Essay on The Target Market For Healthy Potion Diet Pill

Essay on The Target Market For Healthy Potion Diet Pill

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One in four Australian adult had obesity problem according to the survey, suggesting a huge market of weight loss product in this country (One in four Australian adults obese 2011). The target market for Healthy Potion diet pill will be middle age women, based on a research which shows that they are more aware of and interested in such kind of product (Gray et al. 2003). This case study develops and discussing a marketing plan using the 4Ps, presenting the recommendation of how to differentiate the product, skim pricing, online retail and promotion by means of social media.

It is recommended that Healthy Potion develop the diet pill with core product of allowing consumers to eat whatever they want without suppressing their appetite and the actual product of its feature, which is being made of herbal ingredient imported from China. These elements will not only highly differentiate the diet pill from same type of product in the market as they are hunger control product (ePharmacy 2015, mychemist 2015) but also meet the needs of our target market. There is survey shows that 15% of Australian female were on a diet and among the age group of 31-50, about 17% of women were on a diet with a proportion of 53% of female dieters for the purpose of losing weight (4364.0.55.007 - Australian Health Survey: Nutrition First Results - Foods and Nutrients 2014).
However, there are threats for the diet pill, Egan (2015) asserts that people are simply wasting their money to buy these kind of supplement, which may potentially harmful to their health instead of strengthen it and what help these product growth is taking advantage of publics mistrust of the conventional health system and their voluntary ignorance of the health information. On...

... middle of paper ..., it is more reasonable and attainable decision for it to generate profit from those early adopters who are especially price-insensitive (Kotier and Armstrong 1999; Nagle and Holden 1994), a safer mean to introduce product, instead of taking the risk of bearing a possible loss due to developing the new product and sacrificing revenue for attracting more customer by low price. Additionally, price is a significant attribute for customer to imply the quality of the product, especially for newly launched product (McConnell 1968). Having a number of loyal following of regular customers, Healthy Potion company is able to utilize the price-quality relationship for its brand equity, since customer will accordingly hold a perception that its diet pill is with good quality. Hence, this will be in accordance with segmentation of the market, aiming at price-inelastic consumer.

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