Blackmore marketing plan

Situation Analysis

Marketing plan代写 To increase annual revenue growth from 9% to 10.5% from 2018 to 2019 by explore Asia market. (Goal setting according Appendix 3)

1.0

Marketing plan代写
Marketing plan代写

1.1

The revenue of vitamin and supplement manufacturing industry is expected to grow at 6.0% over five years through 2018-2019, to total $1.4billion, and it is estimated that by 2018-19, the export volume will achieve a strong annual growth of 13.2% in five years. Marketing plan代写The biggest market for Australia Vitamin and supplement industry is china, which contributes 37.2% total consumption (Market Line, 2018, p.10).

To target Chinese consumers, firms will sell product directly through flagship online platforms such as Tmall (IBIS World, 2018, p.4). Marketing plan代写The market share of Australia supplement s product is dominant by Sanofi-Aventis Australia Pty Limited, which is 26%.

1.2

Many of the industry’s players rely on contract manufacturers, several key brands dominant in retail level, including Blackmore, Swisse, and Nature’s Care. Blackmore has grown to become Australia’s largest vitamin and supplements supplier. Marketing plan代写The major competitor of Blackmore is Swisse, which has grown one of the largest supplements suppliers in Australia.

Due there is an industry globalization trend and ecommerce trend in supplement industry, the core market of Swisse is China, there are variety offline channels and Chinese ecommerce platforms sell their product. 67.7% of total income of Swisse forms Mainland China (IBIS World, 2018, p.25). Marketing plan代写Therefore, Blackmore needs to explore global market as well as develop distribution method.

1.3

According to Australia Pharmaceutical & Healthcare Report (2013, p.27), significant population growth and aging population could boost the supplement industry. Australia’s estimated resident population (ERP) reached 24.6 million at 30 June 2017, increasing by 388,100 people or 1.6% since 30 June 2016 (ABS, 2018).Marketing plan代写 On the other hand, the aging population in Australia’s ageing population has benefited the industry as many consumers have become increasingly proactive in managing age-related conditions.

1.4

According to Target News Service (2011), The healthy and fitness awareness has been increased over past 10 years in Australia. Increasing people healthcare awareness have boosted industry revenue over the past five years, and increased knowledge of the benefits associated with using vitamins and dietary supplements also benefit the industry (IBIS World, 2018, p. 2). Marketing plan代写As consumers take responsibility of them own health, and they adapting their lifestyles and using natural products to maximize their wellbeing.

1.5

There is a competitive market place in quality and price. As the concentration ratio of four largest players amount to 15.4%, the Australian pharmaceuticals market is competitive (Market Line, 2018, p.21). Moreover, new small companies entre the market with niche and specialty products in lower price.Marketing plan代写 The price of exist big company with high quality products could be a weakness. However, manufacturers need to invest significantly for product research and development. According to PHRMA, out of 5,000 to 10,000 screened compounds, finally only one approved.

1.6

Growth opportunities are also expected to come from international market. The depreciation of Australian dollar is increasing the export volume; it will benefit export of vitamins and supplements product to Asian (Agricultural, Commodities, 2015).Marketing plan代写 Moreover, the vitamins and supplement demand for China middle- class consumers are increasing. Industry revenue is projected to grow at an annualized 2.7% over five years to total $1.5 billion.

1.7

To better understand the strengths, weakness, opportunities and threats of Blackmore, SWOT analysis will be provided in appendix 1 with research evidence. Marketing plan代写The social trends, micro and macro economic that influence the product have also been analyzed. CDSTEP will be provided in appendix 2, including culture, demographic social technology economic and political sectors.

