Mikhail tenazas rite med metformin
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Transcript of Mikhail tenazas rite med metformin
10 Step Marketing Plan for RiteMed MetforminMikhail G. Tenazas
Positioning to the Primary Target Market
Part 1: Steps 1 to 5
1.Target Market
2.Needs, Wants, Expectations
3.Choices (Competitors)
4.Opportunity (Gap)
5.Market Size (3 Cs)
Primary target market
Demographics
People afflicted with Diabetes Mellitus Type II
Belonging to low-income bracket
Spans/covers all ages, sexes, genders
Primary target marketLifestyle
Blue-collar workers, unemployed, underemployed
People with unhealthy lifestyles
Poor eating habits
Intake of fatty foods
Poor exercise habits
Primary target market
Behavior
FOODWATER
SHELTERHEALTH
GOOD HEALTH ENABLES ONE TO ACHIEVE SELF-
DEVELOPMENTFEELING GOOD
ABOUT ONESELF WHEN ONE IS DISEASE-FREE
Primary target market
2. Needs, Wants, ExpectationsTarget market
Needs: physiological (health), self-esteem, self-actualization
Wants: affordability, good quality, reliability
Expectations: improvement in symptoms, better health
3a. RiteMed Metforminhas many competitorsDirect:
Natrapharm GlaxoSmithKlineZuellig BoieBrittonHealth SaverLittmanMetro DrugNextChemPharma NutriaSanofi-AventisWinthrop
3a. RiteMed Metforminhas many competitorsIndirect:
Diet modification, fitness gyms, self-prescription, non-compliance
Variables:
Age, price, packaging, frequency and convenience of use, availability, brand popularity, doctor’s prescription
3b. Competitive Position Map
2 most critical variables:
Price
Brand popularity
RiteMed: Generic MedicinePrice/
Positioning Matrix
Relatively
UnknownPopular
Relatively
Popular
Very Popular
High Price
Low Price
ZuelliZuelligg
UnilaUnilabb
MetroMetrodrugdrug
Sanofi-Sanofi-AventiAventi
ss
NatraphaNatrapharmrm
PharmaPharma-nutria-nutria
BoieBoie
BrittoBrittonn
WinthrWinthropop
LittmanLittman
4. RiteMed’s Metformin is positioned as an Effective yet Affordable Generic MedicineRiteMed has the only Metformin (Anti-DM drug) that is…
✓Generic and affordable
✓Effective and of top quality
✓Readily found in the market
✓Supported by United Laboratories (RiteMed being a subsidiary)
✓Unique in its position
Part 2: Steps 6-10
6. Product
7. Price
8. Promo
9. Place
10. Generic Winning Strategy Mix
5. Market Size
5a. Based on competitor data
5a. Based on competitor data, market size is P8.036 B
GlaxoSmithKline has P 1.125 billion
GSK has a market share of around 14%
Then total market size is 1.125M/0.14 = P8.036 B
5b. Based on company data, where RiteMed share is 2% market size is P5.29 BRiteMed Philippines data:
RiteMed sales is P105 Million
RiteMed has a market share of around 2%
Then total TB drug market is P105 m/0.02 = P 5.29 Billion
5a. Based on customer data, market size isP1.167 B
Prevalence of diabetes = 5.037 M
Cost of treatment:
P3.09 per tab x 2 daily x 365 = P2,257.16
Total cost = 5.037 x 2,257.16 = P11.4 B
5. Conclude that market size is P8.0 B
Competitor data = P 8.036 B
P7,882 x 150,000 = P 5.29 B
Market size = P 11.4 B
6a. Photo
6b. Product DescriptionContents: Metformin HCl
Indications: Type 2 diabetes inadequately controlled by diet and exercise alone.
Dosage: Initially 500 mg every 12 hr, dose may be gradualy increased to a max of 2250 mg daily.
Administration: Should be taken with food
Contraindications: Renal impairment, CHF requiring pharmacologic treatment, acute or chronic metabolic acidosis
Special Precautions: Elderly, hepatic and renal impairment
Adverse Drug Reactions: Anorexia, nausea, vomiting, diarrhea, lactic acidosis, decreased vit B12 absorption
Preparation: In 500 mg and 850 mg tablets
7. Price
RiteMed Metformin
most affordable Metformin (500 mg), priced at P 3.09 per tablet.
Main market strategy: Price leader
providing a cheap alternative for Metformin while assuring quality and efficacy of drugs
Price Comparison
8a. Promotion
Present Strategies
Advertising: Television and Radio
Public Relations: Corporate Social Responsibility
Direct Marketing: Sales Representatives
8a. Promotion
8a. Promotion
SALES REPRESENTATIVES
8a. Promotion
CORPORATE SOCIAL RESPONSIBILITY
Personal Suggestions
Advertising:
Advertise heavily on TV, print, and radio
Focus on product’s affordability while emphasizing quality
Sponsorship of events (seminars, workshops, conferences)
Public Relations
Emphasis on corporate social responsibility
Sponsorship of charity programs
Involvement in medical missions, giving away free drugs
Public Relations
Partnership with NGOs
Partnership with government programs
Personal selling
Sales reps
Massive marketing push
8b. Competitor PromoLeading Pharmaceuticals with no Metformin products:
Pfizer Inc
Wyeth Philippines
AstraZeneca
Bristol-Myers Squib
Novartis
Abott Lab
Roche Philippines
8b. Competitor PromoBranded Medicine Competitors:
Natrapharm
Boie
GlaxoSmithKline
Britton
Health Saver
Littman
Metro Drug
NextChem
Pharma Nutria
Sanofi-Aventis
Winthrop
Zuellig
Less reliance on broadcast media adsHeavily reliant on:Sales RepresentativesProduct SamplesSponsorship of events, conferences, etc.
8b. Competitor Promo
Generic Medicine Competitors:
8b. Competitor Promo
Generic Medicine Competitors:
9. Place
RiteMed is available in all Major Pharmacies Nationwide
10. Generic Winning StrategyLow cost products but safe and effective
Affordable generic medicines of top quality
Summary
5 steps for Part 1
1. RiteMed target market are diabetic patients in the low-income bracket
2. Who want to be healthy
3. Can choose RiteMed, etc.
4. Gap: absence of affordable, effective generic drugs
5. Market size is P 8.0 Billion. RiteMed niche is P107 million
Summary5 Steps for Part 2
Product: RiteMed Metformin
Price: 20-80% lower-priced than competitors; price leader
Promo: uses TV, radio, print, sales reps
Place: distributed nationwide in all leading pharmacies
Generic winning strategy mix: safe, effective, affordable generic drugs