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Marketing

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Introduction

The process by which products or services reach to the hands of the customers from the production site is known as marketing. The whole management process of marketing depends on four tools which are also known as the elements of marketing. Primarily it is important to recognize, select and develop the product. Secondly, the determination of the goods and service’s price is outstanding. Thirdly the most important aspect or element is the selection of the channel through which the product would be delivered to the hands of the customers. The fourth and the last cog is the strategy by which all the promotion would be done to attract the eyes of the customers towards the product or services.

Marketing Mix

It is evaluating the business from the viewpoint of the customers, thus the marketing mix all relevant for the better prospect of the firm.

 The four tools of the marketing mix are interrelated to each other and have a little or more influence on each other (Ciriković, 2014). The components of the marketing mix from the business plan of the organization and if executed can do wonders for the team. But it may backfire if it is handled wrong. It takes a lengthy research and thorough analysis to form a working marketing mix. The process includes significant inputs from the trade, market research, manufacturing and several other aspects (Theaustralian.com.au, 2016).

The process of which the market is divided into smaller segments or subgroups having similar wants, demand characteristics and needs is known as market segmentation.  It is the prime goal and aim of the organization to form the market mix according to the need and want of the customers of that particular segment (Cahill, 2006). The segmentation can vary from organization to organization depending on their size.

The market segmentation can count on variety of elements which are:

Age – The market can be divided depending on different age basis of the target customers as the product made for the senior citizens won’t be of any use for the kids. Gender – The companies can also divide the market by gender. (An and Lee, 2015) Men and women have their distinct choice and thus the market needed to be segmented on its basis. Marital status – Marital status is also one aspect where the market is segmented differentiating between the single and the married customers (Scholarship.sha.cornell.edu, 2016). Earnings – the market is segmented according to the income situation of the consumer, how much they earn at the end of every month decides quite a few factors.

After evaluating the various segments of the markets the organization’s devices different strategies of marketing promotion which would meet the taste of the particular section (Raissi, 2015). These are known as targeting, and it’s taken up immediately after segmenting the market. Organizations and companies with the help of various strategies and plans target different competitor products in the same segment group.

Positioning is the application of the objectives evaluated. Firms which are exceptional regarding function has the advantage over the other the companies due to their efficiency. This energy helps the companies to provide the customers with proper service (Finch and Geiger, 2010). More emphasis is given to providing service at minimal rate considering some specific clients. There are also other firms which make products according to the custom needs of the customers. These companies put less emphasis on the efficiency, but they emphasize on the preciseness of the service. And there are also businesses that provide the advanced technological products and are always planning to innovate (Mathew, 2015). These firms are not always efficient as the innovated product might not go well with the needs of the customers.

The pharmaceutical industry in Australia has over 300 registered companies and is estimated to be valued around 20 billion and growing at a percent of 15% annually (Marketing pharmacy services, 2013). According to the laws, the products can only be sold by authorized doctor’s prescriptions only, and all is carried on by the medical representatives who also need a lot of investment. It is found in research that around 12-14 million dollars are spent on the medical officials each year. To have a thorough research on the market mix, researchers have concluded that there are three main points which influence the decision-making of the individuals. Firstly it depends on the period, location and environment. Secondly, it depends on the person who is being focused on which includes effect, reasons, prospects, benefits, and attitude. And the main cog is the marketer of pharmaceutical who is channeling the pharmaceuticals in the vast markets of Australia (Erratum, 2015).

The development and retailing of the drugs involve persuasive and informational strategies taken up by the producers of the drugs to increase its sell (Stewart et al., 2013). They change the doctors with the help of the clinical materials of the multi-international studies. They promote drugs as well as the illness. The medical awareness conferences also serve as a way of promotion of drugs and medicines.

Researchers have found out that the registration of the names of the drugs and medicines are way lot confusing as the names are the lot difficult to spell, recollect or enunciate. There are also problems of drugs licensing, prescribing the drugs to establish the safety, quality and efficiency. The image of the corporate sector is also the main reason for the success of the produc (Casamayor and Su, 2011)t.

Scholars have discussed that the amount of the drug influences the doctors quite a bit. Due to the financial problems, the doctors have led the physicians first to think of the price before considering it (Price, 2013). There are other theories that the decision of buying the product is not always depended on the price of the product, but it mainly depends on the quality of the outputs. Also, the other benefits are also considered for the sale and promotion of the drugs and medicines (Adams, 2016).

