TABLE OF CONTENTS 1. 2. 3. 4. Acknowledgement Certificate Introduction to the topic Marketing aspects 4.1 Overview 4.2 Target market 4.

3 Best value to customers 4.4 Value proposition to the target markets 4.5 Conclusion 5. References

ACKNOWLEDGEMENT The completion of a project is impossible without the support and help of certain people. Herein, I would like to thank all such people without whom this project could never have been a success. I would like to thank my teacher and mentor Ms. Sunetra Saha for imparting the basic subjective knowledge. Her encouragement and enthusiastic teaching skills had been a pillar of strength and support for me in the making of the project. Her way of explaining the conceptual aspects with real life examples had been of immense help for me in the completion of the project. I would also like to thank my friends who helped me gain knowledge of certain aspects which were greatly useful in the project work.

CERTIFICATE This is to certify that the project report entitled MARKETING PLAN FOR OVER THE COUNTER PAIN-KILLERS is a bonafide record of the project work carried out by MEGHA JHAWAR (MBA-M&S-2013 D-07) under my supervision and guidance at Amity Business School, Amity University, Noida, during the academic session 2011-13, in partial fulfilment of the requirements for the degree of Master of Business Administration in Marketing & Sales.

Place : Noida Date :

(Sunetra Saha) Amity University

INTRODUCTION TO THE TOPIC Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments.[1] It is an integrated process through which companies build strong customer relationships and create value for their customers and for themselves.Marketing is used to identify the customer, satisfy the customer, and keep the customer. The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. The Chartered Institute of Marketing defines Marketing as the management process that identifies, anticipates and satisfies customer requirements profitably. Also, AMA (American Marketing Association) defines Marketing as an organizational function & a set of processes for creating, communicating & delivering value to customers & for managing customer relationships in ways that benefit the organization & the stakeholders. Over-the-counter (OTC) drugs are medicines that may be sold directly to a consumer without a prescription from a healthcare professional, as compared to prescription drugs, which may be sold only to consumers possessing a valid prescription. In many countries, OTC drugs are selected by a regulatory agency to ensure that they are ingredients that are safe and effective when used without a physician's care. OTC drugs are usually regulated by active pharmaceutical ingredients (APIs), not final products. By regulating APIs instead of specific drug formulations, governments allow manufacturers freedom to formulate ingredients, or combinations of ingredients, into proprietary mixtures. As a general rule, over-the-counter drugs have to be used primarily to treat a condition that does not require the direct supervision of a doctor and must be proven to be reasonably safe and well-tolerated. OTC drugs are usually also required to have little or no abuse potential, although in some areas drugs such as codeine are available OTC (usually in strictly limited

formulations or requiring paperwork or identification to be submitted during purchase). One of the oldest OTC drugs is aspirin. Over time, often 35 years, drugs that prove themselves safe and appropriate as prescription medicines may be switched from prescription to OTC. An example of this

is diphenhydramine (Benadryl), which once required a prescription but now is available OTC nearly everywhere. An OTC pain-killer is a pain-killer that can be brought from a pharmacist without a prescription and do not have an abuse potential even when taken in high dosage. The following project presents a marketing plan for such a product.

MARKETING ASPECTS 1. Overview Over-the-counter (OTC) painkillers, or analgesics, such as aspirin, acetaminophen, and ibuprofen, are generally convenient and safe remedies for occasional minor pain due to a wide variety of conditions. Aspirin and ibuprofen also combat inflammation, and aspirin and acetaminophen (and to a lesser extent ibuprofen) are excellent at reducing fever. Sometimes, a doctor may even prescribe and supervise their long-term use for chronic conditions, such as arthritis. Over-the-counter (OTC) pain relievers include:
Acetaminophen (Tylenol, Aspirin Free Excedrin)

Nonsteroidal anti-inflammatory drugs (NSAIDs; aspirin, Motrin, and Aleve) Topical Corticosteroids (Cortaid and Cortizone)

