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NORTH SOUTH UNIVERSITY

GROUP REPORT

Course Name: MKT 202

Section No: 30
Group No: 2

Report Topic: A marketing plan of a product for

the people who are 50 years or above
Submitted to:
Faculty Name: Saima Siddiqui ( SSq1)
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GROUP INFORMATION:

Group No: 2

Serial No Name ID No

4 Ayman Nasir Amiya 2012181030

14 Nazifa Momtaz 2212017030

16 Aninul Islam 2221406630

24 Adnan Hossain 2222994630

39 Nawshin Zerin Suzana 2312148630

Table of contents:

Letter of
Transmittal................................................................................................................4
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Executive Summary.................................................................................................................5
Introduction..............................................................................................................................6
Company Summary.................................................................................................................7
Marketing Environmental Analysis ......................................................................................8
Market Analysis..................................................................................................................9-11
Marketing Strategies .............................................................................................................12
Market segmentation...............................................................................................12-13
Market targeting strategy..............................................................................................14
Marketing mix strategies..............................................................................................15
Differentiation and positioning strategy.................................................................16-17
Conclusion..........................................................................................................................18-
19
Reference.................................................................................................................................20

LETTER OF TRANSMITTAL

4th June, 2023

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Saima Siddiqui (SSq1)

Lecturer
Department of Marketing
North South University

Ma'am,

We have prepared the report on the marketing plan of our company “LIFE CARE” and our
product “Smart Walking Aid” for people who are 50 years or above. This report contains all
the details of the marketing plan.

The purpose of this report is to know the marketing concepts on how we can introduce a
product which is very useful for people who are 50 years and above. The report portrays the
detailed scope of work, strategies, analysis, and details of each step we followed.

We hope that our report will reflect our effort.

Sincerely,

Ayman Nasir Amiya (2012181030)

Nazifa Momtaz (2212017030)
Aninul Islam (2221406630)
Adnan Hossain (2222994630)
Nawshin Zerin Suzana (2312148630)

Executive Summary:

Business Summary: We have introduced a product called “Smart Walking Aid” which is
very beneficial for people aged 50 or above. People can use it for their physical improvement.
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It has quite a lot of clinical features to improve physical mobility. We will sell the product to
the people who are suffering from physical issues.

Product: We are going to make the product in such a way that many physical problems, such
as: muscle ache, heartbeat rate, blood pressure counting, demonstrating the right posture of
walking etc. These products will contain a lot of features in it.

Target Market: We are going to target a specific group of people who are 50 or above. The
product will have a lot of features by using hi-tech chips and functions. And we will target a
small or specific group of people who suffer from various age old issues.

Customers: The customers would be the people aged 50 or above. As people grow old, they
start facing a lot of physical problems of bones, spinal, neck issues, heart problems etc. So,
this group of people are going to be our customers.

Marketing Strategy: We will advertise our product in papers, magazines and billboards.
Since the product is for medical use so we can increase the sales by recommend it by doctors
and hospitals.

Market Competition: Our product is unique, and we are the first company to launch the
product in the market of Bangladesh. Some foreign companies are selling smart walking
sticks at a high price. For example: A brand called LL is selling a smart quad walking stick
for RM 197/ 4590 Bangladeshi taka. But our product has a lot of extra features than the
existing one. Besides, we are offering the same price including the battery charge with a lot
of new features and facilities and offering a 1-year warranty card.

Introduction:

Our company " LIFE CARE " is a self-care company. Our company " LIFE CARE” has
introduced a completely new self-care clinical product which is specially made with new and
high technology.
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Our product is basically a “Smart Walking Aid” which is highly very beneficial for the
people aged 50 or above. It contains a lot of clinical features in it. It will count the heart rate.
Blood pressure helps to detect the right posture to avoid neck or spinal issues, count the
calories that are burned and will also prevent balance loss. Basically the product will work
with the help of a high power battery. In our product, we use hi-tech chips, sensors that will
work through the nerves and veins of hand palms to count the bp and heart rate. We have
used electromagnetic waves which will be connected through an electrode that will be placed
on the back of the body. It will detect the position of the spinal, neck and shoulder and guide
the user how he/she should walk or how the position of the neck and spinal should be placed.
Otherwise it will give a beep sound to warn the user about mispositioning. We have
structured the product in such a way that it can be portable, bendable and easy to carry.
Shortly many advanced and useful functions have been installed in our product, so we call it
“all in one” because all the features have been inserted into one product.

