Market analysis and Establishment of marketing plan of selected dietary supplements

Abstract

Introduction: Dietary supplements are products that contain essential nutrients such as vitamins, minerals, herb extracts, amino acids and enzymes that improve a person's health. Anticipation of Future Events, Market assessment and efficiency of trades are indispensable parts of the Trade Expansion. Instituting an effective strategy for marketing prior to any action is important for companies. in order to develop a well-crafted, strategic marketing plan, conducting market researches and analysis of market outcomes are of paramount consideration.Aim: To analyze the global market and the Iranian market for dietary supplements and develop a marketing plan for dietary supplements produced by the studied company.Materials and Methods: In this study, according to its topic; archival, library, books, sites, articles, publications, other databases, expert panel method specifically the Delphi method have been used, and the statistical population of this study consists of 10 experts of dietary supplements market and managers of studied company. Results: by Using surveys completed by experts and using strategic management tools, a total of 9 strategies for marketing of studied company`s dietary supplements were identified, and after that the identified strategies were prioritized and an action plan was designed.Conclusion: Ultimately, the most important objective for the marketing of the studied company's dietary supplements is the appropriate presentation of the products, with more focus on improving the distribution conditions through the participation in partner distribution companies and returning the studied company's market share to 5% of the value of the market for dietary supplements in the country in 5 years.