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Bayesian Analysis

January 14, 2018

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Promotional Event

The recommended promotional event that the Honest company should put on is a natural festival. This festival will highlight all of the products the company currently offers. The company will be giving away 5-lifetime health packages that will consist of all the products offered by the Honest company. The purpose of this festival will be to spread awareness of the importance of products that consumers use and why the Honest company helps brings an affordable natural based alternative to many of the current products in the market. The purpose of the giveaway will be a test to understand how families who utilize all Honest products are affected in terms of quality of life and health. The entry for this contest will be free and only require a 5 part questionnaire and contact information to be filled out. The questionnaire is designed to understand the consumer's current adherence to all natural products and what current brands they utilize which would be listed as the cu...

Expansion Recommendation

The Honest company should still continue with the goal of transitioning to India. The company's plan to create a new children's product line to fit the emerging middle-class market in India. The age demographics are very similar to those in the US in terms of buyers. This is a great similarity as the company can utilize this estimate to help with projections and forecasting.

forecast analysis visualization

Looking at the Honest company one of the main focal areas that requires tons of BIA is in product development. The category of products specifically that need the most BIA would be male focused product lines. The male market is currently dominated by many of the larger brands in terms of food and personal care. The Honest company wants to be in a position to cater to this market and gain market share in this category. In order to accomplish this BIA is required to help make the correct choices in terms of brand appeal and what products should be launched first. The diagram below show created data to demonstrate how the Honest company will lose revenue in this segment if they cannot establish a line of products.

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Bayesian Analysis

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