Marketing goal

2.0

To increase annual revenue growth from 9% to 10.5% from 2018 to 2019 by explore Asia market.Marketing plan代写 (Goal setting according Appendix 3)

Marketing Strategy

3.1. Target customers:

The key factors to be considered by Blackmore in segment their target market are showed as table 1.  Marketing plan代写

Table1: Market Segmentation

Geographic Health goods and medical services will be fastest growing categories in Asia Pacific (Passport, 2018).  The research shows the biggest market of Australia vitamins and supplement is China 37.2%, it is followed by Japan 23.4%, India 12.1%, and Australia 8% (Marketline, 2018). As the depreciation of Australia dollars and Asian economic growth, the export opportunity of Australia goods and services is increased (Ali & Rahman, 2013).
Demographic The healthcare product provides variety goods such as vitamins and supplements. The target market will be generation “X”, who was born in 1965-1980, they care more about  healthy life, moreover, female consumer more healthy care products than male (Elton & O’Riordan 2016). The education level for market segmentation is any. The middle-income class will be our target consumer, the growing demand for Australia healthcare products such as vitamins and supplements consumed by middle class Chinese (Smith, 2018).
Behavioral – People who have higher health awareness will become our target consumer. They pay attention with their health and wellbeing (IBIS World, 2018, p.5)

According to the study of Lee, 2013:

– Healthy life style

– Consumers with a high level of health knowledge involvement

– Optimistic consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The full segmentation analysis will be shown as appendix 4

3.2 Value proposition:

To satisfy target customer needs, which are X generation female in higher income level with high health awareness in Asia pacific. Blackmore will develop high quality safety products to meet increasing market demand. Extend and variety product line produces over 1,300 products with 110 new products launched over 2016-17.Marketing plan代写 The products that be developed by Blackmore is in natural and high safety standard, that has been supported by legal policies and producers, and all products have been made refer to strict Australian manufacturing standards and rigorous quality checks.

Blackmore institutes will provide an investigation to prove that the nature health play a significant role of improved health outcomes across a range of disease conditions.

Moreover, to target oversea female customers such as China and Japan, Blackmore will employ the local brand ambassadors to increase local buyers.Marketing plan代写

To easily access the target customers, Blackmore will use innovation and variety ways to distribute the product in ecommerce platforms such as Tmall and Taobao.The package and design of Blackmore will be changed to meet majority customer- female X generation.Marketing plan代写 Overall, Blackmore will continue translate the naturopathic heritage and knowledge into innovative brand healthcare solutions.

3.2.1 Positioning statement:

Blackmore is a better healthcare brand than Swiss and Vitaco for middle-income people who have strong health awareness because it offers a cheapest price in similar quality and safety level.Blackmore is better healthcare brand than CureJoy, Panadol, Integria and HealthLine for middle class people who have illness avoided awareness because Blackmore is more reliable and safer.3.2.2Positioning map: figure 1 provides a positioning map to indicated the market position of Blackmore in relation of four market aspects.Marketing plan代写 They are high quality with high price, high quality with low price, low quality wit high price and low quality with low price.

Marketing Tactics

Product:

According to Shaw (2016,p.227), Ansoff Matrix is a market strategy to be used in marketing planning by organizations to achieve future growth. Blackmore will use Product Development market strategy, which is to selling new product to existing customers in order to achieve company goal.Marketing plan代写 There is an aligned brand extension to making change. Blackmore wants to sell products to Asian middle class female.

Firstly,

Blackmore needs to extend product line to develop new safety products.Marketing plan代写 Due to the physique different between different races, the new products have to fit Asian body condition and maximize positive effects to our target consumer.

Secondly,

according to Anholt (2005), the packaging influence brand image significantly. The packaging of Blackmore particular products has to be changed. The current packaging of Blackmore products is similar, and it is time to change particular products to become more interesting and attractive.Marketing plan代写 For example, the female supplements products can be packaged with more female features, such as using colorful packaging. More female consumers will be attracted and willing to buy the products.

Price- 5cs

Company objectives: The price should be set up to meet company operation objectives, Marketing plan代写 which could be profit or sales orientation.

Customer: What your customers willing to pay, Blackmore provide supplements and Vitamins, the price is elastic.Marketing plan代写 Which means the change of price influences sale volume a lot.

Costs: Fixed versus variable costs and breakeven will be considered.Marketing plan代写 Company cannot price product below the cost.

Competition: According to (Ware& Winter, 1986),Marketing plan代写 compare what prices have been charged by competitors that are filling same customer needs.

Channel members: Price setting depends on the margins of distribution Channel numbers and distribution fee.Marketing plan代写

Blackmore will set the price on what consumers willing to pay, it is a value-based price setting strategy.

