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    Marketing Plan of PATCH

    Introduction

    The report has encapsulated with the strategic means of marketing plan on the selected on products of PATCH. The help of significance of marketing plan has incorporated the report and this has inversely replicated the objectives and mission of the producers of PATCH. The framework has shed light on the part of products such as PATCH comes up with natural bandages strips that heal the scratches at faster pace. The report has been dealing with the various parameters of the marketing plan.  The report has been dealing with the presence of PATCH’s objectives that is comprised to craft the bandage strips made up of natural components. The products, bandage strips producers has come up with natural composition such as, charcoal, coconut oil and Aloe Vera. The bandage strips has been into the part of marketing plan that can be generated among more consumers and suitable for are having the sensitive skin types. 

    Situation Analysis

    The situation analysis has been determined for patch strips to indentify the external and internal market environment for the product (Lidstone & MacLennan, 2017). It helps in the analysis of the various product and capabilities if the organization and evaluates the rate of customer engagement and business management in the market.

    The SWOT analysis has been conducted on the patch strips to identify the internal factors as well as the external factors to implement the management framework to evaluate its business and performance in the vast sphere of business and performance in the market (López-Fernández, 2018).

    Strength

    • The primary strength of patch strips has been evaluated to be a product that is highly useful due to its organic and natural adhesive resource (Phadermrod, Crowder & Wills, 2019).
    • The band aid strips have been formulated with 100% organic bamboo fiber and includes natural benefits of charcoal, coconut oil and aloe vera
    • Variety of range in the patch strips that are suitable for every skin type as it is free of all types of chemicals.
    • Patch strips have a strong brand image and value in the market.
    • Strong advertising and branding through the medium of social platforms and hoardings

    Weakness

    • The adhesive ability has undergone sufficient degradation due to weather conditions
    • The product of adhesive patch strips is sometimes not resistant towards water and has the ability to get removed from the skin (Gürel & Tat, 2017).
    • The price is a factor as it has higher cost than the other band aid strips in the market

    Opportunity

    • There are very few natural adhesive band aid strips that are found in the market. Thus patch strips have a better opportunity in the market against other similar products
    • The company of patch strips has a higher rate of global presence and establishment by attainment and joint ventures. This has provided the company to generate greater tie ups with other companies and industries

    Threat

    • However, this company has definite and unique products in the market, there has been a huge demand of band aid and thus its predominant threats can be other top ban aid companies and competitors in the company.
    • The price of other competitor brands in the market have similar products but at a lower price. Thus, patch strips have probable threats from the surrounding competitors due to price inequality rate.

    Table 1: SWOT Analysis

     (Source: Developed by the learner)

    PESTEL Analysis

    The PESTEL analysis includes political, economic, social, technological, environmental and legal factors that represent the scenario of the Australia (Ulubeyli et al., 2019).

    Political factors

    The political factor of Australia can be considered in the name of monarchy system by the support of UK’s Queen Elizabeth and the Queen of the Australia. Through the collaboration on the part of the both, the Queens have conveyed the power of authority in setting the rules by the prime minister of the country. The country has been subjected to political turmoil that depicts the scenario based on the projection of failures towards providing safety measures to the numbers of refugees (Kremer & Symmons, 2015). Though being a member of the Commonwealth of Nations, World Trade Organization and other bureaucratic mate, the country has gained valuable helping hands that will be helping the brand of the product, band-aid, PATCHES to get better results in the Australia.  

    Economical factor

    The presence of economic factor plays an essential role towards the projection of establishment of the product in a much better manner. Economic factors of the Australia are standing on the 13th position and are considered as the one of the largest nation among the developing featured country. The country has gained 2.4% that stood below the expectation and this will help to grow the business by the support of appraisal near about 3% (Jackson, Hussainy & Kirkpatrick, 2017). The country will be affecting the projection of the individual rate of tax that helps to raise the expense of the product by 27.5% and this turn into the amount of   $18,200 (Barahona, 2015).

    Social factor

    The social factors of Australia can be represented by the support of small population range varying near about 22.9 million. However, this can be referred, as the Australia is a composed country filed by cultural diversity. The country has come up with different types of policies that will be proving the helping hand to the number of population based on the rate of life expectancy. This will help the product to gain probable sustainability in the international market. There has been number of policies that help to prevent the situation of the survivals of the Post Second World War.  The sports section of this country has diligently contributed towards the increasing the number of GDP and this will reflect towards the successful approaches on the part of the products i.e. successful establishment of the products (Jackson, Hussainy & Kirkpatrick, 2017).

    Technological factor

    Australia is considered one of the advancing countries in terms of technological interpretation. This depicts the scenario of developing the country’s business and helps them to obtain them with profitable results. This has been estimated that Australia will gain positive results backed by the power of technological input and this will be reaching to the ratio of 4% (Jackson, Hussainy & Kirkpatrick, 2017). Additionally, this will help to deliver the country with fruitful economical growth demonstrating the range from $63 billion to $65 billion (Gasparri, Brambilla & Aitchison, 2018). Thus, it can be stated that implication of technological input helps to deliver modern improvements on the part of the products and will gain sustaining power in the competitive market.    

