N500 Marketing : Omixon is a Diagnostic Molecular

Answer:

1.1 Introducation: 

Omixon is a diagnostic molecular company that is globally known. The organization headquarters is located in Budapest, in Hungary. The organization has its offices located in Cambridge, where their commercialization of the disruptive technologies for the research laboratories and clinical. The organization leading product is the EMEA Holotype HLA.This product is the leading globally in genotyping products which delivers a high resolution that is accurate and is being used in 20 hospitals or more in the world. Omixon software research analyzes data from any technology that is sequencing and determines the genotype of HLA from the experiments that are sequencing in the genome. Omixon maintains a grant-funded program on research that is very active with the focus of the pipeline of product on the post-transplantation and pre-translation, together with HLA applications of genotyping beyond the transplantation. The company is now developing a marketing plan to enable the company product to penetrate new market while still keeping the existing consumers (Omixon | NGS for HLA, 2017).

2.0 Marketing objectives and strategy 

During the process of the marketing audit of the product, there was the establishment of the product weakness and strength, the threats and the opportunities available for the product (Ltd., 2017).This process has made it easier for the organization to redefine its strategy used in marketing and the marketing objectives hoped to be achieved by the implementation of the marketing plan.

Marketing objectives should be set with regards to which product should be sold in the market, and in which market to the specific. The direction of the future business is defined through the strategic thrust of the business.

2.1 .1Market penetration

Market penetration strategy seeks to take the existing product into the market in order to increase its penetration into the market. The strategy seeks to make the existing consumers more loyal to the brand and the attract new consumers of the product. Another strategy to increase the product penetration includes having the existing consumers purchase and utilize the product more often and purchase in a greater quantity. This strategy has an objective of increasing the market share of the product. The strategy has the following objective to attain: increase the product current market share (Riley, 2017).This can be made attainable through having a pricing strategy that is competitive and having more manpower in the selling of the product. Secondly, the objective is to restructure the market through driving out the competitors; there has to be a more detailed and aggressive promotional campaign for this to be achieved, this can be supported by pricing strategy that makes the market unappealing for the competitors. Lastly, the objective of market penetration is to increase the product usage by the existing consumers. The market penetration focuses more on the business and product. The organization has a clear understanding of what the customer need and the competitors (Gopinath, 2017).

2.1.2Product development

This strategy places a lot of emphasis on increasing the product sales through refining the current product for the present market. It is evident that Omixon has gone through different milestone on improving the product. Through product improvement and development, the organization target to increase its sales and market share in the current market (eduCBA, 2017).This strategy has different objectives that are aimed at for attainment. The main objective of the product development include the differentiation of the product with an aim for it to remain competitive. A product development that is considered successful places the emphasis on the market for Innovation, development, and research. More detailed focus on the customer needs and how they change with time.

2.1.3Entry into new markets

This strategy is put into use when the products are developed with a new market entry in mind (Stewart and Stark, 2017). Being considered the strategy bearing a lot of risks, however, it is an essential step for the organization whose current market display minimum prospect for growth in the future. The strategy is believed to work when there is minimum synergy between the fresh product and the current product (Sashoo, 2017).

2.2 Target market segmentation

The strategy used is to target various consumers’ demographics while placing protection measure on the organization brand through market segmentation. The strategy uses two different messages that offer promotion on the significance of the communication media tools that allow the various target consumers view the product ads. The Omixon product target the hospitals and the research laboratories, having the ads of the product featuring on home appliance magazines can damage the consumer who is core to the product's image. Suppose the market segment has changed within the period of the years, the organization should consider rebranding the product.

2.3Positioning and differentiation

Differentiation and positioning have a very close relation to marketing strategy. Positioning is the organization strategy for the facts that makes the organization product better than that of the competitors. Differentiation is the strategy that the organization uses in carrying out the products positioning through the use of promotion of the characters and the benefits that the products offer.

2.3.1Positioning

The positioning of the company is based on the organization values and features of the current product. The first strategy in positioning in the market is to assess the product features that separate the company products from that of the competitors. In the technology world, the features of the product emphasized are the quality that is superior, durable advanced and innovative technology, user-friendly and other significant benefits that could position the product ahead of the competitors. The marketing objective for the strategy on positioning is to place the product ahead of the competitors making the organization attain a competitive advantage.

2.3.2Differentiation

The positioning strategy is the key guide to the advertisement of the product in the market. In the messages used to advertise the product, the organization differentiates the organization product through promoting the feature of the product as well as the significance that the product offer, that makes the product stand out among its competitors. Omixon being a large company is likely to have a cost advantage as opposed to small companies, hence making it possible to focus on the differentiation of the product knowledge among the consumers (Kokemuller, 2017).This strategy makes use of various tools to set the ground for differentiation. Some of the tools used include the brand and the company logo, very distinct packaging that differentiate the product from that of the competitors.

3.0 Marketing implementation

Strategic marketing objectives entail the phase of planning, control, and implementation. When the process is created well it will ensure the organization has successfully attained its goals of the marketing strategy. The implementation phase of the marketing focuses on placing the marketing strategy and plans into actions in order to achieve objectives set.

3.1 Marketing mix

3.1.1Product

The organization should take time to redefine the features of the product. They should ensure that the product meets the user needs. The important after sales services and warranty should be well defined to avoid misunderstanding (Marketingteacher.com, 2017).

