Attractiveness of the Greater Toronto Area Market

Posted: September 20th, 2023

International Marketing
Individual Assignment #1
Country Research – Research, Analysis and Conclusion

Due in Dropbox with Turnitin – with Similarity and AI-Generated Indices
10% of Final Mark

Requirements: Country Research and Analysis – credible sources – Product Launch – Yes or NO – 1200 to 1400 words – 12point font, 1.5 spacing – excluding Cover page and bibliography

Task: You have been hired by an International Consumer Packaged Goods company to research what they believe to be an attractive market in your home country for the launch of a new personal skin care product for women.
The product’s general formulation contains moisturizing and SPF properties, it could also be adapted to contain skin-lightening or darkening properties.
Specifically, their prospective target is your home state, province, or major metropolitan area. Examples: Tehran, Iran; Shanghai, China; Greater Toronto Area (GTA), Ontario, Canada; Chennai, Tami Nadu, India; São Paulo, Brazil;
Your task is to develop an analysis and prepare a written report on the following parameters:
Attractiveness of the market including an overview and discussion of – the best segments/targets, related literacy and education levels, media sources, and general economic conditions.
However, your focus should be on culture including, relevant insights into history, geography, and climate and specifically you should examine:
Material Culture – Technology – the techniques and “know-how” of producing material goods; Economics – the employment of capabilities and the results.
Social Institutions – Social organizations – family life, status, age. Education – literacy and intelligence and how informed the public is. Political structures – control over business.
Man and the Universe – Belief systems – what are they and how do they affect product and promotional acceptance?
Aesthetics – Graphic and plastic arts – degree of modernization. Folklore – superstition, tradition, etc. Music, drama, and the dance – promotional possibilities.
The report must have a supported conclusion to enter the market or not including, a description of the target market and any product adaptations that the company would have to make.

Your written report will be evaluated on three criteria.
50% – the quality and depth of your research and analysis in particular key insights into the market potential and cultural challenges
25% – supported and clear recommendations
25% – quality and structure of the written report – English language usage, spelling and grammar

Attractiveness of the Greater Toronto Area Market
The Greater Toronto Area (GTA) presents an attractive market opportunity for introducing a new personal skin care product. Home to over 6.4 million people, the GTA is Canada’s most populous metropolitan area and one of the largest in North America (Statistics Canada, 2022). It has a highly educated population, with over half of residents holding a post-secondary degree, ensuring literacy around health and beauty products (Statistics Canada, 2022).
Economically, the GTA has a strong and growing economy. With a GDP of over $313 billion Canadian dollars, it accounts for about 20% of Canada’s total GDP (Statistics Canada, 2022). Personal disposable income levels are high, averaging $44,800 CAD per capita in 2021 (Statistics Canada, 2022). This affluence indicates consumers have discretionary income to spend on premium skin care products. The job market is also robust, with an unemployment rate of 5.4% as of July 2022, lower than the national average (Statistics Canada, 2022). Stable employment supports consumers’ ability to regularly purchase skin care items.
Cultural Factors and Insights
Material culture in the GTA reflects its modern, cosmopolitan nature. Residents widely adopt new technologies and beauty trends. Over 90% of the population owns a smartphone, enabling digital marketing campaigns (Statistics Canada, 2021). E-commerce is also popular – 31% of Canadians shop online weekly (Statistics Canada, 2021). This digital orientation means marketing the new product through websites, apps, and social media will be impactful.
Socially, the population is very diverse, with over 50% born outside of Canada or having a parent born abroad (Statistics Canada, 2017). This cultural diversity has led to openness towards different products. Family structures are also changing, with only 29.6% of families consisting of a married couple with children (Statistics Canada, 2017). Singles and common law couples are growing segments. Marketing should feature various family configurations and ethnicities.
Religiously, the population is becoming increasingly secular. In 2011, 23.9% of Torontonians reported no religious affiliation, up from 15.3% in 2001 (Statistics Canada, 2012). While many practice Christianity, targeting promotions around religious holidays may have limited resonance. Instead, focus on universal concepts like self-care, confidence, and beauty.
Aesthetically, the GTA is a hub for art, design, and pop culture in Canada. Residents are trend-conscious and open to new products that enhance their look (City of Toronto, 2022). The skin care product’s packaging and website should have a modern, on-trend design to appeal visually and communicate its benefits. Leveraging influencer marketing with local fashion/beauty bloggers could also boost awareness.
Supported Conclusion
Based on the above market and cultural analysis, I believe the GTA presents a viable opportunity to launch this new personal skin care product. Key factors supporting entry include the large, affluent consumer base; high educational levels ensuring comprehension of product benefits; diversity enabling resonance with various ethnic groups; and openness to new trends.
To succeed, I recommend targeting young professionals ages 25-45, with a focus on women. Positioning should emphasize concepts of self-care, beauty, and confidence. The product formulation could be left generally universal at launch, with potential future adaptations based on performance. A multimedia marketing strategy leveraging websites, social platforms, influencers, and promotions at art/fashion events would be impactful. With these tailored strategies, I believe the company could achieve success launching this new skin care product in the GTA market.

References:
City of Toronto. (2022, March 15). Toronto’s creative industries generate $25.5 billion in GDP. https://www.toronto.ca/news/torontos-creative-industries-generate-25-5-billion-in-gdp/
Statistics Canada. (2022, July 27). Labour force characteristics, seasonally adjusted, by province (monthly) (Ontario). https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701
Statistics Canada. (2022, February 9). Gross domestic product (GDP) at basic prices, by North American Industry Classification System (NAICS), provinces and territories. https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610043402
Statistics Canada. (2021, December 14). Canadian Internet Use Survey, 2021. https://www150.statcan.gc.ca/n1/daily-quotidien/211214/dq211214b-eng.htm
Statistics Canada. (2017, October 25). Census Profile, 2016 Census – Toronto, C [Census metropolitan area]. https://www12.statcan.gc.ca/census-recensement/2016/dp-pd/prof/details/page.cfm?Lang=E&Geo1=CMACA&Code1=535&Geo2=PR&Code2=35&SearchText=Toronto&SearchType=Begins&SearchPR=01&B1=All&TABID=1&type=0
Statistics Canada. (2012, October 24). Portrait of Canada’s Labour Force. https://www12.statcan.gc.ca/nhs-enm/2011/as-sa/99-012-x/99-012-x2011002-eng.cfm#a3