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Marketing Research of Precision Castparts Corporation

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Marketing Research of Precision Castparts Corporation
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Netra Shetty
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Marketing Research of Precision Castparts Corporation - April 8th, 2011

Precision Castparts Corp. (NYSE: PCP) is a Portland, Oregon, United States-based Fortune 500 company. The industrial goods and metal fabrication company manufactures cast metal parts for use in the aerospace, industrial, defense, and automobile industries. In 2009 they ranked 362nd on the Fortune 500 list, and 11th in the Aerospace and Defense Industry.[2] On June 1, 2007, PCC replaced MedImmune on the S&P 500 stock index.

In Japan, words such as “Healing”, “Wellness”, and “Relaxation” have become trendy buzz words recently. There are many forms of services offering opportunities for relaxation, healing, or wellness such as massage (Western or Asian style), acupressure, sauna (wet or dry), reflexology, aroma therapy, and esthetic treatment, in addition to the traditional Japanese hot springs (therapeutic bath). The spa is a relatively new form of service, although the types of services and treatments for relaxation offered at each establishment are not necessary new to Japanese consumers. Singapore’s St. Gregory spa, which opened its establishment in Tokyo in April 2003, was the first spa in Japan. A number of famous Asian brand spas such as the Mandara spa (July 2003), the Taman Sari Royal Heritage spa (July 2003) and the Banyan Tree spa (July 2004) followed suit. Many hotels, including Grand Hyatt and Sheraton, as well as traditional Japanese hot spring inns (“Onsen Ryokan” in Japanese), have started to open “destination spas.” Following the influx of foreign brand spas, non-destination spas, or “day spas,” have begun to emerge in Japan.

According to industry sources, the total number of spas in 2004 was only 100 and so was believed to be in the beginnings of its development in Japan. But today, these sources estimate that the number has reached 300, and they believe that the number of establishments and types of business will further grow rapidly, as many esthetic salons have begun either offering spa operations or are converting themselves completely to spas. They also expect new types of spa such as “medical spas” that focus more on preventive medicine or integrative medicine will increase and will be accepted widely as the Japanese baby boomers, men and women alike, look to maintain or enhance their wellness. As demand for spa treatments increases, consumer demand for more new cosmetics, toiletry goods, and services will grow as well. Because Asian-style spa concepts arrived in Japan first, followed by the European type of destination spa concept, Asian and European treatment goods reportedly dominate the market. The most wellestablished brand in Japan is DECLÉOR from France. Japan’s largest manufacturer, Shiseido has only embarked upon marketing its own spa product line in the last year or so. On the prospects of the spa business going forward, some industry experts say that demand for American treatment goods will grow, and there will be a shifting away from Asian products as the “Asian spa” boom cools down.

Market Data
(1) The Spa as a Relaxation Service

The “spa” in Japan is not yet recognized as an established, full-fledged industry by the Japanese government; therefore, there is neither an official industrial classification code assigned nor statistical data available to estimate the real size of spas as a business sector. One of the largest leisure industry publishers, Sogo-Unicom, estimates the market size of the “relaxation-related service” industry, but includes spas in the same category as other bathing services such as hot spring baths, saunas, foot baths, etc.

Although there is no data from this source on the number of establishments extent, spa and other bathing services combined are estimated to be substantially comparable to the size of the esthetic industry in Japan. A spa association official estimates that true spa establishments number about 300 today, though they are increasing rapidly. Therefore, the estimated market size of spa today may still be far smaller than it may grow to be in the future.

(2) The Cosmetics Market

Japanese shipments of cosmetics for 2005 totaled 1,505.5 billion yen (US$13,686 million at 110 yen to US$), a hefty increase of 5.98 percent from 2004, while Japan’s imports of cosmetics increased 1.98 percent to 163.6 billion yen (US$1,487 million). Imports accounted for 10.8 percent of the domestic market in 2005.

France and the United States remained the top suppliers; however, cosmetics imports from these two countries decreased to 56.5 percent of total cosmetics imports in 2005, compared to 69.0 percent a year earlier. China ranked a distant third (7.8 percent) after the United States (23.8 percent). Industry sources say that Japanese consumers' interest in beauty and health continues to be high.

18% of general market consumers, many are feeling optimistic about the future, according to new research by global market research firm Synovate.

To better understand financial behavior among multicultural consumers in the U.S., Synovate recently surveyed approximately 4,000 men and women ages 18+, including approximately 1,000 general market respondents, 900 African-Americans, and 2,000 Hispanics.
The survey was conducted via telephone among a nationally representative sample.

