Nature sBest( MarketingPlanPatrickTaylor,s4320368;LukeFaithfull,s 4236551;JoshKim( 43137378;TimMc Cauley40796028 (4" MKTG!1501!IntroductiontoMarketing:MarketingPlanPartA ! ï X ì

Nature s Best

Marketing Plan MKTG 1501

Luke Faithfull, Patrick Taylor, Tim McCauley, Josh Kim 2014

Patrick Taylor, s4320368; Luke Faithfull, s4236551; Josh Kim 43137378; Tim McCauley 40796028

2 MKTG 1501 Introduction to Marketing: Marketing Plan Part A

1.0 Contents 1.0 Contents ....................................................................................................................................... 2 2.0 Introduction ................................................................................................................................ 3 3.0 Current Situational Analysis: ............................................................................................... 4 3.1 Mission ..................................................................................................................................... 4 3.2 Resources ................................................................................................................................ 4 3.3 Offering .................................................................................................................................... 4 3.4 Business Relationships ...................................................................................................... 4

4.0 External Analysis ...................................................................................................................... 6 4.1 Demographic trends ........................................................................................................... 6 4.2 Technological trends .......................................................................................................... 6 4.3 Economic conditions .......................................................................................................... 6 4.4 Political/legal ........................................................................................................................ 6 4.5 Socio-‐‑Cultural ........................................................................................................................ 7 4.6 Natural Environmental Trends ...................................................................................... 8

5.0 Market Analysis ......................................................................................................................... 9 5.1 Market Definition ................................................................................................................. 9 5.2 Market trends ........................................................................................................................ 9 5.3 Competitive situation ......................................................................................................... 9 5.3.1 Level of Competition ............................................................................................... 10 5.3.2 Key competitors ........................................................................................................ 11 5.3.3 Competitive Advantages/Strategies ................................................................. 12 5.3.4 Customer Needs ........................................................................................................ 12

6.0 SWOT Analysis ........................................................................................................................ 14 6.1 Primary Issues Affecting the Business ...................................................................... 14 6.2 SWOT Analysis Table ....................................................................................................... 14 6.3 Major Issues ........................................................................................................................ 15

7.0 Target Market and Positioning Strategy ....................................................................... 16 7.1 Market Selection/Segmentation ................................................................................. 16 7.2 Target Market Strategy ................................................................................................... 16 7.3 Positioning Strategy ......................................................................................................... 16

8.0 Objectives ................................................................................................................................. 19 8.1 Marketing Objectives ....................................................................................................... 19

9.0 References ................................................................................................................................ 20 10.0 Appendices ............................................................................................................................ 22



convenient West End location. Providing high quality products with the convenience of a pharmacy combined with the ability to consult with a professional naturopath ensures that all customers are completely satisfied. Extensive market research has been conducted to determine the needs and wants of the target market and the medical needs which are lacking in this area. The following mark analysis provides insight into the various elements that may influence the success and



3.1 Mission is an herbal medicine outlet that strives to provide superior medical

products combined with knowledgeable advice and an affordable price. This comes together with a convenient West End location and the ability to purchase products online to ensure that customers will be satisfied with the products, service and price. Above all the vision of

is to assist as many people as possible to have good health, feel great and live life to the fullest.

3.2 Resources The primary resources that this company requires are the medical products themselves.

extremely important resources to this company. Therefore it is essential that the suppliers of the medical products are reputable and reliable. MediHerb is the largest purchaser and processing plant of herbs in Australia. This company has a stringent regime for ensuring that they have the best quality products on the market. To stock MediHerb products will be

medicines (MediHerb Pty Ltd, 2004). Much like the product itself the employees in the physical outlet will be an immensely important aspect. They will need to be knowledgeable about the products and able to communicate with customers to ensure that each customer can leave satisfied with both the product and the level of help offered by the staff.

