SWOT Analysis of Botox
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SWOT Analysis of Botox
SWOT analysis
Strengths:
• Allergan has the possibility for dominance on several niche markets because of the uniqueness and appeal of their product. • The main consumers of the product Botox are celebrities from many fields, which include actors and television artists. Thus, the element of celebrity endorsement is a great advantage. • Facial beauty is a major concern in the modern world and the ability of a product to remove wrinkles and black marks on the skin will likely work as
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The product must have an definite target market, the price must be within a specified budget appropriate to the target market, the product must have a suitable place where it can be distributed, and the promotion must be in such a manner that the customer understands the firm is there to support its customers and solve the pains of the customers. “The marketing mix of a firm in large part is the product of the evolution that comes from day-today marketing. At any time the mix represents the program that a management has evolved to meet the problems with which it is constantly faced in an ever changing, ever challenging market” (Borden, 1942).
Marketing Mix – Product A product is the first and the most important component in the marketing mix. The latest, trendy product in offer from Botox is Allergen. Botox has a very strong target market in Canada and can create its own marketing niche. Botox was launched in the market as a medical product for the correction of cross eye. Botox is not just a cosmetic product which removes the frown lines but also is effective in the treatment of migraine headaches, chronic neck and back pains and other spastic disorders. Therefore, Botox has the properties that can allow its application for cosmetic and medical purposes. Besides, it enjoys an excellent market in Canada and has targeted customers in both genders alike. More than seven million women customers from Canada use the product and
During the post 30s the intensity of the free radical formation and rapid damage of the epidermal layers lead to the formation of fine lines and followed by wrinkles. The Facelift in a Jar cosmetic product is largely being used by people seeking to escape the expensive cosmetic treatments for these problems. The extreme publicity and awareness information released about the essential ingredients in Facelift in a Jar has been successful in gaining the buyers’ confidence.
From period 1 to 3, only ALLROUND was available and we targeted to make it as a core product of ALLSTAR. Our primary goal was to expand the market share and gain the market awareness of the brand name. To make it success, we refined the ingredients to reduce the side effect so that the market could easily recognize ALLROUND. However, the market share of ALLROUND only increased slowly even we boosted the advertisement and increased the reminder to perform
According to an article from ‘Supply & Demand Chain Executive’ written by (DelMonte, 2007) states what is the marketing mix: “is putting the right product in the right place, at the right price, at the right time.’ The marketing mix is an implement which is needed and it is much utilized in today’s working industries for managers to evaluate business targets such as sales and company’s profits, and also to assist in order to meet consumer needs effectively. It purposes is to satisfy the customer as well as the seller by using the marketing mix tool. The marketing is known as the ‘4Ps’, and it is made up of: place, product, promotion and price.
Providing Over-The-Counter medicine Allstar targets people who have common health problems. The best way to segment Allstar’s customers would be by the following two major categories: illness (cold, cough, allergy) and demographics (young singles, young families, mature families, empty nesters, retired). Allstar Brands invests in marketing research to learn about the ever changing preferences and trends of the market. The information the Company gathers from this research is then used to make according decisions to satisfy each particular category of customer.
The marketing mix is a desirable place to begin when you are thoroughly considering creating a new product or service, and it offers you some
There are many things that happen internally and externally in our bodies every day. Exocytosis and neuromuscular junction help us understand how Botox works. Exocytosis is the process where secretory proteins are transported out of the cell (Alberts, et al., 2014). In addition to this, neurotransmitters are released. Neuromuscular Junction is a synapse that is formed between a muscle fiber and motor neuron which causes the muscle to contract (Alberts, et al., 2014). Botox is a drug made from a neurotoxin. An example of this would be Botulinum neurotoxin type A. Overall, the process of exocytosis, the neuromuscular junctions, and Botox can help with muscular conditions.
Botox is a very controversial cosmetic treatment for a variety of reasons, including its surprising origin as well as some of the shocking celebrity transformations it may have caused. However, the following myths give Botox a much worse name than it deserves.
From a cosmetic perspective, botox has gained popularity for its ability to minimize wrinkles and frown lines. (4)
For baby boomer generation which is experiencing life changes brought by aging, they have shown increasing interests in cosmetics and toiletries, not only to enhance their appearance but also for other reasons. A simple example is that they use foundation with treatment ingredients to protect their skin against harmful UV rays, and to help a variety of skin problems.
Young girls are more concerned about acnes and blackheads while mature women are looking for anti-aging and anti-wrinkle products. Genders do affect the choice of skin care products. In the past, skin care products only belong to the girls’ world. Nevertheless, in recent years, men are increasingly becoming more and more concerned about skin care. With a view to this latest trend, various brands have started developing men’s line. Income level directly affects the purchasing power of customers. Skin care products take up a wide range of price levels from far less than a hundred dollars to more than a thousand. Young girls who do not have any income cannot afford the expensive skin care products while mature women with higher purchasing power focus more on quality and effectiveness. Occupations also determine the need for skin care products. Models and artists generally have a higher consciousness on skin care than people with less exposure to the public.
The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.
Skin treatment products are often sold next to the cosmetics, but in reality are not cosmetics themselves. Skin treatment products are created with the purpose to improve the natural condition of the skin rather than purely the aesthetic. Cleansers, astringents, toners, acne medications, sunscreen, and lotion all help the skin stay healthy and free from blemishes. In the past, it used to be that consumers
Setting the right marketing mix for the product or service means that it including all of the important bases in marketing strategy. The marketing mix is generally established as the use and requirement of the 4P’s which is describing the strategic position of a product in the marketplace. One version of the beginning of the marketing mix starts in 1948 when James Culliton said that a marketing decision should be a result of something related to a methods and he described the marketing manager as a “mixer of ingredients”.
The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.