MARKETING BACKGROUND OF CSL |
MARKETING BACKGROUND OF CSL
Analysis of marketing background is very important in the recent scenario. This helps to understand the current position of the company in the competitive market and the customers get to know the price range of various products of the company. This study has an analysis of the marketing background of CSL, a biomedical and therapeutic medical product manufacturing company of Australia. Moreover the course work has a detailed discussion about the various elements of marketing mix like, price, promotion, segmentation and the distribution of the products. The study concludes with the recommendations for the improvement of the marketing strategies of CSL. If the company follows all the necessary steps, it can get a better position in the market
Marketing background of a company plays a very important role in the business process. If the marketing background of a particular company is known to all the customers it would be helpful for them to compare the quality and the pricing of the products with the other competitive organisations. It also states the marketing background of a biomedical manufacturing company of Australia, namely CSL. This study helps to understand the products of the company and pricing strategies. Moreover, the report includes the targeted customers of CSL, pricing strategies, marketing mix and recommendations for improving the marketing policy.
Position of the company in the market
Since 2015, CSL has made a good position in the automotive marketing industry of Australia (CSL Group Global, 2017). Not only in Australia but also it has several branches all over the world and tries to maintain its good reputation over the years. Once again, in 2017, the company has become successful in the competition with the other rival organisations. The main reason of becoming successful is the production of affordable rare and critical disease medicals.
Process of balancing economic, social and environmental benefits
CSL has a good reputation in sustainable practice. As per Miquel-Romero et al. (2014, p.665), the main aim is to maintain a balance between the social, economic and environmental elements in order to satisfy the customers at a global range. Since the year 2003, the company has adopted a new strategy of making lightweight cars with the help of biodegradable metals in order to reduce the environmental pollution (CSL UK, 2017). The company uses a maximum of its revenue for making eco friendly engines, which emit less carbon dioxide and reduce the air pollution.
Targeted customers or segments
The main target audiences of CSL are the people, suffering from the critical and rare diseases. The target customers of CSL are the people from all financial background. CSL has evidenced with the high record of customer loyalty (CSL UK, 2017). The aim of the company is to provide the care medical facilities, for the rare and critical diseases
Strategies for positioning the product against the offer of the rivals
According to Möller and Parvinen (2015, p.10), there are several rival companies of CSL in the market like, Life Therapeutics Peptech and Pharmasynth. The marketing department of the CSL needs to position the products with higher brand value compared to the products of the rival companies. Positioning strategies, which can make the company different from its rivals, are quality of the products, brand image, promotion process, marketing and most importantly the performance. As demonstrated by Banterle et al. (2014, p.115), all the factors are very important in order to make good revenue in the competitive market.
Range of products offered by the company
The organization of CSL works in two unique portions: CSL Behring and bioCSL. CSL plasma of the business, works keeping in mind the end goal to give the results of plasma-determined and recombinant, which are worked through various plasma accumulation systems.
Then again, the bioCSL fabricates and showcases the concerned biotechnological items, for example, antibodies, serums and other pharmaceutical items, in Australia, New Zealand and different markets, at a worldwide point of view. Because of the high calibre and effective items, the association has increased faithful clients and along these lines gains a high income era (CSL Behring, 2017).
Key decisions for product policy
Three key elements of product policy of CSL are dependability, quality and reliability. In opinion of Rothaermel (2015, p.55), CSL manufactures the biomedical and therapeutic medicines, based on the needs and demands of their customers. Therefore, the customers do not need to wait for the products for a long time. The CEO of the company has stated that their motive is to satisfy all the customers with a very good experience. Before getting published in the market, all the products have to go through several steps like checking, double checking, necessary steps if required and finally the remedy of the problem.