The availability of the drugs has quite a lot influenced the prescribing of that particular drug by the doctors. If a drug is more or less out of stock most of the times than it is less preferred by the doctors. It also the general tendency to know a drug from the local pharmacists present within the reach of all (Baaten et al., 2013). The size of the company, the number of contacts of the direct customers and the use of the channels to distribute the products has a lot of impact on the utilization of the drugs and its promotion.

The changes in the social, traditional and the spiritual mix in the Australian societies is affecting the lifestyle of the customers and also influencing the strategies formulated by the companies. The comparatively smaller and identify relate to the division between them and the major part of the population or other smaller groups (Campbell and Fairhurst, 2014). The main factors affecting the market mix of Australia is nowadays a lot of people are moving from one place to other due to leisure or work, and there is a rise in the birth rate of the traditional groups. Thus, from the financial point of view, the travelers help in the economic condition of the visited country (Walton, 2016)

Thus, an excellent market report is needed for the inside analysis of the markets and the industries at the national level for the baby food manufacturing sector.

The baby food industry here in Australia has taken the advantage of the growing and expunging market of the organic and nutrient products. In the last decade or so the baby food industry is expected to grow by 5.4%. The demands of the domestic and the global markets are well met by the operators of the industry (Campbell and Fairhurst, 2014). From packaging to labeling the industry has evolved and changed over the recent past. The baby food sector has grown over the last few years or so in Australia.

The baby food products can be categorized into two parts such as dry baby foods which mainly consists of cereals and snacks which are mostly consumable by the infants. The other products the wet baby food which includes cans, glass jars, and spout picking.

Conclusion

The market sector is always evolving, and the needs of the consumers are always changing. Thus, with the passing time, the challenges of the organizations to develop their market strategies are exceeding. But these are also helping in generating various and innovative strategies to tackle the problems. The pharmaceutical or the baby food industry is such and where with every passing day there is an innovation or crisis of some kind. A solid marketing strategy of these companies can do wonders for those undertakings. In Australia the marketing mix is hugely impacted by the demographic of the country which plays a vital part in all the major sectors.

References

An, J. and Lee, S. (2015). 온라인 패션 커뮤니티 행동 유형에 따른 시장 세분화. Journal of the Korean Society of Costume, 65(7), pp.101-117.

Baaten, B., Cooper, A., Swain, S. and Bradley, L. (2013). Location, Location, Location: The Impact of Migratory Heterogeneity on T Cell Function. Front. Immunol., 4.

Cahill, D. (2006). Lifestyle market segmentation. New York: Haworth Press.

Campbell, J. and Fairhurst, A. (2014). Billion Dollar Baby: Local Foods and U.S. Grocery. Journal of Food Products Marketing, 20(3), pp.215-228.

Casamayor, J. and Su, D. (2011). Environmental Impact Assessment of Lighting Products. KEM, 486, pp.171-174.

Ciriković, E. (2014). Marketing Mix in Tourism. AJIS.

Erratum. (2015). Journal of Medical Marketing: Device, Diagnostic and Pharmaceutical Marketing.

Finch, J. and Geiger, S. (2010). Positioning and relating: Market boundaries and the slippery identity of the marketing object. Marketing Theory, 10(3), pp.237-251.

Marketing pharmacy services. (2013). The Pharmaceutical Journal.

Price, M. (2013). Should We Ditch Journal Impact Factor?. Science.

Raissi, M. (2015). Flexible inflation targeting and labor market inefficiencies. Economic Modelling, 46, pp.283-300.

Stewart, M., Kushner, K., Gray, J. and Hart, D. (2013). Promoting gender equity through health research: impacts and insights from a Canadian initiative. Global Health Promotion, 20(1), pp.25-38.

Media Articles

Adams, L. (2016). Marketing Agility: The Future of Marketing – Marketing.com.au. [online] Marketing.com.au. Available at: http://marketing.com.au/marketing-agility-the-future-of-marketing/ [Accessed 29 Apr. 2016].

Mathew, T. (2015). Strategic Trends on the Promotion of Pharmaceutical Products by MNC’s in India.Asian Journal of Business and Management, [online] 3(1). Available at: http://www.ajouronline.com/index.php?journal=AJBM&page=article&op=view&path%5B%5D=2349 [Accessed 29 Apr. 2016].

Theaustralian.com.au. (2016). Media | Media News & Stories | The Australian. [online] Available at: http://www.theaustralian.com.au/business/media [Accessed 29 Apr. 2016].

Walton, J. (2016). Intelligent Online Marketing Content – Avoid Over-Selling And Repelling – Marketing.com.au. [online] Marketing.com.au. Available at: http://marketing.com.au/intelligent-online-marketing-content-avoid-over-selling-and-repelling/ [Accessed 29 Apr. 2016].