MARKETING OF BODY IMPLANTS - Essay Example

? MARKETING OF BODY IMPLANTS MARKETING OF BODY IMPLANTS Introduction Marketing has been identifiedto belong to a cyclical chain, within which can be found key components and elements such as producers, products, services, marketers, market, strategies, and of course, buyers (Hillman, Withers and Collins, 2006). In one way or the other, all these elements must relate very well and perfectly in order for there to be a comprehensive and successful marketing process. In most cases, the process starts with the consumer or buyer, needing a particular product or service, for which a producer must make available through acts of ingenuity. At other times, the process starts with the producer introducing a product or a service to the consumer for which the need for the consumer to have the product or service is conveyed by the producer or a marketer. In either case, it is important the product or service being brought unto the market will meet the needs and expectations of the consumer or buyer (Porter, 1996). Where there are several competitors trading the same product or service, the need for there to be marketing strategies become very relevant and important because these strategies help in the creation of competitive advantage, which eventually becomes a tool for setting more sales (Baines, Fill and Page, 2011). In the present situation where the entrepreneur wants to introduce magnetic implants to a segmented group of people using a series of marketing options, it is important that all options presented be critically analysed in terms of how feasible and competitive they are in relation to the existing market and the market segmentation in question. The approach of the essay shall therefore be to analyse the options one after the other according to key marketing themes. Definition of Product Product is one of the 4 marketing mix or 4ps in marketing. This means that an understanding of the product that a person aims to introduce to the market is always important in determining the rate of success that will be experienced on the market. The reason an understanding of the product is important is that in marketing, it is actually the product that the marketer goes to introduce to the buyer and so it is important that the marketer has a comprehensive understanding and definition of the product he introduces. For the entrepreneur to be success with the magnetic implants he aims to introduce to the market, there are very key questions that must be asked and important conditions that must be fulfilled. One of the key questions concerns the needs that the product is going to serve to the consumer or buyer (Bode et al, 2011). Commonly, the buyer would want to be convinced that the product can serve a specific need or want before making purchase. With growing concerns of a sixth sense, the magnetic implant may come in just at the right time to provide this conceptual sixth sense (Levitt, 2000). The magnetic implant may therefore serve the need of developing a sixth sense around an object that gives off electromagnetic waves (Neporent, 2013). Marketing Environment The current case, not much seems to have been considered in terms of the marketing environment in which the product that is to be introduced is going to be introduced. However, an understanding of the marketing environment is very important in the determination of strategies and approaches that can best serve the interest of the product sales (Hillman, Withers and Collins, 2006). Generally, the marketing environment may be identified as a set of factors and forces that generally affect the entrepreneur’s ability to create and maintain successful trade and business relationship with customers (Levitt, 2000). There may generally be three levels of marketing environment but the one that could readily affect the entrepreneur in the present situation is the micro market environment, which deals with forces and factors that are very close to the organisation and affects ability to serve customers well. The reason this micro marketing environment will be very important is that the entrepreneur is relatively new to the market and does not have existing brand equity, from which it can be expected to deal with its market segment target. Through a comprehensive understanding of the micro marketing environment, the entrepreneur will be in a position to build a long lasting relationship with customers so that customers will not become one off clients of the company but lifelong partners of the company. Market Segmentation Targeting Currently, the entrepreneur seeks to have a market segmentation that is made up of wealthy 20 to 30 year old females. It can be noted that this will not be a very large market segment but will be very significant and come with a lot of potential in having such a minimised market segment. In the first place, the product is not a very popular one and so can generally not be produced in very large quantities. To this end, it is important to ensure that the market segmentation targeting is done in such a way that supply will just be equal to demand without the need for any excesses. In the second place, the target market segment could be said to have a lot of potential when it comes to the feature of the product as for decorative purposes. This is because there is enough evidence in research to show that females are more passionate when it comes to body ornaments and decorations as compared to men (Chakravortya and Atwater, 2006). Meanwhile of the same population, the sample of females between age 20 to 30 are the most active, especially the wealthy ones who may consider such things as magnetic implants as luxury. Having said this, the need to expand the market segment to include men in the same age group, who are into fashion and showbiz would also be a very good approach to improving the prospects of the company. Buyer Behaviour A major shortfall of the current entrepreneur is that not much consideration was made for the potential or possible buyer behaviours that may influence or affect the introduction of the magnet implants either positively or negatively. Meanwhile, Baines, Fill and Page (2011) note that understanding buyer behaviour is very necessary in the creation of strategies