3.3 Offering Natures Best offers its customers the best quality natural medical products in conjunction with professional staff and competitive pricing to ensure maximum customer satisfaction. The employees needed to make successful are:

A Naturopath: A qualified practitioner of Naturopathy is essential in providing professional advice on herbal medications, dietary and nutritional advice and lifestyle advice.

Knowledgeable customer service staff: To work at the counter serving and dealing with the cash handling. This role is very important because staff will need to be knowledgeable about a large range of medical products to ensure that they can assist a customer and ensure their satisfaction.

Information Technology Staff: These staff will be responsible for building and site, online store and social media.

budget of $40,000 per year. Social media developing our own social media profile on various platforms to ensure that we appeal to the current technology generation. In conjunction being associated with MediHerb will help to provide added exposure through their already well-‐established social media profile.

3.4 Business Relationships A strong relationship will be formed with the chosen supplier MediHerb as it is evident

that they have a world-‐leading understanding of quality products, thus ensuring that the store always receives superior quality and efficacious clinical solutions. As this is a well-‐established and respected company, stocking these products would gain recognition and



legitimacy due to the association with MediHerb and therefore must strive to achieve a healthy and effective relationship with both staff and clients alike.



4.1 Demographic trends West End caters to an array of different nationalities and age groups. West end has

an even gender ration of 50-‐50 male to females with the median age group of 33 years old (Australian Bureau of Statistics, 2013). The Australian Bureau of Statistics also shows that the 25-‐29 year old age bracket contribute to nearly 15% of the total population of West End. With

-‐35 year old age bracket (Australian Bureau of Statistics, 2009), it suggests that Natures best will be suited to existing market.

Surrounding suburbs such as Highgate Hill and Auchenflower compliment the location of Natures best with the median age group of 30 years old. With easy access to West End due to efficient transport, Natures Best would reap the benefits of having a suitable age related market for its products.

Furthermore, the Central Business District is located across the Brisbane River with easy access due to transport and multiple pedestrian bridges. The CBD has a median age group of 29 year olds with diverse nationalities with 20% of the population from Asia (Australian

ises deemed common in Asia, Natures Best will also benefit from its proximity to the city.

4.2 Technological trends With the use of technology increasing in the last 3 years from 75% to 79% (Australian

Bureau of Statistics), it suggests that social media is in integral part in todays society. This implies that Natures Best should exploit this marketing technique as it will be easy and come at a cheap expense. Social media connection points such as Instagram and Facebook have been exponentially growing the past 3 years. With a median age group of Facebook users being 29.53 years old and Instagram of 26.7 years old (PR Daily, 2013), it suits the age bracket market, therefore supports the suggestion of taking advantage of social media connection points.

4.3 Economic conditions The average income per household per week for West End and surrounding suburbs

such as Highgate Hill, CBD, and Auchenflower was calculated as $1,625.50 (Australian Bureau of Statistics, 2011). This is significantly lower than Australiper week of $1,814 according to 2011 census conducted by the Australian Bureau of Statistics. Although the percentage of fulltime employment rate is higher at 60.3% compared to the 59.2% of Australia, the income per household suggests that many residents may be involved with low salary post bachelor full time work. This could affect the Natures Best sales, as there is less spending available to the residents residing in the area in and around West End.

4.4 Political/legal There are several legal and political issues that must be addressed prior to the

commencement of Natures Best. Under Australian law, all complementary medicine must be regulated by the Therapeutic Goods Administration, for the quality and safety of the ingredients (Better Health Channel, 2013). As Natures Best is a supplier of complementary medicine, its products must undergo regulation from the TGA. Also, the misconception of natural medicine as a substitute of conventional medicine must be addressed. The consumer



should be warned always that the products from Natures Best are not a substitute but a compliments conventional medicine.

As Natures Bests products are considered to be complementary medicine, another misconception is that the products are safer than conventional medicine because it is natural. This is not the case as complimentary medicine can cause harm if used incorrectly or someone whom is unsuitable for it. Some harm includes poor standard of care, indirect harm, and side effects (see appendix 1).