Quality of the products
From the very first day, CSL has paid special attention on the quality of their product. In the past time, the medicals were large in size. The company was always successful in maintaining the quality of the biomedical and therapeutic medicines with considering medicines of high quality. Due to bio-inferred synthetic items, it gains up high quantities of clients. As the biotherapy items are fabricated from the human plasma or their recombines, hence it has fewer symptoms, in contrast with the remedial items, made by the utilization of chemicals. As per Varsei et al. (2014, p.252), it offers an extensive variety of bio-helpful creative items that incorporates, all together treating and uncommon sicknesses, for example, immunodeficiency and immune system illnesses, draining scatters, innately ailments, similar to, angioedema and emphysema, with reference to the transplantation and basic care (CSL Behring, 2017).
Packaging and labeling of the products
Packaging of a product is very important for making the maximum profit. As per Wheelen and Hunger (2017, p.85), along with the quality of the product, the manufacturers also need to pay attention on the process of packaging and labeling. Packaging is the main way of grabbing the attention of the customers. CSL is successful in this field also. The finishing of the medicine packets and the information on the, medical packets, attract the customers toward the company and help to increase the profit level. Moreover, the packaging of the biomedical medicines, helps them to make the products attractive, the company has hired specialists who are only responsible for the purpose of packaging, which helps them to gain high revenue generation, as an outcome of high sale.
Materials and design for the processing of the product
The products of CSL are produced using the biotherapy items, which encourages the people to improve their life, through in taking the biomedical medicines, as far as limiting the danger of their life from the basic maladies. The CSL Behring segment of CSL concentrates on the conveyance of value items, in protein biotherapeutics industry.
CSL explores advances and actualizes their necessities and requests of clients and purchasers, which causes them to gain a high client dedication and consumer loyalty. According to Stadtler (2015, p.26), the company is successful of making their customers satisfied.
CSL has certain strategy for the manufacture of biomedical medicines. Lean manufacturing is one of the common production methods (CSL Group Global, 2017). The main target of this process is to reduce the amount of waste materials. Lean manufacturing involves the betterment of the production procedure in order to cut out the amount of waste. CSL always targets to make the production procedure better and enhance the product quality. Another way of making the production procedure better is to eliminate the unwanted methods within the organisation and focus more on the efficient procedures.
Supply chain management
Supply chain management refers to the whole process of manufacturing, packaging, promoting and the delivering of the products to the retailers and finally to the end customers. Every company needs to keep a track of the whole procedure in order to get a clear idea about the revenue and the profit or loss. As demonstrated by Brandenburg et al. (2014, p.300), in the past few years, CSL failed to keep the track of the records and was in a great trouble in the time of auditing. After that, the general manager of the company has planned to keep the track and it has helped CSL in a positive way. The results of CSL have a smooth outside and they put more accentuation on the nature of drugs. The organization is expected to receive new and inventive advances that can satisfy the future needs, as far as assembling of remedial items (CSL Behring, 2017)
Measurements for the disposal of waste products
As per Seuring (2013, p.1515), the common waste materials of the car manufacturing company are metal sheets, colours or paints, oil, plastic sheets and many other elements. CSL has faced a lot of trouble in the past few years for not taking any measurements for the waste materials. Nowadays, the company has become concerned about this matter and disposes all the waste in a particular area. In that area, the degradable materials are recycled in various methods and used further.
Incorporating the concept of sustainability with all the decisions
The sustainable development of CSL is integrated with the total work procedure of the company. In the opinion of Leonidou et al. (2013, p.152), it helps to achieve the goal and objective of the company. In order to incorporate the idea of sustainability with all the other decisions, CSL has decided to make the quality of the products better and satisfy the customers beyond from their satisfaction. The company has different commitments toward different elements like society, environment, suppliers, retailers and the customers (CSL Group Global, 2017). In order to make the business procedure successful, satisfaction of all the elements in different way is very important.
CSL joins with the corporate social obligations, which have helped them to pick up a positive and solid picture socially. Usage of corporate social obligation in the association can help them to pick up the benefit of having string brand image, as the corporate social responsibility causes the association to convey the exercises, for social and ecological prosperity.
The corporate social responsibility of the CSL concentrates on the ranges of development, patients, nearby groups, commercial centre working obligation, offering constructive workplace for individuals, supporting biomedical and others. Usage of Corporate social responsibility in CSL helped them to fuse with social and ecological prosperity, with high consumer loyalty and brand devotion.
