Nowadays, the health and beauty industry is considered to be particularly perspective. It is why the opening of the new product in Australian market of health and beauty industry could be potentially quite successful since the national market is not saturated. At the same time, importing the new product to Australia may naturally be quite tricky and, thus, the introduction of the new product needs a profound analysis of the macro and microenvironment.
It is necessary to thoroughly research the current situation in Australian market at large and the pharmaceutical industry in particular and adequately evaluate the perspectives of the new product entering the local market as well as develop an efficient strategy of entering the market.
The analysis of macro environment
First of all, it is necessary to start with the macro environmental analysis to accurately assess the present situation in the Australian economy and probably to better understand the general climate within the country concerning foreign companies and the place of Australia in the world economy along with its primary economic characteristics. Australia is characterized by political as well as financial stability and quite a high level of development.
At the same time, it is necessary to underline that there is a risk that the free market competition from the part of the companies operating in the market but this is preferably a potential risk than a severe obstacle at the present moment since the product is new for Australia. In actuality, the Australian economy is dynamically progressing. By the way, the average economic development of the country and may be viewed as a guarantee for the security of foreign investments and ethical perspectives of foreign companies entering the market. It is why it is possible to estimate that social situation is quite favorable for the new product’s entering the market.
Finally, on analyzing the macro environment in Australia, it is necessary to dwell upon the technological development of the country briefly. In this respect, it is required to point out that the state is characterized by the high level of development, especially of highly technological industries, including pharmaceutical one. It is why it is possible to presuppose that the new product will probably face serious competition from the part of the local producers, even though it is entirely new for the domestic market because technology steadily progresses and the probability that the similar product can be created in Australia is quite high.
The analysis of microenvironment
On discussing macro environment in Australia, it would be logical to dwell upon the microenvironment. In general, it should be pointed out that at the present moment the pharmaceutical industry is rapidly growing in Australia. It is why the new product entering the Australian market is getting to be particularly necessary, and the sooner the outcome will be introduced in the local market the better it is for the company. Otherwise, if the time is a waste, the company will face many problems and obstacles while entering the product.
In such a situation, it is important to underline that the SWOT analysis reveals the fact that the company and its product, i.e., the new product obviously have particular strengths in the entering the local market. First of all, it is necessary to point out that the product is internationally recognized that naturally contributes to the higher confidence of potential customers in the reliability and effectiveness of the new product.
Furthermore, the company has experience of entering the market of different countries, including developing one that naturally increases its chances on a successful introduction of the new product in Australia. At the same time, the experience of the company also contributes to the flexibility of its policy depending on the specific characteristics of the local market. Also, the group is characterized by a cautious approach to the development of marketing strategies for every particular market the product is supposed to enter that makes it possible to presuppose that the policy of introducing the outcome will be quite efficient.
At the same time, it is equally important to underline the high professional level of people working in the company that makes the perspectives of The new product in the Australian market rather positive than unclear or negative because high professionalism will naturally lead to positive results in the situation when the local pharmaceutical market is practically open for foreign companies and products.
In such a situation, there is no wonder that the opportunities for the new product to gain a significant share of the local market is extremely high, especially taking into consideration the rapid development of the pharmaceutical market of Australia. To put it more precisely, according to Australian pharmaceutical and healthcare report, the Australia pharmaceutical market has demonstrated the stable growth within the last decade primarily in the result of the positive economic and demographic trends. As a result, the annual growth in the previous five years has approached 10%, and specialists forecast that this trend will keep progressing in the nearest future.
On the other hand, such a rapid growth poses certain problems before the company and the new product entering the market because, in such a situation, the company needs to enter the market in possibly shorter terms to avoid competition from the part of the local companies.
Apparently, the potential threats to the new product in the Australian market are, to a significant extent, predetermined by the weakness of the new product in this market because it has never been introduced before. Also, the high level of competition from other companies operating in the market may be crucial if they have already sufficient experience in the national market. However, the competition cannot fully prevent the entering of the new product if effective strategies are used and the product is well promoted. Furthermore, it is possible to enter the market of over-the-counter drugs since the foreign companies control the market for prescription drugs while the former market is rather open and free for expansion of the new product. As a result, the new product will enter the market as a drug that is efficient, safe, and widely accessible for customers and no prescriptions are needed through the consultations with medical professionals are recommended. Potentially this can minimize another weakness of the company, the lack of confidence in local customers to the product and, in all probability, being persuaded in the safety of the new product. They will readily buy it.
Naturally, the development of the marketing strategy is of paramount importance for the new product entering the Australian market. Taking into consideration the macro and micro environmental analysis mentioned above, it is necessary to describe the product which is supposed to enter the market, find its potential and define the ways of its promotion.
First of all, it should be pointed out that the new product is a medicament that targets the adult customers who suffer from such problems as heartburn, indigestion and trap wind. It is worthy of mention that practically all people can face issues such at some points of their life this is why potentially the target market of the new product is the adult population of Australia which has the health problems mentioned above. It is necessary to emphasize that the new product is an adequate remedy that works fast and aims at the neutralization of the excess stomach acid. In fact, this drug is safe and, as a rule, it does not need any special prescriptions. Nonetheless, it is still recommendable to consult the doctor first before using the new product or at least to carefully learn its effects, as well as possible side-effects which are actually few.
