Marketing Plan for Bio-Mag Bracelets Essay example -- Business Marketi

Marketing Plan for Bio-Mag Bracelets 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 inc... ...ing 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. BIBLIOGRAPHY Barrett S., 2001 ‘magnet therapy’ available online at http://www.helhetsdoktorn.nu/magnet.htm Cralle, R. (1997). Therionresearch.com: Magnetic Therapy. http://www.therionresearch.com/learning_center_articles.html (Accessed 18th May 2005). Kotler, P. (2003) Marketing Management. Pearson Education, Inc., New Jersey, United States. No Author. (2005) Stuck On You: Magnetic Therapy Supplier. http://www.stuckonyou.com (Accessed 15th May 2005). No Author. No Date. Magnetic Therapy History. http://www.discovermagnetics.com/faq2.html (Accessed 18th May 2005). No Author. No Date. The Scientific Basis For Magnet Therapy Analytical Research Report. http://www.itembioenergy.com/infocenter/ScientificBasisMagnetTherapy.pdf (Accessed 18th May 2005). Competitors’ Company’s Website: - Magnet-EZe: http://magnet-eze.com.au Australian Magnet Therapy: http://www.australianmagnettherapy.com Bio-Magnetic Therapy: http://www.biomagnetictherapy.net