Customers who have disease avoid awareness will pay for supplement and vitamins products. Usually, one bottle of Blackmore’s product can be eaten by 2-6 months.Marketing plan代写 Due to the healthcare products are benefit our health by oriented a long time period, the price setting have to be considered about functionality and practicality of the product.

Therefore, the price of Blackmore products must be affordable for customer to eat at long term. Moreover, the target customers of supplements and vitamins is broad, not just for very rich people, Blackmore needs to make sure that almost every responsible individual can afford the product.Marketing plan代写 However, usually, people expect higher quality of goods by paying more money. Blackmore produces the products in high nature and safety standard to improve individual healthy conditions. The price cannot be cheaper than antibiotic medicine like Panadol.

Distribution

The distribution intensity is selectivity. Products in Pharmaceutical industry have been sold through only those intermediaries who will give the product special attention (Ben ELhadj & Laussel, 2017). Blackmore is mainly supplies export markets and direct to consumer retailers through the higher margin pharmacy channel, followed by the grocery channel.Marketing plan代写 These retailers include supermarket, pharmacies and specialty stores. The key stockiest of Blackmore is Priceline and Chemist (invest, 2017).

Products of Blackmore will continue to be distributed through specialty stores, supermarkets, grocery stores, pharmacies and online channels.

However, the demand pattern is expected to change to online retailer.Marketing plan代写 In particular, as consumers seek discounted vitamins and supplements at various online retailers, including specialty vitamin online retailers and online pharmacies (IBIS World, 2018).

Alternative method: Increasing demand form online shopping that people can easily find and compare products online. This represents a competitive challenge to specialist industry Stockists (IBIS World, 2018). Exporting supplement product directly to Asian ecommerce platforms like Tmall and Taobao without intermediary.Marketing plan代写 According to Anderson (1986), the advantage of alternate direct distribution channel has good connection with consumers and no intermediaries share profit.

Promotion

Blackmore can be promoted by using Integrated Marketing Communication tools to achieve the company marketing goal, which is increasing annual revenue growth from 9% to 10.5% in 2019 by developing Asia market. The total promotion budget of Blackmore will be $50,000, there are two IMC tools will be used, which are TV advertisement and advertising at social media.Marketing plan代写 According to Mittal (1994, p.35), the brand attitudes are significantly influenced by the perception of commercial advertisement.

Although TV advertisement costs more money and difficult to make changes, it reaches larger audience by giving sight, sound and motion to customers.

In order to explore Asian supplement market to achieve the company marketing goal, Blackmore will give an advertisement in Asian Television channel.Marketing plan代写 Because China is the major Asian market, Blackmore will advertise at CCTV Channel Recovering China. According to CCTV (2014), 20 seconds advertisement costs 7,300 Chinese Yuan per day in Channel Rediscovering China in 18:30-19:00.

Moreover, Blackmore will also advertising in Chinese most used social network- Wechat.

Social media promotion tool is a significant low cost tool that can provide company information, product description and promotions in the china of networking world.Marketing plan代写 Wechat is the largest and most used Chinese app, it has about 900 million active monthly users with average spending 2.5 hours per day.

To promote at Wechat, creating good content, mix between Newsletter and Blog Posts after Create new Wechat account, and then promote the content via Wechat group shares, influencers and Wechat advertising.Marketing plan代写 The costs in advertisement in Wechat costs differently in different geographic locations, in most case there is a minimum budget of $15,000 USD per Wechat advertising campaign.

Objective Task Medium cost
Increase annual revenue growth from 9% to 10.5% form 2018 to 2019. Two months 20 Seconds advertising in Channel Rediscovering China in 18:30- 19:00 (twice a week). 8

116,800 CNY= 23,360 AUD

Minimum budget of $15,000 USD per Wechat advertising campaign.