4.5 Socio-‐Cultural West End is known to be a diverse inner city suburb that is vibrant and one of the

trendier suburbs in Brisbane according to West Ends Ray White manager, Luke Croft (see appendix 2). The nature and atmosphere of West End is said to bring in young professionals from outer suburbs to take advantage of the mix of culture. As West End is popular among young professionals, Natures Best will have exposure to their target market, which will aid the sales of the business.

Another factor to consider is that West End is a perfect fit as West End is a trendy suburb and with natural medicine trending in Australia (Medical Journal of Australia, 2011), it suggests that the location of Natures Best is suitable.



4.6 Natural Environmental Trends In 2011, an exceptional and tragic rain event occurred over southeast Queensland

during the second week of January 2011 causing extreme flash flooding in Toowoomba and the Lockyer Valley and Major River flooding in the Brisbane and Bremer Rivers (Bureau of Meteorology, 2013). One of the suburbs that were affected was West End. Below is the before and after pictures of Brisbane river floods in 2011. Figure 1: Birds eye view of West End before 2011 Brisbane river floods.

Figure 2: Birds eye view of West End after 2011 Brisbane river floods.

The damage to West End was not significant as a whole, but the locations in close proximity to the Brisbane River were severely damaged. It is therefore, important to establish a location that is distant enough from the river, that floods like the 2011 floods do not damage the location of Natures Best but more importantly, does not halt the day-‐to-‐day operations of Natures Best.



5.1 Market Definition We will be targeting the herbal medicines market, as our shop will be providing these

products alongside professional consolations with a Naturopath and the ability to purchase products online for maximum customer convenience.

at health conscious individuals seeking herbal solutions. It is

evident that West End is lacking a business stocking an extensive range of superior herbal medicines. West End has a few companies offering herbal medicine however they are focused on predominantly eastern medicine techniques and herbal remedies. This may provide some competition as they offer herbal remedies however our extensive range of scientifically proven herbal products will set us above the rest and provide much more potential for success in this area.

5.2 Market trends The alternative medicines industry has seen immense growth in recent years with two-‐thirds of all Australians using alternative medicines. Market growth has been estimated at up to twelve per cent per year with sales of complementary medicines in Australia predicted at $1.2 billion a year in 2010 (ANAO, 2011). People are evidently seeking a more natural approach to their medical needs and are embracing the use of natural medicine more than

as it we be able to fulfill the growing demand for herbal medicine and develop a regular customer base.

5.3 Competitive situation Best is very positive, as there is currently a gap in the West End market for an extensive range of herbal medicines. It is evident that in the West End area there is other alternative medical stores however there is not one, which focuses on herbal medicines and offers both a naturopathic professional alongside a huge stock of herbal products available over the counter. These other companies tend to be focused on physical treatments and eastern medicines involving consultations. We gain competitive advantage by taking the role of a natural medicine pharmacy but also offering the ability for customers to consult with a professional naturopath.



5.3.1 Level of Competition In marketing there are five key principal levels of competition, Table 1 depicts these levels and offers some examples relevant to our chosen market. Levels of Competition Definition Examples

Consumer need level A specifically identified need of the consumer

Places that offer herbal medicines and supplements and alternative therapies e.g. Vibrant Ayurveda, MOXA Essents Whole Body Health

Industry The key industries supplying the demand of those needs

Any company that sells herbal medicines and supplements e.g. Also to some degree places which offer alternative therapies such as acupuncture and massage e.g. Essents Whole Body Health

Product line Specific products competing with yours in that field

Any company that sells herbal medicines and supplements e.g. MOXA

Organizational Companies competing with you in that field

Any company that sells herbal medicines and supplements e.g. Vibrant Ayurveda

Brand Specific brands competing head-‐on with your product

Businesses which offer herbal medicines and supplements and also professional consultation e.g. Vibrant Ayurveda

Table 1: Five Principles of Competition in Marketing (Sayeconomy.com 2013)



5.3.2 Key competitors To develop strategies which will ensure analyze the key competitors that exist in the area. A full list of potential customers is available in Appendix #3; however the competitors which pose the strongest threat have been outlined in Table 2.

