Eurolife Nutra has entered the nutraceutical market in India with a product portfolio of sports and nutrition supplements. Eurolife Nutra’s primary business objective is to increase sales and is therefore considering digital promotion as a promotional tool to help them reach their target market segment. This extended essay therefore aims to investigate to what extent is digital promotion beneficial for companies such as Eurolife Nutra to increase sales. The data collected through websites, articles, online reports and interviews with relevant personnel, with the purpose of revealing information about Digital promotion, its strengths and weaknesses, trends, Eurolife Nutra’s product and market insights and how digital promotion will impact Eurolife
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Currently the nutraceutical market is highly segmented, with most large players being international pharmaceutical companies such Abbot, GSK and Amway. The nutraceutical market is divided into dietary supplements and functional foods and beverages.
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The Product Life Cycle below reveals that Eurolife Nutra is currently in the Introduction Phase, which means that sales are low, costs are high, and profits are most likely, absent. Since Eurolife Nutra’s products are currently in the introductory phase, their main objective is to pick up momentum in sales so that they can enter the growth phase.
The Ansoff Matric reveals that Eurolife Nutra is launching an new product in …show more content…
Eurolife Nutra is attempting Market Penetration according to the Ansoff Matrix and are currently in the Introduction Phase of the Product Life Cycle. These tools tell us that currently sales and awareness are low, and in order to thrive the main objective of Eurolife Nutra should be to increase sales.
The marketing mix is an essential consideration when aiming for an increase in sales. First and most importantly Eurolife Nutra must have its Products, Prices and Distribution Networks on point. These considerations are essentially the building blocks of a successful market venture. Once these considerations are addressed, promotion plays the crucial role of a catalyst to increase sales and drive the product to success. Promotion will help Eurolife move from the Introduction Phase in the Product Life Cycle to the Growth Phase and eventually to Maturity .
Eurolife Nutra must therefore concentrate on their promotional mix. The most common form of promotion has always been traditional promotion, which includes Above the line and Below the line methods of promotions as defined
Currently the nutraceutical market is highly segmented, with most large players being international pharmaceutical companies such Abbot, GSK and Amway. The nutraceutical market is divided into dietary supplements and functional foods and beverages.
‘
The Product Life Cycle below reveals that Eurolife Nutra is currently in the Introduction Phase, which means that sales are low, costs are high, and profits are most likely, absent. Since Eurolife Nutra’s products are currently in the introductory phase, their main objective is to pick up momentum in sales so that they can enter the growth phase.
The Ansoff Matric reveals that Eurolife Nutra is launching an new product in …show more content…
Eurolife Nutra is attempting Market Penetration according to the Ansoff Matrix and are currently in the Introduction Phase of the Product Life Cycle. These tools tell us that currently sales and awareness are low, and in order to thrive the main objective of Eurolife Nutra should be to increase sales.
The marketing mix is an essential consideration when aiming for an increase in sales. First and most importantly Eurolife Nutra must have its Products, Prices and Distribution Networks on point. These considerations are essentially the building blocks of a successful market venture. Once these considerations are addressed, promotion plays the crucial role of a catalyst to increase sales and drive the product to success. Promotion will help Eurolife move from the Introduction Phase in the Product Life Cycle to the Growth Phase and eventually to Maturity .
Eurolife Nutra must therefore concentrate on their promotional mix. The most common form of promotion has always been traditional promotion, which includes Above the line and Below the line methods of promotions as defined