Company
Summary:

Vision:
1. We want to make all the updated medical use products with maximum modern clinical
features.
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2. Want to be the market leader in the field of medical and clinical equipment.

Mission:
We want to emphasize more on our quality, integrated system and sustainability. We want to
serve the greatest facilities to our customers through our service.

Goals:
1. We won't compromise with the quality of our service.
2. We will try to set the price flexible so that people can purchase it and can be benefited.

Objectives:
1. We want to increase our sales.
2. Want to increase the market share.

Value Proposition:
Health is wealth. And good health is a need of every human being. So, we are introducing the
product full of hi-tech features and also price flexible so that all people of 50 or above can
use the product and being benefited.

Marketing Environmental Analysis:

The Macro Environment:

The Demographic Environment: People aged 50 or above are our major customers.
Besides, we are going to target the people who live in cities and towns because they are more
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educated, health conscious and financially affluent. Our targeted customers are Baby
Boomers and Generation X.

The Economic Environment: We are providing a lot of features and a great service at a very
convenient price valuing customers’ money.

The Natural Environment: Our product is nature friendly. It has no link with air pollution
because we are using nature friendly batteries that are absolutely safe to use. Besides we have
also recycled option so that we can recycle it and save the nature.

The Technological Environment: Our product “Smart Walking Aid” is completely

technologically safe. Also it can be used very safely for clinical purposes.

The Micro Environment:

Competitors: For now, we have no competitors. We are the first company to introduce the
product in Bangladesh.

Customers: We are majorly targeting the customers who are aged 50 or above.

Suppliers: We have our own suppliers.

Public: Public help to spread the product among the people. The public recommends and
suggests to their closed ones to use the product.

Market Analysis

Strengths:

Innovative Technology: A variety of health monitoring functions and posture assistance are
made possible by Smart Walking Aid's incorporation of cutting-edge technology, including
high-tech chips, sensors, and electromagnetic waves.
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Comprehensive Health Monitoring: The product comes with several clinical features,
including the ability to count calories and avoid balance loss, as well as assess blood
pressure, posture, and heart rate. The total self-care experience for users is improved by this
comprehensive strategy.

User-Friendly Design: The Smart Walking Aid is created with the user in mind. It is
portable, bendable, and easy to bring with you wherever you go.

Enhancements to Safety Features: The device's capacity to identify incorrect alignment and
emit a warning beep sound aids users in maintaining normal posture and avoiding potential
health concerns.

All-in-One Solution: The combination of several cutting-edge features into a single product.

Weaknesses:

Cost factors: Using cutting-edge technology can increase the cost, which may make it more
expensive for some potential clients.

Possibility of Learning Curve: The numerous functions and functionalities of the Smart
Walking Aid may take some time for users to get used to, which could be viewed as a slight
irritation.

Opportunities:

Growing Aging Population: As the Smart Walking Aid meets their special needs for self-
care and mobility support, the growing population of people 50 and older represents a
substantial market opportunity.
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Expansion of Distribution Channels: Investigating collaborations with healthcare

organizations, sellers of mobility aids, and online distribution channels can broaden the
product's appeal and accessibility to the target market.

Continuous Technological Advancements: It is possible to continue research and

development to improve the functions and features of the Smart Walking Aid, maintaining its
competitiveness and alignment with changing user requirements.

Threats:

Price Sensitivity: Bangladesh is a price-sensitive market, and many potential buyers may
have serious concerns about affordability. In terms of market penetration and wide adoption,
the price of the Smart Walking Aid could be a barrier.

