Project: LumiWave
Product Background
In 2017, BioCare Systems was able to develop the LumiWave product. The product is targeted to athletes and runners. It is clear that running usually leads to some pains. Most runners usually spend too much time and money in the recovery process to overcome potential pains and injuries. The product is designed by a system that uses LED pods to perform photochemical reaction processes. The reaction produces lights, which in turn triggers the release of nitric oxide that sends signals to the body to enter into a repair mode (Aghazadeh, 2015 – Research Paper Writing Help Service). After some minutes, the system is able to suppress the pain and internal injuries suffered during running. Therefore, LumiWave is a useful technological product that helps in resolving painful experiences and improves recovery for the runners.
Fig. 1: LumiWave.
Company
Bio Care Systems Inc. was created in 1999 with the main goal for designing, developing, and marketing innovative medical devices with modern therapy innovation to assists in relieving pain, promoting healing and improvement of the quality of life for people actively suffering from debilitating health conditions. The first device to be patented by Bio Care Systems was PremIR 818. In 2004, the FDA approved the device for the relief of minor muscle pains and join pains as well as stiffness, such as emerging from sprains and strains (Miles, et al., 2015 – Research Paper Writing Help Service). The device was also cleared for use in the temporary increase of the blood circulation in injured body parts. The company has been able to sell many units of LumiWave to people suffering from potential discomfort and pain of injuries and longer-term conditions such as back pain.
Background
The paper is keen on assessing the nature of LumiWave product and its ability to relief pain. The technology of LumiWave product is advanced and it helps to ensure that it is possible to relieve pain easily. Since its launch, Bio Care Systems Inc. has been able to sell many units of LumiWave to people suffering from potential discomfort and pain of injuries and longer-term conditions such as back pain. The marketing of the products is critical. Bio Care systems have been able to invest in both online and traditional marketing and promotion tools to help in the advertising and sales promotions of the products (Silvia, Grazia, & Benedetta, 2017). The company should start transforming its strategic approaches in preparation for potential success. Setting up on a scale-up tune would also be effective to maintain the market expansion trajectory of the company.
Strategic Issues
LumiWave Product faces various strategies issues in the therapy technology products markets. One of the key strategic issues is competition. Operating in the smart technology industry, the company is bound to face stiff competition from other firms manufacturing the same technology. The company should invest in enhanced marketing campaigns and research & development to fight off competition in the market (Payne, & Frow, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay). Without aggressive marketing strategy, it will be impossible for the company to maintain its customer base.
Another strategic issue is the rapid growth of the company. When companies such Bio Care Systems gets a breakthrough, they can grow rapidly. It is critical for the management of the company to be ready to handle the problems that comes along with the rapid growth and development. The company should start transforming its strategic approaches in preparation for potential success. Setting up on a scale-up tune would also be effective to maintain the market expansion trajectory of the company. The management of the human resources is a serious strategic concern (M’zungu, Merrilees, & Miller, 2017). It is important for the company to try and recruit new talents to assists in growing the needs and requirements of the company. Maintaining strategic focus in the recruitment of quality talents is important to continue innovating quality products such as LumiWave. Thus, the hiring of additional talent is a critical strategic aspect for the organization.
Other strategic issues and challenges include the demands of a fast-paced market. Operating in the retail technological devices the company should be ready to adjust to the potential technological changes. Most of the companies in the sector are keen on innovating new products. The company can formulate individual strategic plans to expand the marketing and production of the products (M’zungu et al., 2017). Therefore, the management of Bio Care Systems should formulate strategic marketing plans and programs to ensure that the brand of LumiWave remains strong in the long-term period.
Target Market
LumiWave Pain relief device is targeted to the larger proportion of the urban population with interests in Gym exercises and running as well as other persons with temporary pains without limiting the age. The device will help the target customers to relieve pain easily and improve their recovery process after conducting the exercises. The device is developed for both the male and females.
Competition
The key competitors of LumiWave products include Light Relief, LLC, LightStim, and Emerson Worldwide. This company also offers pain relief devices that seek to reduce the level of pain. It is important for the company to use proper competitive approaches to maintain its edge in the markets. For example, the pricing of LumiWave is lower than other its close company. For example, its devices cost around $499 unlike its competitors who prices the devices at $720. The proper pricing of the devices is relevant in promoting the nature of competition in the pain relief technology market (Josephson, Johnson, & Mariadoss, 2016: 2024 – Do my homework – Help write my assignment online). However, Bio Care System has claimed that their devices are more effective than its competitors.
