Biohacking Change in the World - Essay Example

? Bio-hacking in the mass market Introduction Weis explains that, it was sixty years ago when the first idea of a hacker or rather hacking came into the limelight and it revolved around a nascent MIT computer science community. At those times, there was no pejorative connotation associated with the term hacking. These hackers had no intention of breaking into computer systems or steal sensitive information. They were rather interested in fixing the array of complex problems that were found in the new field of computer science (Raymond, 2001). The underlying motivation behind these ethical hackers was to hack elegant application of technical prowess in order to solve new problems (Ledford, 2010). This hacking ethic has resurfaced again in garages, kitchens and closets all throughout the world. In this modern world, the practice of soldering circuit boards and programming in FORTRAN has been replaced with splicing DNA and cloning bacteria. These practices in particular are referred to, what is called in today’s world, as bio-hacking. Bio-hackers involved with this practice, manipulate the building blocks of life thereby advancing knowledge and creating new life forms with novel purposes. As has been witnessed in the past few decades, computer hacker movement sparked a revolution in the field of computer science and information technology. The revolution increased the pace at which technology had progressed thereby permanently changing the societal landscape. Similarly, it is expected that the bio-hacker movement or rather the practice of bio-hacking will have a parallel effect on the technologies solely based on biology. These changes will not only bring about a massive development in the field of science but will also fundamentally alter human experience itself. The pioneers of this regime shift would be today’s bio-hackers. Business Approach Considering the fact that it is a completely new venture in the field of bio-hacking, the business approach has to be unique whereby the entrepreneur will offer superior quality of products and services that hasn’t been provided by any other companies so far. In addition to maintaining uniqueness in the product, the individual has to formulate an effective marketing strategy in order to ensure that the target audience is being informed appropriately regarding the nature and availability of the product. This is primarily because with proper information more and more people will gain expertise about this product and eventually will be able to make an informed decision regarding their usage and utility (Alba and Hutchinson, 1987). The underlying idea of this business is to distribute and install the body modifications using an agreement with a chain of tattoo studios. The product that will be offered to customers is magnetic implant which is another form of body piercing. According to Brownlie and Saren (1991, p. 35), “the marketing concept defines basic benchmarks against which marketing practice, i.e. what organizations can be judged.” In order to make a successful business venture, all those benchmarks need to be met. The result of these actions can be easily measured by the market share and profitability that the business will achieve, once it has fully implemented all the marketing strategies. One of the primary drawbacks related to this business approach is that it is a completely unexplored area and henceforth it is going to be comparatively difficult for the owner to assess the risk associated with every operation. In addition to that, the pricing of the product will be a cause of concern as there is no relative market to compare the prices in order to set it accordingly. There is a potential failure associated with the pricing of the product. If the product is priced too high, then it will trigger a negative signal within the target market and as a result, the consumers might choose to refrain from availing products from this entity. Furthermore, another cause of failure that can be attributed to this business approach is the potential side effect associated with the practice. The body modification which includes magnetic implantation into the subjects has the capability to draw electromagnetic fields. These electromagnetic fields might interfere with the feelings of the person and might render him or her neutrally unstable. This side effect associated with the approach is a big cause of concern as the occurrence of even one such case might hamper the reputation of the business significantly. However, with the availability of modern tools and techniques of bio-engineering, these concerns can be dealt with effectively. Another factor that the entrepreneur has to take into consideration is the style and behaviour of its target segment. Failure to acquire this knowledge will lead to a setback that the business has to suffer. The entrepreneur has to monitor the behaviour of the customers constantly after they have purchased their product. This will indicate the individual as to how well his product is being appreciated or rejected in the market. Moreover, consumer behaviour and consumption style will help the individual to design and increase his product mix accordingly (Macinnis and Folkes, 2009). Distribution Channel Strategies According to Nunes and Cespedes (2003), traditional channel strategies are formulated once the market segmentation is complete. This is primarily because a company targeting a product towards a certain age and gender group will rely upon certain channels to deliver, distribute and market its product. In such a context, it has been witnessed quite frequently that start up businesses more often than not tend to rely on limited distribution channels as they believe that customers who share demographic characteristics tend to buy and shop in the same way. However, this trend has started to diminish very recently. Thus the entrepreneur has to rely on a diversified distribution channel in order to satisfy the needs of a greater customer base. These will help the business to achieve a greater customer satisfaction level as well as a higher customer retention rate. Organizing and managing distribution channels effectively is of paramount importance as it ensures a business’s success and sustainability. According to Frazier (1999), organizational culture has a significant impact in the distribution channel adopted by the company. For a start up