Read the case and answer the questions below 1.What procedures could the firm ad
ID: 374893 • Letter: R
Question
Read the case and answer the questions below
1.What procedures could the firm adopt for identifying/enlisting/ and finding the prospects who are willing to purchase this product?
2.What elements of promotion mix would be more appropriate for the company to market blood pressure instrument and why?
3.Should your promotional mix change over time? And if yes, why and how?
Case
A manufacturer wanted to market in US a new small, electronic instrument for measuring blood pressure at home. The price of the instrument was fixed at around 500 dollars a piece.
Being a specialty product, it was perceived to have only limited clientele. As the firm had no established channel of distribution, it decided to take the direct marketing route. The product was unique in the sense that it offered the convenience of constant monitoring of blood pressure at home, in office or anywhere. It could save a lot of time and inconvenience. Since it was a relatively expensive, senior professionals, executives, and businessmen above 45 years age, having an income of more than 5000 a month were expected to be the prospective buyers.
Explanation / Answer
Case synopsis: A manufacturer wants to market Blood pressure detection machines in the USA. The product is relatively expensive(as compared to BP tests), and targets senior professionals, executives and businesspersons above 45 years of age, with income of more than 5000 a month.
1. What procedures could the firm adopt for identifying/enlisting/ and finding the prospects who are willing to purchase this product?
- The firm could conduct an online survey asking people,there age, income levels and whether they would be interested in buying such a product
- The firm could tie up with medical practioners and hospitals, and ask them to recommend their product to prospective buyers
- The firm could hold workshop/awareness campaign in corporate offices, multi national companies around the importance of right levels of blood pressure. Through these workshops they could build a rapport with prospective buyers as well as introduce their product.
-The firm could setup healthcare stalls in office spaces of large MNCs and introduce their product.
-Door to door selling could also be a good idea since the product is new.
- The firm could tie up with retail store chains like wal-mart to showcase their products in the healthcare section.
2.What elements of promotion mix would be more appropriate for the company to market blood pressure instrument and why?
As we know, there are 5 different elements of promotion mix: advertising, public relations, sales promotion, direct marketing and personal selling. I think a combination of advertising, direct marketing and personal selling would be appropriate to market the blood pressure instrument. Since the product is new, it could be a good idea to advertise in print media and television to launch the product to consumers. However, as mentioned the product is relatively expensive, it should be sold directly to the consumers with minimalstic middlmen in between. Further, the product will cater to a niche market of busy professionals, cash rich and time poor audience which generally doesn't get attracted by a push strategy. Personal selling or door to door selling could be a good idea in case the firm plans to do workshops, healthcare stalls in the first few months after the launch of product.
3.Should your promotional mix change over time? And if yes, why and how?
Yes, the promotional mix should evolve with time. Say, in case of this product, the first few months will need aggresive promotion strategies, advertising, personal selling and possibly sales promotion too. However, once the product is well known amongst customers, promotion strategy can change and focus more on advertising and direct marketing.
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