Abstract of Dissertation

Agency : Marketing Mix, Wellness Product, Healthcare Cosmetic, SWOT Analysis, PEST Analysis

Objective : General Objective: To design a marketing mix for wellness products. Specific Objectives: • To do internal environment scanning for wellness products via SWOT analysis. • To do external environment scanning for wellness products via Porter’s model and PEST analysis. • To design a marketing mix for wellness products

Background : In India, traditional medicine and preventive practices have always stressed on ‘a healthy mind in a healthy body’. Accordingly, Indian traditional practices of Ayurveda, yoga and meditation were aligned to deliver physical and internal well-being, mental peace and happiness. Wellness comprises the following five segments: Healthcare, Cosmetic, Nutrition, Alternate therapy Rejuvenation. In a country where the scholars and vaidyas conceptualized and defined the field of Ayurveda, wellness is a natural extension of the preventive approach. Consumer lifestyles along with growing influence of global trends are now changing the face of wellness and making wellness a part of a consumer’s everyday life. While Indian players have forayed in the wellness industry, the potential still remains largely untapped. This is also attributable to the challenges that the players face, mainly due to the nascent stage of the industry. As 41 the industry grows in an unorganized and uncoordinated fashion, these challenges become even more cumbersome.

Methodology : To develop a marketing mix for wellness products, it is essential to understand the consumer needs and perceptions for wellness and preventive approach to healthcare. To assess the same, in depth interviews were conducted with key stakeholders in Mumbai. Daily interpretative analysis followed by coding of the responses was done based on themes. These responses helped to understand need and gave an insight on product features to be incorporated, price, and place to make it available and means of promotion that would be effective. Focused group discussion was done to scan the external and internal environment which gave insight on challenges of Service providers, Wellness Administration Company and the users.

Findings : Marketing mix was prepared considering traditional 4 Ps of marketing: Product, Price, Place, and Promotion. By using Maslow’s hierarchy of needs tool, wellness products satisfy the three needs of human being i.e. emotional, esteem and self-actualization.. Wellness products have differentiated market and are Nichers in the industry. The products in India are at initial stage of product life cycle, though the concept of Managed care is an old concept in USA. The strategies used will involve multi segment marketing. Wellness offerings cover hygiene, curative and enhancement needs of the consumer. Product will include alternate therapy options and focus on rejuvenation and preventive approach to healthcare. Promotion is to be done by advertisements, digital marketing and social media so that it reaches varied and large population.

Recommendations : Strategies effective for the marketing of the wellness products are involving multiple brands to target distinct customer segments, providing consumers with options to induce trial , increasingly investing in consumer education and increasing the visibility of their wellness offerings, Social media and online presence to generate consumer awareness, Undertaking a number of measures to win customer trust and improve overall quality standards in the industry, Providing an increasing amount of information to customers in an attempt to earn their trust and Improving customer complaint redressal systems to ensure a better customer experience.