Both acetaminophen and NSAIDs reduce fever and relieve pain caused by muscle aches and stiffness, but only NSAIDs can also reduce inflammation (swelling and irritation). Acetaminophen and NSAIDs also work differently. NSAIDs relieve pain by reducing the production of prostaglandins, which are hormone-like substances thatcause pain. Acetaminophen works on the parts of the brain that receive the "pain messages." NSAIDs are also available in a prescription strength that can be prescribed by your physician. Topical pain relievers are also available without a doctor's prescription. These products include creams, lotions, or sprays that are applied to the skin in order to relieve pain from sore muscles and arthritis. Some examples of topical pain relievers include Volini, Moov, Relispray and Zhandu Balm. Still, just because anyone can buy these drugs without a prescription doesn't mean they are safe for every person in every situation. Like almost any drug, used improperly, they can have serious and even deadly effects. That's why it's essential that, before you take any of them -- and preferably before the need even arises - you ask your doctor which is safest and best for you. It's important to ask again if you develop a new medical problem, begin taking a new prescription or OTC drug or supplement, become pregnant, or begin breast-feeding (a woman who is or may be pregnant or is nursing should contact her doctor before taking any prescription or OTC drug;

vitamin, mineral, or other supplement; or herb or other alternative remedy). A doctor should also be consulted before any analgesic is given to a child, and aspirin should never be given to anyone under 19 years old, because of the risk of a rare, fatal condition called Reye syndrome. In addition, you should not take any OTC pain reliever without your doctor's explicit consent and direction if you: Have ever had an allergic reaction to any pain reliever. Are taking any other prescription or OTC drug that contains a pain reliever. Have kidney or liver disease, diabetes, or gout. Have or ever had an ulcer or any bleeding in the stomach or intestines. Have a bleeding disorder or take a blood-thinning medication. Have more than two alcoholic drinks daily. Have high blood pressure, a history of stroke, fluid retention, congestive heart failure, or heart disease or have recently had or are scheduled for the heart surgery called coronary bypass graft surgery (CABG). Have asthma or nasal polyps.

When taking an OTC analgesic, read and follow label directions carefully and do not exceed the recommended dose or take it more than occasionally without your doctor's approval and supervision. Paracetamol acts as a painkiller and is useful for mild to moderate pain. It causes less irritation of the stomach than aspirin and ibuprofen which makes it suitable for long term use. Paracetamol is suitable for children and many child preparations are available, often as a liquid eg. Calpol. Aspirin acts as a painkiller and is useful for mild to moderate pain, such as muscle pain and headache. It also has anti-inflammatory properties but ibuprofen is better. Aspirin is also useful for reducing fever (high temperatures). Aspirin is best for short lasting pain and should not be used for long term pain. Aspirin can cause irritation of the stomach and should be taken with or after food. Some people can be allergic to aspirin. Aspirin should not be given to children under 16 years. Ibuprofen acts as a painkiller and has anti-inflammatory properties. It is useful for period pain, headache including migraine and for pain with inflammation such as arthritis. Ibuprofen can be taken for long term chronic conditions eg. back pain and arthritis. Ibuprofen reduces fevers and is often used in cold and flu remedies in combination with a decongestant. Ibuprofen can irritate the stomach and should not be taken at the same time as aspirin. It should always be taken with food. Ibuprofen can cause a stomach ulcer

which could bleed. This is more likely in older people (over 60 years). It should not be taken by people who are allergic to NSAIDs or aspirin. Codeine and dihydrocodeine are weak morphine-like medicines that act as a painkillers. Preparations containing codeine or dihydrocodeine together with paracetamol or codeine with ibuprofen are available without a prescription. These are useful for mild to moderate pain. Codeine and dihydrocodeine can cause side effects such as constipation, nausea, vomiting and drowsiness.

CREAMS AND OINTMENTSTOPICAL PREPARATIONS Pain relief creams which are rubbed into the skin often work by producing mild irritation of the skin (counter irritation) eg. products containing capsaicin or mustard oil which cause a burning sensation or menthol and camphor which produce heat. They can be useful for superficial or deep pain of muscles, tendons and joints. Topical NSAIDs such as ibuprofen and products containing aspirin may give some relief in muscle and joint pain although their beneficial effect is not proven. These preparation often come in various combinations eg. Aspirin with menthol, acetic acid with turpentine, and may contain camphor, eucalyptus oil, capsicin, arachis oil, clove oil and other irritants.

PRECAUTIONS TO BE TAKEN FOR OTC PAIN KILLERS Apart from the precautions mentioned above, a user must remember the following: Always read the labels. Make sure you know what the medicine contains. Many of these products are unsuitable for children, the elderly, pregnant women and breast feeding mothers. Never exceed the maximum recommended dose. If you have any questions always ask your pharmacist (chemist) or doctor. They will be pleased to offer help and advice. For creams and ointments, use gentle massage only. Avoid your face and eyes. Wash hands after use. Do not use excessive amounts. Do not use on children. Read the list of contents and follow all manufacturers instructions. Remember to speak to your pharmacist or doctor if you have any questions about pain relief medicines.

Marketing Mix: Product, Price, Place and Promotion The marketing mix principles (also known as the 4 Ps.) are used by business as tools to assist them in pursuing their objectives. The marketing mix principles are controllable variables, which have to be carefully managed and must meet the needs of the defined target group.