Distribution and Accessibility: It might be logistically difficult to ensure the Smart Walking
Aid is effectively distributed and made available throughout Bangladesh, even in rural areas.
To overcome this issue, it will be crucial to build a strong distribution network and
collaborate with neighborhood businesses and healthcare organizations.

Competitor Analysis:

Since our smart walking aid is a brand-new, cutting-edge device, there aren't many direct
competitors in this industry. The smart walking stick is one of the key rivals. The advantages
and disadvantages of the smart walking aid vs. the smart walking stick will be compared in
this competition study.
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Design and Ergonomics: The smart walking aid, on the other hand, typically includes more
sophisticated design elements, such as adjustable frames, ergonomic grips, and foldable
alternatives, allowing users better comfort and convenience.

Stability and Balance Assistance: It might lack sophisticated stability mechanisms, which
would make it less suitable for people who have serious balance issues. The smart walking
aid, on the other hand, typically offers greater stability and balance help than the smart
walking stick, making it a better option for people who have balance issues.

Technological Features: - Most advanced technology elements present in smart walking

aids are often absent from the smart walking stick. On the other hand, Mart walking aids
thrive by offering a variety of technical features that improve user engagement, safety, and
tracking.

Pricing Issues: - Smart walking sticks typically cost less than other smart walking aids in
terms of price. They provide a reasonable option for people looking for a straightforward
walking aid without the extra features and capabilities of a smart walking aid.

Marketing Strategies:

The need for marketing segmentation- In this part, we must understand the customer’s view
and must satisfy their needs better than the competitors.

Segmentation:
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Dividing a market into distinct groups with distinct needs, characteristics or behavior who
might require separate products or marketing mixes.

Geographic segmentation:
Nations, regions, states, countries, cities or even neighborhoods, density and climates are the
variables. Since it is a budget friendly product, neither premium quality nor low range. So we
are expecting sell this product in many countries and reach as many people as possible. We
are starting our work from Bangladesh, but we have a plan to expand this business
worldwide.

Demographic segmentation:
Age, life - cycle, gender, income, occupation, education, religion ethnicity and generation are
the variables. Our product is especially for 50+ people which will help to monitor everything.
The customers who have demand to take this product, only they can buy it. This product is
mainly for generation millennials.

Income (TK) Gender

Age (Approximate Occupation
Per person) Male Female

10 - 17 N/A 80 72 Study

18 - 25 N/A (Some people do 67 60 Study

part time job)

26 - 33 30,000 71 55 Doctor, Banker,

Photographer, Army

34 - 41 40,000 58 37 Engineer, Advocate,

Doctor, Journalist.

42 - 49 50,000 52 26 Businessman, Doctor,

Teacher, Army Officer.

50 - 57 80,000 45 23 Teacher, Banker, Doctor,

Architect.

58 - 65 100,000 56 19 Businessman, doctor,

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advocate, army officer.

My product will be suggested for the last two rows of people.

● Behavioral segmentation: The people who are facing physical problems can buy this to
maintain their health and can make sure that their health doesn't deteriorate. How often do
people take my product, what will be their responses? If we give 15% discount who are
referring our product, we can increase loyalty status in this way. All these things are very
important for our business.

Targeting:

Evaluating each market segment's attractiveness and selecting one or more segments to serve.

Firm must look at the three factors-

● Size and growth: What is the size of our device and how's the growth rate.

● Structural attractiveness: How desirable and profitable the market is for my business.
How's the demand for my product and even if the customers have demands to buy it and are
we really being able to beat our competitors that's define structural attractiveness.

● Company objectives and resources: Making specific objectives so that our company
remains in one of the most renowned brands.

Selecting target market segments:

Our product is under differentiated marketing.

● Differentiated marketing: By targeting customers with certain common characteristics,

our company will manage the needs and requirements of clients by providing them with
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relevant offers. Differentiated marketing is a great fit since we can reach different segments
of the audience. We will have several types of smart walking aid. There will be different
price ranges depending on the features. The strategy helps resonate with the needs of each
segment and obtain loyal customers who will eventually recommend our brand to their
friends and colleagues.

