• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15

marketing study - biolife

Extracts from this document...

Introduction

EXECUTIVE SUMMARY The purpose of this analytical report is to provide a marketing plan for Bio-Life Ltd new product, Bio-Mag Bracelet on its magnetic therapy purposes. As health issues are popular concerns of people in Australia and overseas market, it is necessary for Bio-Life Ltd to get into this market as soon as possible. This marketing plan is to review the company's marketing arrangement for the new product but to also recommend strategic responses to assist Bio-Life Ltd in developing a sustainable operating system. In the following sections, product, Bio-Mag Bracelet will be analysed in depth in the order of firstly, background; secondly, marketing strategies; thirdly, marketing mix included product, price, people, placement and promotion; lastly, SWOT analysis. It is anticipated that the marketing plan we have developed will facilitate the new product, Bio-Mag Bracelet success in the coming years. Marketing strategies of the Bio-Mag Bracelet is based on Segmentation, Targeting and Positioning. Positioning and Segmentation strategies adopted by Bio-Mag Bracelet are quality; styling and pain relief to attract its targeted customers. Besides that, the main purpose of Bio-Mag Bracelet is natural healing without drugs in pain relief, increase blood circulation and reduces inflammation and speeded up recovery rate from injuries. The targeted consumers of the product are middle and upper classes, which need natural healing and health care. Differentiation is also an important strategy. Bio-Mag Bracelet differentiated from competitors with the additional features of one size fits all. As the product will be finished by 9ct gold and stainless steel, the retail price of it is in a higher range. It is also contain a 2000 Gauss / 200 mTesla special Rare Earth magnets. The location of the retailing will be mainly in big shopping malls or more prestigious and well known area. Placement includes elements such as channels, coverage, assortments, locations, inventory and transport of the product. The S.W.O.T is to analysis Strengths, Weaknesses, Opportunities and Threats of the product's marketing plan. ...read more.

Middle

They can be classified into physical goods, services, experiences, events, persons, places, properties, organization, information, and ideas. In our case, our product (the magnetic therapy bracelet) is a physical good named Bio-Mag which is meant to be worn around the wrist to give relief to any pain which is mainly experienced around the arthritis on the hands and wrist (immediate effect) although the "pain-remedy effect" will subsequently covers the entire body. Relieving pain is the core benefit of Bio-Mag, which belongs to the most fundamental level of the customer value hierarchy out of the five levels (core benefit, basic product, expected product, augmented product, potential product). In other words, the core benefit can be seen as the main objective or deciding factor when any customer wish to purchase this product of ours. This core benefit is being used to produce a range of pain relieving basic products (knee strap, bracelet, necklace, water wand, pillow, mattress cover, etc.) and our company had chosen the bracelet among the rest as the type of product our company wants to get involved in. The expected product for which our company has for the magnetic therapy bracelet is a pain relieving item that is made out of the most suitable and best quality materials (e.g. pure stainless steel which is zinc free meant for individuals whose skin has allergy to cheap quality steel) and provides good and long-lasting pain relief. To turn the expected product into an augmented product that exceeds customer expectations, Bio-Life Ltd had also seek to bring various designs to the market which gives customers a greater range to choose from. At Bio-Life Ltd, our company also offers altering services to satisfy consumer who wish to change, add or alter certain parts of the bracelet to match their taste. The vision that we Bio-Life Ltd had for Bio-Mag is to be able to reach in being a potential product that any customers will be able to design their own bracelet and have a vision of the actual product via advance graphic editing programs before they made the actual purchase. ...read more.

Conclusion

Besides that, it is convenient to wear on in any occasion and everyday. Moreover, with over 25 years of diligent magnetic research and testing, evidence shows that magnets have remarkable results in natural healing and pain relief. (Stuck On You, 2005).Besides, these magnetic therapy products are far cheaper when compared with the costs of medications or consultation; it also can be used for lifetime and nickel free with 9ct gold or stainless steel. Also, health equipments are expensive in Australia. And rivalry in Australia will be low as magnetic therapy products is a fairly new marketing this country. Such will serve as a form of competitive advantage over the rest of the competitors Weaknesses The absence of certain strengths may be viewed as a weakness. It appeared that there are no brand advantages as Bio-Life Ltd is a fairly new company. Therefore, the company needs a large sum of capital and time to build up a strong brand image. Branding is one of the most important sales elements nowadays, as consumers are mostly make decision on high reputation products and recognized products. Bio-Life Ltd also faces strong competition from big brands in health product such as OSIM etc. In addition, the company's distribution system is one of the weaknesses; which is not completely constructed yet. Thus, the company could not reached of all potential consumers, and obtain feedbacks from our customers, too. Opportunity Health has become a major concern for the modern people. People concerned and get alarmed of their health status when their standard of living upgraded. With this opportunity, the new product might have a good stand in Australia local market. Threat However, in Australia, most people are new to the product, and have not been well exposed to the usage of the product. Thus, it is a main disadvantage for Bio-Life Ltd in building up sales. Nevertheless, Bio-Mag Bracelet also faced great competition from other health products such as massage machine and so forth; which there are many different health products in the market. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Peer reviewed

    What is positioning?

    4 star(s)

    However, as competition gets rife and with growing market saturation, fashion retailers are forced to come up with more innovative and creative positioning strategies in order to stay on top of the game (Newman & Patel, 2004). This essay will focus on the positioning strategies of one of the leading

  2. In short tem Quality Craft Carpet Ltd should focus on direct marketing strategy to ...

    Quality Craft Carpet has already got a strong brand name in UK market, so providing the customer with there desire requirement should be the first priority to get the maximum market share. To capture the market company can provide there customers with after sales service, return policies and warranties.

  1. Strategic Marketing Report - Virgin Trains

    shows they are either new to the market, are happy where they are or are in need of expansion. Virgin records sold records, they'd flooded the market with the same product and there was no other market to find. Virgin used the diagram.

  2. Opening an Arcade – Feasibility Study

    All these fruit machines will be replaced with up to date and new machines every few months. I will have two skill win prize machines: 'Who wants to be a millionaire' and 'The Weakest Link.' There will be three twin sit down racing games and ten arcade games that will be changed on a regular basis.

  1. SWOT analysis for an accessories store

    I already have knowledge about frequent problems many businesses face, how to overcome and manage these problems, therefore giving me an advantage over some of my competitors who may not know business knowledge to the extent that I do. * Own enthusiasm I am very enthusiastic about starting up my

  2. Design a small scale marketing plan and formal report for a small business.

    I located the tills near to the door so that after customers but their goods they can quickly get to the door, also for security reasons, because thieves can be spotted easily from the front of the shop. The blue shelves are the new and trendy products that have just

  1. This report will define and explain the following marketing terms: Marketing ...

    For ipod it is very easy to promote a new product because people already know they are going to get a good product because of the name and brand but if it didn't have a good background they might have to design a catchy name so people will remember it

  2. British Airways - Product strategy

    In other words, small airline companies with low prices willing to gain more and more customers than the big airline companies. Under this change of fortune and the higher competition British Airways had to change its pricing objectives from maximizing profits to market share maximization.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work