Marketing of Cryotherapy Products in JLP Limited - Case Study Example

Cryotherapy Assignment Marketing This essay is an outline marketing plan report that is to be presented to the Board of Directors containing a SWOT and PEST analysis, market research and action plan about marketing Cryotherapy products. Situational Analysis As the Marketing Director of JLP Limited, it is important to understand that cryotherapy is the use of extremely low temperatures when removing heat from a body part during medical therapies. It involves the freezing of body parts whose tissues have been injured or have swollen. Sportsmen and athletes are highly susceptible to tissue or cell injuries resulting from the activities that they engage in during their sports. They are exposed to a lot of dangers while participating in their respective sports. The dangers of the game are ever increasing for the sportsmen and women. Those that are involved in sports like rugby, football, baseball, cricket, softball, handball, netball, volleyball, tennis, golf and basketball among many other sports are at a risk of injuring themselves during the game. Athletes that are involved in races and walks are no exception. What these people need is an instant relief from the pain that they are exposed to. The need a product that will reassure them of quick and speedy relief from aches and pains that they can get while in the field. Cryotherapy is an instant and easy way of ensuring that tissue pains are relieved instantly. Athletes and sportsmen need instant relief from such pain. They need this relief so that they can return to shape immediately after an injury and rush back to the field to continue with the game. Injuries are known to cause pain and spasms that slow down the athletes and sportsmen by inhibiting their full potential. An instant relief from the pain is all they need. Strengths Weaknesses Opportunities and Threats (SWOT) Analysis A SWOT analysis is a tool used to audit an organization and its external and internal environment. It is a method used in strategic planning that evaluates and analyzes the strengths, weaknesses, opportunities and threats that may arise or are involved in a particular business venture or projectas stated by Christensen (1997). Strengths These are the characteristics of the project that will give it advantage over the others in the industry. In regard to the cryotherapy project, the possible strengths are that the JLP Company is a well recognized specialist in marketing of sports medicines. The company is well recognized as a producer of quality and innovative products of medication, especially those that provide instant relief to injuries. The location of the company is also in the sporting capital. This means that it is near the prospective clients and it would be easy to talk to them and convince them to buy the cryotherapy products. The processes and procedures used to produce these cryotherapy products are state of the art and they are of high standards. This ensures that the products of the company remain a favorite among many people. All these factors add value to the company and give it a competitive advantage over the others. Weaknesses This involves an analysis of the characteristics that place the project at a disadvantage over the other players in the industry as argued by Maytal (2000). It is important to note the weaknesses of the company so that they can be improved. Some of the weaknesses of the company include limited resources as a result of the acquisition of the new production plant. The company has also not invested enough in technology and will therefore experience challenges in advertising itself and communicating to its prospective clients. Opportunities These are all the external chances or opportunities that present themselves for the project to make exceptionally high profits or sales. One great opportunity of investing in this cryotherapy product is that it can open doors for meaningful mergers with companies that are keen on developing quality products for relieving pain. There can be opportunities and great chances for strategic alliances or joint ventures. This can broaden the client base for the company by making it widely known to the masses. There can be chances for increased market growth which will raise the demand for the products of the company. The company can hope to benefit from the proper timing by launching the product just before the start of the premier league season and Olympics. Threats These comprise of all the external elements or factors that are likely to cause trouble for the business. One main threat to this project is the government regulations that tend to impose very high taxes on the sale of such products. The company will be forced to sell the product expensively so as to compensate on the taxes levied by the government. The taxation levied on the product by the government makes its market price to be a little bit high for the customers. There are also many competitors in the market who deal with the sale of such products and so competition is extremely high. These competitors have introduced new and innovative products that can be a threat to our products. Their prices are also fairly low and this may encourage people to prefer their products to ours. Political Economic Social and Technological (PEST) Analysis PEST analysis is also a tool that is used in evaluating and analyzing the growth or decline of the market. A PEST analysis is conducted so as to determine what potential a business has and what direction it should take. Such an analysis provides a framework for reviewing a company’s situation. Political This has to