INSTITUTE OF MARKETING AND MANAGEMENT

THE UNMET NEED

SMART SHAVER

BIKASH SHARMA

013/1/114

ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to our faculty Dr.Ruchi

Sharma(Faculty,Marketing,IMM-delhi) who gave us the golden opportunity to do this wonderful project on the topic “UN-MET NEED” which also helped me

in doing a lot of research and innovative that helped in understand the subject and its’ details for

further assistance

OBJECTIVE

The objective of this project was to identify the Unmet Needs of the consumers through lot of research n surveys. With the identified unmet

needs, selecting the most feasible one and developing it into a unique and creative idea for the Product Development was the main objective of the

project. Also delineating the STP for the product and choosing strategies to develop the new product

in the market.

METHODS OR TOOLS

The method used for this project was a research process based on two phases

1)Secondary Research2)Primary Research

The note pad, pen, pencil etc were used for collecting the primary data and the use of internet and various other articles from newspapers and magazines were taken into consideration for collecting the secondary data,

THE UNMET NEED

Every morning we wake up and get ready for some work or going to offices or colleges. Most of the time people are in a hurry, as

times passes so quickly while getting ready for our work. Brushing our teeth, going washroom, taking a shower, wearing proper clothes and eating our breakfast is something we guys are used to. But what if apart from these regular activities we have to do some extra work too. It’s actually annoying if any extra work is loaded on our shoulder in morning hours. And guys have to face this problem. But what’s the problem? It’s shaving regularly or in alternate days.

During my research for unmet needs I came up with a problem that many boys and men faces that is the problem of shaving. The task of shaving is a lengthy task as we have to follow certain steps

Applying the gel or shaving cream on cheeks Massaging it on the skin through the shaving brush Then finally using the razor for shaving Lastly, applying the lotion after the complete shave

These steps are actually a tedious and time consuming task. The problem was identified from my own experience and various other men and boys to whom I contacted for this project.

So there was some sort of unmet need regarding the process of shaving. People were not properly satisfied with the process and there was a room of a new product and idea related to this product.

INTRODUCTIONOnce the problem was identified or the unmet need was familiar to me the next step was to generate an idea for filling the gap of the unmet need. The product here should be the one that saves times of the people while shaving and make the whole process of shaving simplified.

So after a proper research and thinking for long about the creative idea, I came up with a product that could actually solve these problems in a desiring way. So the development of a new product called The ‘SMART SHAVER’ was introduced. It is a product that smartly shaves your beard without any complications. Gone are the days where we had to devote so many times and bear the risk of cutting while shaving. This new product simplifies the concept of shaving and brings it to elementary level from the professional.

It’s basically a tissue or napkin sort of thing, shaped totally to cover your beard containing the depilatory also known as chemicals for hair removal cream to shave the beard. One just need to pick the napkin and remove the paper from it and stick to the cheeks properly for 5 minutes. After 5 minutes remove the napkin and wash the face gently and then nothing.

Yes it’s as simple as this; the process of shaving beard is now brought to the level of kid and at the same time saving your valuable time with the help of Smart Shaver. Also the fact of ruining your face from some scars or cuts is diminished because of this product. Every morning simply apply the product to your cheeks and continue doing other works for getting ready. It is like a process that won’t even be counted as a process because while shaving one can easily do the other works and the traditional way of devoting at least 10 minutes to shaving is gone. Time being one of the major reasons and secondly the convenience is the USP of the product.

SUMMARY

The product is a blend of two safe products i.e. a soft napkin and a hair remover creamer. The hair remover is the main formula

for shaving the beard. It is also known as depilatory. The term depilatory refers to any method of removing hair. Applying hair remover in a skin becomes a very sensitive matter and for launching this product the major problem is regarding the safety of the skin. The skin of the face is very sensitive and people would resist applying the product in their face due to safety reasons. Hair removers are not made for the face and are not powerful to remove the hair of beards as they are too strong.