General pricing strategies
As the CSL, means to give the biomedical medicines, with reference to therapeutic products, to the people, experiencing the rare and critical diseases, along these lines, the CSL, offers their medicines at a moderate cost. As remarked by Aamodt (2016, p.52), offering the low and moderate cost to the people, can help the association to gain customers from all monetary foundation, with reference to high consumer loyalty. CSL gives low lost evaluated prescriptions, to increase high consumer loyalty. Besides, the low and moderate cost of the items draws in more number of customers, hence helping the associations, to acquire high income and deal, with reference to high customer satisfaction.
Adoption of strategies for new products
CSL is such a company, which has several branches across the world. The company has faced a lot of challenges in product pricing and acquiring the strategies for new product pricing. The main threat was the competitive price range of the rival products, which are not worth to the product quality of CSL.
Strategies for product mixing
CSL has a good reputation of producing quality medicines, manufactured by biomedical products, for their critical suffering customers. CSL has a particular class of target audience, who can spend low price on their medicines. The vision of the company involves the mass. Apart from this, the company is able to provide the customers with higher mileage at a low price.
The estimating methodology of the CSL is viewed as low, with keeping the poor group people in their mind, as a technique. The organization utilizes propelled innovation, keeping in mind the end goal to convey quality medicines to the people and customers. CSL has propelled diverse progressed biomedical drugs, with a specific end goal to upgrade the life of individual’s, confronting rare diseases (CSL Group Global, 2017).
Adjustment of normal product prices
It is very important for any company to adjust the product price according to the needs of the customers. CSL is not an exception. Though the target of the company is class of mass, they try to meet the customer satisfaction. Sometimes, the customers demand less expensive products with higher market value and product quality. These are the situations, where CSL has gained to satisfy their customers. The company needs to pay more attention on their promotional strategies.
Practice of sustainable pricing
As per Griggs et al. (2013, p.306), in order to promote a clear concept of clean environment, efficiency of the cars and the quality of the cars, CSL has applied some important prices in the process of their production. All the workers associated with the company get a clear idea about the pricing of the products and other factors.
Key elements of the promotion
After manufacturing of a product, the promotion comes in the scenario. As demonstrated by Holden et al. (2017, p.225), it is the responsibility of the manufacturers to let the customers know about the launching of that product. The manufacturers can use different ways for the purpose of promotion. These activities include advertising, online marketing and public relation. CSL has used all the possible ways of promoting a product.
With a specific end goal to advance their items, the organization is taking help of both mass and in addition print media. They are advancing their autos through appealing business commercials. CSL is utilizing the online special medium, which helped them to reach to most extreme quantities of clients, and consequently helped them to acquire clients from various demographical zones.
Communication between the company and the stakeholders
CSL has adopted several ways of communication in order to inform the stakeholders about the mission and vision of the company, the commitment and the achievement. These ways of communication involve digital communication, partnership process, marketing with the local dealers and public relationships. This is almost same as the promotion of a product. The stakeholders are able to know the current condition of the company and the profits or loss accordingly.
Selected marketing channels for distributing the products
The organization has approved physical stores and the biomedical medications are sold specifically from stores, arranged in better places.
It is troublesome for an organization to devise estimating techniques. It is frequently discovered that higher costs bring down request thus an organization is required to set up a value that interests to the client. By and large, organizations don’t embrace a solitary value methodology for their rather they receive a changed estimating systems for their items (Eshuis et al. 2014, p.420). Estimating methodologies are of various types, for example, land evaluating, limited time valuing, item blend evaluating and oppressive evaluating.
Evaluating procedures are viewed as a critical piece of advertising situating. The organization modifies their costs as per their brands. The CSL has embraced supportability in valuing by assembling biomedical pharmaceuticals beginning with a reasonable cost.