Pricing
The price of LumiWave products starts from $450. However, there are other smaller versions of LumiWave products with prices lower than $450. The company uses the creative pricing strategy to set its prices. The company has been able to manufacturing the varied product versions that aligns with the market needs and requirements. It is essential to improve the product design process as it will impact on the pricing of the products. Market penetration strategy was used to capture the customers by charging low prices (DeTienne & DeTienne, 2017). The market penetration strategy is not appropriate for the maximization of the company’s returns and profitability levels.
Promotion & Advertising
The demand for therapy technological products has been increasing due to the growth of wearable in the markets today. The quality and uniqueness of the product would gain significant traction from gym lovers and runners. To promote the product, the company should use the network of retailer and online distributors to market and grow the brand significantly (Grewal, Roggeveen, & Nordfält, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay). The promotion of LumiWave product is effective in promoting the communication of the products to the customers. Bio Care systems does not have some recognizable retail stores like other recognizable brands in the market. However, the company has invested in commercials to inform the customers about the layout of their product offerings.
Bio Care systems has invested significantly in advertising to grow the brand of the products. The advertising of the products through visible ads is critical and helps to empower their brand in a larger market share. During the launch of the new products, the company had a low key public conference that did not get too much coverage. However, the investment in aggressive advertising strategy helps to popularize the products across a larger market share in the therapy technology markets. The company also tries to ensure that adverts of LumiWave are memorable. For example, the pictures of the product in the online app stores are admirable and appealing to the customers as it comes out as a high-tech product. The company also relies on the word of mouth to market and promote their brands.
Through selling the initial units, the company is able to inspire the users to inform other people about the benefits of the technology and promote the long-term marketing. The traditional advertising including the use of TV commercials and radio ads are also useful in informing the prospective customers about the product offerings. The conventional mode of advertising helps to connect more to the customers (DeTienne & DeTienne, 2017). For example, the company can design emotional traditional ads to inspire the desires of the customers into purchasing the products. After market penetration and growth of the product brand, it will be easy for Bio Care Systems to grow the sales revenues and brand reputation in the future.
Distribution
A Bio Care system relies on a holistic model of distribution to ensure that the LumiWave product reaches its financial consumers. The company relies on the selective distribution approach that usually involves a certain level of exclusivity which limits the market coverage. The company usually authorizes the selling of its products that is critical. Some of the locations of distribution strategy include the stores, authorized retailers, online App stores, fulfillment services, and company websites (Josephson, Johnson & Mariadoss, 2016: 2024 – Do my homework – Help write my assignment online). The company’s stores are usually the most visible locations which sales the products of the company.
Today, it is possible to get the LumiWave products from Amazon.com online stores and eBay. The online store apps are significantly visible. For example, Bio Care Systems relies on the authorized retailers such as Target and Best Buy. The company also relies on the input of tech firm such as AT&T to sell more devices. Moreover, Bio Care systems rely on the fulfillment services from firms such as eBay through the third parties for selling its products. The marketing efforts of LumiWave product is comprehensive and exploits both the online and on-online distribution strategies (Kumar, 2015 – Research Paper Writing Help Service). However, the marketing team of Bio Care system is always keen in conducting comprehensive assessment of the right way to distribute the products to the final consumers.
Positioning Statement
Understanding the positioning of LumiWave product is critical in enhancing the market segmentation process. The positioning of the brand is critical for the marketers. After the market segmentation, it is critical to position the products appropriately in the markets. The assessment of the brand’s position is relevant to improve the productivity of the organizations (West, Ford, & Ibrahim, 2015 – Research Paper Writing Help Service). It is critical to position the brands well to improve growth of product’s popularity and customer appeal.
LumiWave is an effective device that seeks to send signals to the body to help gym fanatics and athletes with repairs after several injuries after running and engaging in radical exercises. It relieves pain and promotes recovery from injuries through advanced therapeutic technological innovation and designs. Therefore, LumiWave product is well positioned to target individuals suffering from regular muscular pains and injuries.
Conclusion
In summary, the marketing of LumiWave product is relevant in growing the promotion and sales of the devices in the industry. LumiWave is a critical device that helps in sending signals to the body to help gym fanatics and athletes with repairs after several injuries after running and engaging in radical exercises. It relieves pain and promotes recovery from injuries through advanced therapeutic technological innovation and designs. The investment in aggressive advertising strategy helps to popularize the products across a larger market share in the therapy technology markets. The company is bound to face stiff competition from other firms manufacturing the same technology. The company should invest in enhanced marketing campaigns and research & development to fight off competition in the market.
