EA GROWN, CANNABIDIOL FOR MEDICINAL REASONS

EA GROWN CANNABIDIOL FOR MEDICAL REASONS

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Contents

TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc20689983 \h 2

Background PAGEREF _Toc20689984 \h 3

Microenvironment PAGEREF _Toc20689985 \h 3

Intermediaries and suppliers PAGEREF _Toc20689986 \h 3

Competitors PAGEREF _Toc20689987 \h 4

Public PAGEREF _Toc20689988 \h 4

Workers and Workers Union PAGEREF _Toc20689989 \h 4

Macro Environment PAGEREF _Toc20689990 \h 4

Social-cultural forces PAGEREF _Toc20689991 \h 5

Economic forces PAGEREF _Toc20689992 \h 5

Political & Legal PAGEREF _Toc20689993 \h 5

Demographic factors PAGEREF _Toc20689994 \h 5

Market Research PAGEREF _Toc20689995 \h 6

Marketing Objectives PAGEREF _Toc20689996 \h 6

Marketing Mix (4Ps) PAGEREF _Toc20689997 \h 6

Product PAGEREF _Toc20689998 \h 7

Price PAGEREF _Toc20689999 \h 7

Place PAGEREF _Toc20690000 \h 7

Promotion PAGEREF _Toc20690001 \h 7

Conclusion PAGEREF _Toc20690002 \h 8

References PAGEREF _Toc20690003 \h 8

Introduction

EA Grown is a non-pharmaceutical firm that deals with the production and sale of medical products from Marijuana. Cannabis is known to possess high medical indigents that when properly exploited and administered in the rightful proposition and quantities can be of a very high medicinal value. Although not most of the countries share this same feeling in Most of the European countries, the use of Marijuana for medical purposes is legally recognized.

Background

EA Grown is trying in its level best to exploit this permission in such countries and even trying to expand its operations in other countries. EA Grown cannabidiol products are used in a wide range of the treatment domain with research on where it can further be extended in application still ongoing. Marijuana is known to contain Cannabinoids which are over 100 chemicals. Cannabidiol is just but one of the substances. Currently, these products are used for the treatment of cancer, HIV/AIDs, chronic diseases, nerve pains, muscle spasms, and even in seizure disorderCITATION Leg19 \l 1033 (Legal Marijuana Market Size, 2019).

Medical drugs are administered in many ways. You can either smoke it, inhalation by the use of a vaporizer, eating, applying it on the surface of the skin, or through the mouth by placing the liquid drug under the tongue. However, the mode of application is dictated by the doctor, depending on the patient's condition.

Microenvironment

Microenvironment describes the internal environment under which the EA Grown operates, and the management has a level of control that it can exercise over the environment. These elements include The marketing intermediaries and suppliers, the workers and workers unions, the public, competitors.

Intermediaries and suppliers

EA has the power to choose the intermediaries to use in their chain of distribution, depending on the distribution services offered by those agents. Agents offer promotion, sale, and even marketing. The suppliers provide EA with raw materials such as Marijuana and other facilities and tools to facilitate the production of the final products and services.

Competitors

Different forms of competition exist in the industry. Despite the size of a company, no single company enjoys monopoly powers. Product differentiation is the most common form of competition, to package its product in a way to distinguish it from similar products in both the look and attributes of the product.

The Public

The public refers to people generally, in this context, it refers to a group of like-minded groups that has an interest in the products of EA Grown. The public here include movements supporting the use of Marijuana in medicine and also those in need of such drugs. The groups can also be sharing similar objectives with the company. Drugs Consumer groups are an example in this case.

Workers and Workers Union

The labor force that sees to it that the operations in EA run in the best possible flow is also a major internal factor. The expertise, skills, and input provided by the labor force. Workers form labor unions to gain higher bargaining power and to advocate for better working conditions. It is having moderation on how the workers are treated and working condition.

Macro Environment

The company doesn't operate in an alone environment, its mostly surrounded by other factors that are independent of the company. The company has no power over this element even though these elements have a very high impact on the business.

Social-cultural forces

Social-cultural forces describe beliefs and the practices that are held by a community within which the company is operating. Some of the beliefs of some community are against the use of Marijuana. The AE has to come up with a way of trying to alter this belief or cope up with it.