Company name Description Mission statement Strengths Weaknesses

Essents Whole Body Health

Essents Whole Body Health offers an extensive range of alternative therapies and medicines and has been operating in West End since 2009.

ody and mind are connected and act as one entity. The implications of this are vital to understand. For example, if you need to heal your body, your emotions and thinking cannot be ignored. Our focus is to identify, create and deliver practical, sustainable and effective ways to

-‐They offer a large range of treatments -‐Have a Facebook page optimizing social media as an advertising tool -‐Allows for various treatments to be used in conjunction with one another.

-‐Products can only be purchased after paying for a consultation -‐ They are only open three and a half days a week -‐The website either does not work or does not exist

MOXA Natural Therapies Centre

A well established natural therapies centre offering, acupuncture, Chinese herbal medicine, reflexology and counselling.

feeling as well as possible and offer suitably affordable treatments to ensure that regular health maintenance is within

-‐ They offer a large range of treatments -‐ Have a Facebook page optimizing social media as an advertising tool -‐ They have a well organised and presented website -‐ Allows for various treatments to be used in conjunction with one another.

-‐Products can only be purchased after paying for a consultation -‐Only selling Chinese herbal medicine. -‐They do not have an online store -‐Prices seem to be expensive

Acupuncture and Natural Therapy Centre

A long-‐standing company in West End having opened its doors in 1982. The offer a blend of traditional Chinese medicine, western medicinal science, herbalism, homeopathy and food therapy.

to achieve a combination or blend of Traditional Chinese Medicine, Western Medical Science, Herbalism, Homeopathy and Food Therapy into a diagnostic framework that can be used for the analysis and

-‐ As they are a long standing business they may have a strong and loyal customer base. -‐ They offer a large range of treatments -‐ Allows for various treatments to be

-‐No online store -‐Website is dull and uninviting -‐They do not utilise social media -‐Products can only be purchased after paying for a consultation



treatment of a number

used in conjunction with one another.

Vibrant Ayurveda Vibrant Ayurveda Wellness Centre is located in the heart of West End. It is one of the largest Ayurvedic (Indian medicine) centres in Australia and as such they provide complete Ayurvedic health care services.

provide a quality complete Ayurvedic health care service at a fair cost. The doctors, originally from Kerala (South India), are committed to providing authentic treatments so that you can experience the real

-‐Prime location -‐This company uses multiple platforms of social media to advertise. -‐Offers both in store treatments as well as a pharmacy of Ayurvedic medicines.

-‐Only offers Ayurverdic medicines and therefore is locked in a niche market.

Table 2: Key competitor analysis (Whole Body Health, 2009) (MOXA Natural Therapies Centre, 2006) (Acupuncture & Natural Therapy Centre 2007) (Vibrant Ayurveda, 2010)

5.3.3 Competitive Advantages/Strategies

West End is lacking a supplier of a huge range of superior quality herbal supplements that can be purchased over the counter. The store also offers a professional naturopath to diagnose and treat alongside well-‐trained customer staff available to help customers make an

over its competitors are outlined below:

Specialized customer service that focuses on providing staff with the training to inform customers about the vast range of products on offer.

A naturopath will be on site to take consultations if a customer requires diagnosis or more in depth advice.

s Best will off a far greater range of herbal medicines and supplements available readily over the counter or from the online store.

These products will be offered at a competitive price. The MediHerb products, which will be stocked, are extremely well known and respected

in the field of herbal medicine. The primary target will be to establish the company as the most convenient and knowledgeable supplier of natural medicines in the West End area.

5.3.4 Customer Needs It is crucial to the success of NaThe needs of the population of West End and the extended customer base will be outlined below as well as how these needs will be satisfied. Reliable and effective products

The medicines and supplements supplied are sourced solely from MediHerb a company that rigorously tests all of its products for quality and meets all regulations for natural medication.



