Market Analysis Report

1. On discussion board, create your own thread and post your critical analysis of perceived risk and emotions when engaging in a cosmetic procedure based on the following questions (maximum 300 words): The risk profiles of Botox users are identified in Table 1. What external and internal factors do you think will influence desire for Botox engagement for Daring image crafters and Timid image seekers? In Table 1, the majority of users appear to have two to three experiences with Botox. Can you suggest strategies whereby Botox practitioners can engage with their clients to maintain long-standing relationships? In Table 5, negative emotions from not engaging in a cosmetic procedure do not appear to impact desire for hair transplant engagement (H2) for Daring image crafters and Approval-seeking socialites. Why do you think this is the case? 
2. Also on discussion board, comment on two posts, created by your class members, which contribute and advance each of the two discussions (maximum 150 words per post).
3. Finally, in a written report, conduct a macro-environmental analysis of the cosmetic surgery industry in Australia and comment on how the PESTEL factors impact on the industry (maximum 500 words). No need to write all PESTLE factors, choose any 4 factors suitable from PESTLE. Submit a copy of: (1) your critical analysis on your own thread: (2) your comments on two other threads; and (3) your report on the macro-environmental analysis (typed in 12-point font and 1.5 line spacing, excluding references) as one document to Turnitin on the Sunday of Week 5 by 11.30pm (Perth Time).

Example of thread; created by my colleague (write similar to this.)

Rance Clarke - Assessment 1 Post

1. The Botox user demographics of daring image crafters and timid image seekers are similar. The vast majority of both groups are technologically-savvy Millennials, aged between 21 and 44 years, when the article was prepared in 2021. Groups and social networks are an external social factor which impact consumer behaviour (Armstrong et al. 2021) and since Millennials mostly engage with their groups online, the intense pressure of standards portrayed on social media and by online influencers would likely increase desire for Botox engagement. Both daring image crafters and timid image seekers highly value their personal image and appearance. The majority of both groups are in either Managerial or Professional occupations, meaning their beliefs and attitudes (an internal factor) may increase desire for Botox engagement as they may feel they are more likely to fit in and be successful with an improved body image.
2. Practitioners could build long-standing relationships with their clients by arranging check-up appointments within six months after the procedure, to re-engage clients before the effects of Botox wear off. Practitioners could offer discounts to repeat customers or referral bonuses to existing customers who introduce new customers. With client permission, practitioners could also share before and after photos on social media which will reinforce positive emotions for clients post-procedure, helping to build meaningful and profitable relationships with loyal customers who may also refer new customers.
3. Hair transplants counter and/or resolve hair loss, which many individuals consider a detracting factor for their body image. Daring image crafters and approval-seeking socialites have low overall levels of perceived risk. Therefore, as risk takers with a drive to improve their body image, it would be expected that they are more focused on the positive outcomes which outweigh the deterrents of the anticipated negative emotions from not engaging in a hair transplant.

Example of comment on thread

RE: Rance Clarke - Assessment 1 Post

Rance - great post! In the case of building long standing relationships – to avoid positive emotions reverting to a baseline level, you might get success on social media by running targeted ads to that age demographic with the photos as you mentioned which could keep the individual engaged with Botox front of mind and seeking re-engagement early.

Additionally instead of offering monetary incentives to repeat customers or referrals, also consider co-creating an identity with the individual so they increase their desire to maintain their identity. The desire will mean the individual would re-engage with the practitioner subconsciously becoming a brand ambassador for the surgery and as you pointed out, advertise the product willingly to increase customer base on their own accord. A further effect for the Millennial  demographic to maintain an improved body image could also mean re-engagement for fear of missing out once the procedure becomes more popular.

I want you to write the comment on the following post;

Marketing analysis-Assessment 1-1

Desire for Botox engagement for Daring image crafters and Timid image seekers most of them are female, age (21-34 years) and income ($45,000-89,999) in Table 1 (Sood, Quintal, and Phau 2021). This demonstration can be influenced by a combination of external and internal factors.

• External factors may include societal norms, media influence, peer pressure, and cultural expectations. In media effects works, priming depicts how exposure to media can change the individual's attitudes, behaviours, or opinions (Valkenburg, dick,& Walther, 2016).
• Internal factors consider about individual’s consumption ability, willingness and preference. These contribute to consumer to change their personal insecurities, body image dissatisfaction, self-esteem issues, and the desire to enhance one's appearance (Amanda MacMillan 2017).

Table 1 reveals that the majority of users have had two to three experiences with Botox, suggesting a level of comfort and familiarity with the procedure. This may indicate that these individuals are more likely to continue seeking Botox treatments in order to maintain their desired appearance. To maintain long-standing relationships need to consider the following strategies:

• It is important to demonstrate expertise, professionalism, and empathy to foster a trusting relationship with customers.
• Regularly follow up with customers to check on their satisfaction and address any issues. Encourage open communication and feedback to continuously improve their experience.
• Affordable price or discount price and product upgrade to attract customers for consuming repeat.

Regarding Table 5, where negative emotions from not engaging in a cosmetic procedure do not impact desire for hair transplant engagement for Daring image crafters and Approval-seeking socialites. According to the Table 2 hair transplant customers, most of them are male, age (45-54 years), occupation (professional) and income ($90,000 and above) (Sood, Quintal, and Phau 2021), it demonstrates societal norms and personal values play a significant role in their decision-making process, and they can take higher the ability of risks than others relatively.

2. Q1:

External factors refer to factors that are outside of an organization’s control, such as political and environmental factors.

Internal factors refer to factors that are within an organization’s control, such as technology and customer experience.

Peer-to-peer pressure is the external factor that could affect the desire of Botox engagement for Daring Image Crafter and Timid Image seeker. Daring Image Crafter is the adventurous that want to be the first, while Timid Image Seeker want to be the part of the fashion trend to maintain or even increase their fate and ranking in their social groups. As both socialities want to maintain their self-esteem in their social group, if there is a person in the group started the Botox treatment, the rest of the peers will follow.

The customer service of the practitioners would definitely affects the desire of Box engagement for both socialities. As Botox is not an essential service, customers could have the first and second treatment, and then forgot about it as they have more vital items to be focused for their life. The practitioners could provide a before-and-after photos for comparison to gain the trust from their customer, as well as follow up calls every few months to check the progress which will indirectly reminding the customer about the benefits of the treatment.

Q2:

It is proposed the practitioners outline a personalised treatment plan for each specific customer with treatment stages (such as, beautify, follow up and maintenance) in combination with good customer service to maintain long standing relationship.

Q3

The hair transplant engagement has low physical and financial risk to Daring Image Crafter and Approval-Seeking socialities (Sood, Quintal and Phau 2022), for example it lasts for 10 years in average and affordable. Hence, the negative emotion has no affect to the desire of the socialities of engaging the treatment.

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