Analysis of health market

1st place in col­lege com­pe­ti­tion judged by PR/Marketing pro­fes­sion­als in NY phar­ma­ceu­ti­cal industry

Excerpt

By Vik­toriya von Berg (Cor­tado)

Prod­uct -”Breath Right” nasal strips 

TARGET MARKET

1st Place: Term Project: Plac­ing a Prod­uct in Inter­na­tional Markets

Based on our research and analy­sis that involved hybrid seg­men­ta­tion tech­nique, we cre­ated psychographic-demographic pro­file of women ages 18–34 who cur­rently live in the USA.  To bet­ter mar­ket Breath Right nose strips, we decided to uti­lize con­cen­trated mar­ket­ing approach and fur­ther nar­rowed our tar­get demo­graphic. Specif­i­cally, we con­ducted a research on the sub­set of women who enjoy healthy lifestyles

Accord­ing to our sec­ondary research, in terms of psychographics/lifestyle seg­men­ta­tion, we iden­ti­fied our tar­get group  as “Inward Alter­na­tive Seek­ers,” who use tech­niques like mas­sage, aro­mather­apy and yoga to relax.  Our pri­mary research backed up our find­ings.  For this project we sur­veyed thirty woman ages 18–34 -  twenty five  respon­dents pointed to a high level of stress  and the impor­tance of its man­age­ment (1)

Data from Mintel Analy­sis con­cern­ing women within the age bracket of 18–34 proves iden­ti­cal con­sumer char­ac­ter­is­tics stat­ing that our tar­get demo­graphic is ”  espe­cially con­cerned with reduc­ing stresses, get­ting into and main­tain­ing a pos­i­tive men­tal state, exer­cis­ing and hav­ing a good night sleep.” (2)

Based on phys­io­graphic analy­sis con­ducted by Mintel Group, “sin­gle women within our tar­get age group  are prone to sleep-disorders, depres­sion and anx­i­ety dis­or­ders.  This attrib­utes to stresses in women who are work­ing to pur­sue higher edu­ca­tion, career and ”find­ing one’s way in life. ‘’As a result, these women are seek­ing spa ser­vices, mas­sage ther­apy and vari­ety of relax­ation or revi­tal­iz­ing tech­niques to relieve these symp­toms.’’ (2)

MARKETING  STRATEGY

Con­sid­er­ing the demo­graphic pro­file of our cus­tomers, the grow­ing usage of the Inter­net, blog­ging, iPhone and other portable elec­tronic devices that play a sig­nif­i­cant role in the lives of our tar­get mar­ket , we devel­oped a unique mar­ket­ing strat­egy that includes Viral Mar­ket­ing, Prod­uct place­ment, Pub­lic Rela­tions and con­ven­tional adver­tis­ing such as Print, Tele­vi­sion and Online Commercials.

To gen­er­ate a social buzz about our newly re-vamped prod­uct, we decided to uti­lize viral mar­ket­ing as an effec­tive and uncon­ven­tional method of adver­tis­ing and pro­mo­tion.  Since our tar­get cus­tomers have a high SNP (social net­work­ing poten­tial) we rec­og­nized the ben­e­fit of reach­ing them via sev­eral social media sites such as Face­book, Twit­ter, MySpace and vari­ety of other social net­work­ing sites.….»We also decided to uti­lize prod­uct place­ment tech­nique using an increas­ingly pop­u­lar online video plat­form such as YouTube..»

In addi­tion, we would like to spend a por­tion of our bud­get on a strong inter­ac­tive web com­po­nent. Our web­site  will include blogs about the prod­uct in addi­tion to relax­ation tips, infor­ma­tion about aro­mather­apy and func­tion­al­ity of  the prod­uct . In addi­tion, cus­tomers will be able  share sto­ries, videos and receive coupons via email. In return,  we will build a com­pre­hen­sive data­base of our con­sumers. Our com­pany will uti­lize the data­base for fur­ther ana­lyt­i­cal research, direct sales and guide our future prod­uct devel­op­ment. In addi­tion, our cus­tomers will  be able to make pur­chases through our web-site via e-store…»