Marketing Plan (Marketing Strategy)

8/8/2019 Marketing Plan (Marketing Strategy)

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Preface

Getting practical knowledge should be one of the major aims of any business program.

Department of Management sciences Iqra University, Islamabad, has started following

Policy of assigning different practical assignments to its students so a touch of real

working environment can be given to the students apart from classroom studies to widen

Their perspective. A Marketing program is one of the core subjects which gives aninsight that how marketing concepts are applied in practical world. Therefore study of

the subject is incomplete without observing in real working environment. In this context,

respectable, instructor _______________has assigned us to make a Marketing report on

an innovative product of GUMULIN. This report consists of complete marketing plan

that is prepared for GUMULIN product. We hope that the readers of this report will get

valuable information about how an innovative medicine product can be marketed


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We are dedicating this efforttopeaceful and prosperous future

of our beloved homeland,

Pakistan.


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Executive Summary:

Gumulinis an innovative product by The PLUS Pharmaceuticals. INSOGUM is achew

gum for diabetes patients to lower the diabetes level. It is easily available, easy to

use, and

highly effective product and its aim is to replace traditional medication techniques

for diabetes like injections and offer medical treatment to diabetes patients through

painless

and freshening to medication techniques.

Mission Statement:

To preserve health and improve quality of life by providing

thoroughly researched high-quality innovative medical solutions to the public

through

a highly capable and motivated human resource.Vision Statement:

Want to capture the maximum share in the pharmaceutical industry. To conquer position in all our very pharmaceutical areas and affiliated

business.

To overcome the performance of all the competitors.


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Objectives:

To become the leader in innovation Production Company with in the targetmarket segments.

Securing 80% of the target market segments by the year 2010.

Problem:

Injection Phobia Unavailability of medical experts Disease spread through syringes

Solution:

Gumulin Availability Easy to use Safe to use


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Situational Analysis:

The PLUS Pharmaceuticals is in its first year of business as a start-up operation.The company believes in providing health products to market through innovative

means. For which it conducts research. GUMULIN is a result of long researches

and could prove to be a product that can change the way of medication. Diabetes

patients usually have to take injections as a medication; and injection comes with

its own set of problems. To give injection doze there should be some expert,

moreover taking injection is a painful process. So an alternative to injection for

insulin is what market needs. There have been attempts earlier to bring alternatives

for diabetes patients and introduction of insulin inhaler in 2006 by a US based

company was also such attempt. Insulin Inhaler failed because of its high prices.Keeping in view present, past and future The PLUS Pharmaceutical is proud to

introduce GUMULIN ; a chew gum for diabetes patients. This product is easy to

use, easy to market, easy to prescribe (as it is available in 2 potencies) and most

importantly, it is available in affordable price.

PRODUCT Features:

y Easy to chewy Non-Stickyy In natural fruit Flavory Chew gum in pink colory Size of chew gum will be half of average chew gum available in market.

Product Definition:

An innovative alternative to traditional diabetes medicines Highly Effective Highly Capable


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Target Market:

Target market is divided in 3 factors:

1. Diabetes patients in remote areas.

2. For those diabetes patients, who dont want to go through painful procedure of

taking injection. 50+ diabetes patients fall especially in this category.

3. Upper and upper middle class diabetes patients; who are early adopters of

innovative products.

Market Segmentation:

Market is segmented on the basis of geographical and psychological factors.

Remote areas target market fall under head of geographic segment. Injection and

class factor market fall under head of psychological segment.

Positioning and Competition:

GUMULINis positioned in completely distinctive way as compared to its possible

alternatives because of new and innovative features. Other insulin medicines (both

injections and tablets) only aim medicine quality and performance of their product.

In contrast; GUMULIN is a customer oriented product- whose goal is to providing

medical treatment to diabetes patients through painless procedure. So GUMULIN

focuses target market feelings along with their product quality. That is what makes

GUMULIN special when compared to its competitors.


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Competition:

As it is shown in above graph, that GUMULINis positioned in upper right corner

of graph, which makes it high priced and high quality product. Its high price isjustified because of its additional benefits which it delivers to its users. Also it is an

innovative product and company is using market skimming price strategy to enter

into market.

SWOT Analysis:

The following SWOT analysis discusses to key factors that may positively ornegatively affect the progress of product and company in the market.

Strengths:

Competitive advantage because of extra features, innovative product..

Weaknesses:

Short expiry dates because of product nature, Potency matching problem may betoo complex for common users.

Opportunities:

Additional product lines could be introduced for similar diseases after some

research.

