Marketing & Sales Plan for BioFX

The emphasis for BioFX's marketing program should not be on product features unless these features can be tied directly to customer benefit. Because of this, it is critical that BioFX use its marketing program to promote the unique benefits that it offers and the benefit of doing business with a company small enough to be highly responsive to individual customer needs.

As a new company, BioFX faces the challenge of learning about the market and, perhaps more importantly, educating the market about BioFX. Despite recent financial problems in Asia, Singapore remains a strong market with a growing GDP (see attached chart). To learn about the market, all key employees are encouraged to keep current with professional journals in the field, and to be active in the professional organizations supporting this field. Although the company is not participating in the 1999 Hospimedica Asia Conference (held in mid-May), BioFX should consider participating in the next Hospimedica Asia conference in 2001. Hospimedica targets pharmaceutical companies and others particpating in the biomedical field.

Participation such as this at scientific gatherings have a twofold purpose. Not only does such participation keep BioFX personnel informed about developments in the industry, it helps promote BioFX within that industry and establish them as a company with a strong reputation for quality and products which are especially suitable to the market. Getting the word out abou

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ition its products as providing high quality at competitive prices (customers are price sensitive and not willing to pay a premium for substrates) as well as to differentiate the products from the competition based on unique product features. Lot-to-lot consistency will be emphasized in the marketing strategy as will the optical density, the long shelf life, the lack of dangerous solvents and the ability to provide custom lot sizes and packaging configurations. The marketing mix (product, distribution, promotion and price) is based on the market's own characteristics. BioFX has developed a family of products which is small enough to be manageable, but which permits considerable variation within each product group. In Singapore, the company will focus on its microwell and membrane substrates and its fish gelatin products. Distribution can be handled through a stocking distributor (such as Sigma, which already has a presence in Singapore), or through a dedicated BioFX agent; agents typically receive a commission of between seven and ten percent in Singapore while stocking distributors will add as much as a 20 percent mark-up. There are particular advantages to reaching a distribution agreement with Sigma since that company alr

Category: Business - M