Basically, the new product is recommended to use when people have the following symptoms: pain in the stomach, pain in the side underneath the ribs, burning chest pain, acid taste in the mouth, when people feel uncomfortably full after eating, bloating stomach, rumbling or gurgling noises in the stomach, bloated abdomen, flatulence, nausea or vomiting, general stomach discomfort. In such a way the range of symptoms when the new product is quite large, but it is used in the case of heartburn, indigestion, and trapped wind.
It should be pointed out that these problems are widely spread this is why it is possible to forecast that the number of potential customers may be quite substantial. At the same time, it is worthy of mention that these problems are often triggered by what people eat, and how they eat. The lifestyle of people is equally important since the problems like heartburn, indigestion and trap wind can result from the busy and stressful life. In this respect, it is important to underline that nowadays the life of Australian people is getting to be more and more stressful and the development of the national economy increases the risk of job-related stress.
Consequently, on summarizing the customer behavior in Australia, it is possible to state that at the present moment Australian people have less time on the consumption of their traditional food and gradually, willingly or not, they will turn their gastronomic preferences to fast food, which irrevocably deteriorates and aggravates digestion problems contributing to increasing risk of getting such problems as heartburn, indigestion and trap wind. It is worthy of noting that in the future the situation will grow worse and naturally the demand for such products as the new product will increase.
This is why to make the customers prefer the new product to any other similar products of the pharmaceutical industry in Australia, it is necessary to promote the product effectively. In fact, the promotion is one of the key conditions of the commercial success of the product. In the beginning, it is possible to recommend developing a large advertising campaign that would involve practically all media widely accessible to average Australian people. Taking into consideration relatively low technological development of Australia, it is recommended to focus on such media as television, press, and Internet.
At the same time, the easy access of customers to this product is extremely important, and there are several reasons. In fact, it is quite logical because the new product does not need prescriptions and it is vital to inform customers about it as well as to emphasize the safety of this product. In this respect, it is possible to appeal to the large experience of the company in the pharmaceutical industry and to the fact that this product is recognized in many countries of the world and that many people are confident in reliability and efficiency of this product.
Naturally, such a promotional policy, should the confidence of local customers to the product and the company. However, the accessibility of the product is based on the widespread of information concerning the new product, its effects and advantages compared to competitors, means that potential customers can buy at any place where drugs are sold in the whole country. This means that it is necessary to build up a wide network to sell the new product throughout the nation.
Naturally, for the company that is entering the market, it is quite a difficult task. This is why it is possible to recommend cooperation with the local businesses who are directly linked to sales of such products as the new product that is supposed to get introduced.
Practically, it means that it is possible to cooperate with a vast network or networks of supermarkets that are popular in the country and are represented even in its most remote parts. The same policy may be used concerning the local pharmacies. Moreover, since the pharmaceutical industry is rapidly developing in Australia, it is even possible to recommend acquiring or merging with some of the local companies operating in the pharmaceutical market and having and well-developed network throughout the country. Also, it seems to be quite efficient to organize retail sales in the largest cities of the country so that the company could sell its product, at least on the retail scale, in all five governorates of Australia, being represented at least by one retail store in each prefecture.
Gradually, it will be possible to build up its network but it is rather the future perspective that would be based on the existing needs while at the present moment there is no real need to invest in the development of a large network nationwide, at least on the first stages of the operation in the Australian market.
The latter is particularly important for the price of the product because the investment in the development of the company’s network in the country could be rather costly and this is why the price of the new product could unreasonably increase, while it is extremely important to keep the price of the product at an average rate. In all probability, it will be not very difficult because local producers who could sell similar products at lower prices are too weak for they do not have either technologies or sufficient share in the local market to compete with foreign companies that control the pharmaceutical market of the country. On the other hand, the prices of foreign competitors could hardly be substantially lower than the prices on the new product because they are produced, delivered and similarly distributed in Australia.
Thus, taking into account all above mentioned, it is possible to conclude that the perspectives of the new product entering the Australian market seem to be quite good and there are several reasons for such an optimistic forecast.
On the one hand, the current macroeconomic environment contributes to the growing international cooperation of Australia with other countries of the world. This is why foreign companies have access to the national market, and their investments are quite safe. Moreover, the socio-economic and political situation in the country is stable enough to enter the market with a new product. On the other hand, the microenvironment is also assessed as positive for the pharmaceutical market in the country is progressing.
At the same time, it is necessary to emphasize that the serious changes that are currently taking place in Australian lifestyle can contribute to the dramatic increase of demand on such products as the new product since the food culture of the country can be changed and the digestion problems the product is supposed to cope with can get to be widely spread.
Finally, it should be said that the cornerstone of the promotion of the new product in the national market should be efficiency, safety and accessibility of the product and customers should be amply informed about it via mass media. As a result, it will be possible to gain and later increase the new product’s share in the national pharmaceutical market substantially.
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