marketing study - biolife

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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.

BACKGROUND

As technology advances, the environment has also start to become more and more demanding and competitive with each and every individuals’ pace life always on the increase as time goes by. Hence, health has also become a major issue of concern when stress level increases. Generally, any forms (physical, mental or emotional) of health problems can arise out of stress. Symptoms such as fatigue, depression, flu, migraine are just some of the more commonly found ones, with fatigue being the mildest and most common of them all. Fatigue is the first experience of stress before any other major health problems emerges. The physical symptoms of fatigue are mainly pain. As such, consumers are realising that alternative medicine therapies can assist in the prevention of much stress related ailments that are engulfing our civilization. For those people who are concerned with the well being of their health as well as those who are searching to achieve wholeness, our company named Bio-Life Ltd actually helps provide those in need a highly effective opportunity to buy the highest quality alternative health products right here in our store. Based on the high demand for good health products which provides solutions to stress related problems such as any bodily pain, our company has developed a kind of product to resolve such problem. The introduction of the newly launched magnetic therapy bracelet is what our company is after. We named the magnetic therapy bracelet our company sell “Bio-Mag”. This is advance technological product, which uses the theory of magnetic therapy to relieve any pain experience on one’s wrist.

Magnetic therapy is known throughout history (thousands of years) for its ability to relieve pain, restore energy and enhance sleep. This form of treatment does hold great promises for the future when our population ages and the cost of traditional health care spirals upward (Magnetic Therapy History). Our company choose to engage in the sale of this product for its simple, effective and economical value. Magnets have been scientifically proven to enable one’s body to regain its self-healing electromagnetic balance naturally. It is also a non-invasive treatment method with a very high success rate in the prevention and treatment of chronic ailments. 

The human blood system carries negative calming healing properties to those areas affected by illness or pain. In the areas of pain, a large mass of positive magnetic fields is present. The quicker the body system can flood the affected areas with negative magnetic fields, the sooner the pain or illness will heal. The positive and negative effects are a push or pull of the ions associated to the illness or painful area. The relief of illness or pain is achieved via attaining the balance using negative magnetic therapy on those affected areas (Barrett, 2001: 64). The same magnetic field that moves metal objects also has a proven effect on the body. Magnetic energy is the catalyst that permits the body to heal itself and eases pain. High power Neodymium magnets generate a strong magnetic field that can deeply penetrate the body and helps stimulate blood circulation. This in turn permits more oxygen to be distributed through the body thereby accelerating the body's own natural healing processes.


Scientific Research has identified a number of possible benefits associated with biomagnetic therapy today (The Scientific Basis For Magnet Therapy Analytical Research Report). Through research and testing, it has indicated that magnetic therapy possess the ability to increase blood flow, stimulates circulation (via attracting the iron in blood), stops pain (blocking nerve signals sent to the brain),  heals damaged tissue and broken bones, soothe arthritis (removing calcium from arthritic joints).

In Bio-Life Ltd, we produce what is known as “fashion-designed bracelet” and we named it “Bio-Mag”. This stunningly beautiful bracelet comes in a 24k gold plated finish or silver-plated. The bracelet can be worn by both men and women of any age group and are highly fashionable at the moment. There are two balls on each side, both balls contain a 2000 Gauss / 200 mTesla special Rare Earth Magnet. To relief pain, Bio-Mag utilises the reflexology points on the wrist and the benefits can even covers the entire body when consumers wears it just round their wrist; Cells that passes through the wrist around will all carries the ‘pain-remedy effect” and spread it across the whole body as they flows through the body. One bracelet works for all; consumers do not have to purchase different magnetic therapy accessories for different parts of the body if they experience pain in more than one part of their body. To maximise its utility and obtain best results, customers are advised to switch Bio-Mag between wrists. This will increase the probability of ensuring that most cells actually carries with them the ‘pain-remedy effect” and spread them around different parts of the body. The only point consumers have to take note is the prevention of any fluid (water) getting into Bio-Mag so as not to damage it. Therefore, wearing Bio-Mag when one takes shower or when one does the dishes is strongly not advisable; soap scums that builds up between the links will reduce its ability to perform up to par. 

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In terms of its consumers, Bio-Mac seeks to target on mostly individuals coming form a higher income group. They may also include professionals such as registered practitioners and therapists within the healing discipline who posse the knowledge on bodily functions. They will tend to understand more easily why Bio-Mag is a worthwhile choice; cheap and effective as compared to medications or consultations. These professionally specialised individuals may include homeopaths, chiropractors, physiotherapists, reflexologists, osteopaths, massage therapists, medical doctors, surgeons, dentists etc.  Apart from that, Bio-Life Ltd also seeks to reach out to consumers coming for the middle to upper income ...

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