Marketing Strategies of Blackmores: A Detailed Report

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Added on  2022/11/24

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This report provides a comprehensive analysis of Blackmores' marketing strategies. It begins with an introduction to the company and its market position, followed by an examination of the theoretical concepts of the extended marketing mix, including product, price, place, promotion, people, process, and physical evidence. The report then delves into Blackmores' specific marketing strategies, analyzing its product offerings, pricing, distribution, and promotional activities. Market trends are explored through a PEST analysis, considering political, economic, social, and technological factors. The report also addresses corporate social responsibility, environmental issues, and ethical considerations. Finally, the report offers recommendations for improving Blackmores' marketing practices and concludes with a summary of the key findings.
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Table of contents
Introduction......................................................................................................................................3
Theoretical concepts of extended marketing mix............................................................................4
Marketing strategy...........................................................................................................................6
Market trends...................................................................................................................................8
PEST analysis..................................................................................................................................8
Corporate social responsibility........................................................................................................9
Environmental issue.........................................................................................................................9
Ethics and diversity..........................................................................................................................9
Recommendations..........................................................................................................................10
Conclusion.....................................................................................................................................11
Reference list and bibliography.....................................................................................................12
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Introduction
In the current business scenario, marketing strategy has become one of the important discovering
areas that affect the growth in the company (Zimmerman & Blythe, 2017). Marketing strategy
helps to develop the service and goods with the potential profit. The purpose of this report is to
shed light on the current marketing strategies adopted by Blackmore. Based on the theoretical
aspects of marketing, the study has described the importance of expended marketing mix.
Analyzing the emerging marketing trends, the report has provided the effective recommendations
for improving the marketing practices in better manner.
Company
Blackmores is the leading natural heal service providing company in the Australian market. With
the quality standard as well as strong brand image, Blackmores has become the most reliable
name in the Australian market. In order to support the environment and population, the company
has focused on introducing the marketing strategy for understanding the emerging market trends
(Blackmores.com.au, 2019).
Product
In case of Blackmores, it has been identified that nutritional supplements, minerals, herbs
supplements and vitamins are being provided by the company (Blackmores.com.au, 2019).
Consumer
Analyzing the target market of the company it has been identified that it mainly focuses on
mainly upper class and upper middle class people. In order to improve the marketing practices
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different media platforms such as Facebook, Billboards, Hoarding, Chatbot for improving the
customer experience have been used (Blackmores.com.au, 2019).
Theoretical concepts of extended marketing mix
The global marketing process targets the international marketing opportunities based on the
international distribution networking process (Mallik & Farhan, 2018). The significance of
marketing mix is it can be considered as the excellent guide for analyzing the business gaps of an
organization. In case of extending marketing mix, the technique based guides are being provided
that influences the customers while making their purchasing decision. The key searching process
of current marketing channels, discovering the accurate message for influencing the targeted
customers can be influenced based on the marketing tactics. It cannot be denied that each aspects
of marketing are performance player in a business (Abdul-Hamid et al., 2017). On the other
hand, it is true that based on the current situational impact on the business environment, it cannot
be denied that progression as well as exchange of goods play an important role for influencing
the marketing profitability trends. With the rising living standard of people and increasing
employment opportunities, marketing practices have become complicated for the organizations.
In the extended of part of marketing mix, 7 marketing elements have been described.
Product
By exemplifying the services and goods, to the potential customers the business is being sold
(Mohammad, 2015). In order to increase the market share it is has become important for the
companies to furnish adequate information regarding the particular goods and services to the
target customers. Based on the capability of the product for resolving the requirements of the
company, the marketing practices are being measured.
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Price
Price is being considered as the important element in the marketing mix (Adapa, Bhullar & de
Souza, 2016). In that case, it can be said that setting the proper price can be considered as the
complex process in the business practices. Analyzing the pricing strategy of Blackmores, it
cannot be denied that the company mainly focuses on premium pricing strategy in case of
grabbing the attention of large numbers of customers. It is true that the company aims to provide
good effectiveness by maintaining its nutrition standard.
Place
The product distribution maintains the entire networking process in the company. Analyzing the
geographical areas of operation, the place of marketing is being decided. Based on the
availability of products on the geographic location the place in marketing mix is being analyzed.
Promotion
Promotion is being considered as one of the important elements in the marketing mix. It is true
that based on the emerging market trends, technological uses have become necessary for
introducing the marketing strategies in the global market (GÜREL & AYDIN, 2016). On the
other hand, it is also true that in order to develop customer relationship, the promotional
platforms plays an important role. In case of Blackmores, it has been identified that in order to
promote the multivitamin supplement for boys and girls, the company both the online and offline
advertising strategies have been adopted by the company.
People
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People are being considered as the important part in marketing mix. Based on the service trends
the customer expectations are being fulfilled by the company (Zimmerman & Blythe, 2017). On
the other hand, depending on packaging the entire presentation of the product or services are
being influenced. Based on the view of the product, the purchasing decision of the customers
gets influenced. Due to changing needs of the customers, the packaging of the products has
become one of the important concerns for the company.
Process
Based on the buying exposure, the marketing process gets influenced. Process works to generate
the networking process in the company (Alon et al., 2016). In case of developing the decent
relationship with the customers and standardized the post sales services, the process is being
managed.
Physical evidence
Depending on the experience of the potential customers, the potential experiences are being
measured. In case of first purchasing the customers do not hold the proper knowledge regarding
the particular product. In that case of initiating the confidence of the customers towards making
the purchasing decision, the companies provide the physical evidences.