business, it is very important to adopt a cost efficient distribution channel due to the limited source of funds. In addition to that, the entrepreneur has to ensure that the business is not limited to just one distribution channel. The use of internet as a sales distribution channel is a prospective approach as an increasing number of people are becoming computer literate with every passing day. In addition to that, the existing network of the tattooing shops can also be used in order to establish connections with potential customers. Potential Target Segment Market segmentation is a key factor that is included by almost every business in their marketing and strategic plan (Dibb, 1998). According to the author, marketing segment is considered as the panacea of modern marketing approaches. The underlying idea behind market segmentation is to satisfy the diverse needs of customers. In order to do that, a business will have to give up using traditional regular mass marketing approach and rather focus on a segmented market. The potential target market is a wealthy female between the age group of 20 and 30. As of now, in terms of geography, the chosen target market is USA as this field is yet to be explored in terms of making business out of it. It is expected that with the introduction of this technology and the resulting mass awareness, more people will be drawn towards the uniqueness of this product. The primary objective behind setting up this business is to achieve a wider customer base (female) by introducing superior quality and innovative product that will attract women between the age group 20 and 30 who have a higher inclination towards body modification. The owner has to make sure that the products are appealing as well as trendy because women between the specified age group are expected to prefer style over any other attributes. The product will be reasonably priced in order to pass cost savings to the customers. The products will be priced in such a way that they attract females with an annual income of $50,000 and above and will have to be strategically placed in order to ensure that the customer’s decision is a positive one. The quality and technicality of the product needs to be clearly defined via proper promotional campaign (Egan, 2008). This will be done in order to ensure that customers are making an informed decision. The product placement and promotion also needs to be kept simple yet appealing to attract young females. The targeted segments need to feel that the products are modern, technologically as well as biologically safe and realistic for them to get them implanted. The placement of this product is a crucial factor responsible for a successful line and a positive target market. Another way to target the segment market is online marketing which in today’s world is termed as e-marketing. It has been witnessed more often than not that, females tend to use internet quite frequently during the course of the day. Thus, an effective online marketing strategy will keep the target market informed about the arrival of new products in the field of synthetic biology. Social media marketing can be done which will involve the leveraging of existing social network links in order to create discussion forums to interact with target customers directly (Evans, 2009). Products can be integrated into virtual world which will help the business to understand customer expectations. The use of existing social networking sites will help the company to promote services through those sites and at the same time, the entrepreneur will be able to foster loyalty with target audience. (Marketing Leadership Council, 2008). The e-marketing of this new business will include social networks such as Twitter, YouTube and Facebook. That is particularly because these websites have tremendous potential of reaching a greater customer base at a relatively low cost (The New York Times, 2013). In addition to that, social networks allow interactive communication with a large number of customers enabling the business to conduct communal, viral and influenced marketing campaigns (Mbwette, 2013). The strategy will be to conduct the business initially in agreement with existing tattoo studios. This will enable the new business to get hold of a wider customer base with the help of the brand name and value of the existing tattoo studios. The field of Bio-hacking and tattooing has been witnessing tremendous development and competition over the last few years. With this rapid growth and popularity, the demand for body modification products are expected to rise to an all time high. That is why the purchase cycle is critical as it will determine whether the marketing strategies of the business are sound enough to attract the target market or not (Baines, Fill and Page, 2008). This part is crucial in order to ensure that gain and retain achieved from this target segment remains consistent in future purchases as well. The post-purchase review will involve the evaluation of customers as to how they feel about using the products being sold by the business and whether they are suffering from any side effects or not. The business has to make sure that it provides superior quality services post purchase in case if there is any issue of possible side effects, injury or minor physical damage as a result of the material implantation. If the product is well appreciated by customers and society, this will ensure a rapid growth of the business in this segment of the industry. However, if the customers feel that they are not comfortable with the modifications or if they suffer from any side effects as a result of the process or if the product conveys a negative image, then the customers will have a negative evaluation of the product. This may cause cognitive dissonance and negative word of mouth by the customer thereby hampering the reputation of the business. All in all, with these giant strides being taken in the field of bio-hacking, getting these modifications done in their body will be a positive option for females in this market segment as these products are very trendy, fashionable and classy. Once the target market have formed a positive opinion regarding the product, they have to evaluate the alternative options being offered at other stores and make an informed and conscious decision on which product to choose and from where it should be done. The purchase point is the key step to completing the