Threats:

Doctors may hesitate in prescribing it in initial stages,.


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Product Name, Brand and LOGO

Product name is GUMULIN.

GUMULINis combination of two words, which are GUM plus LIN. The word

GUMis taken from Chewing Gumand word Linis taken from Insulin. So product

name gives an idea of product type and its features.

GUMULIN is very Easy to remember & Pronounce and it gets very easily on

anyones tongue.

A Color combination of Blue and Red is used in product name and logo. It is Easy

on eyes, Elegant as well as energetic.

Logo contains Product name and companys PLUS + sign in it..


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Product Packaging:

Packaging of a product is very important part of modern marketing plan. It should

not only be attractive, easy to use but also safe. Here are some major points about

packaging of GUMULIN, which will be available in form of 10 chew gums bundle

primary packing.

Hard plastic primary packing containing 10 chew gums.

Primary packing plastic will be transparent and light blue in shade.

Packing material will be of high quality.

Sun light, Temperature, Humidity resisting packing, Enabling high life of product.

Product Labeling:

As it is a medical product; so Descriptive Labeling Approach is used.

PRIMARY Package Labeling: Product Name, Logo, Potency of Product,

ingredients, MFG & EXP dates, Batch NO, Company Name, Registration Number.

In SECONDARY Package labeling; in addition to all above elements, the

number of units in each secondary pack & unit price of each chew gum will be

mentioned too. Dosage guidance pamphlet will be included in packing; it will be

both in Urdu and English language. Moreover, precautions will also be mentioned.


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Pricing Techniques & Strategies:

Pricing is thought to be most important P of the Marketing Plan. Price should be

set which customer is willing to pay for product. GUMULIN is an innovative

product and according to research and surveys people will be willing to pay prices

little bit higher than market prices of GUMULINs rival products.

Company has used market skimming strategy to enter into market and to overcome

its initial costs and to reap benefits of introducing innovative product. That is why

company dont sees all of the diabetes patients as its target market as for now.

Currently the target market is only limited to remote areas patients and injection

fearing patients.

Moreover, cost plus pricing technique is used to cover all costs and charge extra as

a profit. Initially company is not offering much of incentives to its customers. But

only in form of quantity discounts. Quantity discount offer is used as promotional

technique and as a pricing technique to attract customers and to convince them to

buy more quantity of product, especially in bulk quantity.

Customer buying 5 or or more than 5 packets of GUMULIN (which means 50 or

50+ chew gums) will be offered a special discount of 15% on purchase.

Company would also conduct financial analysis and forecasts, which will help it in

determining its future strategies plan. On of important analysis is Break even

analysis.


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Break Even Analysis:

The breakeven analysis show that what income its must generate for specific units

and for specific period to meet it costs.

Break even analysis of company show following points;

y Unit Price: 470+30=500 retail pricey Unit Variable Cost: 300y Unit Fixed Cost: 110y Break Even Point: 410y Per unit Profit: 470-410=60

Unit variable cost of GUMULIN is 300 and unit fixed cost is 110; which makes

total unit cost to be 410. Company sells product forward on a price of 470; which

is sold to final consumer at retail price of 500.

Promotion Techniques

Electronic Media Advertisements:

Electronic Media TV channels will be used as a major tool of promoting the product.Attractive and informative advertisements of product will be prepared as it is

introductory stage of product.

Brand Ambassador Reference Personalities:

Doctors and Famous personalities will be used as Brand Ambassador and Reference

personalities. This will be done in order to get confidence of customer for a product

which is first of its type in market and customer might show hesitation in using it.

Message Designing:

Message will be argumental in nature and conclusion will be drawn in message.


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Medical Representatives:

Medical representatives will be hired and trained and send to doctors in target markets

to convince the doctors on writing the INSOGUM and to create awareness about

product.

The Plus Pharmaceutical will distribute the samples of GUMULIN to doctors; so

that they can be convinced.

The PLUS pharmaceutical will also distribute the samples of GUMULIN by

conducting medical checking camps of diabetes patients in famous clinics and

hospitals.

Awareness Creation stage: As it is new product so in start major focus of promotion

will be to create awareness about product.


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Distribution Channels and Techniques

In initial stages, focus of marketing plan is to keep distribution costs low.

Therefore narrowed indirect distribution channels will be used to distributeproducts. Moreover company has decided to go for selective marketing; since the

product is new and company is not in mass marketing stage. Therefore, Company

will sell its products to whole sellers, who will sell products forward to retailers.

Company Wholesalers Retailers

Documents

Marketing Plan (Marketing Strategy)