do with an in-depth analysis into the ecological and environmental issues. The business has to look at the current legislations, the future legislations and the international legislations. How much the government is involved in the economy should also be taken into consideration. This also includes an analysis of labor laws, tax policies, trade restrictions, environmental laws and tariffs according to Armstrong (1982). Considering the government policies will enable the business to predict if there could be wars or conflicts that may affect its operations. This is a measure of the political stability of the region where the business is located. Economic This involves the analysis of home economic situations and trends. The international economic situations and trends should also be taken into consideration especially if the products will be sold to such markets. All economic factors such as interest rates, economic growth, inflation rates or exchange rates are considered here because they will have a major impact on the business. The market routes and distribution channels or trends are also considered here so as to determine the best market for the cryotherapy product. Among other factors to be evaluated under the economic scope include international monetary or trade issues and industry factors Social Social factors include observing things such as cultures, lifestyle trends, demographics, and consumer attitudes and opinions then determining how they would affect the business. Emphasis on safety and career attitudes should also be considered so as to cater for the group of people who believe in safety first. Here, fashion trends, role models and consumer buying patterns are also taken into serious consideration. The business has to finally consider all ethical issues, religious issues, publishing and advertising issues and the laws that affect social factors. Technological Technological factors finally involve a deep and keen look into the technological developments and aspects. These include provisions for automation and information and communications according to Armstrong (2006). All the laws that govern technological innovations should be clearly understood so as to avoid trouble with the law. The business should consider how it can use technology to advance and market itself. Market Research This involves conducting surveys to find out as much information as possible in regard to the markets such as prices, availability, suppliers, competitors and threats as stated by Menon (1999). Product The product should be made to appear unique and it should have the capacity to attract the potential buyers. The company can find out what other similar products are there in the market, examine them and make changes to its own products accordingly. Finding out information about the product is important because it will enable the company to make the necessary changes to its own products so that it can be unique and different. Price It is also important to find out the price that other companies are selling the products at. This would enable the company not to overprize or not to charge too little for its product. Market research can give the company basic information in regard to pricing and it can be able to adjust its prices accordingly Promotion It is up to the company to establish how it can market its products and ensure that they reach their intended customers. Promotion involves undertaking necessary steps and measures to convince a person to want to buy your product. The company must therefore use all the necessary strategies to ensure that it markets and promotes its products well. People Here, the company considers the number of people who actually use similar products in a particular area. They should be considered so that the company can know if it is necessary to risk taking the product to such areas. This also involves the number of people who are involved in the production of the product. The company should establish if it is cost effective. Action Plan An action plan is a sequence of steps that outlines how a particular activity will be performed. It is a strategy that is meant to ensure the success of an activity as argued by McMaster (2003). The steps that the company can take to implement the above plans can include identification of the specific tasks that require to be done and the people required to do the tasks. This requires the company to identify all the activities that need to be performed in ensuring that the final product reaches its intended users. The next course of action involves allocation of a time frame when the tasks should be done and accomplished. The final step in implementing the action plan is the allocation of resources to the project for the specific activities that had been identified and actually ensuring that they are carried out. References Armstrong, J.S. 1982, "The Value of Formal Planning for Strategic Decisions", Strategic Management Journal, vol. 3, no. 3, pp. 197–211.  Armstrong. M. 2006, A handbook of Human Resource Management Practice (10th edition), London: Kogan Page. Christensen, C. M. 1997, The innovator's dilemma: when new technologies cause great firms to fail, Boston, M. A: Harvard Business School Press. Maytal, B. Z. 2000, MRI compatible cryosurgical machine: Advances in Cryogenic Engineering, New York: Kluwer Academic Press. McMaster, W.C. 2003, “Review on ice therapy in injuries,” American Journal of Sports Medicine, vol. 77, no. 5, pp. 124-6. Menon, A. et al. 1999, "Antecedents and Consequences of Marketing Strategy Making", Journal of Marketing (American Marketing Association), vol. 63, no. 2, pp. 18–40. Read More