Economic forces

Economic factors that affect consumers buying powers and behavior patterns. Most affected by the level of income and the living standards of the broader community. These will affect the ability to afford the drugs.

Political & Legal

The legal- political framework within the operation of the industry can either constrain or favor the growth of the institution. With government bodies permitting practice of Marijuana in medicine, the environment can be said to be in favor, although there have to be some regulations observed.

Demographic factors

Demography is the study of the human population and its composition. The research involves statistics of gender, age, occupation, density and the affect the market of the product. Changing demography means changing the market, leading to changes in business practices.

Market Research

EA Grown has explored the situation surrounding the use of legal Marijuana. Findings have it that Marijuana has an economic equivalent of $13.8. The market is growing with rapid awareness campaigns of the effectiveness and use of the drug. The drugs are effective against epilepsy, glaucoma, cancer, eating disorders, Nausea, and others populate the list CITATION Ash18 \l 1033 (Ashley C. & W. David, 2018). The drugs have also been used to reduce anxiety, stimulate appetite, reduce inflammation, chemotherapy, and even relieve pain. The FDA has also approved the use of the drugs for the treatment of epilepsy, with most European countries supporting it for medical purposes.

Competitive Review

Marketing Objectives

EA marketing objectives are the standards that the company has set upon to achieve by taking various measures and changes. These objectives have to be SMART CITATION PKo10 \l 1033 (P & G., 2010). Firsyt is setting Specific in that not broad, objectives cover a specific element. Measurable in terms that the outcome and progress can be quantified into values. Achievable by not setting targets that are too hard to achieve depending on the market situation. Relevant objectives have to coincide with the interest, mission, and vision of the organization. Time-bound, the goals have to be achieved in a given time zone with whose expiry before being made can be said to be a failure in performance. A significant objective of EA that qualifies the above criteria is increasing sales by 20% by 2025, backed by the 23.9% growth in demand for legal cannabis CITATION Con19 \l 1033 (Connie, 2019).

Marketing Mix (4Ps)

Marketing mix is a set of tools and techniques that an organization uses to promote the sales of its good and services in the desired target market CITATION Mar16 \l 1033 (Margarita, 2016). marketing mix involves all activities undertaken to influence the demand for a product or a service. Four central market mix elements control these practices.

Product

This element refers to how you package your output for consumption by the consumer. It can either be a good or service. It matters how the final product is presented to the consumer; in this case, it can be how the EA drugs can be administered.

Price

The cost of acquiring the product has to be taken into account. The product has to be made affordable by people across the diverse economic zones. Various price mechanism and policies aid the company in determining the most reasonable and fair price.

Place

This refers to the geographical availability of the products of the firm. Is the firm's location affecting the distribution of the product, where does the more extensive consumer base of the firm reside? The nature of the region does it have an effect on what can be consumed? Such a question helps in positioning the firm.

Promotion

Promotion is activities undertaken to communicate the features of the product, to create awareness of the existence of the product and persuade and convince the customers to purchase your products. Various promotion mechanisms exist, the nature of the product or service dictates the best promotion means to adopt.

Conclusion

A marketing plan is an essential element that determines the success of a business venture. It helps lay down the business best practices. A perfect market plan will help attain business objectives, promote business products, and ultimately increase your bottom line.

References

BIBLIOGRAPHY Ashley, C., B., & W., David, B. (2018). The Impact of Medical Cannabis Legalization on Prescription Medication Use and Costs under Medicare Part D. Journal of Law and Economics, 461-487.

Connie, M. (2019, June 06). Cannabis Industry Predictions: 2020-2025. Retrieved from Pharmout.net: https://www.pharmout.net/cannabis-industry-market-growth-and-predictions-2020-2024/

Legal Marijuana Market Size. (2019, September 29). Retrieved from Grand View Research: https://www.grandviewresearch.com/industry-analysis/legal-marijuana-market

Margarita, I. (2016). International Journal of Research Granthaalayah. Marketing Mix theoretical Aspects, 5-6.

P, K., & G., A. (2010). Pearson Education. Principles of Marketing, 10-15.