Marketing Plan for Bio-Mag Bracelets
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
The S.W.O.T is to analysis Strengths, Weaknesses, Opportunities and
Threats of the product’s marketing plan.
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...