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Marketing Strategy: Step-Wise Approach

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New Product Idea: Online cosmetic surgery advice and solutions.
This will have one set of cosmetic surgery doctors who will remain online 24 hours a day, 7 days a week, give online advise to the site visitor. Show them with the help of pictures and videos the improvement that can be made, quote a price for the cosmetic improvement and direct them to an empanelled cosmetic surgeon who will carry out the surgery. This surgery will be carried out with complete anonymity and not even the operating surgeon will know the identity of the patient. To further protect the identity of the patient, the surgery will be conducted at a confidential operating theater and to avoid payment by credit card, the money may be received in cash.

Target Market and the Benefits of the Product to the Target Market: The target market is the movie and television industry where the actors are willing to spend money for high quality cosmetic improvements if confidentiality is maintained. These are also easy to target as the publicity material and other communication can easily be sent to them by direct marketing agencies for a small fee. The competitors are the surgeons in Los Angeles and in other parts of Southern California who are already operating. However, they lack quality assurance, which a brand name and a systematic referral system have. Several surgeons have earned a bad reputation of actually defacing the 'stars'. So if a business can establish a strong brand name and reputation and oversee the performance of its surgeons then there is an excellent market for them. The benefits it brings to the consumers is that they receive the standardized advice and counseling not from a predatory surgeon but from a reputed panel of experts who have the interest of the customer at heart. Depending on the identified and accepted needs of the customer, the best surgeon who is empanelled will be chosen and he will confidentially carry out the operation under the supervision of your company. This is not a private hospital or a private clinic but a specialized online service provider for a specialized service.

Directions: Briefly outline a strategy to show how the product will establish and sustain competitive advantage and provide superior value to the intended customers.

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Solution Summary

In about 270 words, this solution outlines a strategy which can be used to maintain a differentiation focus strategy for the product in question, which is cosmetic surgery.

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There are two types of competitive advantages, cost and differentiation. The cost advantage occurs when the firm is able to deliver the same benefits of competitors at a lower cost. Differentiation advantage is when a firm delivers benefits that exceed those of competing brands. A firm must have resources or capabilities that are superior to those of its competitors in order to establish and thus sustain a ...

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