The CSL have various adversaries however among them Life Therapeutics ends up being its greatest opponent. In spite of the fact that the organization has kept up its position in the biomedical business, still it requires holding its place to rival its adversary Life Therapeutics. Life Therapeutics is known for its reasonable items. The solutions that are delivered by the adversary organization are utilizing innovations that assistance in diminishing unsafe reactions. This is the explanation behind the organization to expand their client base. As of late the slogan of Life Therapeutics puts accentuation on building genuineness and in addition expanding dependability of the organization. The organization is conveying the administrations of biomedical medications. In this regard, one might say that CSL have leeway over its adversary. This is on account of CSL enhances and makes assortments of biomedical items, for treating the uncommon and basic infections, which can’t be found in some other adversaries, for example, Peptech and Pharmasynth. The Life Therapeutics drugs have confronted issues in regards to their item disappointment. This has brought about low brand picture of the organization. This can be utilized as favorable position for CSL. Still Life Therapeutics stays extraordinary compared to other offering brands because of their utilization of item to minimize the danger of reactions. In contrast with CSL, Life Therapeutics has low dealerships. Like CSL, Life Therapeutics too has an overall generation (Mullin et al. 2014, p.10). They can keep up their market with the assistance of selective dealership. Then again, CSL has attempted to pick up a more extensive market. Life Therapeutics is advancing their items through promoting plugs. They are making utilization of ads for advancing their pharmaceuticals. The organization takes assistance from magazines and bulletins for their advancement. In actuality, CSL just makes utilization of TV plugs and the official site for drawing in their clients. Life Therapeutics is propelling their new items through online networking promoting, which are helping them to increase high brand dependability. Dissimilar to CSL, they are not that much connected with taking an interest in broad daylight works. The evaluating system received by Life Therapeutics is skimming (Risselada et al. 2014, p.16). In contrast with CSL, Life Therapeutics has high estimating. CSL embraces a reasonable valuing methodology, keeping in mind the end goal to pull in the clients. Then again, Life Therapeutics does not have a moderate estimating. There lies the upside of CSL over Life Therapeutics. One might say that both CSL and Life Therapeutics has a solid rivalry. Life Therapeutics is required to take an interest in the occasion so they can advance their autos. The social works performed by CSL gives them an additional preferred standpoint over Life Therapeutics (Tsimonis and Dimitriadis, 2014, p.329). Be that as it may, Life Therapeutics has possessed the capacity to hold the market, at a worldwide level, with their adaptable estimating methodologies. Then again, moderate estimating represents a chance to CSL in holding business sector of creating nations. In this way, it can be expected that CSL can have an extreme rivalry with Life Therapeutics later on years.
In the wake of experiencing the previously mentioned investigation, the accompanying proposals can be clarified underneath:
Publicizing: with the expanding rivalry in the commercial center of biomedical industry, CSL needs to improve their limited time exercises and techniques. Actualizing appropriate procedure in their association can help CSL to increase high quantities of clients from various areas and in this manner to expand their deal. The CSL can actualize the internet publicizing through online networking and on various site pages, with a specific end goal to increase high upper hands and client maintenance.
Web based Shopping: as, with the consistent improvement of the nations, at a worldwide level, the digitalization has assumed a noteworthy position. In this manner, keeping in mind the end goal to pick up the stylishness methodology and maintain in the present market slant, the CSL needs to offer their items through their online site. Executing web based shopping procedure in the association can help them to acquire quantities of clients, at a worldwide level. Also, the internet shopping methodology can help them to reach to expansive quantities of clients, at a solitary time.
The investigation gave a diagram of the promoting condition of CSL gathering. It is helpful for understanding the systems that are utilized by the organization for enhancing their deals. One might say that an association is required to receive proper techniques for picking up unmistakable quality over the market. Studies have demonstrated that an organization that utilizations quality items can acquire piece of the overall industry. This is on the grounds that clients get a kick out of the chance to purchase items that are subjective. It appears that CSL can hold piece of the overall industry because of their special exercises and techniques. Improvement of their limited time procedures can help them to pick up client maintenance at high rate and therefore can enable them to be in show market to incline. Their starting of assembling and building up the biomedical meds, can help CSL to pick up favorable position of conveying administer to the required people.