 

$15,000

ShengLi Digital Marketing (2018)

Total: $38,360

Marketing plan代写
Marketing plan代写

 

Reference list:

Ali, M., & Rahman, S. (2013). Investigation of directional and functional relationships of Australian dollar exchange rate, steam coal export, and steam coal price. Asia-Pacific Business, 14(3), 202–222. Retrieved form

https://www-tandfonline-com.ezp01.library.qut.edu.au/doi/abs/10.1080/10599231.2013.771974

Agricultural Commodities. (2015). Effect of depreciation of the Australian Dollar on farm sector earnings 5(1). Retrieved form https://search-informit-com-au.ezp01.library.qut.edu.au/documentSummary;dn=538068441438772;res=IELBUS

Armitage. B. (2014). Social dynamics of mammals: Reproductive success, kinship and individual fitness. Trends in Ecology &Evolution, 2(9), 279-284. Retrieved form

https://www.sciencedirect.com/science/article/pii/0169534787900371?via%3Dihub

Anderson, J. (1986). Toward a Better Understanding of Distribution Channel Working Relationships. In industrial marketing: A German- American perspective (pp.320-336). Berlin: Springer- Verlag.

Anholt, S. (2005). Some important distinctions in place branding. Retrieved from

https://link.springer.com/article/10.1057/palgrave.pb.5990011#citeas.

Australian Bureau of Statistics. (2018). Regional Population growth, Australia (online). Retrieved form http://www.abs.gov.au/ausstats/[email protected]/cat/3218.0

Business Monitor International. (2013). Australia pharmaceuticals & healthcare report – Q2 2013. Retrieved from https://search-proquest-com.ezp01.library.qut.edu.au/docview/1284403204?rfr_id=info%3Axri%2Fsid%3Aprimo

Ben Elhadj, N., & Laussel, D. (2017). Low prices cum selective distribution versus high prices: how best to signal quality? Applied Economics, 49(44), 4440–4459. Retrieved form

https://www-tandfonline-com.ezp01.library.qut.edu.au/doi/abs/10.1080/00036846.2017.1284988

BLACKMORES. (2018). Annual report. Retrieved form Ibis world database

Elton, J., & O’Riordan, A. (2016). Healthcare disrupted : next generation business models and strategies . Hoboken, New Jersey: Wiley.

Frost & Sullivan. (2011, Aug 08). Escalating healthcare costs and growing awareness rev up the RWTE market in Australia. Target News Service. Retrieved form

https://search-proquest-com.ezp01.library.qut.edu.au/docview/882115748?rfr_id=info%3Axri%2Fsid%3Aprimo

Gong, R. (2018). Why Brands Should Care About Wechat Advertising. Retrieved from http://www.shenglidigital.com/blog/why-advertisers-should-care-about-wechat-advertising/

Kanfer, I., Shargel, L. (2014). Generic drug product development : international regulatory requirements for bioequivalence. Drug and the Pharmaceutical  Sciences 201. Retrieved form https://ebookcentral.proquest.com/lib/qut/reader.action?docID=1405503&query=

Lee, Y. (2013). The influence of personality traits, health knowledge, and product attributes on intent to purchase Taiwan’s healthcare tourism products. Social Behavior and Personality, 41(3), 395-409. Retrieved form

https://search-proquest-com.ezp01.library.qut.edu.au/docview/1504174179?rfr_id=info%3Axri%2Fsid%3Aprimo

Market Line. (2018, June). Pharmaceuticals in Australia. Retrieved form Market Line database.

Mittal, B. (1994). Public assessment of TV advertising: faint praise and harsh criticism. Advertising Research. Retrieved from http://go.galegroup.com/ps/anonymous?id=GALE%7CA15352413&sid=googleScholar&v=2.1&it=r&linkaccess=abs&issn=00218499&p=AONE&sw=w

Richardson, A. (2018, September). IBIS World Report OD5417. Vitamin and  supplement manufacturing in Australia. Retrieved form Ibis world database

Richardson, A. (2018, June). IBIS World Report OD4091. Online vitamin and  supplement sales in Australia. Retrieved form Ibis world database

Shaw, S. (2016). Airline marketing and management (7th). Ashate Publishing, limited

Smith, M. (2018, Jan 29). China’s middle class drives investment in healthcare.The Australian Financial Review. Retrieved from

https://gateway.library.qut.edu.au/login?url=https://search-proquest-com.ezp01.library.qut.edu.au/docview/1991679362?accountid=13380

Ware, R., Winter, R. (1986). Public pricing under imperfect competition. International Journal of industry organization, 4. Retrieved form https://www.sciencedirect.com/science/article/pii/0167718786900482.

