Tata 1mg Marketing Strategy.pdf
Marketing Strategy of Tata 1mg, the presentation covers the complete analysis of Tata 1mg, its SWOT analysis, PEST analysis, About Tata 1mg, History , Business model of Tata 1mg, STP, and 4Ps. This presentation gives complete detail about the Revenue making strategy of Tata 1mg, how company follows various strategy to market itself and the SOWT and PEST analysis of the company. Marketing Management SWOT:- # STRENGTH Convenience: Tata 1mg provides its services through an online platform, which makes it convenient for customers to order medicines and healthcare products from the comfort of their homes. Strong Brand Image: Tata is a well-established brand in India and has a positive reputation for quality and reliability. This brand recognition helps Tata 1mg to gain the trust of its customers. Wide Range of Products: Tata 1mg offers a vast range of medicines and healthcare products to its customers. This extensive range gives them a competitive advantage over their competitors. Partnership with Local Pharmacies: Tata 1mg has partnered with local pharmacies across India, which helps them to ensure timely delivery of medicines to their customers. # WEAKNESS Limited Brand Recognition: Although Tata is a well-known brand in India, Tata 1mg is a relatively new player in the online pharmacy market. Thus, it has lower brand recognition compared to established players like Netmeds and PharmEasy. Low Penetration in Tier 2 and 3 Cities: Tata 1mg has limited presence in tier 2 and 3 cities of India. This makes it difficult for them to tap into a large market of potential customers. Difficulty in using the platform's app or website. # OPPORTUNITIES Increasing Healthcare Awareness: With the rise in healthcare awareness in India, there is a growing demand for online healthcare services. This trend provides an opportunity for Tata 1mg to expand its customer base. E-Pharmacy Regulations: The Indian government has recently introduced regulations for e-pharmacies, which provides a more structured and legal framework for online pharmacies. This can help Tata 1mg to expand its business with more regulatory clarity. Growing demand for telemedicine: The COVID-19 pandemic has increased the demand for remote healthcare services, including telemedicine. Tata 1mg can take advantage of this trend by expanding its teleconsultation services and reaching out to more customers. E-commerce potential: With the growth of e-commerce in India, Tata 1mg can explore opportunities for online sales of healthcare products, such as prescription drugs, over-thecounter (OTC) medicines, and health supplements. # THREATS Competition: The online pharmacy market in India is highly competitive, with several players fighting for market share. Tata 1mg faces intense competition from established players like Netmeds and PharmEasy. Regulatory Hurdles: The Indian government has introduced regulations for e-pharmacies, but these regulations can also pose challenges for Tata 1mg, such as compliance
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- 1. M. Pharm + M.B.A NMIMS, MUMBAI, College: Shobhaben Pratapbhai Patel School Of Pharmacy & Technology Management Presented by: Aparna Badwane(IP09) Rohit Raj(IP11) Anchal Tiwari(IP15) Tata 1mg Marketing Strategy
- 2. About the Company Vision and Mision History/ Timeline Business Model Revenue PEST Analysis SWOT Analysis STP 4P's of Marketing Talking Points
- 3. About Company Tata 1mg, is an online healthcare platform based in Gurugram, Haryana, India. Founded in April 2013 by Prashant Tandon, Gaurav Agarwal and Vikas Chauhan as HealthKartPlus, "Wikipedia of Medicine". They have 260M+ visitors and offer their services in 1800+ cities, and has completed 31M+ orders since its beginning. It provides services, including e-pharmacy, e- diagnostics, e-consultation and health content.
