Mikhail tenazas rite med metformin

2,137 views

Published on

Published in: Business, Health & Medicine
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
2,137
On SlideShare
0
From Embeds
0
Number of Embeds
175
Actions
Shares
0
Downloads
28
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

Mikhail tenazas rite med metformin

  1. 1. 10 Step Marketing Plan for RiteMed Metformin Mikhail G. Tenazas
  2. 2. Positioning to the Primary Target Market
  3. 3. Part 1: Steps 1 to 5 1. Target Market 2. Needs, Wants, Expectations 3. Choices (Competitors) 4. Opportunity (Gap) 5. Market Size (3 Cs)
  4. 4. Primary target market Demographics People afflicted with Diabetes Mellitus Type II Belonging to low-income bracket Spans/covers all ages, sexes, genders
  5. 5. Primary target market Lifestyle Blue-collar workers, unemployed, underemployed People with unhealthy lifestyles Poor eating habits Intake of fatty foods Poor exercise habits
  6. 6. Primary target market Behavior
  7. 7. FOOD WATER SHELTER HEALTH GOOD HEALTH ENABLES ONE TO ACHIEVE SELF-DEVELOPMENT FEELING GOOD ABOUT ONESELF WHEN ONE IS DISEASE-FREE Primary target market
  8. 8. 2. Needs, Wants, Expectations Target market Needs: physiological (health), self-esteem, self- actualization Wants: affordability, good quality, reliability Expectations: improvement in symptoms, better health
  9. 9. 3a. RiteMed Metformin has many competitorsDirect: Natrapharm GlaxoSmithKline Zuellig Boie Britton Health Saver Littman Metro Drug NextChem Pharma Nutria Sanofi-Aventis Winthrop
  10. 10. 3a. RiteMed Metformin has 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
  11. 11. 3b. Competitive Position Map 2 most critical variables: Price Brand popularity
  12. 12. RiteMed: Generic Medicine Price/ Positioning Matrix Relatively Unknown Popular Relatively Popular Very Popular High Price Low Price ZuelligZuellig UnilabUnilab MetroMetro drugdrug Sanofi-Sanofi- AventisAventis NatrapharNatraphar mm Pharma-Pharma- nutrianutria BoieBoie BrittonBritton WinthroWinthro pp LittmanLittman
  13. 13. 4. RiteMed’s Metformin is positioned as an Effective yet Affordable Generic Medicine RiteMed 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
  14. 14. Part 2: Steps 6-10 6. Product 7. Price 8. Promo 9. Place 10. Generic Winning Strategy Mix
  15. 15. 5. Market Size
  16. 16. 5a. Based on competitor data
  17. 17. 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
  18. 18. 5b. Based on company data, where RiteMed share is 2% market size is P5.29 B RiteMed 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
  19. 19. 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
  20. 20. 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
  21. 21. 6a. Photo
  22. 22. 6b. Product Description Contents: 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
  23. 23. 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
  24. 24. Price Comparison
  25. 25. 8a. Promotion Present Strategies Advertising: Television and Radio Public Relations: Corporate Social Responsibility Direct Marketing: Sales Representatives
  26. 26. 8a. Promotion
  27. 27. 8a. Promotion SALES REPRESENTATIVES
  28. 28. 8a. Promotion CORPORATE SOCIAL RESPONSIBILITY
  29. 29. Personal Suggestions Advertising: Advertise heavily on TV, print, and radio Focus on product’s affordability while emphasizing quality Sponsorship of events (seminars, workshops, conferences)
  30. 30. Public Relations Emphasis on corporate social responsibility Sponsorship of charity programs Involvement in medical missions, giving away free drugs
  31. 31. Public Relations Partnership with NGOs Partnership with government programs
  32. 32. Personal selling Sales reps Massive marketing push
  33. 33. 8b. Competitor Promo Leading Pharmaceuticals with no Metformin products: Pfizer Inc Wyeth Philippines AstraZeneca Bristol-Myers Squib Novartis Abott Lab Roche Philippines
  34. 34. 8b. Competitor Promo Branded 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. • Sales RepresentativesProduct SamplesSponsorship of events, conferences, etc.
  35. 35. 8b. Competitor Promo Generic Medicine Competitors:
  36. 36. 8b. Competitor Promo Generic Medicine Competitors:
  37. 37. 9. Place RiteMed is available in all Major Pharmacies Nationwide
  38. 38. 10. Generic Winning Strategy Low cost products but safe and effective Affordable generic medicines of top quality
  39. 39. 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
  40. 40. Summary 5 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

×