Appendix1:SWOT

Strength

– The product can be easily imported and exported (IBIS World, 2018,p.5).

– Population and high quality (Kanfer and Shargel, 2014).

– Majority brand in retail level (IBIS World, 2018,p.9).

– Blackmore has become Australia’s largest vitamin and supplements supplier (IBIS World, 2018,p.25).

– Extended and continue growth product line (IBIS World, 2018,p.25).

– Brand loyalty and good reputation

– Assess to the latest efficient technology

Weakness

– Price weakness compares other small companies (Market line, 2018,p.18).

– Product can be copied easily

– Have not unique or niche products (IBIS World, 2018,p.5).

 

Opportunity

– Increasing people healthcare awareness (IBIS World, 2018,p.5).

– Demand from supermarkets and grocery stores are expected to increase in 2018-2019 (IBIS World, 2018,p.5).

– The high export growth of Asian countries (IBIS World, 2018,p.5).

– An increase in real household discretionary income (IBIS World, 2018,p.5).

– Increasing demand of worldwide need for lower cost drug therapy (Kanfer and Shargel, 2010).

– Population growth and aging population (Australia Pharmaceutical & Healthcare Report, 2013, p.27).

– Australian dollar has depreciated (IBIS World, 2018, p.2).

Threats

– Decrease in consumer sentiment index can decrease the consumption of goods and services particularly discretionary products such as vitamins and supplements. (IBIS World, 2018, p.6).

– Buyer power is strengthened by price control policy, rising healthcare costs and availability of supplement s (Market line, 2018, p.13).

– Completive market place (Market line, 2018, p.13).

– New entrants find opportunities by focusing on niche or specialty products (IBIS World, 2018,p.5).

– Public regarding the efficacy and safety of vitamins and supplements has increased (Market line, 2018, p.13).

– Online shopping trend, customer can easily compare products across various websites ((IBIS World, 2018,p.11).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix2 :CDSTEP

Culture Australia people have fitness awareness tradition.
Demographic – Increasing in aging population

– Increasing demand in Asian Market

Social – People increasing health consciousness.

– Fitness and losing weight become a social trend (Armitage, 2014).

Technology – According to IBIS World (2018, p.9), the Online Vitamin and Supplement Sales industry has performed strongly over the past five years. People can compare product easily cross the website.

–  The manufacturing process in the industry involves a variety of processes, such as research and development of new formulations for a variety of health applications, synthesis of natural ingredients to produce products, and placement of suitable packaging. (IBIS, 2018, P.29).

Economics – Economic growth in worldwide and Australia

– Increase in household income so that they can spend money in supplement  product

– Australian dollar has depreciated which increase Asian demand

Political – High standards required by complementary pharmaceutical manufacturing regulators.

– The regulation of product efficiency and safety

– Products in the vitamin and supplement manufacturing industry are in strict compliance with the TGA 1989 Treatment Supplies Act.

– Exaggerated supplement  advertisement is illegal, require advertising promotes product quality and uses socially responsible practices.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix3: Goal setting

Blackmore revenue growth is 9% in 2018 with total $601million.Marketing plan代写 (Blackmore annual report, 2018).

The biggest market for Australia Vitamin and supplement industry is china, which contributes 37.2% total consumption.Marketing plan代写 (Market Line, 2018, p.10).

Appendix 4: Full Segment Analysis

Segmentation method Segment Description
Geographic Asia Pacific Health goods and medical services will be fastest growing categories in Asia Pacific (Passport, 2018).
Demographic : income Middle class Middle class of Chinese expected to drive billions of dollars of investment in Australia healthcare. The growing demand for Australia healthcare products such as vitamins and supplements consumed by middle class Chinese      (Smith, 2018).
Demographic: Gender Female There is growing interest in Australian pharmaceutical, biotechnology and aged care companies. Major consumption of Australia health care industry is generation X, moreover, female consume more healthcare products (Elton & O’Riordan 2016).
Demographic: age/generation Generation X
Demographic: education Any
Psychological Lifestyle – People who have higher healthcare awareness will consume more products. (IBIS World, 2018, p.5)

– People who adopted a holistic approach to their health and wellbeing.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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