Introduction
Hera is a desktop DNA lab product that was developed to help in the amplification of DNA. Hera is a tool that shortens DNA amplification from 24 hours to 3 hours. It makes it easier for bone marrow donors and doctors to match and treat their genetic diseases as it gives doctors an easy time for more laboratory analysis involved in the DNA process. As a new product in the market, Technecom needs to implement different strategies to help it reach its target market to maximize profits. In considering the marketing strategies, the firm needs to consider all the 4Ps of the market to ensure its success. These 4Ps, product, price, promotion, and place/distribution, should be put strategically to ensure that Hera is sold across Australia. Therefore, this report will review, discuss and finalize the best strategies at each section of the 4ps to help Technecom company to maximize its sales. Some strategies that will be discussed include market segmentation, value-based pricing, digital marketing, and direct and indirect distribution. The report will then finalize by advising the firm to consider the above strategies to be successful in Australia.
Market segmentation
The Hera target market can be segmented into three sections in the Australian market. These groups include doctors or geneticists, genetic disorder patients, and DNA donors. This market is segmented into these three sections because they are the most affected directly by the product, as it is a tool that helps DNA amplification. One of the target markets for Hera products is the Australian doctors who deal in genetic study. Australian doctors are the primary target market since they need this tool to quicken their work by using the product to shorten the DNA amplification from 24 hours to 3 hours. This will save their time and give them ample time to do more deep genetic lab analysis to provide direct and quick results.
Moreover, with the microchip, doctors can view the microscopies well since the product can magnify samples of tiny particles up to 1000 times. This will ease the work of these doctors to save more lives. Another targeted group of consumers is the patients suffering from different genetic disorders. Since Hera product plays a greater significant role in reducing the amplification period, the patients suffering from any form of gene disorder will benefit from this product because it gives doctors, geneticists, and donors ample time to match the DNA in the bone marrow within a shorter period. This is significant to them because they will get assistance as quickly as possible compared to the past when the process could take much time. And last target consumers are the DNA donors. These people donate their bone marrow to patients who match their genetic disorders. Hera will help them quicken their DNA amplification test whenever there is an emergency.
Value based-Pricing
Hera is a new product in the market that targets scientists or doctors, patients suffering from bone marrow diseases, and donors. An efficient pricing strategy will help Hera sell in the Australian market value-based pricing strategy. According to Anissa & Tobing (2022), a value-based pricing strategy is based on the consumers’ perception of the product and its services. The value of Hera is unique as it is a highly valuable product since it quickens the amplification of DNA results in 3 hours. This is because it can solve a long-term problem where people wait for the DNA result after 24 hours, yet it can do it within 3 hours, saving time. The price of Hera will depend on its value and how it works. Moreover, according to Scalabrini & Alves (2022), the pricing approach will always be successful when the product is sold based on consumers’ emotions. Hera’s target consumers will play a vital role in pricing the product since the firm will be able to understand how they feel about the new product and tax them accordingly.
Digital media and medical seminars promotion
The product promotion strategy is significant to any product introduced in the market. These promotional strategies vary depending on the targeted market or the segmented section in the market to reach the right people needed to consume these products. Hera, as a new product to the Australian market, should focus on different promotional strategies to help it reach the targeted section of the market. Besides, since it targets medicine professionals and patients, it should focus more on both digital media and medical training and seminars promotional strategies. Organizing Medical training and seminars for medical professionals will play a more significant role in marketing Hera. According to a WHO report, training doctors on a new product is essential because it gives the firms adequate opportunity to educate and create awareness among the practitioners who are likely to interact with the tool (World Health Organization, 2013). Since the device requires more knowledge, such training and seminars will help enlighten Australian scientists and promote the product to be consumed with them.
On the other hand, digital media will significantly boost awareness in the general targeted market. The digital media, including social sites like YouTube, Facebook, e-magazines, and Twitter, will help the firm reach all other consumers that training could not get. Moreover, since medical training might be expensive, digital media can help balance the promotion costs since it is relatively cheaper (Veleva & Tsvetanova, 2020).
Indirect and Direct Distribution
For effective product distribution in the Australian market, the firm should adopt both direct and indirect distribution strategies to help it cover the more extensive market to maximize profits. Direct selling means consumers will come to the technecom company to buy or send the products directly to them if they place an order. Although this may be expensive, it should be considered because it will help enhance consumer trust. Indirect distribution is where the firm will be using other intermediaries such as clinical, hospitals, and chemists to assist in distributing hera. Indirect distribution seems convenient since doctors and patients will not have to come to the company physically.
Conclusion
In summary, Technecom needs a robust marketing strategy to help it introduce and sell the Hera product successfully in the Australian market. As discussed above, the firm should focus on and use the necessary procedures to ensure its success. For instance, on its pricing, it should concentrate on a value-based strategy to help it maximize its profits. It should also focus on direct and indirect distributions to maximize its profits. Lastly, the firm should focus on digital promotion and market segmentation to enhance its sales.
References
Anissa, R. D., & Tobing, R. P. (2022). PENGARUH PRODUCT REVIEW DAN VIRAL MARKETING TERHADAP PURCHASE INTENTION PRODUK SKINCARE MEREK LOKAL INDONESIA (Studi Kasus Pada Pengguna Aplikasi Media Sosial TikTok). JOEL: Journal of Educational and Language Research, 2(1), 133-146.
Scalabrini, E. B., & Alves, J. (2022). Some Examples of Best Practices in Creative Tourism: How Do Entrepreneurs Fit in the Market and Possible Clusters? In Creative Tourism and Sustainable Territories (pp. 101-129). Emerald Publishing Limited.
Veleva, S. S., & Tsvetanova, A. I. (2020, September). Characteristics of digital marketing advantages and disadvantages. IOP Conference Series: Materials Science and Engineering (Vol. 940, No. 1, p. 012065). IOP Publishing.
World Health Organization. (2013). Transforming and scaling up health professionals’ education and training: World Health Organization guidelines 2013. World Health Organization
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