The Biohacking Market and Product Marketing - Research Proposal Example

Essay On BioHacking & Product Marketing Idea of Launch Of Bio-Stress Sensor In the Wealthy Female Population in the age group of 20-30 years Background Of the Proposal This era is moving into the domain of creating transhumans that aims to merge biology and machine. This approach has been established by the terminology of biohacking which refers to the practice of engaging biology with the hacker ethics( like computer hacking).It covers a wide range of practices and movements ranging from the grinders who design and install the DIY body enhancements such as the magnetic implants to the DIY biologists who can conduct at home gene sequencing.It is growing as a non institutional science and a technology development. Now biohacking also encompasses the managing of owns biology with the combination of medical, nutritional and electronic techniques. With this concept it is put into the transhumanist and biopunk philosophies. Transhumanism is based on the belief that it is possible and desirable to fundamentally alter the human conditions through the use of technology to create superior post human being. Biopunk on the other hand is a strategy which is based on the techno-progressive cultural and intellectual movement which advocates for open access to the genetic informations coupled to technological advancement.there is also the cyborg theory which influences this techno-progressivisms and transhumanisms are influential to the biohacking movement. There has been unique examples which are making headlines in this segment. A software engineer from Pittsburg invented a microchip in the name of cannon which can be inserted beneath the arm just like a stack of cards which can be used to sense the body temperature and the reflection of it is simulated to his android mobile phone. Though this is not superior or has an improved function over a thermometer, but reflects the body temperature at any given moment of time like the clock of mobile phone, without the need for continuous monitoring like a thermometer.(Bousted, 2008) As far as the marketing and commercial aspects of biohacking we can at least conclude that apart from having a medical role in near future it can at-least appeal to the tech savvy generation next population who always wants to add something new to their kitty to stand apart as a socially exclusive individual. It has been seen in this era of technology revolution that various generations of mobiles, tablets, laptops and other gadgets has been accepted not only by the young population but equally by the senior most professionals in their workplace or at home. General approach principles of marketing Marketing of a product depends primarily on the need of a customer and there is chance of successful selling of a product if it can fulfill the needs and along with that can extend certain value additions which will attract the customer towards the product or service in question. Critics within the consumer behaviour have debated over the three issues about the defining goals of the field which concluded that – consumer behavior is not an independent discipline. Their behavior is distinguished from other fields by having its focus on consumers role and purpose, emphasizing the acquisition , consumption and disposal of market place products , services and experiences and it is finally is neither an interdisciplinary field and is quite focused and exclusive which revolves around the need priority. (Dibbs,1998,Heissser,2005) For marketing a product successfully they have to overcome their difficulties related to segmentation implementation. This can be achieved by taking an approach that when a Project begins they must understand the role of success factors or basically the needs contributing to a successful result and hence the role of targeting has a huge implication of launching any business campaign. During the segmentation project the qualities of the emerging segments must be clarified to the customer and all the features added should be compatible to use. After segmentation is complete the question of segment attractiveness should always be considered. There is a gap between the understanding between the academics and practitioners who carry out the segmentation process.(Dibbs,1998,Heissser,2005) Marketing has moved beyond its stakeholders and are approaching to consider the society at large which means that it is not only the individual customer who will be benefitted from the usage of a product or services but how that usage will impact the social environment around that person and will create a positive or negative trend in accepting that product in that specific target segment. The basics of marketing remain the 4 P’s which include the product, price, promotion and the place. Thus it reveals the fact that a product with various features and having strong correlations from the benefit that can be extracted from it has a higher probability of getting success than a product with less features which can be tangibly linked to the benefits. However in doing so the design should not be such that there are technological non feasibilities which cannot be linked to real launch of a product. Price is another priority which is viewed by the customer behavior in different ways , it is not the cheap product that always sells but rather a product which is cost effective sells more than that , this means any product designed should have baseline of various value added features and benefits or even services apart from the main function which fulfills the basic need is welcomed more. Moreover cost is also linked to the status of the user groups which uses it and that is the reason there are so many diversifications in the product range and the functions each targeting a specific population of buyers but not compromising with the basic quality of the product or functioning. Promotion of a product is very important because it helps to point out the needs that a customer is not getting at a particular moment and which can be addressed through the adoption of a product and this promotion has to be methodological which should target to address the need of the customer, should maintain the respect and dignities of the buyers , should be dynamic to changes based on the market feedback and even in post marketing launch of the product it should be able to enhance the self esteem of the buyer class. Promotions should be realistic when the products benefits are first narrated and it should try to have a bond with the customer to make the person inclined in usage of the same with practical expectations. This is important that even if a celebrity is involved in a