CSL needs to change and build up their promoting dissemination channels. Drawing closer and executing the dissemination channel of web based shopping, aside from the physical stores can pick up consumer loyalty and brand reliability, as the people, don’t need to go to their physical place, with a specific end goal to purchase the items. Approach of web based shopping can help the client of CSL to get to the items effortlessly, through online procedure and along these lines can build mark dependability for the CSL.
Aamodt, I., (2016). Impacts of import-substitution on the automobile industry in Brazil: a SWOT analysis of repercussions of the policy 1990-2014 (Master’s thesis, Norwegian University of Life Sciences, Ås).
Banterle, A., Cavaliere, A., Carraresi, L. and Stranieri, S., (2014). Food SMEs face increasing competition in the EU market: Marketing management capability is a tool for becoming a price maker. Agribusiness, 30(2), pp.113-131.
Brandenburg, M., Govindan, K., Sarkis, J. and Seuring, S., (2014). Quantitative models for sustainable supply chain management: Developments and directions. European Journal of Operational Research, 233(2), pp.299-312.
Chen, X., Pang, Z. and Pan, L., (2014). Coordinating inventory control and pricing strategies for perishable products. Operations Research, 62(2), pp.284-300.
CSL Group Global. . Available at: http://www.cslbehring.com/about] [Accessed 18 Sep. 2017].
CSL UK, (2017). Luxury Sports Cars, Executive Saloons and SUVs | CSL UK. Available at: https://www.CSL.co.uk/index.html [Accessed on 14 Sep. 2017].
Epstein, M.J. and Buhovac, A.R., (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. US: Berrett-Koehler Publishers.
Forbes. CSL. . [Available at: https://www.forbes.com/companies/csl/] (Accessed on: 10th September, 2017)
Griggs, D., Stafford-Smith, M., Gaffney, O., Rockström, J., Öhman, M.C., Shyamsundar, P., Steffen, W., Glaser, G., Kanie, N. and Noble, I., (2013). Policy: Sustainable development goals for people and planet. Nature, 495(7441), pp.305-307.
Holden, E., Linnerud, K. and Banister, D., (2017). The imperatives of sustainable development. Sustainable Development, 25(3), pp.213-226.
Leonidou, C., Katsikeas, C. and Morgan, N. (2013) “Greening” the marketing mix: do firms do it and does itpay off?. Journal of the Academy of Marketing Science, 41(2), 151-170.
Mintz, O. and Currim, I.S., (2013). What drives managerial use of marketing and financial metrics and does metric use affect performance of marketing-mix activities?. Journal of Marketing, 77(2), pp.17-40.
Miquel-Romero, M.J., Caplliure-Giner, E.M. and Adame-Sánchez, C., (2014). Relationship marketing management: Its importance in private label extension. Journal of Business Research, 67(5), pp.667-672.
Möller, K. and Parvinen, P., (2015). An impact-oriented implementation approach in business marketing research: Introduction to the Special Issue on “Implementing Strategies and Theories of B2B Marketing and Sales Management”. Industrial Marketing Management, 45, pp.3-11.
Raslavičius, L., Azzopardi, B., Keršys, A., Starevičius, M., Bazaras, Ž. and Makaras, R., (2015). Electric vehicles challenges and opportunities: Lithuanian review. Renewable and Sustainable Energy Reviews, 42, pp.786-800.
Rothaermel, F.T., (2015). Strategic management. US: McGraw-Hill Education.
Seuring, S., (2013). A review of modeling approaches for sustainable supply chain management. Decision support systems, 54(4), pp.1513-1520.
Stadtler, H., (2015). Supply chain management: An overview. In Supply chain management and advanced planning (pp. 3-28). Springer Berlin Heidelberg.
Varsei, M., Soosay, C., Fahimnia, B. and Sarkis, J., (2014). Framing sustainability performance of supply chains with multidimensional indicators. Supply Chain Management: An International Journal, 19(3), pp.242-257.
Wheelen, T.L. and Hunger, J.D., (2017). Strategic management and business policy. UK: pearson.