Differentiation:

Differentiating the market offering to create superior customer value. We are approaching
business develop by providing customers with something unique, different and distinct from
my competitors.

Positioning:

The goal is to establish a single defining characteristic for my brand (product) in the
consumer's mind. Our product will be more benefits for the same price. We are introducing a
brand offering comparable quality but at affordable price. We are offering more value, being
a luxury brand, while not claiming ourselves exceptionally higher prices, in contrast to
competitors. We are setting our product price 4590 tk with many features whereas a brand
named LL is selling (smart walking stick) but they aren't giving that much facilities as we are
giving. Our product can be used for multipurpose.

Marketing mix Strategies:

Product:

Differentiation: Highlighting the unique features and benefits of our smart walking aid, such
as advanced sensors, real-time feedback, adjustable settings, or smart connectivity.

Packaging: We are designing an attractive and informative packaging that showcases the
product's features and benefits, making it stand out on store shelves or online platforms.
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Price:

Value-based pricing: Setting a competitive price that reflects the value and benefits of our
smart walking aid. Besides we are giving more features in the same price that already exists
in the market, which is 4590 taka.

Bundling: Considering offering bundle packages like 1 year of warranty. That means if the
product shows any sort of problems within 1 year, we will repair it for free of cost.

Financing options: Provide installment options to make the product more accessible to
customers.

Place:

Distribution channels: Identify the most suitable distribution channels for your smart
walking aid, such as online platforms, medical supply stores or specialized doctors.

Online presence: Establish a robust online presence through e-commerce platforms, social
media, and a dedicated website to reach a wider audience and make purchasing convenient
for customers.
Partnerships: Collaborate with healthcare facilities, rehabilitation centers, or physiotherapy
clinics to have your product available for trial, recommendation, or purchase on-site.

Promotion:

Targeted advertising: Utilize digital advertising platforms to target specific demographics

or individuals who may benefit from your smart walking aid, such as older adults, individuals
with mobility issues, or caregivers.
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Influencer marketing: Collaborate with influencers or experts in the healthcare or mobility

industry who can endorse and review your product, increasing brand credibility and
awareness.

Conclusion:

Our product “Smart Walking Aid” is a very beneficial product and appropriate for 50 or
above people. Our company claims that our product and fully authentic. There are many
facilities in the product that make the product unique and maximum user friendly. They are-

Availability of different features: Counting heartbeat, measuring blood pressure,

warning, and guiding about proper positioning of spinal and shoulder - these are the major
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features of our product that make the product unique and attractive. One can buy this one
product and can use it for many purposes.

Saves time and energy: We have used hi-tech chips and sensors which will measure the
heartbeat and bp altogether so one can use the product and save time using different machines
for different purposes. Besides spinal issues are painful.

Cost effective: Our product is quite cost effective. We are setting a very convenient price so
that people can afford it and get multiple services. Also we are offering installment options
so that customers can pay the money in small portions.

Movable and carriageable: Our product is super portable so users can bend it by the
following given manual. Users can take it while traveling. 3 wheels are attached with the
three corners. So users can easily walk with it and they won’t find it harder to carry it.

Our customers can get a lot of service altogether through our product at a very convenient
price. So it can be said that our product “Smart Walking Aid" is a useful product for people
who are 50 or above. People should buy the product because their money would be worth it.

Reference:

1.https://www.google.com/url?sa=i&url=https%3A%2F%2Fptop.only.wip.la%3A443%2Fhttps%2Fethz.ch%2Fen%2Fnews-and-
events%2Feth-news%2Fnews%2F2016%2F02%2Fsmart-walking-aid
%2520.html&psig=AOvVaw2jKhOGiaT_QkIjYfQdlePL&ust=1685632384843000&source=
images&cd=vfe&ved=0CBEQjRxqFwoTCNCmoI_sn_8CFQAAAAAdAAAAABAI
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