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For
Business To Business Marketing
INSOGUM
In Indian Market
Dated: 02/11/2010
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Acknowledgement
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great deal in enhancing our knowledge by
virtue of practical application. Her guidance
and support carried us all through the
preparation of this project.
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TABLE OF CONTENTS
Acknowledgement ______________________________ i
Positioning ______________________________
4
Competition ______________________________
5
SWOT Analysis ______________________________ 5
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__ INSOGUM__
MARKETING PLAN
Executive Summary:
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Situational Analysis:
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 KK
Pharmaceutical is proud to introduce INSOGUM; 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:
Easy to chew
Non-
Sticky
In natural fruit
Flavor
Chew gum in pink color
Size of chew gum will be half of average chew gum available in market.
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Target Market:
2. For those diabetes patients, who don’t 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.
Class adopters,
15
Remote, 35
Injection Factor,
50
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.
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Positioning and
Competition:
GUM
alternatives because of new and innovative features. Other insulin medicines (both
focuses target market feelings along with their product quality. That is what makes
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Competition
:
As it is shown in above graph, that INSO GUM is positioned in upper right corner of graph,
which makes it high priced and high quality product. Its high price is justified 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 or negatively
affect the progress of product and company in the market.
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Product Name, Brand and
LOGO
INSOGUMis combination of two words, which are INSOand GUM. The word INSO
is taken from Insulinand word GUM is taken from Chew Gum . So product name
gives an idea of product type and its features.
INSOGUMis very Easy to remember & Pronounce and it gets very easily on
anyone’s 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.
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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
INSOGUM, which will be available in form of 10 chew gums bundle primary packing.
Product Labeling:
As it is a medical product; so Descriptive Labeling is used.
Approach
PRIMARY PackageProduct Name, Logo, Potency of Product, ingredients, MFG
Labeling:
& EXP dates, Batch NO, Company Name, Registration Number.
Dosage guidance pamphlet will be included in packing; it will be both in Hindi 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. INSOGUM is an innovative product and according to
research and surveys people will be willing to pay prices little bit higher than market prices
of INSOGUM’s 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 don’t
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,
Customer buying 5 or or more than 5 packets of INSOGUM (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.
Unit variable cost of InsoGum 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.
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Promotion Techniques
Electronic MediaElectronic Media TV channels will be used as a
Advertisements:
major tool of promoting the product. Attractive and informative advertisements
of
product will be prepared as it is introductory stage of 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 distribute products. 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.
--------------------------------------------------Thank
You-----------------------------------------------------
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