    Environmental factor

    Environmental factor plays an efficient role towards the projection of the enhancing features of the product. This can be demonstrating by the help of weather forecasts that arrives in the form of exquisiteness and tranquility provided by the nature. On the other hand, the country is a dry piece of land, which helps the product to get into the form of fertilizers and becomes helpful towards the customers. The inhabitant of the Australia is dry and this helps the product to gain better range of sustainability. Thus, it can be stated that environmental factor is good in Australia that help to develop the produce more number of band aids (Nadeem, 2015). Moreover, the collaboration of water insecurity has been leading to the part of conflicts that comes up with the propagation based on the number of production of band aids.  

    Legal factor

    The legal factor of Australia has been into the projection of legal authorities based on the part of landscape. This delves with the projection based trading factors that gains helping hand from the part of business and this results in better collaboration behind the establishment of the productions of the band aids. This helps to deal the number of business to come out with better results backed by the power of legal factors (Yoo & Sarin, 2018).  

    Table 2: PESETEL Analysis

    (Source: Developed by the learner)

    Competitive Analysis

    Competitors

    Revenue

    ELASTOPLAST

    € 6.686 billion

    Johnson & Johnson’s band aid

    $81.58 billion

    Dettol

    £12.597 billion

    Table 3: Demonstration of Competitive Analysis

     (Source: Developed by the learner)

    Customer Analysis

    The customer analysis can be presented by the help of segmentation, targeting and positioning procedure that tends to bring up the effective evaluation on the part of the product’s organization.  

    The procedure of segmentation: In case of this bandage strips scenario, it can be fragmented into four different types, which are as follows;

    Demographic

    The products are mostly used by the children aging from 10 to 15, adults from 19 to 30 and senior citizens who are above 55.   

    Geographic

    The product originates in the arena of Australia across the various states.

    Psychographic

    The people who are related to the work such risk aversion and the lifestyles of in taking risk factors use more number of this product.

    Behavioural

    The products come up with positive commitment that promises the consumers to produce the band aid with the help of natural composition. The customers will use this product in terms of preventing the cuts and germs that might turn into big scar.

    Table 4: Illustration of Segmentation

    (Source: Developed by the learner)

    The procedure of targeting: The targeting of the product can be presented by the help of demonstration based on the origination point of the product, henceforth this can be stated the people of Australia becomes on the part of targeting of the model. The number of customers has been into the target that projects the efficient evaluation. The targeting of the customers should be centre round due to prevent the cuts and scratches. The customers will use this product in terms of getting prevented from germs spreading.  

    The procedure of positioning:   The positioning of the product can be projected in terms of presenting the better selling points. Moreover, the projection of positioning of the products has been successful towards the projection of value proposition that helps to enhance the performances of the proposed products with better quality (Ngui et al., 2015).

    Problem Statement

    Based on the situational and customer analysis, it has been observed that the chosen organization Patchstrips co. is exposed to a brief set of problems during its introduction in the Australian market in 2019. In this context, the primary problem that arises during the introduction of the organization in the Australian market is the heavy competition in the robust market sphere (Akben-Selcuk, 2016). In brief, the Australian market sphere is previously dominated by heavy market players such as Band-Aid co., ElastoPlast co. etc that have occupied a significant customer base. Being a new entrant in the Australian market, the organization is liable to face a set of entry barriers such as brand loyalty, economies of scale etc. while establishing a sustainable market position.

    On the other hand, the current pricing strategy of the organization becomes a significant factor while being introduced in the Australian market. In brief, the distinctive attributes of the products manufactured by the Patchstrips co. consist of costly raw materials. The USP of the organization is its environment-friendly and sustainable products, which requires high costing for the firm during manufacturing. Consequently, the prices of the Patchstrips products are considerably higher than its market rivals such as Band-Aid, ElastoPlast etc.

    On the other hand, the organization has insufficient brand awareness in comparison with the historically established market competitors. In this context, the Facebook page of Patchstrips has 3,965 followers, while the Facebook page of Band-aid has 1, 62,939 followers (Jones, 2017). This can create crucial entry barriers for the organization in the market sphere.

    Objectives

    Based on the analyses and the statement of the fundamental problems of market entrance, the following section composes of the establishment of the marketing objectives for Patchstrips co. The objectives have been established based on a SMART approach, i.e. Specific, Measurable, Acceptable, Realistic and Time-Bound (Mayer et al., 2016).