Convenience The store will have the convenience of a sports supplements store allowing

customers to come in and easily purchase the product. The extensive variety of products will ensure customers can always get the right

product for them. It also ensures that customers can attain all their herbal medicine and supplement needs in one location.

Customer service

Staffed by people who are passionate about the field of natural medicine A professional in the field of herbal medicine will train staff so that they can give

customers informed and productive advice. This will ensure that all customers leave satisfied with the product, advice and experience.

Staff will also be required to have strong communications skills in order to effectively advise customers.

A qualified naturopath in store This will give customers the ability to receive a professional consultation so that

they can be diagnosed and receive professional advice on medication and treatments.

This extends the ability of customers to have all their herbal medicine and supplement needs met in one place.

Reasonable cost

The products and consultations will be reasonably priced and affordable.



6.1 Primary Issues Affecting the Business

The following are a brief overview of issues that will impact the business: Existing, larger competitors Establishing a modern company image to attract consumers Maintaining current stock and ensuring staff and advertising campaigns stay up to

date with research and market trends Developing the retail space and website as technology advances Adhering to government health regulations and legislation

6.2 SWOT Analysis Table To further investigate the benefits and risks associated with opening a natural health store

in West End a SWOT analysis was completed based on the information obtained in the Internal, External and Market Analysis. A summary of the results is shown in the table below and a full analysis is included in Appendix 5.

SWOT Analysis

Strengths Already established product no

manufacturing costs Products obtained from established,

reputable distribution company West end is ideal location for consumers

focusing on natural health Qualified naturopath Small retail space will minimise costs with

option to refer online Company will focus on a new age image to

attract modern minded, health conscious consumers

No retail competitors nearby

Weaknesses Products already available through other

channels Markus required Numerous online stores offering Brisbane

delivery Alternate methods of marketing for

close to West End Start-‐up costs will limit range until profits

increase Already a big market, need a strong image to

differentiate from competitors

Opportunities Focus on a modern approach to retail and

online space Range of products all in one location either

from retail space or website Customers can talk to qualified naturopath

for personal advice Currently popularity of natural health and

clean eating means this is a thriving, expanding market

Government health campaigns promoting natural health will attract consumers

Abundant natural health clinics in West End but no large retail businesses, providing gap in market

Threats Many existing online competitors with a

much larger product range Popularity of market means new competitors

are likely to establish rival businesses Public prefer fresh produce, need to convince

benefit of natural supplements and how they differ to artificial medication

As overall public awareness of natural health options increases it could detract from business

As technology advances company will need to stay versatile to remain attractive and accessible to market



6.3 Major Issues The main challenges facing are existing competitors, which have a large

established product range and consumer base. will need to focus on developing its brand image to promote a modern identity that appeals and distinguishes itself to the market. As natural health is already a popular market, the product, staff, advertising and company identity will need to distinguish itself to appeal to forward thinking consumers, as rival business are likely to start as popularity increases. As research is conducted, new products will become available so stock will need to be rotated and replaced to remain current. Also as technology advances both the website and retail space will need to be developed to stay ahead of competitors. All products and advice provided by staff will need to adhere to government health regulation and legislation. As a start-‐up business, funding on retail space, product, advertising and website maintenance will need to be kept to a minimum until profits increase. With current market sway towards fresh, organic produce, company strategies will need to highlight the additional benefits of natural supplements and how they differ to artificial medication.



7.1 Market Selection/Segmentation

Due to the infancy of Natures Best its resources are comparatively limited in comparison to competitors, and as such it is vital that clear market segments are established in order for the business to be able to focus on those most profitable and suitable to overall business objectives.

The above market analysis indicates that there are two primary market segments that use CAM, those looking to treat chronic illness, typified by older patients and in particular women and those of higher education and income, tending to be young and middle aged looking to improve general health and wellbeing.