sale with the consumer. Once the purchase has been made, it is the retention and loyalty that the business will be trying to establish with its consumer. Thereafter, the customers will consider opinions from their peers and society regarding whether it was a good decision to install the body modification or not. This will be the point that will determine whether the business receives repeat buyers, or its name is hampered. The primary goal of the business would be to get the society to accept and appreciate its product and services being offered in the field of synthetic biology in order to help the business grow gradually. Pricing Price is the next element in the marketing mix. Price is also a very important attribute to find out how to sell to the new market segment. According to Hansen and Solgaard (2004), price of a product is perhaps the most important economic variable in the market. This factor can be used with other variables such as advertising, product design, quality, level of service to influence demand of a particular product. However, comparing the other variables, price is perhaps the most crucial as it provides the business with an income which is a key factor ensuring its success. In addition to that, price is an important factor from the customer’s perspective as it helps them to assess a particular product or service and influences their purchasing decision. According to the author, a business’s pricing strategy is a well sorted out plan which is based on a number of variables directed towards achieving maximum value for the company. In addition to that, the price should be set in such a manner that it reflects the strategic goals of the business in the best possible way. The price of the product and services that will be offered must not be too expensive and at the same time, not too cheap. It must be carefully balanced in order to make them accessible and affordable to a wider customer base. Alongside maintaining affordability in the product pricing strategy, it has to be monitored that the quality and integrity of the product is not being compromised. The business will face a steep competition while venturing into an unexplored area but it depends on the owner’s capability of converting this weakness into strength. The fact that bio-hacking and synthetic biology, as a practice to make business, hasn’t been explored much in US will help the new business to understand the market in a better way and do effective marketing in order to gain competitive advantage over its competitors (Heiser, McQuitty and Stratemeyer, 2005). The business will gain competitive advantage in terms of potential customer connections that it will receive while operating through the existing tattoo studios. In addition to that, another competitive advantage that the business venture has is its uniqueness which is expected to draw staggering numbers of customers. Changes expected after the launch period A thorough research of the bio-hacking, bio-engineering and synthetic biology field states that this field has a huge potential and with its continuous developments, it can prove to be a prospective line of investment for business ventures. The strategy of the business should be directed towards identifying, acquiring, anticipating, satisfying and retaining their target customers. Since it’s a start up business with a limited access to funds, therefore, the marketing strategies need to be cost efficient and yet appealing. If these strategies are implemented properly, then the business is expected to grow at a rapid rate. In addition to that, there is a huge scope for the business to expand its business in other areas of bio-engineering thereby attaining a wider customer base and a different target segment. It is also expected that the company will increase its product mix in order to satisfy the requirements of its growing number of customers. The business is expected to grow gradually over the course of time thereby providing superior quality products and services and achieving a wider customer base. Besides, the entrepreneur has to make sure to convert the one time buyer into a lifelong customer. The rapid developments that are being made in this field will bring about the developments of new practice tools for businesses to work more efficiently thereby reducing the amount of time, effort and money being invested. In addition to that, these developments will increase the number of customers that the business can serve thereby helping it to realize economies of scale and scope. Conclusion The reports involve a critical analysis of the business approach in the field of bio-hacking, its prospects and potential failures. The study encompasses crucial factors that are detrimental to the success of a business venture. After doing a thorough analysis, it is suggested that the entrepreneur should formulate an effective marketing strategy in order to provide superior quality products and services to its potential target market thereby negating any chances of potential failures. Considering the fact that this is a vastly unexplored field, there are certain potential failures associated with the business operations. Firstly, the entrepreneur has to use modern technologies for the body modification in order to reduce any chances of side effects. Moreover, the customers have to be informed about the potential risks of these modifications and the mechanism to avoid them. Secondly, the entrepreneur should diversify the utilization of distribution channel of his business in order to satisfy the changing needs of the target market rather than resorting to limited distribution channels. Lastly, the pricing of the product should be carefully balanced between affordability and quality in order to send out a positive signal in the market so as to influence the customers to make a positive purchasing decision. As a recommendation it is suggested that, with the giant strides being taken in the field of synthetic biology, the entrepreneur should keep himself updated with the latest technologies in order to keep his business dynamic and serve the growing needs of his customers. Reference List Alba, J. W. and Hutchinson, J. W., 1987. Dimensions of Consumer Expertise. Journal of consumer research, 19, pp. 411-454. Baines, P., Fill, C. And Page, K., 2008. Marketing. 2nd edn. UK: Oxford University Press. Brownlie, D and Saren, M., 1991. 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