Biolife Qr Marketing Strategies

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Running head: BIOLIFE QR MARKETING Biolife QR Marketing Strategies BUSI603-B03 Entrepreneurship TWB Liberty University Dr. Lawrence Ness Biolife QR Marketing Strategies Introduction Biolife LLC has introduced to the market their new hemostatic agent, Quick Relief (QR), which when applied to bleeding wounds, immediately coagulates the blood without causing pain or staining of the skin, and it “let’s nothing in and nothing out of a wound” (Biolife, 2009, web article). Biolife set about initially targeting the professional basketball industry and has successfully segued into the professional hockey industry. The company has also been successful in persuading Wal-Mart and CVS pharmacies to stock their product but sales lags as a result of ineffective marketing. Biolife also has ineffectively marketed the product as a whole, focusing not only a narrow target market in the sports industry, but also on an isolated region in west Florida. The company’s dependence on word-of-mouth advertising in lieu of utilizing effective, established media channels for more effective product market saturation is expensive in terms of lost sales and losing market share to competitors. Biolife QR Origins The source of the QR product startup was definitely by a Type C idea. When the creators of QR, Jim Patterson and John Alf Thompson, immediately realized the usefulness of their product, they began to market it as a “new and improved way of performing old functions” (Longnecker, Moore, Palich & Petty, 2008, p. 68). There were various antihemorrhagic agents on the market at the time, but few painless, immediate acting products like QR. Biolife and its QR product began in 1999 when Patterson and Thompson were experimenting with resin and salt in a quest to create a water purification solution. When Patterson accidently cut

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