Keratin is a protein in our body that holds the hair of our body. The chemicals used in the Smart Saver are basically focused to reduce the hold of keratin so that the hair can be removed easily. The basic chemical used in the hair remover cream is sodium thioglycolate, strontium sulfide and calcium thioglycolate. But simply using these chemicals won’t help in launching the product.

We need a proper marketing strategies and various research to launch the product successfully. The strategies and process of launching the product is explained in details further.

NEW PRODUCT DEVELOPMENT PROCESS

It is a process which is designed to develop, test and consider the viability of products which are new to the market in order to ensure the growth or survival of the organization.

Stages in the New Product Development Process

Idea Generation The first stage is about generating the idea for the new product that will cover the unmet need in the market. The idea generated was to make the task of shaving easy. With various research and studies I could come up with an idea that could simplify the task of shaving and also save the time. The main approach for finding the ideas was to do the SWOT analysis and also observing the needs that lack in market.

Concept Development and testingOnce the idea was developed the next step was to elaborate the idea in a proper concept. A concept is an elaborated version of product idea expressed in meaningful consumer terms. The idea of simplifying the task of shaving now needs to be formed in a concept. So the concept of blending the tissue and hair remover cream for shaving purpose was formed. The process of shaving was to simplify by simply introducing a product in a form of tissue or napkin that could be applied to beard area and simply by removing it after few minutes the shaving is complete.

Business analysisThe analysis of the product about its business is very important. By business analysis we mean estimating the price, its sale volume and profit margin, the competition available and so on. The policy of the company should also be considered and the resources available. We wanted to launch the product to mass people as an innovative product. The resources required and the

companies policies regarding profit and sales were all identified in this stage.

Test marketingThis is one of the crucial stages in new product development process. The product being a sensitive one need a proper testing before a fully fledged commercial launch in the market. People will generally resist applying a product to face which is totally new. The idea of applying the hair removal cream in face needs a lot of persuasion and more importantly the proof that it won’t harm the skin. So here the idea is not only to test the product for its success but before that testing the result of the product in skin is more important. For that we started with Alpha Testing.

We tested the product within the organization only. Different employees were called and a patch of the product was applied in their skin to check it’s after effect. Once we gained the confidence that the product is up to the mark quality and would not harm the skin until some rare cases where the skin is too sensitive, we decided to test the product with customers. For that we applied the method of Controlled Testing.

Under this we went to various store and asked the store managers to display our product and in return agreed on a fee payable to them. Few stores were selected on the same basis and the product was tested in a small scale.

CommercializationThis is the final step of New Product Process. Commercialization involves implementing a total marketing plan and full production. After the successful testing of the product in the selected market, the product was finally launched in the product. Under this stage all the activities required to launch a product like

advertisement and promotions

final price distribution channel packaging and labeling

In short the proper marketing mix is required for the smooth flow of product in the market. Also deciding the STP for the product is necessary to launch the product in the proper market.

PRODUCT STP

The product is named Smart Shaver for delineating the point of shaving smartly. Being an innovative and sensitive product a proper segmentation, targeting and positioning of the product is required. The STP process demonstrates the links between an overall market and how a company chooses to compete in that market. It is sometimes referred to as a process, with segmentation being conducted first, then the selection of one or more target markets and then finally the implementation of positioning. The goal of the STP process is to guide the organization to the development and implementation of an appropriate marketing mix, as highlighted in the following diagram.

SEGMENTATION

The process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets is called segmentation.

Smart Shaver need to cover the mass audience as said earlier but under this mass audience also a proper segment of market is required to control its operation and marketing. For our innovative product Smart Shaver we have thought of segmenting it under the important bases of segmentation to make it easy for the firm to market the product.

Geographic Segmentation

Under this the market is segmented under the criteria of location or areas where the prospects customers are. The sensitive nature of our product compelled us to first market in urban areas. People there are more literate so it will be easy to make them understand about the product and gain acceptability.

