An organisation is required to devise marketing strategies for gaining prominence over a market. In order to devise appropriate marketing strategies, market research need to be conducted by the marketer. It helps a company to identify their target market and their trends. In this study, an attempt has been made to conduct a market study of CSL. CSL is a reputed biomedical organisation. It is flourishing as one of the major biomedical companies. It has adopted some marketing strategies that are used for gain huge market shares. The company has adopted affordable pricing for controlling over their target market. Generally, the CSL innovates, develops, manufactures and sells biomedical medicines for treating the rare and critical diseases. The target audience of this company is trying to segment their market based on income groups. The company produces biomedical medical and therapeutic products, in order to treat the individuals with rare diseases. Individuals with all financial background can afford the medicines, manufactured by CSL. This study will going to discuss the marketing mix of CSL. It will also explain the pricing strategies adopted by this company. An attempt has been made to understand the promotional strategies used by the company for selling their cars. This study will also try to identify the distribution channels for their firm. The study also provides a list of recommendation.
Marketing background of an organization plays a crucial role in enhancing the brand image of the organization. A strong marketing background helps the organization to gain high customer retention, as the brand name of the organization, are already known by the customers. Apart from the organization, the marketing background of an organization also influences the customer's behaviour, in terms of buying the product of organization services. High marketing background of an organization helps the organization to gain competitive advantage the marketplace. This study demonstrates the marketing background CSL organization, with reference to the organizational position in the concerned market. This course study also highlights the target customers, organizational balancing process of benefits, with reference to the organizational strategies for positioning in the marketplace. This discourse evaluates the determinant of organizational product, price, promotion and distribution with reference to the organizational sustainability. Moreover, the study highlights the comparison of CSL with their competitors.
CSL was established in the year of 1961; however, it was later incorporated under the list of ASX, in 1991. With the manufacturing of Serum therapies, the CSL has captured a strong position in the marketplace. CSL aimed to develop the therapeutic medicines and serums, in order to deliver the treatments for the rare and critical diseases of individuals.
Figure 1: Market position of CSL (Source: CSL Group Global, 2017)
With the growing and changing trend, of the market, the CSL has captured strong position in the market of biomedical services.
CSL aims to deliver and provide the services to its customers, at a global level, by balancing the economical, social and environmental determinants. CSL provides their services in an affordable price to the customer's, with reference to quality products, which helped them to gain strong brand image (Forbes, 2017). In order to balance the economical and social benefits, of their marketing, the organization provides discounted and low priced services and medicines to the lower social class individuals.
The targeted customers of CSL are the individuals, having critical health issues and rare diseases, which needs special treatment and care services for the individuals. CSL has targeted their customers, with all financial background individuals, and the individuals having rare and critical diseases.
In order to place the positioning strategies against the rivals of CSL, the organization has provided the pricing strategy. In terms of pricing strategy of CSL, the firm provides lower priced services and products to the customers, in comparison to their competitors, such as, Peptech and Pharmasynth, which helped the CSL to gain a strong position and customer retention.
From the establishment of CSL, the organizations, has contributed and manufactured different varieties of biomedical products, serums and therapies, in order to treat the individuals with critical diseases. As the organization works, in different segments of: CSL Behring and bioCSL.
Figure 2: Hierarchy of CSL Limited (Source: CSL Group Global, 2017)
The CSL Plasma, under the CSL Behring, delivers the products, from the recombinant, which are plasma derived. The CSL Plasma, are operate through, various collections of plasma derivations. On the other hand, the bioCSL provides various varieties of medical products, such as, vaccines, serums, therapies, antivenoms and others.
CSLhas been properly concerned with the quality of the products and their prices. In order to satisfy the customers, the CSL Limited uses the products, made from the biomedical elements, and thus do not contain any chemical based elements. In the view of Helm and Gritsch (2014, p.420), as the CSL, manufactures the products, for the treatment of rare and critical diseases of individuals, thus, it helps them to gain uniqueness among their rivals. CSL maintains high qualitative products, which help them to gain customer satisfaction, with reference to earn a high rate of revenue.