Marketing strategy
In the competitive business environment, it is important for introducing an effective marketing
strategy so that the company uniqueness can be maintained.
Elements Application
Product In case of Blackmores, it has been identified that
nutritional supplements, minerals, herbs
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supplements and vitamins are being provided by the
company (Blackmores.com.au, 2019).
Price Analyzing the marketing strategies adopted by
Blackmores, it has been identified that increasing the
market share of the company, it has focused on
enhancing its product effectiveness without
compromising with its values. Grabbing the attention of
the customers the company has decided to introduce
discount offers by bringing the changes in its pricing
strategy (Blackmores.com.au, 2019).
Place In case of Blackmores, it can be said that the product
distribution network has been spread through retail
market.
Promotion In case of grabbing the concentration of the customers,
the company has organized the global nutritional
summits. Following the emerging market trends, it
cannot be denied that sponsorship has become common
marketing tactic (Blackmores.com.au, 2019). Promoting
its product and services, by organizing media sessions
as well as camps, the company has tried to grab the
attention of global customers. Therefore, it can be said
that social media marketing, sponsorships, discounts
and distribution of free samples are the marketing
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tactics adopted by Blackmore.
People In that case, Blackmores added the information of
improved the nutritional value in Teen Multi in its
containers.
Process In case of developing the decent relationship with the
customers and standardized the post sales services, the
process is being managed.
Physical evidences In case of Blackmores, it can be said that through the
distribution of free samples the nutritional values of the
products have been promoted by the company.
Market trends
PEST analysis
Political factors Economic factors
Government instability, military interventions
and recessions are being important factors
that influences the marketing practices of
Blackmores.
Changing energy consumption, ageing
population and trade policies have brought
huge changes in the marketing practices
(Baker et al., 2016). On the other hand, it is
true that based on the political and legal
consequences in the country, the price
fluctuations, recessions, civil unrest and
instability occur.
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Social factors Technological factors
Due to the growth opportunities in Australia,
economic opportunities have brought various
changes in the market (De Mooij, 2018). Due
to the changes in lifestyle and consumption
trends, people have become highly
demanding.
Analyzing the technological environment in
Australia it cannot be denied that due to
fastest growing technological environment
proper utilization of intellectual property,
privacy, antitrust, Al and including liability
have become the challenging situations for
the company (Adapa, Bhullar & de Souza,
2016). People have become fond of mobile
phones, social media and internet. In that case
increasing numbers of companies in the
market, people get various options, which
indirectly influences the competitiveness in
the market.
Corporate social responsibility
By supporting the additional community groups, the company focuses on increasing awareness
among people regarding the emerging health issues. In the year 2018, the Blackmore Sydney
Running festival was introduced with the total participants of 37291 (Blackmores.com.au, 2019).
In order to ensure the employees towards the growth process, the company has introduced
employee charitable schemes. In case of Indonesian countries, the company has also introduced
various kindness programs.
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Environmental issue
Analyzing the global marketing trends it can be said that due to the continuous changes of
environmental influences, the marketing practices are being highly influenced. Over the last few
decades marketing practices have got influenced due to the rapid environmental as well as
technological influences in the marketing process (Blackmores.com.au, 2019).
Ethics and diversity
In order to integrate the diversity in the workplace, Blackmores aims to introduce best practices
in the workplace so that the mutual respect as well as integrity can be maintained in the
company. Enabling the potentiality of the employees, the company aims to utilize the collective
skills so that the diverse attributes and experiences can be maintained in the company.
Maintaining the employment standard and increasing the women employee contribution in the
growth process the company has developed anti-discriminative regulations in the workplace
(Blackmores.com.au, 2019).
Recommendations
Product: Analyzing the product strategy in Blackmore, it can be said that the company can be
said that in order to improve its marketing practices it can focus on introducing the diversified
products in the market. The health supplements can be introduced in liquid forms.
Price
In order to increase the customer base, the Blackmore can adopt cost effective pricing strategy so
that with effectiveness it can be able to provide its products in treasonable prices.
Place
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The company can follow the online product selling strategy for expanding its business. By
making the collaboration with ecommerce organizations, it can be easier for making the effective
distribution strategy.
Promotion
Social media marketing as well as celebrity endorsement can be beneficial in terms of managing
the emerging situation in the case of dealing with the situation. By endorsing the popular
celebrity, it can be easier for Blackmores for managing the emotional needs of the customers.
Processes
Improving the process, the company can focus on indirect marketing strategies so that the
customers relationship van be enhanced.
Physical evidence
In this case, the company can share the customer reviews for those people who are first time
using the products. On the other hand, involving the customers in the promotional practices, they
can share their experiences with the customers.
People
Proper employee management strategy can be adopted in terms of increasing the productivity
rate. On the other hand, attractive packaging of the products can also influence the customers
experiences.
Conclusion
In this study, it can be concluded that depending marketing strategies play an important role for
determining the productivity as well as profitability rate in an organization. Analyzing the
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marketing challenges faced by the company, it can be said that depending on the external
environmental analysis, the company deal with the Changing energy consumption, ageing
population and trade policies challenges. On the other hand, due to the growth opportunities in
Australia, economic opportunities have brought various changes in the market. In order to deal
with the situation, the marketing strategies have been introduced based on the different elements
of marketing mix, which can bring the long term benefits ion the company.
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