Demographic Segmentation

Age: 18 -35

Gender : male

Both the segmentation is very obvious as the product require a certain age when the beard start growing and a product related to shaving is useful only for men. Although female could also be targeted, as in past we have seen many women buying the beauty care and shaving products for their men. But now the trend has changed as the recent report by neilsen showed that around 80% of men purchase their beauty and personal products on their own.

TARGETING

Once the market is segmented, it is necessary to target the right person under the segment. The segmentation is basically homogeneous in nature or characteristics inside but heterogeneous otherwise. Targeting is done with the intention of heavily focusing on the right group of customers under the segment selected. Segmenting is broad while targeting narrows the concept to make the work of marketing easy.

Now under the segment decided, we selected the target group of working professionals. Our main target was the job working people or businessmen’s for whom time value the most. Also the youths as they are more open to innovative products With Smart Shaver they can easily save their time and such group will favour the product because time value is very important to them. We also targeted the innovators and early adopters for our product. Such people are fond of new technologies and favour the product. Under the personality we targeted the sophisticated and smart people as changing habit in a stylish way are favoured easily with person bearing such personality.

The Smart Shaver was to be targeted in urban areas or metro cities where people are open to new ideas and are not very rigid in changing their habits. Also the literacy rate is also high in such areas and our product first needs approval by educated people only as they can easily understand the advantages and side effects from Smart Shaver.

POSITIONING

Positioning means building a image of the product vis a vis competitors image. Being a new and innovative product we want to create a new and innovative position of our product in the minds of the customer. Many people believe positioning as a simple advertising strategy but in reality positioning means building an image of the product that the manufacturer wants. We Smart Shaver’s didn’t want just to position our product as something that is smart and stylish because it is a feature and very much visible by the consumers so why waste our money and resources by building an image which can be perceived by people by the product itself only. Positioning the product in terms of its feature is something very boring we thought. Being creative marketers we wanted something creative in terms of positioning also. We wanted an image which is not yet achieved by any other firms.

So we came with the idea of positioning ourselves as a transparent firm. Transparency was the image that we wanted to build for our product. We wanted that the customer should know everything about the manufacturing of the Smart Shaver and the ingredients used. Being a sensitive product many people would hesitate buying Smart Shaver but the strategy of Transparency may help in solving this problem to a great extent. Transparency basically depicts about being open about the process of developing the product and not hiding things with its customer. Being transparent we would like to mention the following chemicals used by us to aware the customer in depth about the product.

Thioglycolate Salts and SulfidesThese are known as the active ingredients in hair removal products. There are products that commonly have potassium thioglycolate for their hair removal functions.

Diluents

These are known as compounds that help the skin be protected from irritation. It is also found to be compatible with other compounds that can be found in the hair removal cream.

Sodium HydroxideThis is also found in the formulation, which is a very strong chemical that is also termed as caustic soda and lye. Removing the beard hair is not so easy so strong chemical is required to loosen the keratin which holds the hair. It may cause irritation and burns in the skin but the other chemicals used in our product will solve this problem.

Calcium HydroxideIt is added to help weaken the bond of the hair. This is necessary to help you scrape off the hair from your skin easily as it emerges from its follicle. In short it is used to reduce the power of a protein called keratin.

EmollientsThese are known for reducing the harshness of the compounds found in the hair removal cream. It is said that most of these are oils, esters, and silicones. They are known for giving you skin-repair agents whenever your skin is actually irritated by the products you use.

FragrancesMost of the hair removal products are said to be having unpleasant odor. As a response, manufacturers made it possible to give fragrances to their products. For creams and lotions for hair removal, emulsifiers are also added.

NapkinsHygienic soft napkins will be used for our product but strong enough to pull out the beard easily. Unlike other harmful chemicals used in the manufacturing of tissue, we will only use the tested paper suitable to the skins.