7.2 Target Market Strategy

Analysis of the behavioural characteristics for those who use CAM suggest that high levels of income and education, being young to middle aged, a desire to improve general health well-‐being and a belief in the legitimacy of the benefits of the medicine are strong indicators of a predisposition to the use of the medicines (MacLennan, 2004). The demographic statistics within West End are highlighted by 86.5% of the population being aged between 30-‐59, and higher education rates more than two and a half times the national average, indicating the strong presence of this market segment within the geographical location (ABS, 2011). Likewise psychographic characteristics conform to the target segment, as the median income is more then 25% of the national average and the prevalence of a culture including alter nativism and an organic, natural lifestyle (Various, 2014). The strong

target as it not only satisfies the main factors of market attractiveness but particularly excels in market size and growth opportunities, ideal for a start-‐up company.

7.3 Positioning Strategy Market analysis has clearly indicated the prevalence of the precursors to CAM usage

products as being safe and effective, and as such this shall form the bases of the positioning strategy (Armstrong, 2011). The company shall endeavour to position itself away from competitors, with a focus being on the competitive advantage derived from strong product attributes and the benefits offered. The cornerstone of which shall be derived from an advertising and branding campaign, serious in nature in order to convert legitimacy, focusing upon the health features and benefits of the products. This shall be supported by a skimming pricing strategy, which shall serve a two-‐pronged purpose. Not only will it appeal to the behavioural characteristics of the target market consumers, who have a strong desire to be seen as both hip and trendy and purchase something that is seen as a new, exclusive and expensive product but also allow a transition into product line pricing. This second pricing strategy shall allow a larger proportion of consumers to be able to afford the product, increasing market share without diminishing the exclusiveness of top line products.



Key Segment Variables Demographic Gender:

50% Male 50% Female

Age Breakdown: 42% of the population is aged 30 and below 44.5% are aged between 30-‐59 13.5% are aged 60 and above 83.1% of the population are aged 20 years and older, who are most likely to be making their own decisions about their medical care and as such can be directly targeted through marketing.

Education: 36.3%, in comparison to a national average of 14.3%, of the population have received a university or tertiary education

Family Status: 30.9% of the population is married

(ABS, 2011) Geographic As the company is based in West End the primary target market will be located

within this area and surrounding suburbs. Psychographic Employment and Socio-‐demographic Status:

60.3% of the population are currently working full time 64.9% work over 35 hours per week In order of prevalence the top industries by employment include: Hospitality, Education, Architecture/Engineering, Hospitals and State Government The personal median weekly income is $726 compared to a national average of $577 The Household median weekly income is $1,485 compared to a national average of $1,234

(ABS, 2011) Family Status:

30.9% are married 62.4% of households have had children

(ABS, 2011) The following core characteristics were uniformly associated with West End:

Strong food culture with a high concentration of alternative, ethnic and organic stores as well as a large farmers market Emphasis on multiculturalism and alternativeness Organic foods are mentioned prominently along with a lifestyle A strong desire to be seen as or

(Various, 2014)



Behavioural CAM and Chronic Illness One quarter of adults affected by one or more chronic illnesses have reported using a CAM product regularly. Less than one in twenty aged 29 and below have regularly used CAM despite a chronic illness rate of approximately 20% Usage rates rise significantly with age, with over 20% of chronically ill 30-‐59 year olds reporting regular use and 33% for those aged 60+ Arthritis and Osteoporosis suffers reported highest usage rates of 4/10 for those aged 30+, particularly driven by strong demand from women. Additionally one in five CAM users used them exclusively to treat there condition, and 3 in 5 used them in conjunction with pharmaceutical medication. The reason for higher usage rates amongst these conditions is largely attributed to a prevalent attitude that CAM are a legitimate and effective treatment, for these diseases, however the same attitude is lacking from other chronic illnesses.

CAM usage tends to be most prevalent in young to middle aged populations with higher than average levels of income and education, despite the figures being skewed to an older age bracket when focusing upon chronic illness. 52.5% of the general population use CAM, 26.5% of the including consultation with a specialty CAM therapist. Amongst the general population highest usage rates were amongst those aiming to improve or maintain general health and well being, whilst almost 75% of users believed they were subject to stringent regulation and control.(Armstrong, 2011); (MacLennan, 2004)



8.1 Marketing Objectives rt term (up to a year) are as follows:

Short Term Marketing Objectives Brand Awareness Achieve a high level of understanding about the nature of the

products and philosophies of 50% within the first six months and continue to improve brand recognition levels to over 75% within the first year.

