Oticon - Hearing Aid
BMK 501 Marketing Management Tutor-marked Assignment 2 MARKETING PLAN I. Executive Summary Introduction Due to the increase of health awareness among Malaysian and the development in the field of audiology, the number of individuals diagnosed with hearing impairment has increased tremendously. This hearing impaired population are looking for a solution to help them in their daily life communication. The existing hearing aids in the market are cosmetically unappealing and fail to deliver the sound quality that meet users’ expectation. Problem statement Oticon, a Denmark based hearing aid manufacturer, believes in the potential of hearing aid industry in Malaysia. Oticon would like to bring in the Denmark hearing instrument technology to the hearing impaired population in Malaysia. However, the hearing aid industry in Malaysia is dominated by Siemens, a Germany company over the past decades. Objective Oticon aims to increase its market share in Malaysia from 3% to 20% in one year. Oticon targeted retail sales of RM2, 074 000 from its three hearing aid centres (outlets) located in Penang and Kuala Lumpur. Secondly, Oticon aims to achieve gross sales figure of RM1, 476 000 through the supply of hearing aids to the 30 existing hearing aid centres in Malaysia. The projected net profit is RM1, 584 400. Third objective is to give a good profit margin of 55-60% to the dealers (hearing aid centres). Fourth objective is to keep the hearing aid price compatible with other brands while up keeping the quality of its hearing aids. Strategy The product being introduced is Delta, a unique hearing aid with premium sound quality. The target market is the upper middle and upper class. There are three prices 0
(RM4000, RM4800 & RM8200) depending on the features (frequency channels) and microchip. Delta is available in Oticon’s retail outlets (two in Kuala Lumpur and one in Penang). Another distribution strategy is through the existing hearing aid centres in Malaysia which is
(RM4000, RM4800 & RM8200) depending on the features (frequency channels) and microchip. Delta is available in Oticon’s retail outlets (two in Kuala Lumpur and one in Penang). Another distribution strategy is through the existing hearing aid centres in Malaysia which is
References: trout/positioning/ (accessed 2nd April 2009). 11) BusinessTown. 2009). 2003. Developing a Marketing Plan.