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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.

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