and marketing interventions that meet the behavioural pattern or purchasing rhythm of buyers. In relation to the market segmentation and the product, it would be noted that a generalised buyer behaviour that could negatively affect the product is the attitude of consumers towards piercing and implantation in general. In a current study, it was outlined that there are several buyers who have a negative attitude towards piercing and implantation (Porter, 1996). It is however a positive sign that the entrepreneur targets to use tattoo shops where people doing for services may naturally be people engaged in piercing and implantation. On the other hand, the buyer behaviour that may come as a positive effect to the magnetic implant is the attitude of buyers that makes them curious in trying out the effect of new inventions. Though not very new, once introduced to tattoo shops, the magnetic implant may be seen as a relatively new invention as the commonest forms of these implants have been performed under strict medical settings and supervision (Levitt, 2000). Pricing The entrepreneur seeks to introduce the product as a cost cutting product for consumers, where consumers will enjoy magnetic implants at very cheaper prices. This is clearly a step in the right direction and has the potential of ensuring that the entrepreneur creates a competitive advantage among competitors. There are two major factors that make cheaper pricing suitable for the current product. The first of these is the fact that the entrepreneur is entering the market as a new entrant and would therefore need lower prices to attract consumers who have long wished to patronise magnetic implants but were inhibited as a result of expensive pricing. In most cases where consumers have to make choices between two products, the likelihood of settling with cheaper products when they know two products of the same kind can serve the same purpose is higher (Baines, Fill and Page, 2011). In the second instance, it is appropriate that cheaper prices are being advocated because the product is going to serve wants rather than needs. What this means is that the product is not a necessity without which consumers cannot survive. In instances like this, the best approach to take towards pricing is to reduce cost because consumers are most likely to complete all purchases of their needs before they settle for wants with what is left in their earnings as miscellaneous (Porter, 1996). Distribution Distribution remains an important aspect of marketing as it determines the channel by which products and services get to consumers. As part of the approach of the entrepreneur, there is a plan to use tattoo shops as the main distribution points for the product. Indeed this is a step in the right direction and comes with much potential for the product. This is because the purpose of the magnetic implant is directly linked or related to services and products received from tattoo shops. It would be noted that implants come in many different forms, most of which are offered or carried out at the tattoo shops. Some of these include collarbone piercing, deep chest piercing, flesh stapling, surface piercing, and genital ribs (quote). Introducing the magnetic implant would therefore come as a new menu to be served by various tattoo shops to be targeted, leading to the wetting of appetite of patrons to try their fingers on. Even more is the fact that there is apathy towards piercing and implants and so using a distribution channel that guarantees an existing consumer base who are already experienced with piercing and implantation would ensure that that apathy is overcome. Conclusion The analyses and discussions of the various marketing options of the entrepreneur brings to light several important points based on which a number of significant conclusions can be drawn. In the first place, it can be concluded that the general approach to minimise the market segment could come as a major advantage for the entrepreneur as a new market entrant to have enough proximity to critically study the market segment. Once this is done, it is more likely that a better understanding of market will be developed so as to have a means of understudying strategies that best fit the market, as well as the market’s rhythms and behaviour. Secondly, it can be concluded that the approach to pricing is in the rest direction for a new entrant. This is because in most cases of markets that are not monopolistic, consumers have a lot of influence on price setting, whereby consumers can easily decide to trade with sellers with cheaper prices (Chakravortya and Atwater, 2006). This however is not an automatic conclusion that cheaper pricing will always do the trick because there are studies that have also indicated that there is a trend of buyer behaviour where low prices are associated with inferiority of products and services (Bode et al, 2011). Finally, it will be recommended that there is the need for more marketing strategies to be introduced if sustainability can be ensured. This is because as part of consumer behaviour, there is the tendency that new products will be embraced but in the absence of a strategy to continue the appeal of the product to buyers, diminishing effect will set in with time. Reference Baines P., Fill C. and Page K. 2011. Marketing. 2nd Edition Oxford: Oxford University Press. Bode, C.; Wagner, S.M.; Petersen, K.J.; Ellram, Lisa, M. Understanding Responses to Supply Chain Disruptions: Insights From Information Processing and Resource Dependence Perspectives. Academy of Management Journal 2011, Vol. 54, No. 4, pp. 833-856. Chakravortya S. S and Atwater, B. J. 2006. Bottleneck management: theory and practice. Production Planning & Control: The Management of Operations. (17) 5. 441-447 Hillman, A.J.; Withers, M.C.; and Collins, B.J. 2006. Resource Dependence Theory: A Review. Journal of Management. Vol. 35, No. 6, pp. 1404-1427. Levitt T. 2000. Marketing Myopia. Harvard: University Press Neporent L. 2013. Magnet Implants: Sixth Sense or Nonsense? [Online] Accessed from http://abcnews.go.com/blogs/health/2013/05/27/magnet-implants-sixth-sense-or-nonsense/ [11th November, 2013] Porter, M. E. 1996. What is strategy? The value chain. Harvard Business Review, 61(78). Read More