Bus332: Group 4 (US)

• Prompt: Review the posts from your partner group in Taiwan. Based on what you know and understand from the analysis and information about the client's situation provided by your Taiwanese partner, please conduct additional research to answer the following questions to better assist your partner and your client in Taiwan. Answer the questions below with any additional research or support. Note that everyone in your group should contribute to this activity, but each group can decide how they want to allocate the tasks to complete this activity.
• Review and Sources They Used:

Group 4 {Taiwan}: 0 Prompt: Identify opportunities for infusing responsible marketing practices into the client's business. Now that you've had the chance to meet and discuss with your clients, narrow the problem down to the top 2 potential areas for your group to work on this semester for the project. 0 Question 1: 1) What is the one aspect (or two areas if you are still contemplating) of your client's marketing activities you believe can be infused with responsible marketing practice? Explain why. (Consider the benets and why this would make sense for the client andJ'or other stakeholders involved and also from the point of societal wellbeing.) Due to the fact that our client offers health products and this area is considered rather sensitive, it is important that customers are offered excellent advice. Therefore, the company should focus on social aspect especially on 1. vulnerable customers and 2. transparency. If the company is well equipped in this two areas, it will also gain many advantages. Focusing on vulnerable customers in health care product marketing activities can be infused with responsible marketing practices by adopting an ethical approach that prioritizes the well-being of these customers. To achieve this, clients should consider the unique needs of vulnerable customers and design marketing messages and materials that resonate with them. For example, our client could provide information about how a product can help address a specic health problem prevalent in vulnerable populations such as the elderly, low-income individuals, or people with disabilities. Additionally, clients should ensure that marketing practices are not exploitative or misleading and that products are safe and effective for the intended audience. This may include conducting clinical studies to test the safety and effectiveness of products and providing customers with clear and accurate product information. From a societal well-being perspective, focusing on vulnerable customers can have several benets. First, it can increase access to health care products for underserved populations, which can help reduce health problems and promote overall health and well-being. Second, it can promote social responsibility and ethical business practices in the healthcare industry, which can help build trust with customers and improve the client's company-reputation. Ultimately, it improves customer retention and long-term protability for the client's company because customers are more likely to stay with products that meet their unique needs and preferences. Overall, focusing on at-risk customers in health product marketing campaigns may be an e'ective and customer-responsible marketing practice. It can help promote social responsibility, increase access to healthyproducts, improve the reputation of the client's corporation and protability, and promote overall health and well-being. The other aspect of responsible marketing practices for clients can be to increase the transparency in product labeling and advertising. This means ensuring that the information provided to consumers about products is clear, accurate and complete. For example, our client can provide information about the ingredients used in the product, its purpose, possible side effects, and any contraindications or drug interactions. In this way, clients can provide consumers with the information they need to make informed decisions about their healthcare. This helps build trust between sellers and consumers and increases customer loyalty. From a societal well-being perspective, promoting transparency in product labeling and advertising can have several benets. First, it can help to ensure that consumers are not misled or deceived by false or misleading claims. This can prevent harm to consumers and help to promote overall health and well-being. Second, it can help foster competition and innovation in the healthcare industry. By providing - 1 2 3 4 5 I5 7 Illllll II. Lhclalb.ldn$| | IIIIIIII customer loyalty. From a societal well-being perspective, promoting transparency in product labeling and advertising can have several benets. First, it can help to ensure that consumers are not misled or deceived by false or misleading claims. This can prevent harm to consumers and help to promote overall health and well-being. Second, it can help foster competition and innovation in the healthcare industry. By providing consumers with more information about available products, they can make more informed choices and are more likely to choose products that are safer, more effective or better suited to their needs. This helps encourage sellers to improve their products and create new and better solutions. All in all, increasing the transparency of product labeling and advertising is an effective and responsible marketing practice for sellers of healthcare products. It can help build consumer condence, promote overall health and wellbeing, and encourage industry innovation and competition. a Question 2: J ointwell CARL BIOTECHNOLOGY and its parent company Jointwell Group share the same mission of providing consumers with the best health investment and offering a promise of reassurance. Their main target consumer group consists of health-conscious individuals with knowledge and awareness, offering not only products but also advanced biomedicine technologies such as embryonic stem cells that can delay aging and treat cancer. Due to the relatively high costs associated with their medical technologies, consumers with certain spending power are the target audience. Taiwan Life Company mainly sells less common products in the market, such as Mihara Rubellus, telomeres, and other advanced technologies, which are considered as elements of biotechnology research and development products. The BIOTECHNOLOGY company believes that every organism in the biological world, including cells, can be a source of technological innovation. Its advantages lie in not wasting any small organism in the world, allowing them to maximize their value. However, the downside is that biotechnology is high-tech, and due to strict pharmaceutical regulations in the United States, the prices can be high, making it difcult for all consumers to accept. Therefore, when seeking business collaborations or customers, it requires networking introductions to achieve consensus in business dealings. 0 Question 3: Since this industry is relatively new and is still in the early stages there are not any direct case examples from the industry in Taiwan. There are however a few case examples of the popularity of these treatments and products in Japan as they are a leader in stem cell biotechnology in Asia. Our client can learn from the leaders in Japan and the US in this indu shy about marketing to vulnerable customers and how to educate clients on the science behind the products in order to have them be educated customers and fully aware of the benets and outcomes. 11 s:waw.forbescomfsitesf'ohncumbersr'2022f01f25r'this-stem-cell-manufacturin -startu -'ust-raised-a n- SO-niilliou-war-che st-to-revolutionize -med icinef?sh=4a4e2ffe301 1 n-ve-years-uci-study-saysf) tt szo e.tmu.edu.twr'tmu-leads-taiwan-s stemic-cell-thera ies-re enerative-mediciner')