Achieve a trending social media presence (Facebook, Twitter, Instagram etc) within the first year, including at least 2,000 likes and followers combined across platforms.

Feature in at least 5 local publications such as local newspapers, newsletters or magazines.

Website to feature on the first page of search engines when key words such a

combined.

Market Share In the West End are gain a market share comparable to that of the largest local competitors in the chosen target of at least 30-‐40% within the first year, and have a total market share of 15% for all CAM.

Establish partnerships with at least 3 other local, non-‐competing, health related

provision for referrals and stocking of company promotional tools such as information pamphlets.

Loyalty Immediately achieve a return customer rate of 50%, and continue to maintain these relationships over the first year.

Product Quality Within the first six months become the premier CAM provider in terms of product quality, measurable through customer reviews, and opinions of other established health practitioners.



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Zhang, A. L., 2006. Complementary and Alternative Medicine Use in Australia: A National Population-‐‑Based Study, Melbourne: Division of Chinese Medicine School of Health Sciences, RMIT University .

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http://www.betterhealth.vic.gov.au/bhcv2/bhcarticles.nsf/pages/Complementary_therapies_safety_and_legal_issues

http://wholebodyhealth.com.au/

https://www.google.com.au/search?q=natural+health+supplements+west+end

https://www.google.com.au/search?q=natural+health+west+end

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http://www.mediherb.com.au/?page=site/philosophy&PHPSESSID=91bb43ea64b3e17dd50cbcf7028769ec

http://www.mediherb.com.au/?page=site/philosophy&PHPSESSID=91bb43ea64b3e17dd50cbcf7028769ec

http://www.moxanaturaltherapies.com.au/

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http://www.lukecroft.com/about-west-end.html

http://www.lukecroft.com/about-west-end.html

http://www.sayeconomy.com/different-levels-of-competition-in-marketing/

http://vibrantayurveda.com.au/



Appendix 1: Natural medicine health and safety risks Health and safety risks of complementary therapies Many people believe that complementary therapies are safer than conventional medical

therapies can cause harm if used incorrectly or by someone for whom they are unsuitable. For example: Poor standard of care without regulation, there is no legal requirement that a complementary therapist is qualified, trained or experienced. A dodgy therapist can inflict harm on a patient. Indirect harm relying on complementary therapies alone may delay a person's diagnosis and medical treatment. In the case of serious illnesses, such as cancer, a delay can lead to serious complications or death. Side effects complementary medicines can cause unwanted and potentially dangerous side effects. For example, the herb feverfew can cause uterine contractions and possible miscarriage in pregnant women. Drug interactions complementary medicines can interact with over-‐the-‐counter and prescription drugs. For example, ginkgo and chamomile may increase the risk of bleeding in people who take anticoagulant medicines such as warfarin and anti-‐inflammatory medicines such as aspirin. Financial harm you are wasting your money if the complementary medicine isn't effective or appropriate. The TGA and the Australian Competition and Consumer Commission (ACCC) have strict guidelines on claims made by companies. However, there is no protection under Australian law if the product is bought from overseas. Appendix 2: Description of West End culture by Luke Croft, Head Manager of Ray White West End West End is a diverse and vibrant inner-‐ city suburb where a mix of social, cultural and economic classes has developed together in harmony. The suburb itself and the people who live here encompass an overwhelming positive energy and unrestricted zest for life that can only really be experienced by taking a walk down Boundary St. West End is hailed as Brisbane's culture hub that's character and rich history make it a place that people remember and identify with strongly. Originally home to the working class, migrants and artists, the beauty of West End is that its grungy reputation helped it to retain the character housing and retro personality that make it something really special, also meaning that its charm and low profile can never be built out. In more recent times, West End has been one of Brisbane's most tightly held and sought after suburbs out performing most inner-‐city areas in 2007. The lifestyle that is offered by West End's array of parks, cafés, nightlife, shops and weekend markets have resulted in the suburb's trendy reputation and has attracted a large demographic of young professionals and students alike. West End stands true to its namesake (originally called so by settlers who found the area reminiscent of West End, London) encompassing the weird, wonderful and utterly bizarre that appeals to our curiosities and interests. Where else can you see a Kombi Van parked next to a BMW, outside a tattoo parlour that's next door to a café, where businessmen sip lattés alongside the homeless? 4101 It's a totally unique place and that's why I love to live and work here.