- 4. India’s leading digital consumer healthcare platform that provides E-Pharmacy Order medicines and health products online and get it delivered at home from licensed pharmacies Online Consultations Consult qualified and registered doctors on chat for free Labs Tests Book lab tests online for hassle-free, home sample collection service. Get reports online. Authentic Information Read medicine and health content written by qualified doctors and health professionals
- 5. VISION To empower Indian consumers and caregivers to select the most appropriate healthcare service at the best possible price. MISSION To make healthcare understandable, accessible and affordable for all Indians through a comprehensive website and mobile app. Vision and Mission
- 6. 2016 2013 2015 Launched E-Pharmacy business and included Consultation and diagnostics and Rebranded HealthKartPlus as 1mg. 2019 2021 2022 Timeline Prashant, Gaurav and Vikas started HealthKartPlus, 'Wikipedia of Medicine.' Named as one of India’s top 50 startups by The Economic Times. 2017 Acquires Dawailelo, MediAngels, and Medd.in. Entered the unicorn club after an internal funding of $41 million led by Tata Digital with valuation of $1.25 billion Tata Digital Ltd, acquired 55% stake in 1mg Technologies to form Tata 1mg. overall revenue from services grew 90.2% from Rs 41.8 crores in FY18 to Rs 79.5 crores in FY19.
- 7. 1mg business model works with certified pharmacies around the country to deliver medicine to your home. Here’s how an order is fulfilled by 1mg: 1. You go to the app and place your order. 2. The representatives from 1mg go to the nearest partner pharmacies. 3. The pharmacist picks up the products in your order. 4. The order is delivered to your home by a 1mg agent Business Model of Tata 1mg
- 8. Diagnostics and laboratory testing Online medicine ordering and delivery Consultation with a doctor Partnerships in healthcare Subscription-based care plans 1mg business model has 5 major revenue streams
- 9. On-call support during the day Email and contact us forms Network with licensed pharmacies Affiliated laboratories and diagnostic centers Sample collection personnel Build networks with insurance companies, and diagnostic centers Allowing members to set up 1mg franchise for INR 10,000 under the Sehat Ke Sathi program Tata 1mgAyush for Ayurvedic and homeopathy medicines home delivery Customer Relationship Key Resources Key Activities
- 10. Revenue
- 11. PEST Analysis:
- 12. Political Government Regulations Government Initiatives Privacy and security Regulations and policies
- 14. Social Health Awareness Demographic Changes Trust Ageing population Consumerism
- 16. SWOT Analysis:-
- 17. Strength Partnership with local pharmacies Convenience Strong Brand Image Wide range of Products
- 18. Weakness Difficulty in using the platform's app or website. Limited Brand Recognition. Low Penetration in Tier 2 and 3 Cities.
- 19. Opportunities Growing demand for telemedicine Increasing Healthcare Awareness E-Pharmacy Regulations E-commerce potential
- 20. Threats Competition Regulatory Hurdles Competition to online pharmacy from physical retail store Customer Complaints
- 22. GEOGRAPHIC SEGMENTATION - 1)Tier II and Tier III cities 2) Rolling offers according to localization 3) Based on the disease 4)Cater to the specific needs and preference SEGMENTATION DEMOGRAPHIC - 1)Age 2)Gender 3)Income 4)Education 5)Occupation PSYCHOGRAPHIC- 1)Health-conscious individual 2)Convenience 3)Information seekers 4)Value seekers
- 23. Chronoic disease patient Elderly customers Price sensentive customer Health conscious individual Targeting .
- 26. Products Medicines - PRESCRIPTION PRODUCT OTC PRODUCT
- 31. Price: Competitive Pricing Transparent Pricing
- 38. Bharosemand hai g Tata 1mg Thankyou g
- 39. Sinha, S. &Kotiyal, A.(2019). Current status of E-Pharmacy in India : 2019 Review Sinha, S.(2019). Know All About The E-Pharmacies In India References Ogunleye, O., & Osanjo, O. (2016). Healthcare professionals' perceptions of e-pharmacy: a qualitative study in Nigeria. Research in Social & Administrative Pharmacy, 12(4), 619-627. https://startuptalky.com/1mg-success-story/ LiveMint - "Amazon Pharmacies, Reliance Retail, Tata 1MG jostle for market pie" 1mg.com/aboutUs-story/ https://in.linkedin.com/company/1mg?original_referer