Quality of their medical products has been always concerned and focused as priority. In the view of Kitchen and Burgmann (2015, p.2219), high quality products of an organization, helps them to gain more numbers of customer, as the good quality can satisfy the customers and consumers. As CSL Limited uses their biomedical products, manufactured from the synthetic items of bio-inferred products, thus, it helps the organization to gain high customer satisfaction and brand image, with reference to gain of customer retention and growth in revenue generation of CSL.
In order to attract the customers, the product packaging and labelling, plays a crucial role. The labeling on the packaging of the products can help the customer to gain the information about the products. The CSL implements the Conveyor System, in order to packaging of their products. CSL provides their information on their packaging of the products, which helps the customers to gain all the information of the products.
CSL uses the bio-inferred elements, in order to manufacture their products. As Lee and Kotler (2015, p.14), has commented that, the design and physical evidence of the products of the organization helps the firm to gain attract more numbers of customer with reference to gain a high valued revenue, through sale. CSL Limited restricts the use of chemicals in their medical products and substance, which helps them to deliver natural therapies and medical products, thus enhances the organizational performance through high sale of products, with gaining brand image.
CSL uses the lean production process, for their products, which ensures the less few materials. With the management of, waste materials with reference to quality enhancement of the product through biological elements (CSL Group Global, 2017).
In the view of Magnusson et al. (2013, p.51), the supply chain management refers to the management of organization strategy, in terms of manufacturization, packaging of products, product promotion and product delivery. CSL implements their customers’ needs and demands, in their manufacturing of the products, which helps to gain customer satisfaction. CSL keeps tracks to their revenue and loss of the organization.
CSL has implemented a strong strategy in order to manage their organizational waste. The CSL has minimized the wastages from their packaging and product manufacturing, and uses the additional expenditures for the use of corporate social responsibility.
Figure 3: Waste Management of CSL (Source: CSL Group Global, 2017)
CSL uses the sustainability approach, in order to develop and enhance the organizational performance. As Adams et al. (2016, p.192), has stated that, management of sustainability, with various determinant of the organizational procedure and process can help the organization to gain a strong brand image and customer satisfaction, with reference to high sale. Thus, satisfaction of the customers is the basic key element, in order to enhance the organisational performance.
Figure 4: CSL Sales (Source: CSL Group Global, 2017)
CSL incorporates with the sustainability of the different determinants of the organization, in order to satisfy the customers and thus to provide treatments for the needed individuals and community.
As the CSL aims to deliver the therapeutic and biomedical medical services to their customers, with rare and critical diseases, thus, the general pricing strategy, which is set by the organization, can be affordable, by all financial social class people. In the view of Ananda, Hernández and Lamberti (2014, p.11), the low priced products helps the customers to get attracted towards the products, this helps the organization to increase their sale.
As the patients and individuals with critical diseases needs medical services which might not be accessed by them, if the price of the medicals are high. Thus, in terms of delivering the medical services to the customers, the CSL places low priced medicals. Moreover, CSL often uses the discounted rates and sometimes free medical services to the individuals, with poor financial background.
In terms of adaptation and implementation of new products, in the CSL organization, the organization uses the strategy of product testing. As CSL manufactures and delivers the medical products of biomedical and therapeutic products, thus, it is necessary to test the products, before using it to an individual. CSL thus, tests the products, before delivering and adapting the products.
In terms of the product mixing, CSL has always been considered, with the strong brand reputation, in terms of manufacturization, the biomedical products, of high quality and low priced, which helps to treat the rare and critical diseases of individuals. In the opinion of Davari and Strutton (2014, p.571), CSL has considered the low pricing strategy, based on the target group of individuals from poor background. However, on the other hand, CSL involves the aims, while strategizing their product mixing. According to Davcik Davcik (2015, p.771), the organizations needs to keep the upgrading quality and implementation of customer needs and demands, while planning for the manufacturization and managing the supply chain of the product.
