Recon Pty Ltd - Plastic & Reconstructive Corp - Business Research Methods & Business Decision Making - Case Study Assessment Answer

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Business Research Methods & Business Decision Making - Case Study Assessment Answer

TASK FICTITIOUS - PLASTIC SURGERY COMPANY For the purpose of this paper the Fictitious Company “Recon Pty Ltd” has been created Recon Pty Ltd recognise their competitors are aggressive in their online marketing and social media campaigns, and as Wheeler et al, 2010 (p.437) states “Advertising in a plastic surgery practice has become common place, with only 12% of respondents claiming either “no advertisement” or “word of mouth” as their only form of marketing”. Hence, online marketing and social media is a marketing avenue that many plastic surgeons are embracing. The use of online marketing and social media presents a key business opportunity for Recon Pty Ltd, however there is a lack of business knowledge readily available to make the decision to “go online” comfortably and thus the company is uncertain as to whether they should increase their online presence and whether is at risk of offending current clientele. Current Online Presence Beautiful Website Only. No other online media, inducing no before and after images. The majority of referrals are from “word of mouth” referrals. Background of the Company Plastic and Reconstructive Corp is a small, high end, high profit, plastic and reconstructive company, located in Sydney’s Eastern Suburbs, serving the affluent members of Woollahra and Waverley for over 20 years. Plastic and Reconstructive Corp have a strong brand image and offer a unique set of services that ensures outstanding natural looking, surgical outcomes with superior customer service standards and a high level of customer satisfaction and customer loyalty. The annual turnover for the last financial year was 4.5 million dollars. Positioning Recon Pty Ltd is a Plastic & Reconstructive Surgery company with its largest segment of customers in its local demographic area. It is positioned as a high end organisation, targeting the affluent and high income earners.  Plastic & Reconstructive Corp is positioned as one of the the most well known Plastic & Reconstructive organisations in the Eastern Suburbs of Sydney within a niche market of high end clientele. Plastic & Reconstructive Corp can meet the need of almost all patients, from simple, straight forward, popular procedures, such as breast augmentation and liposuction. These procedures have flooded the market, however growth in these markets is low. Plastic & Reconstructive Corp and is also well known for completing complex, less common procedures that the majority of surgeons will not attempt or do not perform. These less common procedures include Buttock Augmentations and Breast Augmentations using individuals own fat, and are increasing in popularity world- wide as patients are preferring to use their own fat than have implants placed. These procedures provide high revenue for the small number of surgeons that provide them. This further adds to Plastic & Reconstructive Corp’s differentiation with regard to competitors The Company The company is made up its Directors, being the surgeons, its management team, being the General Manager, assisting staff, administrative staff, booking staff, accountant, accounts department, purchasing staff, nurses, anaesthetists and also skin care clinicians. Mission Statement
  • Provide superior Plastic and Reconstructive surgery to males and females.
  • Create and restore beautiful faces and bodies, whilst ensuring the most natural looking results.
  • Provide the highest surgical standards, using proven techniques and state of the art equipment.
  • Provide the highest level of ethical, professional, unprejudiced, transparent treatment recommendations.
  • Ensure our decisions and treatment recommendations are always made in the best interest of each individual.
  • Ensure an experience that exceeds our each individuals exceptions, both during the surgical journey and in the surgical outcome
  • Provide a beautiful, welcoming, calming, discreet and respectful environment to ensure absolute patient comfort and privacy.
  • Provide unparalleled service, attention to detail and a passion for the highest standards of excellence at all times.
Marketing objectives The marketing objectives of Recon Pty Ltd are to ensure it offers one of the highest quality in product and service available in the market. Recon Pty Ltd aims to increase its market share of affluent customers that are able to afford the high end, quality procedures. Recon Pty Ltd aim to continue to build on and expand the the high quality image and brand that Recon Pty Ltd has achieved over the last 10 years. Market Segmentation Recon Pty Ltd has consistently segmented its market into three groups within the local catchment area by a mix of age, demographics and income, being:-
  • high income professional professionals
  • high income 35 - 49 year olds (Generation X)
  • high income/wealthy 50 - 75 year olds (Baby boomers and retirees)
Competitive analysis The competitive advantages of Recon Pty Ltd are that they have operated in the same community for over 10 years, and have an established and loyal customer base of “raving fans” in a niche market. Growth has been consistent, with a 15% increase in growth in the 2017 - 2018 financial year. Core competence The core competencies of Recon Pty Ltd are their high quality surgery results outcomes, a customer centred approach, pooled specialised knowledge and experience, and the shared values between the members of the business, including surgeons, staff and customers. Competitors There is always growing threat from competitors in the local catchment and large catchment area. Competitors have aggressive marketing strategies, however these strategies have not yet impacted Recon Pty Ltd, however the awareness is there that the competition is strong. Market Size Analysis The current target market population size is 150,000. The estimated population growth by 2025 is 19.%. In 2016 a total of 225,002 plastic surgery operations were performed in Australia (ISAPS, 2016, p24), with an annual growth rate of 9%. 34.3% of the local target market residents are in the high earning bracket, compared to the greater geographic area which is 14.4%.
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