Market Analysis: Chi Flat Iron For Men

1826 words - 8 pages

Danielle Sone
Mktg 370-03
12-26-13
805950938
Chi Flat Iron for Men
Every morning men and women around the world are graced with the inherent ability of waking up with bed head. Bed head is hair that has been tousled from sleep. It begins from the moment we lay our head down on our pillow, and continues throughout the night as we toss and turn. After a couple hours, the chain reaction begins and a rat’s nest is formed into our hair the second our morning alarm goes off. For most, the solution to bed head is a simple shower. However, not everyone has the time to take showers in the morning. A majority of men and women take their showers the night before. For both sexes, washing your hair ...view middle of the document...

This Chi Flat Iron reduces static electricity so that you can create the perfect hairstyle every time, rescuing women all over the world from the terrors of bed head.
After using the Chi Flat Iron, your hair is left smooth and silky with an unparalleled shine. The Chi Flat Iron has won countless accolades and beauty awards. They currently have a contract with the Miss Universe pageant as the only hair care product sponsor. Below is a full list of Chi’s 2013 awards:
A. American Salon Professionals Choice Awards Favorite Flat Iron: CHI Ceramic Hairstyling Iron
B. Behind the Chair Stylist's Choice Award: Favorite Tool Company: CHI
C. Behind the Chair Stylist's Choice Award: Most Innovative Tool: CHI Ceramic Hairstyling Iron
D. Essence Magazine's Best in Black Beauty Award: CHI Ceramic Hairstyling Iron
E. Glamour Romania's Beauty Award: CHI Ceramic Hairstyling Iron
F. Jones' Magazine Best in Beauty Award: CHI Ceramic Hairstyling Iron
G. Naturally Curly's Best of the Best Award Favorite Styling Tool: CHI Ceramic Hairstyling Iron
* NewBeauty's Beauty Choice Award Best Flat Iron: CHI Ceramic Hairstyling Iron
* SheKnows.com Editor's Choice Award Best Styling Tool: The Original CHI Ceramic Hairstyling Iron
* Teen Vogue Reader's Choice Award Best Hair Tool: CHI Ceramic Hairstyling Iron
* Total Beauty Reader's Choice Award Best Flat Iron: CHI Ceramic Hairstyling Iron
The Chi Flat Iron brand prides themselves on their ability evolve faster than their competition. The Chi Flat Iron retails for $120. The top ten competitors for Chi Flat Iron hair straightening market are as follows:
1.) Sedu- $159.99
2.) Solia- $89.99
3.) BaByliss- $129.99
4.) Hai- $79.95
5.) Ghd- $185.00
6.) Theorie- $150.00
7.) Rx-7- $69.99
8.) Hana- $114.98
9.) Corioliss- $99.99
10.) Cloud 9- $129.95
The current target market for Chi Flat Iron consumers are young, fun, and flirty women between the ages of 16-35 who want tamed hair. According to the MRI database, 80% of the consumers who purchased electric beauty products over the last 6 months are predominately female, leaving males with the remaining 20% of electric beauty product market consumption. Chi’s current advertising strategy focuses entirely on young women from all ethnic backgrounds who have long, thick hair and want to be noticed. They utilize mainly print ads for their media class. The media vehicles used are popular women’s style magazines such as Cosmopolitan, Teen Vogue, and Marie Claire to name a few. Chi’s main focus is to get women to buy into the idea that by using the Chi Flat Iron, you too can have amazing, tamed hair like their models.
Chi has yet to include the male demographic into their target segment. This is something the company should consider because males too have a need for the Chi Flat Iron, they also experience bed head.
According to the data collected on the perceptual map...

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