As Eshuis, Klijn and Braun (2014, p.163), has stated that, customer satisfaction, in the organization plays an important role in enhancing the marginal revenue, sales and the organization performance.
Figure 5: Sales of CSL (Source: CSL Group Global, 2017)
The customer satisfaction of an organization is directly proportional to the brand image and sales of the organization. In the view of Kitchen and Burgmann (2015, p.38), customer satisfaction, in an organization can be gained, by implementing the needs and demands of the customers in the features of products and services. CSL implements the pricing strategy, based on the customer satisfaction, in terms of both quality and price, thus gains high revenue generation.
In order to communicate with the targeted customers of the CSL, it uses the different sources of communication. As commented by Helm and Gritsch (2014, p.420), product promotion of an organization helps to generate awareness for the customers and thus helps the organization to gain the advantage of customer retention. CSL uses the mediums of advertising, on the mediums of print, television and websites, in order to promote their products and to generate product awareness.
Figure 6: Revenue Generation of CSL (Source: CSL Group Global, 2017)
Advertisements of the biomedical products of CSL, through different mediums, helped the CSL to promote their products, which indirectly helped them to gain high number in customer retention.
In order to promote the biomedical products, the organization uses the sales strategy. In the opinion of Kubacki et al. (2015, p.2217), sales strategy implementation, as a promotional tool for the promotion of product can help to attract more numbers of customers, through offering different offers and discounts bon the products. CSL uses the sales promotion, by providing different offers and discounts on the biomedical services and therapeutic medical services, for the customers.
Figure 7: CSL Sales (Source: CSL Group Global, 2017)
In addition to that, the CSL uses several campaigns, with collaboration of partnership with health care organizations, in order to provide free medical services to the individuals with poor financial background (Intex). Using the several promotional strategies helped the CSL to gain brand awareness with strong customer satisfaction, and high revenue generation, with reference to the increase in sale.
In the opinion of Risselada, Verhoef and Bijmolt (2014, p.19), the organization needs to communicate with the respective employees of the firm, in order to disseminate the organizational information to the employees. Proper dissemination of information can help the organization to direct the organizational work, in proper direction.
Figure 8: Expansion of CSL (Source: CSL Group Global, 2017)
CSL uses the strategy of consultation and training, in order to communicate with the employees of the organization. In addition to that, CSL uses the method of online strategy, in order to communicate with the employees and customers at global level.
In terms of distribution of the products of CVSL, the organization uses the strategy of physical stores place. CSL stores are located at proper place, which can be accessed by the customers easily. However, the organization needs to develop the strategies in terms of management of the medical shipment. As the CSL do not use the online medium for their distribution of products, thus it might influence the choice of customers, in terms of buying.
While in the biomedical industry, in Australia, several other organizations are also established that are considered as the rivals for the CSL. The main rivals of CSL are, Peptech, Pharmasynth and Life Therapeutics. In terms of the rival such as Life Therapeutics, CSL provides better opportunities to their customer, in terms of price and quality. However, in case of delivery and shipment of the products, the rivals such as Life Therapeutics, Peptech and Pharmasynth provide the offer of online delivery and online shipment of the medicals. On the other hand, the CSL use the physical stores, in order to distributing the medical products to the customers.
From the above study, it can be concluded that, the organizations, needs to implement proper strategy, in order to satisfy the customers. Proper satisfaction of customers can help them to aim high sale and a strong brand image. Keeping the strategies, with reference to the sustainability, in the organization can help them to have an advantage of customer satisfaction and retention. CSL needs to develop their distribution channel along with their advertising medium, in order to gain more numbers of customers. On the other hand, CSL gains a high customer retention and satisfaction, with the qualitative and low priced products.
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