promotion process and the basic claims and the quality of the product is being compromised there is each and every possibility that the customer segment would refuse the usage of the product or the product related services in any case. After promotion comes the situation of place which considers the social, economical , environmental conditions where the product has to be marketed and if the features of the product is not in line with the place then the chance of successful adoption of the product by the customers are minimized. Thus marketing has been seen to become pre-occupied with tactical issues and is poorly linked to the actual conventional strategies. This is due to the lack of versatile approach of the 4 P’s of marketing in the change of the marketing scenario. A marketing decision should strengthen the marketings’s organizational role and should reflect the flexibility of changing with the demands of the customer environment. The current 4 P’s suggests that the elements an organization can do and must control in tailoring its products offer to the market but at the same time should include another P that is ‘People’ or the customers in question who will be benefitted and the approach has to be made people centric.(Brownlie, 1992) Relevance to the Present Situation The idea of using the biohacking technology for the implant of the small magnets in the age group of 20-30 of young women from affordable society has to be viewed under the context of certain designing principles. The Defined Product Function: This product which is named “ Bio-Stress” sensor will utilize the approach of transhumanism. This means the product which comprises of small magnetic chips will be crafted into the finger nails of those ladies with the help of tattoo specialists. This chip will sense the various hormonal changes that will take place inside those women when they are attacked by stress. This signal will be coupled and simulated to the mobile phone of these users which will show the levels of stress in their body and will help them to take personal and professional decisions and help them to intervene with various life style modifications that will help them to come out from their condition of stress. Apart from its main benefit this product will also send signals to the android technology where music will come out depending upon the frame of mind of these female customers. The target segment is very important in launching this product because this product has targeted the generation next group who are always attracted towards usage of new technology and gadgets. Apart from that review of literature suggests that young ladies are stressed and suffer from anxiety and depression due to their coping up with their educational and professional environment apart from their male counterparts and they are always more health conscious to maintain their looks especially in this high society group. Hence if they become aware about their stress in a very early situation they will be able to manage that and will try to maintain a life free from stress which will make them jovial and charming in the society they belong. The approach would be as follows: Developing the concept: The term concept means there are certain needs of the customers which are excavated by market surveys and keeping in mind the social, technical, political and economical environment of the people segment. Under this survey it will be evident that young ladies are stressed and suffer from anxiety and depression due to their coping up with their educational and professional environment apart from their male counterparts and they are always more health conscious to maintain their looks especially in this high society group. (MacInnis ,2010) The economical aspect would be to balance their funds to purchase this product in terms of competitive advantage over a beauty gadget or a complete new health care product which will be perceived by the customers. Therefore the tagline for product promotion would be “Bio-sensing sensing science into looks”. Scheme Design: After a concept is recognized the plan should be to design various alternatives that will help to address the customer segments and customer requirements that were being thought while initially making the launch plan. This will be done by various structured interviews on the customers at the tattoo shop about the feelings of the customers upon launch of a biosensor like the one planned in this study and their expectations noted. Then one should draw a matrix ratio of SWOT analysis that which designs scores the most with strength, weakness, opportunity and threats and even with any competitor if it is there: Strength Wellness Product having health and beauty benefits Feedback of one’s health and interventions can be planned accordingly and much ahead. Cost effective when considering beauty, health and entertainment aspects in totality. Weakness New Concept Body Interventions may be looked down as causing infections. Feeling of Pain Opportunities Can be sold with the benefit just like tattoos Convincing customers by the tattoo designer and assuring them of no extra pain Threats The micro-sensor can make some magnetic fields which can be perceived incompatible with the customer especially in the beginning. Allergic rash can be developed. Detailed Design: Here a final form and the function of the product is being developed out of the various designs thought during the Scheme design Process. This stage marks the real establishment of a product- how it will look and function. Voice of the technician: The design of the product should be technologically feasible. (scientific rationality while incorporating features) Post marketing feedback: The entrepreneur should always be ready to change his product or modify it upon being in usage by the target population and if so should again revert to concepts and redesign product launch, services and looks to satisfy the customer segment. References: Brownlie, Douglas & Saren, Michael (1992) The Four Ps of the Marketing Concept: Prescriptive, Polemical, Permanent and Problematical. European Journal of Marketing, 26(4), 34-47. Dibb, Sally (1998) Marketing Segmentation: Strategies for Success. Marketing Intelligence and Planning, 16(7), 394-406. Greg Boustead (2008). "The Biohacking Hobbyist” Seed Magazine. Heiser, Robert S, McQuitty, Shaun & Stratemeyer, Andreas W (2005) Broadening the Competitive Environment: The Customer’s Perspective. Academy of Marketing Science Review, 12. 1-12. MacInnis, Deborah J. & Folkes, Valerie S. (2010) The Disciplinary Status of Consumer Behavior: A Sociology of Science Perspective on Key Controversies. Journal of Consumer Research, 36(6), 899-914. Read More