Marketing Mix is a combination of marketing tools that a company uses to satisfy their target customers and achieving organizational goals. All these marketing tools are classified under four broad categories:

Product Price Place Promotion These four elements are the basic components of a marketing plan and are collectively called 4 Ps of marketing. 4 Ps pertain more to physical products than services.

Product strategies When an organisation introduces a product into a market they must ask themselves a number of questions. 1. 2. 3. 4. Who is the product aimed at? What benefit will customers expect? How does the firm plan to position the product within the market? What differential advantage will the product offer over their competitors?

We must remember that Marketing is fundamentally about providing the correct bundle of benefits to the end user, hence the saying Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer (P.Tailor 7/00) When placing a product within a market many factors and decisions have to be taken into consideration. These include: Product design Product quality Product features Product branding

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Pricing Strategies Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3ps are the variable cost for the organisation. It costs to produce and design a product, it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship. Pricing a product too high or too low could mean a loss of sales for the organisation. Pricing should take into account the following factors: 1. 2. 3. 4. 5. Fixed and variable costs. Competition Company objectives Proposed positioning strategies. Target group and willingness to pay.

An organisation can adopt a number of pricing strategies. The pricing strategies are based much on what objectives the company has set itself to achieve. The common pricing strategies are as shown below:

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Placement Strategy This refers to how an organisation will distribute the product or service they are offering to the end user. The organisation must distribute the product to the user at the right place at the right time. Efficient and effective distribution is important if the organisation is to meet its overall marketing objectives. If an organisation under-estimate a demand and customers cannot purchase products because of it, profitability will be affected. What channel of distribution is to be used? Two types of channel of distribution methods are available. Indirect distribution involves distributing your product by the use of an intermediary for example a manufacturer selling to a wholesaler and then on to the retailer.. Direct distribution involves distributing direct from a manufacturer to the consumer For example Dell Computers providing directly to its target customers. The advantage of direct distribution is that it gives a manufacturer complete control over their product.

Distribution Strategies Depending on the type of product being distributed there are three common distribution strategies available: 1. Intensive distribution: Used commonly to distribute low priced or impulse purchase products eg. chocolates, soft drinks.

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2. Exclusive distribution: Involves limiting distribution to a single outlet. The product is usually highly priced, and requires the intermediary to place much detail in its sell. An example of would be the sale of vehicles through exclusive dealers. 3. Selective Distribution: A small number of retail outlets are chosen to distribute the product. Selective distribution is common with products such as computers, televisions household appliances, where consumers are willing to shop around and where manufacturers want a large geographical spread. If a manufacturer decides to adopt an exclusive or selective strategy they should select a intermediary which has experience of handling similar products, credible and is known by the target audience.

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Promotion Strategies A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisations promotional mix strategy can consist of:

Types of promotion

Explanation

Advertising: Any non personal paid form of communication using any form of mass media. Public relations Involves developing positive relationships with the organisation media public. The art of good public relations is not only to obtain favorable publicity within the media, but it is also involves being able to handle successfully negative attention.

Commonly used to obtain an increase in sales short term. Could involve using Sales promotion: money off coupons or special offers. Personal selling: Selling a product service one to one Is the sending of publicity material to a named person within an organisation Direct mail allows an organisation to use their resources more effectively by Direct Mail allowing them to send publicity material to a named person within their target segment. By personalising advertising, response rates increase thus increasing the chance of improving sales. Listed below are links to organisation who's business involves direct mail. Internet Marketing Promoting and selling your services online.

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2. Target markets Targeting is defined as a group of people or organizations for which an organization designs, implements and maintains the marketing mix. A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. A welldefined target market is the first element to a marketing strategy. The target market and the marketing mix variables are the elements of a marketing mix strategy that determine the success of a product in the marketplace. Once these distinct customers have been defined, a marketing mix strategy can be built by the business to satisfy the target market. Target markets are groups of people separated by distinguishable and noticeable aspects. Target markets can be separated into: geographic segmentations (their location) demographic/socio-economic segmentation (gender,age, income occupation, education, sex, household size, age, and stage in the family life cycle) psychographic segmentation (similar attitudes, values, and lifestyles) behavioral segmentation (occasions, degree of loyalty) product-related segmentation (relationship to a product) Strategies For Reaching Target Markets: Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing differentiated marketing concentrated marketing micromarketing/ nichemarketing.

Mass marketing is a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. It is type of marketing (or attempting to sell through persuasion) of a product to a wide audience. The idea is to broadcast a message that will reach the largest number of people possible. Traditionally mass marketing has focused on radio, television and newspapers as the medium used to reach the audience.