MARKETING MIX

The marketing mix deals with the four P’s

Product Price Place Promotion

PRODUCT

The product is Smart Shaver. It is named so to cover its basic feature of shaving smartly. The product is invented to simplify the concept of shaving being followed till now. The main focus or aim is to solve the following problems related to shaving:

Complicated or annoying shaving method. Time consuming. Requirement of various products to shave. Risk of cut due to razor.

The product will also be launched in different shapes to fulfill the requirements of various shaving styles. A team of saloon designer will design the various shapes of the tissue to provide unique style in shaving. Also a free small patch sort of tissue will be provided with every purchase to test the product suitability with the individual purchasing it. The few highlights of the product are:

Product name : Smart Shaver

Product tagline : Smart people don’t do things differently but do it smartly

Product type : Personal and beauty care

Product range : Innovative product

Product price : Nominal to High

Product size : the size would be to cover the whole beard area

Product target : men aged 18 and above

Product destination : Urban

Product color : light blue color packaging mixed with white color.

Product appearance: the appearance of the product would be done in sync to the packaging i.e. the tissue would be in white colour and the removable sticker would be blue in colour.

It is a rough sketch of how the product will look. The stick particle basically denotes the depilatory cream applied to the napkin for removing the beard from the skin.

PRICE

Being a new and innovative product, Smart Shaver has an edge over its competitor. But still the normal cost for shaving is

considered by the research team and accordingly a price acceptable by the target audience is decided. Our researcher concludes that the average cost of shaving in a saloon is around Rs 50-80. So the cost should is kept within this range only. Usually people go to saloon because they don’t know how to shave or sometimes find it expensive to collect all the accessories required for shaving. Our product will available in pack of 5 napkins and 10 napkins. The cost of 5 napkins is kept Rs 199 and the pack of 10 as 349. The strategy of psychology pricing is used by us to make the customer feel the product cheaper. As we want to target the product in metro cities and job working peoples so we don’t want it to be very cheap also because that would depict the product as a low quality product.

PLACE

The 3rd P i.e. the place deals with the availability of the product in the market and selecting a proper distribution channel. Being a daily use product or of a frequently used product we would select an intensive distribution channel for the product. We would like to see the product in every stores to increase its availability and visibility. The product is a part of FMCG sector so it requires intensive distribution channel to reach the end user. Personal selling would also be applied to sell the product directly to the customers. It will benefit about creating awareness amongst the customers. Expert agents will be hired to distribute the product to various stores and also educating them about the benefits of the product so they can sell it easily. Online store will be launched to educate the customers about the usage of the product and accepting the orders online.

Online being a smart way of shopping will help in the distribution and sale of the product as Smart Shaver also deals with doing things smartly. EDI and other ITC technologies will also be use for effective distribution of the product to cover all the selected areas.

PROMOTION

The concept of mass marketing will be implemented for promoting the product to mass audience. The idea of transparency will be used in all ads to promote the product. Advertisements in T.V. and use of print media to promote the Smart Shaver in various fashion magazines will be done. Men’s health magazine will be in priority list to advertise on. Various campaigns in malls and office or college areas will be done to make people try the product and win free goodies. At the early stage a pack of tissue with after shave lotions applied to it will be provided as free so that the customers can smartly apply the tissue in the cheeks after using Smart Shaver. This free tissue will be provided as the substitute of the after shave lotion. Free sample of the product would also be distributed to selected audience for promotion. The concept of AIDA model will be used to promote the product effectively.

Attention: firstly the customers will be made aware about the basic usage of the product and its features. The emphasis would be on its benefits and the way it works.

Interest: once the awareness about the product is made then the interest level for the product will be generated. People will be persuaded to buy the product and various strategies for developing the interest is done

Desire: after the interest level the desire for buying the product is to be created. It is very important to convert the interest into desire level for wanting the product.