3.1.2Price

Before venture of investing in the new market, the four marketing mix are always carefully considered. The price of the product should put into consideration the manpower, advertisement cost needed to produce a single unit of product. The price should be carefully taken into account as it compares to that of the competitors. Consumers will buy products based on the need that it fulfills (Mindtools.com, 2017).

3.1.3Place

Positioning is all about stating clear objectives of how the organization wants to be perceived by the consumers. The positioning of the product will make the people either think of the product or the company. The Omixon product positioning is found on the company website. It clearly defines the product attributes as well as the benefits the product has over its competitors (Kirkland, 2017).

3.1.4Promotion

The Omixon product promotion message is based on motivating the consumer into purchasing the product. The organization has placed itself in the target marketplace and viewed all the essentials of the message that will motivate the consumer. It is evident that limited time promotion always attracts attention from the market and the competition. (Kirkland, 2017)

3.2 Marketing metrics

The lack of the marketing accountability is the absence of the utilization of the controllable number of the working marketing metric in order to a degree the outcome of the activities of the marketing. The marketing metrics used by the organization should be able to trace the marketing performance of the organization. Making use of marketing metrics that is functional in an organization enable the organization to demonstrate an accountability and attain influence within the company.

The use of financial and marketing metric results is perceived to be the best tool in the measure the marketing performance. This metric is majorly influenced by the organizational setting in which the manager function in and not by who the organization manager is(Cim.co.uk, 2017).

3.3 Financial projection

Organization financial projection will entail all the information relevant to the project. The financial information is a very important document to the investors, as this will determine if the proposal of the new venture of the business is worth their investment or not.

In the Omixon product, the venture of the new market entry is estimated sales of 62% of the overall potential in sales. In order to attain this goal $10 million will be used in marketing. In order to increase the sale beyond this estimate, that will mean that the cost will be raised to. A rise in the cost per point will also require a raise in the budget used in marketing.

3.4 Estimated return on investment

A measure of the performance is used for the purpose of evaluation of the investment efficiency. Omixon requires $ 400 million in order to venture into the new market. The organization believe that there will be $100 million return on the investors, hence the organization gained income form the investment will be $10100

Estimated return on investment= ((gain form investment-investor cost)/total cost)*100

                                                      = ((101-100)/400)*100

                                                      =25%

The investment will generate a return of 25 percent.

3.5 Conclusion

Marketing objectives and strategy is a function that is ever growing and evolving, in order to adapt to the changing condition in the market. The organization performance is regularly measured and reviewed form the many business types in order to evaluate if it is driving the organization, towards achieving its goal or not. The consumer need do change from time to time. It’s important for the organization to adapt to the changing needs of the consumer in order to retain or improve its market share.

Omixon Company can implement the marketing objectives and strategies above in order to attain the objective of entering new markets. The organization should measure its performance to see into it that it bring about profit to the organization.

Reference: 

eduCBA. (2017). 10 Market Penetration Strategies | edu CBA. [online] Available at: https://www.educba.com/10-market-penetration-strategies/ [Accessed 12 Dec. 2017].

Gopinath, P. (2017). Marketing Strategy for New Entrants. [online] linkedin. Available at: https://www.linkedin.com/pulse/marketing-strategy-new-entrants-gopinath-m-r-/ [Accessed 12 Dec. 2017].

Kokemuller, N. (2017). Positioning & Differentiation Strategies of Marketing. [online] Smallbusiness.chron.com. Available at: https://smallbusiness.chron.com/positioning-differentiation-strategies-marketing-69264.html [Accessed 12 Dec. 2017].

Ltd., W. (2017). Marketing Objectives – Win Marketing. [online] Winmarketing.co.uk. Available at: https://www.winmarketing.co.uk/marketing-strategy/marketing-objectives/ [Accessed 12 Dec. 2017].

Marketingteacher.com. (2017). Marketing mix. [online] Available at: https://www.marketingteacher.com/marketing-mix/ [Accessed 12 Dec. 2017].

Mindtools.com. (2017). The Marketing Mix and the 4Ps: Understanding How to Position Your Market Offering. [online] Available at: https://www.mindtools.com/pages/article/newSTR_94.htm [Accessed 12 Dec. 2017].

Omixon | NGS for HLA. (2017). About us | NGS for HLA Genotyping & Bone Marrow Typing | Omixon. [online] Available at: https://www.omixon.com/company/about [Accessed 12 Dec. 2017].

Riley, J. (2017). The Exam Performance Specialists | tutor2u Business. [online] tutor2u. Available at: https://www.tutor2u.net/business/reference/ansoffs-matrix [Accessed 12 Dec. 2017].

Sashoo, A. (2017). Marketing Objectives: Strategic Thrust And Strategic Objectives. [online] kenyaplex. Available at: https://www.kenyaplex.com/resources/5802-marketing-objectives-strategic-thrust-and-strategic-objectives.aspx [Accessed 12 Dec. 2017].

Schwab, C. (2017). Return On Investment - ROI. [online] Investopedia. Available at: https://www.investopedia.com/terms/r/returnoninvestment.asp [Accessed 12 Dec. 2017].

Stewart, B. and Stark, K. (2017). 5-Step Primer to Entering New Markets. [online] Inc.com. Available at: https://www.inc.com/karl-and-bill/5-step-primer-to-entering-new-markets.html [Accessed 12 Dec. 2017].

Wilson, F. (2017). How To Calculate A Return On Investment. [online] Business Insider. Available at: https://www.businessinsider.com/how-to-calculate-a-return-on-investment-2010-1?IR=T [Accessed 12 Dec. 2017].