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A principal concept in target marketing is that those who are targeted show a strong affinity or brand loyalty to that particular brand. Target Marketing allows the marketer to customize their message to the targeted group of consumers in a more focused manner. Here, in case of OTC pain killers, the target market is the entire market segment above the age group of 15 years in the general case. In this case mass marketing over various audio and visual media sources as well as direct marketing and selling would be useful. Giving away of free samples at outlets where the target audience is available in masses can be considered as a good beginning. For eg. promoting the product by means of certain pharmacists by explaining the product quality and usage to them as well as following the same with certain doctors where people come for pain related issues like orthopaedics. Also, promoting the product complimentary with certain products like first-aid kits can be useful.

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3. Best value to customers

The main aim of a marketer is to provide best value to the customer from its product in order to retain the customer and as a part of customer relationships. Every company values its customers and needs them to be loyal towards their product for the success of the product in the market. In management, business value is an informal term that includes all forms of value that determine the health and well-being of the firm in the long-run. Business value expands concept of value of the firm beyond economic value (also known as economic profit, Economic value added, and Shareholder value) to include other forms of value such as employee value, customer value, supplier value, channel partner value, alliance partner value, managerial value, and societal value. Many of these forms of value are not directly measured in monetary terms. Business value often embraces intangible assets not necessarily attributable to

any stakeholder group. Examples include intellectual capital and a firm's business model. The Balanced scorecard methodology is one of the most popular methods for measuring and managing business value. In the following case of OTC pain killers, we can provide the customer with the best value by providing a product with minimum of abusive power, minimum addictive strength, and maximum pain relieving quality, with negligible side-effects at an optimal and acceptable price for the targeted user.

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4. Value proposition to the target markets

A value proposition is a promise of value to be delivered and a belief from the customer of value that will be experienced. A value proposition can apply to an entire organisation, or parts thereof, or customer accounts, or products or services. Creating a value proposition is a part of business strategy. Kaplan and Norton say "Strategy is based on a differentiated customer value proposition. Satisfying customers is the source of sustainable value creation." Developing a value proposition is based on a review and analysis of

the benefits, costs and value that an organization can deliver to its customers, prospective customers, and other constituent groups within and outside the organization. It is also a positioning of value, where Value = Benefits - Cost (cost includes risk). Marketing has the following main objectives (after sales): 1. Retain your best, most active customers 2. Increase the value of most customers If your methods for retaining and increasing the value of customers are money-losers, you'll go out of business trying to keep your customers. A customer value-based marketing plan also has to be profitable. To retain and increase the value of customers, you have to engage them by communicating on a regular basis. If you don't, customers will be less loyal and either abandon you for a competitor who communicates with them, or will spend less with you over time. Marketing promotions are essential to any kind of customer retention effort; promotions drive the sales activity of customers. Customer retention results when you make, and the customer accepts, new offers over time. This process is an ongoing renewal of the relationship with a customer. There are three key components to maximizing profits in customer marketing: 1. Structuring offers to get the most profitable mix of response rate and cost of the offer. You don't want to limit response (offer too weak), or give away the store (offer too rich).

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2. Creating an "early warning system" to flag customers who are likely to leave you so they can be targeted for special promotions. This is accomplished by tracking customer behavior. 3. Identifying customer acquisition practices that optimize the value of new customers coming to the business in the first place. Every marketing plan involves customer feedback as an essential component. In the present case of OTC pain killers, the customer feedback is of immense importance to provide the best value proposition to the customers since the feedback will provide the company with the desired ways of improvement of the product to be introduces. Regular surveys can be of help in this regard.

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5. Conclusion

To conclude my project, I would like to state that an apt targeting strategy for the targeted segment together with a proper marketing mix of the 4 Ps (Product, Price, Place (distribution) and Promotion) is the best way to establish the OTC medicine in the market and to gain the maximum market share. Also an appropriate after sales feedback and value proposition is a must for the customers for both customer loyalty and retention as well as product improvement.

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REFERENCES
http://en.wikipedia.org/wiki/Marketing_mix http://www.learnmarketing.net/marketingmix.htm http://en.wikipedia.org/wiki/Marketing http://www.netmba.com/marketing/mix/ http://www.painrelieffoundation.org.uk/docs/painseries%20%20overthecountermedicines.pdf http://articles.latimes.com/2011/feb/11/health/la-he-0214-painkillers-biology20110211 http://health.howstuffworks.com/medicine/medication/otc-painkillers-warnings.htm http://en.wikipedia.org/wiki/Value_proposition http://en.wikipedia.org/wiki/Target_market

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