Along with increasing debt, ethnic consumers continue to lag behind the general market population when it comes to owning financial products and services such as bank and investment accounts, insurance, mortgages, and credit cards.

For example, 8 in 10 African-Americans and 63% of Hispanics currently own a checking account, versus 93% of the general market.

The ownership of a retirement account, such as an IRA or 401K, is even lower for multicultural consumers - 74% ownership among the general population versus 52% for African-Americans and 34% for Hispanics.

"On top of this, nearly a third of African-Americans and Hispanics say they are living from paycheck to paycheck, which is higher than what we see in the general population (22%)," said Claire Braverman, senior vice president of Synovate's financial services research group. "The challenging economy is difficult for everyone but is hitting African-American and Hispanic households particularly hard."

Despite increased debt, lower financial product usage and double digit unemployment levels for African-Americans (16.5%) and Hispanics (12.6%) (Bureau of Labor Statistics, April 2, 2010), many are looking towards the future with a sense of optimism.

When asked if their economic situation will be better, the same, or worse in the next 12 months, more than half of African-Americans and 42% of Hispanics surveyed felt that their situation would improve, versus one-third of the general population.

Furthermore, only 6% of African-Americans felt their economic situation would worsen... much less than the 14% of the general population who feel this way.

Why such optimism?
One factor could be the election of President Obama, and the Democratic Party continuing to make a concerted effort to gain the favor of Hispanics by addressing issues such as immigration reform and the appointment of Supreme Court Justice Sonia Sotomayor.

History and culture may also be factors as both African-Americans and Hispanics have had to overcome adversity in the U.S., albeit through different paths.

"The purchasing power of African-Americans and Hispanics combined will be almost two trillion dollars in 2010. Clearly marketers have a rich opportunity to tap into this optimism and channel it into successful marketing of their products and services targeted to the multicultural market," said Denise Marks, vice president of Synovate's diversity research group and lead author of Synovate's 2010 U.S. Diversity Markets Report.
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Re: Marketing Research of Precision Castparts Corporation
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Jitendra Mazee
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Re: Marketing Research of Precision Castparts Corporation - August 1st, 2016

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Originally Posted by netrashetty View Post
Precision Castparts Corp. (NYSE: PCP) is a Portland, Oregon, United States-based Fortune 500 company. The industrial goods and metal fabrication company manufactures cast metal parts for use in the aerospace, industrial, defense, and automobile industries. In 2009 they ranked 362nd on the Fortune 500 list, and 11th in the Aerospace and Defense Industry.[2] On June 1, 2007, PCC replaced MedImmune on the S&P 500 stock index.

In Japan, words such as “Healing”, “Wellness”, and “Relaxation” have become trendy buzz words recently. There are many forms of services offering opportunities for relaxation, healing, or wellness such as massage (Western or Asian style), acupressure, sauna (wet or dry), reflexology, aroma therapy, and esthetic treatment, in addition to the traditional Japanese hot springs (therapeutic bath). The spa is a relatively new form of service, although the types of services and treatments for relaxation offered at each establishment are not necessary new to Japanese consumers. Singapore’s St. Gregory spa, which opened its establishment in Tokyo in April 2003, was the first spa in Japan. A number of famous Asian brand spas such as the Mandara spa (July 2003), the Taman Sari Royal Heritage spa (July 2003) and the Banyan Tree spa (July 2004) followed suit. Many hotels, including Grand Hyatt and Sheraton, as well as traditional Japanese hot spring inns (“Onsen Ryokan” in Japanese), have started to open “destination spas.” Following the influx of foreign brand spas, non-destination spas, or “day spas,” have begun to emerge in Japan.

According to industry sources, the total number of spas in 2004 was only 100 and so was believed to be in the beginnings of its development in Japan. But today, these sources estimate that the number has reached 300, and they believe that the number of establishments and types of business will further grow rapidly, as many esthetic salons have begun either offering spa operations or are converting themselves completely to spas. They also expect new types of spa such as “medical spas” that focus more on preventive medicine or integrative medicine will increase and will be accepted widely as the Japanese baby boomers, men and women alike, look to maintain or enhance their wellness. As demand for spa treatments increases, consumer demand for more new cosmetics, toiletry goods, and services will grow as well. Because Asian-style spa concepts arrived in Japan first, followed by the European type of destination spa concept, Asian and European treatment goods reportedly dominate the market. The most wellestablished brand in Japan is DECLÉOR from France. Japan’s largest manufacturer, Shiseido has only embarked upon marketing its own spa product line in the last year or so. On the prospects of the spa business going forward, some industry experts say that demand for American treatment goods will grow, and there will be a shifting away from Asian products as the “Asian spa” boom cools down.

