaya Body Essentials ₹XXX 200 ml
Lotus Herbals Ecostay (L3, Royal Ivory) ₹XXX NA
The Body Shop VITAMIN E GENTLE FACIAL WASH
₹XXX 125 ml
Kama Ayurveda Kumkumadi Miraculous Beauty Ayurvedic Night
Serum
₹XXXX 12 ml
Biotique Bxl Cellular Youth Serum ₹XXXX 30 ml
Rustic Art Organic Juniper Face Wash ₹XXX 100 ml
Forest Essentials Facial Tonic Mist Panchpushp ₹XXX 100 ml
FACIAL CARE PRODUCTS
MARKET RESEARCH| CONFIDENTIAL 26
BRAND PRODUCT PRICE QUANTITY
Shahnaz Husain Shahnaz Husain Shacare ₹XXX 200 gm
Kaya Health Hair Gel ₹XXX 200 ml
Lotus Herbals Lotus Herbals Kera-veda
Growoil Herbal Oil
₹XXX 110 ml
The Body Shop WILD ARGAN OIL THE
RADIANT OIL
₹XXXX 125 ml
Kama Ayurveda Bringadi Intensive Hair
Treatment Oil
₹XXX 100 ml
Biotique Bio Musk Root ₹XXX 900 gms
Rustic Art Organic Hair
Conditioner
₹XXX 100 ml
Forest Essentials Ayurvedic Body
Massage Oil Narayana
₹XXXX 200 ml
HAIR CARE PRODUCTS
MARKET RESEARCH| CONFIDENTIAL
The Indian herbal beauty market is in a nascent stage with a
market size of ₹XXX crore increasing at an annual rate of XX-
XX%. The beauty market is estimated to reach ₹XXX crores by
2020. This provides a lucrative picture for a company that can
provide high quality products at reasonable prices.
A consumer behavior analysis, has observed that consumers
are increasingly shifting towards ‘natural’ and ‘herbal’ cosmetic
products as they are associated with bio-active ingredients and
safe for human skin.
Furthermore, the emergence of a young urban elite population,
rising disposable incomes and increase in working women
looking for lifestyle-oriented and luxury products are propelling
the Indian herbal beauty industry, which has witnessed a strong
growth in the last few years.
27
OUR OPPORTUNITIES
RECOMMENDATIONS
The foremost aim of the company would be to set its feet in the
market and to establish a brand name for itself. To achieve
these goals we recommend following strategies:
MARKETING STRATEGIES: Social media and Mass Mediaadvertisement.
SALES & DISTRIBUTION STRATEGIES: Online and sales throughexclusive stores, franchisee and super stores.
PRICING STRATEGIES: Medium to Premium pricing strategy.
MARKET RESEARCH| CONFIDENTIAL 28
MISTAKES TO AVOID
The beauty industry is growing fast as consumers are willing to
spend more and more on beauty and wellness. With the
emerging trend of digital technology and its all-pervading
nature, brands have to engage and react on a real time basis
and this is one of the greatest opportunities and challenges for
the beauty and wellness industry. This has also changed the
marketing outlook and approach of beauty brands today.
Given this, we believe that we need to tread this path carefully
and plan our strategies accordingly. Below is a list of must avoid
mistakes:
MARKET RESEARCH| CONFIDENTIAL 29
LOW RATE OF INNOVATION
Given the fierce competition, the rate of innovation is a key
game changer. Lack of innovation in terms of products,
services, technologies and communication could end up
making any brands obsolete. Constantly innovating and
adding value are what keeps a brand in the forefront and
helps grow market share. Consumers are always excited to
know about the latest development on a brand or the
newest product offering.
ONE-FITS-ALL APPROACH
Today it is growing trend that customers are looking for
expert advice to know what fits their needs. However,
brands run the risk of hard-selling their products without an
in-depth understanding of the customer profile and needs
which may result in the unhappy customers.
The beauty needs of every individual varies which is where it
is crucial for us to guide our customers face-to-face where
possible, otherwise a detailed explanation on the benefits of
the products or services should be given that would be self-
explanatory to a customer.
UNCLEAR DIFFERENTIATION
Given the multiplicity of offerings today, many consumers
tend to get confused about the image of the brand. There
is a need to clearly define our brand and its portfolio. It is
also helpful to define and manage each of the consumer’s
touch-points; this will have a far greater impact on brand
perception as compared to any other input.
MARKET RESEARCH| CONFIDENTIAL 30
UNDERPLAYING PACKAGING INNOVATIONS
Packaging plays a crucial role as the first encounter that a
customer has with any product. It can be used to educate
the consumers about the functionalities of the products
and provide a step by step guide which will educate them
about the content and usage of it. Packaging can be
made more appealing and convenient in order to suit the
consumers’ needs. Additional benefits like product
differentiation can also be achieved by innovative
designing to help consumers distinguish one kind of
offering from the others with the clever use of colors and
patterns.
IGNORING ONLINE REPUTATION MANAGEMENT
need to realize the importance of online reputation
management as it is a key interface for brands to engage
with their customers. An online conversation gone wrong
can easily affect brand’s reputation among potential
customers and stakeholders. Even popular brands have
faced the brunt of customer grievances over social media.
We should be very careful of their presence and
personality online and develop a quick response
mechanism to manage customer complaints before they
tarnish a brand’s image.
IGNORING EMERGING SEGMENTS AND TRENDS
Brand should keep an eye on the emerging segments and
trends and they should realize the consumer expectations
of such budding segments and design offerings as well as
marketing campaigns accordingly. Brands should start
with proper research and insight analysis into the
consumer behavior and trends that vary in markets. This will
lay the foundation for a strong approach.
MARKET RESEARCH| CONFIDENTIAL 31
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The work depicted hereunder are meant only for sample
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