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 that entails exchanges. The core principle in marketing is therefore creating voluntary exchanges which should result in mutual benefit to parties involved (Baran & Davis).
Marketing is a process that communicates the value of a product or service to consumers and includes promotion, the actual selling and delivery of the sold product or service to the buyer. A marketer tries to get the target audiences attention with the use of media exposure, attractive designs, packaging and slogans among others. In marketing, there are four elements that are important; the product, the place, price and promotion.
LifeVantage has been in existence for some decades. 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 mar...
... middle of paper ...
...st be registered for distribution after being subjected to product testing.
• There are financial restrictions considering that the above process of sending the products, registering them in Turkey and having them undergo product suitability tests. In addition, traveling to Turkey requires huge investments considering huge quantities of the products are required as well as starting the marketing strategies.
Despite its market leading products, LifeVantage also works in ensuring that it provides financial solutions to those in need through partnerships. Through social marketing, customers are also made aware of the health benefits of the products which are aimed at changing their lifestyles. Though social marketing is viewed as non profit making, the distributors stand a chance of improving their lives through the profits made from the distribution channel.
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