    SMART objective

    SPECIFIC

    MEASURABLE

    ACCEPTABLE

    REALISTIC

    TIME-BOUND

    To increase the organizational profitability by 25% by the end of FY 2020

    •  
    •  

     

     

                         

    •  
    •  

    To enhance the brand awareness of the organization by 35% by the end of FY 2020

     

    •  
    •  
    •  
    •  

    To gain a base of 10,000 new customers by the end of FT 2020

    •  
    •  
    •  
    •  
    •  

    Table 5: SMART objectives for Patchstrips

    (Source: Developed by the learner)

    Marketing mix strategy

    The marketing mix strategy can be presented by the help of 4Ps that can be illustrated in the form of product, place, promotion and price.

    • Product: the product comes up with the projection of “adhesive strips” that will help the customers to prevent from any scratches and cuts. The product has been made that tends to prevent the ailments on the part of skins and cuts. 
    • Price: This comes up in the form of medical conditions that don’t pay much heed to the increasing amount of the prices.
    • Place: This product has been into the consideration that provides good quality of band aids in Australia. However, the products aim to generate more number of selling across the nation.
    •  Promotion: The product can be promoted by the help of social media, television and various types of advertisements that will help the customers to get familiar with the band aid product.  

    Campaign evaluation

    The campaign can be evaluated through the help of social media and other types of promotional activities. The campaign can be illustrated by the help of social media and advertisements that successfully help to get promoted among the group of loyal customers (Ngui et al., 2015). The help of promotional techniques that delve with the aim and intention of the product and it positive approach among the targeted customers can project the campaign evaluation.   

    Budget Allocation

    The budget can be provided by the help of effective evaluation that will help to generate the product among the number of customers.

    Conclusion   

    The report has thus formulated the market analysis for the brand patch strips that functions for the development of organic adhesive band aids. Thus the product has been identified to be a unique product development and design for patch strips as it has been formulated of organic resources. The market scenario of patch strips has been identified through evaluation of its situational analysis using SWOT and PESTEL analysis along with its customer identification, problem statement and relevant marketing strategy analysis. The products have also been subjected to marketing analysis through campaign evaluation and budget allocation.

     

     

    References

    Akben-Selcuk, E. (2016). Factors affecting firm competitiveness: Evidence from an emerging market. International Journal of Financial Studies4(2), 9.

    Barahona, M. M. S. M. C. (2015). Internationalization strategy of Labirinto Shoes to Sydney (Australia) (Doctoral dissertation).

    Gasparri, E., Brambilla, A., & Aitchison, M. (2018). HYGROTHERMAL ANALYSIS OF TIMBER-BASED EXTERNAL WALLS ACROSS DIFFERENT AUSTRALIAN CLIMATE ZONES. In Proceeding of the WCTE 2018, World Conference on Timber Engineering.

    Gürel, E., & Tat, M. (2017). SWOT analysis: A theoretical review. Journal of International Social Research10(51).

    Jackson, J. K., Hussainy, S. Y., & Kirkpatrick, C. M. (2017). Identification of major factors in Australian primary care pharmacists’ practice environment that have a bearing on the implementation of professional models of practice. Australian Health Review, 41(4), 378-383.

    Jones, A. (2017). Band Aid revisited: humanitarianism, consumption and philanthropy in the 1980s. Contemporary British History31(2), 189-209.

    Kremer, P. D., & Symmons, M. A. (2015). Mass timber construction as an alternative to concrete and steel in the Australia building industry: a PESTEL evaluation of the potential. International Wood Products Journal, 6(3), 138-147.

    Lidstone, J., & MacLennan, J. (2017). Marketing planning for the pharmaceutical industry. Routledge.

    López-Fernández, A. M. (2018). Business leadership and market competitiveness: new paradigms for design, governance, and performance. Springer.

    Mayer, S., Verborgh, R., Kovatsch, M., & Mattern, F. (2016). Smart configuration of smart environments. IEEE Transactions on Automation Science and Engineering13(3), 1247-1255.

    Nadeem, M. (2015). Customer Loyalty At Any Cost: Why Is Social Media Poorly Integrated With Marketing Strategy?. Available at SSRN 2645884.

    Ngui, E. M., Hamilton, C., Nugent, M., Simpson, P., & Willis, E. (2015). Evaluation of a social marketing campaign to increase awareness of immunizations for urban low-income children. WMJ: official publication of the State Medical Society of Wisconsin, 114(1), 10.

    Phadermrod, B., Crowder, R. M., & Wills, G. B. (2019). Importance-performance analysis based SWOT analysis. International Journal of Information Management44, 194-203.

    Ulubeyli, S., Kazanc?, O., Kazaz, A., & Arslan, V. (2019). Strategic Factors Affecting Green Building Industry: A Macro-Environmental Analysis Using PESTEL Framework. Sakarya Üniversitesi Fen Bilimleri Enstitüsü Dergisi23(6), 1042-1055.

    Yoo, O. S., & Sarin, R. (2018). Consumer Choice and Market Outcomes Under Ambiguity in Product Quality. Marketing Science, 37(3), 445-468

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