Marketing Analysis Of Lifevantage

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There Is The Potential Market. Open A New Market In Another Country.
LifeVantage as an organization focuses on satisfying health and beauty needs. Among its many products, Protandim emerges as the best anti aging product which just one of the products that shows the potential that the company has. Despite having high quality products, LifeVantage has been under scrutiny because of the market size it serves despite having the capacity to serve a much bigger market. This calls for the need to expand its markets as a brand for its products sold through social or Multi Level Marketing.
Marketing is the process of appealing potential buyers to products or services. Marketing is a two-way process that aims at achieving mutually beneficial sales …show more content…

However, a compressive marketing plan is required to revitalize, maintain and grow profitability levels in ensuring continuity. In this regard, LifeVantage offers a wide range of unprecedented selection of beauty and health products.
Product interest / Consumer analysis
Every business must identify its customers in its marketing plan. The customer analysis performed hereafter shall interrogate the characteristics of the potential customers of the products by LifeVantage and the current and emerging factors that influence their buying behavior.
The customers who purchase the products from LifeVantage belong to a specific demography in the society. These customers are youthful in age as well as at heart, because they are people who strive for healthy living. In addition, there is the typical customer who is of the middle class and affluent socioeconomic segment of the population.
There is a huge market potential in Turkey and through sharing the LifeVantage stories, there have merged a huge number of people interested in the product as well as being part of the distribution channel. In line with this, promotional material have been disseminated towards enhacing this business …show more content…

There are many definitions that can be derived out of the activities involved in this form of marketing but the most consistently used and universally accepted is ‘accepted’ as the following:
"the application of commercial marketing technologies to the analysis, planning, execution, and evaluation of programs designed to influence the voluntary behaviour of target audiences in order to improve their personal welfare and that of their society." (Andreasen)
The main techniques featured in social marketing are:
• Inducing awareness of promotion topics among the audience. Social marketing has proved that entertaining narratives with embedded messages and news coverage among other are less costly and more effective.
• Aiming information or messages to the desired audience that is most receptive or vulnerable to such messages. This reduces promotional costs while at the same time resulting in the desired effects.
• Cultivating impressions to arouse interest in products.
• Stimulating interest and enhancing quest for information
• Provoking preferred decisions on preferred positions on products
• Triggering market segments targets in the

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