Appendix 3: Complete List of Competitors Essents Whole Body Health MOXA Natural Therapies Centre Vibrant Ayurveda Acupuncture & Natural Therapy Centre Azaya Natural Health Back2Health

Appendix 6: Complete SWOT Analysis Strengths

Offering an already established product so there will not be any manufacturing costs

Products are obtained wholesale from a reputable distribution company with well established and reliable infrastructure opportunity for strategic alliance, working business relationship

West end is a forward thinking cultural hub Census indicates majority of residents work in hospitality and are enrolled in tertiary education (ABS, 2011) -‐ so significant percentage of nearby residents are health conscious and looking for natural products.

National Health and Medical Research Council is a government funded department that conducts research into natural health alternatives and increasing public awareness on natural health options (NHMRC, 2010) potential to attract consumers

Retail location is also close to inner city and easily accessible to wider Brisbane residents

Online presence will appeal to a wider market, and should require low budget to establish, maintain and develop

Qualified naturopath can provide specific advice to meet personal consumer needs An initially small retail space will minimise start-‐up costs with the option to refer

consumers to the website for a greater range of products Company will focus on a new age image to increase brand identity and differentiate

from large established competitors and attract modern minded, health conscious consumers

Google search lists no established retail businesses in West End providing a large range of natural health products (Google, 2014)

identity

Weaknesses Products are already available through other channels so company will need to

distinguish itself as a more attractive distributor Appropriate mark-‐up to increase profit but remain attractive to competitors Consumers can purchase directly from MediHerb so need to incentivise public or

businesses to choose this alternative A simple Google search provides many options for purchasing natural health

products online, available to Brisbane (Google, 2014) Company will need to consider alternate methods of marketing for potential

cons



An appropriately sized retail space will need to be considered to meet initial funding, along with the cost of purchasing products, creating/maintaining/developing the website as well as online and local advertising

Already a big market, need a strong image to differentiate from competitors Start-‐up business, initial expenditure will need to be minimised to avoid risk until

profits grow Opportunities

Online ads offer affordable exposure with links to online store Focus on a modern approach to retail and online space to attract consumers from

established competitors Range of products all in one location either from retail space or website Customers can talk to qualified naturopath for personal advice Currently popularity of natural health and clean eating means this is a thriving,

expanding market As online exposure increases more options can be looked at such as an app to

appeal to modern market Government health campaigns promoting natural health will attract consumers to

business As business expands it can consider options for share investing and further alliances

with other companies in industry Abundant natural health clinics in West End but no large retail businesses,

providing gap in market Consumers who visit West End clinics would choose a nearby retail location for

products opportunity for referral and business relationship Threats

Many existing online competitors with a much larger product range than the business will initially be able to compete with, focus will need to be on company image

Differentiating business to attracting consumers who already purchase natural products from existing competitors

Product will need to be marketed as a preferable choice to existing alternatives Popularity of market means new competitors are likely to establish rival businesses Will need to make sure all products and advice provided adhere to government

health regulations and legislation As new products become available stock will need to rotate to stay current Public prefer fresh produce to obtain natural health, need to convince the benefit

of natural supplements and how they differ to artificial medication New research could influence how public perceives product As overall public awareness of natural health options increases it could detract

from business As technology advances the company will need to stay versatile to remain

attractive and accessible to market

Documents

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