Action: it denotes the action i.e. simply buying the product. After the desire is created it is important to convert it into some action. It may be visiting the online store, enquiring about the product or simply buying the product.

The attractive packaging and labeling will be applied as a promotional tool for the product. The packaging as said earlier would be in white and blue colour to make it look simple and attractive. A proper label indicating the product is properly tested and won’t harm the skin would be attached. Though few people having sensitive skin may face problem and that too would be specified in packaging. The testified label would help in building the confidence towards the product and people would buy the product without having doubt about its side effect.

REPORT ON MARKET SHARE OF RAZORS IN INDIA The latest report by Reportlinker.com - Market Focus: Trends and Developments in the Male Toiletries Sector in India - has identified that despite changes in the current market landscape, the male toiletries market in India is growing steadily in both value and volume terms.

The report identifies key market issues such as rising disposable income and the increasingly complex grooming routines of Indian men as key drivers behind recent market changes. The researchers behind the report predict that pre-shave and post-shave cosmetics products will increase and take market share from the aftershaves and colognes category. According to the report, Indian consumers are seeking products that meet specific requirements caused by their life stage. For example, young consumers are looking for single pack razors and shaving gels/foams, while older consumers look for traditional pre-shave creams from established brands. A change in gender behaviour has led Indian men to seek greater grooming comfort while shaving at a low price. Meanwhile, it finds that companies are targeting value for money conscious consumers with cheaper variants of their products. Although these categories are growing rapidly in local currency terms, exchange rate fluctuations have led to a more variable growth in US dollar terms.Another key point highlighted in the report is India's young population, with a little over half of the country's population under 30 years old. This, the report says, presents an opportunity for marketers to target this group with new and innovative launches. Along the same lines, social media (e.g. Facebook) is set to play a key role in the future growth of the sector, driven by younger consumers. Gillette is currently the leading brand among all the categories of male toiletries in India.The report also presents key market figures in relation to packaging. The disposable razors and blades category accounted for over 98.5% of the total number of packs used in the Indian male toiletries sector in 2012, driving significant demand of rigid plastic blister packs, paper and board wrappers, and flexible packaging bags/sachets.It predicts that the increasing use of pre- and post- shave cosmetics will drive demand of bottle, aerosol, and tube pack types; these are forecast to grow at a CAGR of over 4% between 2012 and 2017. Post-shave cosmetics will record the highest CAGR of all categories, at 16.5% between 2012 and 2017. Moreover, packaging will see increasing use of stylish designs in closures and colours, as these packs seek to stand out in

convenience store aisles, which are the most preferred destination for buying male toiletries products in the country. On the other hand, the report predicts a decline in the use of paper and board.

ANALYSIS FROM THE REPORTIt is very much obvious from the report that the market of shaving and razors are rapidly increasing in India. In fact most of the youths are demanding more innovation in this sector. Gillette has hugely covered the market of Shaving in India. The level of competition is very low as Gillette is the single top player in India. The rise in the consumption level of Razors and shaving creams depicts the rise in CAGR which is a positive sign for our product Smart Shaver. The research report also guided us to target youths for the product or in other word focusing more on youths as they demand more of innovative products. The report clearly indicates that there is a requirement of some innovation regarding the process of shaving. The rise in the market of shaving industry reduces the risk and also eliminates the level of uncertainty in the market.

SWOT ANALYSIS

STRENGTHS

Innovative product Simplified the concept of shaving Intensive distribution channel Transparency positioning idea

WEAKNESS

Sensitive to skin product People may resist accepting hair

remover in face. Expensive than previous shaving

methods A complete new product to launch

may face difficulties.

OPPORTUNITIES

Rise in the industry Consumer demanding more

innovative product. Presence of no player in the

market related to the Smart Shaver

THREATS Huge competitor like Gillette in

the market. Rare cases of skin problem may

lead in dampening brand image. Price sensitive market