Market Data
(1) The Spa as a Relaxation Service

The “spa” in Japan is not yet recognized as an established, full-fledged industry by the Japanese government; therefore, there is neither an official industrial classification code assigned nor statistical data available to estimate the real size of spas as a business sector. One of the largest leisure industry publishers, Sogo-Unicom, estimates the market size of the “relaxation-related service” industry, but includes spas in the same category as other bathing services such as hot spring baths, saunas, foot baths, etc.

Although there is no data from this source on the number of establishments extent, spa and other bathing services combined are estimated to be substantially comparable to the size of the esthetic industry in Japan. A spa association official estimates that true spa establishments number about 300 today, though they are increasing rapidly. Therefore, the estimated market size of spa today may still be far smaller than it may grow to be in the future.

(2) The Cosmetics Market

Japanese shipments of cosmetics for 2005 totaled 1,505.5 billion yen (US$13,686 million at 110 yen to US$), a hefty increase of 5.98 percent from 2004, while Japan’s imports of cosmetics increased 1.98 percent to 163.6 billion yen (US$1,487 million). Imports accounted for 10.8 percent of the domestic market in 2005.

France and the United States remained the top suppliers; however, cosmetics imports from these two countries decreased to 56.5 percent of total cosmetics imports in 2005, compared to 69.0 percent a year earlier. China ranked a distant third (7.8 percent) after the United States (23.8 percent). Industry sources say that Japanese consumers' interest in beauty and health continues to be high.

18% of general market consumers, many are feeling optimistic about the future, according to new research by global market research firm Synovate.

To better understand financial behavior among multicultural consumers in the U.S., Synovate recently surveyed approximately 4,000 men and women ages 18+, including approximately 1,000 general market respondents, 900 African-Americans, and 2,000 Hispanics.
The survey was conducted via telephone among a nationally representative sample.

Along with increasing debt, ethnic consumers continue to lag behind the general market population when it comes to owning financial products and services such as bank and investment accounts, insurance, mortgages, and credit cards.

For example, 8 in 10 African-Americans and 63% of Hispanics currently own a checking account, versus 93% of the general market.

The ownership of a retirement account, such as an IRA or 401K, is even lower for multicultural consumers - 74% ownership among the general population versus 52% for African-Americans and 34% for Hispanics.

"On top of this, nearly a third of African-Americans and Hispanics say they are living from paycheck to paycheck, which is higher than what we see in the general population (22%)," said Claire Braverman, senior vice president of Synovate's financial services research group. "The challenging economy is difficult for everyone but is hitting African-American and Hispanic households particularly hard."

Despite increased debt, lower financial product usage and double digit unemployment levels for African-Americans (16.5%) and Hispanics (12.6%) (Bureau of Labor Statistics, April 2, 2010), many are looking towards the future with a sense of optimism.

When asked if their economic situation will be better, the same, or worse in the next 12 months, more than half of African-Americans and 42% of Hispanics surveyed felt that their situation would improve, versus one-third of the general population.

Furthermore, only 6% of African-Americans felt their economic situation would worsen... much less than the 14% of the general population who feel this way.

Why such optimism?
One factor could be the election of President Obama, and the Democratic Party continuing to make a concerted effort to gain the favor of Hispanics by addressing issues such as immigration reform and the appointment of Supreme Court Justice Sonia Sotomayor.

History and culture may also be factors as both African-Americans and Hispanics have had to overcome adversity in the U.S., albeit through different paths.

"The purchasing power of African-Americans and Hispanics combined will be almost two trillion dollars in 2010. Clearly marketers have a rich opportunity to tap into this optimism and channel it into successful marketing of their products and services targeted to the multicultural market," said Denise Marks, vice president of Synovate's diversity research group and lead author of Synovate's 2010 U.S. Diversity Markets Report.
Hey netra, i am really impressed after reading all your article or report on Precision Castparts Corporation and must say that it is going to be useful for many people. Well, if you do not mind then i have also got some information and would like to share it with you. So please download and check my presentation on Precision Castparts Corporation.
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