Australian Market VisAVi Macro Environment Factors

The current case would be analyzed vis-à-vis macro-environment factors on their impact on the market strategy of the organizations in the new business dynamics.In the changing business scenario in Australia, the emergence of alternative medicine and more holistic healthcare modules have increasing become popular amongst the baby boomer genX. Disillusioned with the traditional medicines and healthcare, the people are moving towards alternative medicines and health therapies that are diverse and unique in their delivery of holistic care. The alternative health medicines can broadly be defined as a group of diversified medical and healthcare system and practices that use non-conventional methods of medicines. Ernst et al. have defined as ‘diagnosis, treatment and/or prevention which complements mainstream medicine by contributing to a common whole, by satisfying a demand not met by orthodoxy or by diversifying the conceptual frameworks of medicine’ (Ernst, 2004).The vast business opportunities in this emerging segment of the industry have also brought in new players from diverse areas of business, including new paradigms in leisure industry that has started catering to the wider well being of the customers, spiritual healers and alternative medicines like Naturopathy, Homeopathy, Kinesiology, Ayurveda etc. that are meeting the needs of people through innovative products and services.The Australian market is undergoing a major transformation with respect to its healthcare system and moving towards the unorthodox that is often not officially recognized for its efficacy and safe delivery of its products and services. Despite such major drawbacks, the flourishing of this new industry is seen as a major business opportunity by the regional and global business. The recent demographic changes and the transforming societal norms have to a great extent, made significant impact on the budding industry.