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10 step marketing plan

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10 step marketing plan by Conrad Josef Q. Villafuerte

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10 step marketing plan

  1. 1. 10 Step Marketing Plan Restor-F Vitamins CJ Villafuerte January 2011 CJQV ASM+PH 2012
  2. 2. Outline I. Primary Target Market II. Needs, Wants, Demands III. Competition IV. Gap, Position, Opportunity V. Market Size VI. Product VII. Promotion VIII. Price IX. Place X. Generic Winning Strategy CJQV ASM+PH 2012
  3. 3. Primary Target Market  Restor-F PTM are “energy seeking teens and adults”  Who want to be:  Active  Be free of disease  Improved Function  Can choose Centrum, Clusivol, Enervon, etc.  Gap is all other brands focus on other vitamin combinations and savings  The market size is P2 Billion, Restor-F niche is P10 million CJQV ASM+PH 2012
  4. 4. Marketing Mix & Strategy  Restor-F softgel capsule  Is 300% premium  Uses the internet  Is distributed nationwide  Uses a differentiation approach to win
  5. 5. Positioning to the Primary Target Market Part 1: Steps 1 to 5
  6. 6. Restor-F Primary Target Market are “energy-seeking adults”  Demographics (teens & adults, 14-59, M/F, social class ABC, single/married)  Lifestyle (studying, just starting work, working, retired)  Behavior (one capsule once a day) CJQV ASM+PH 2012
  7. 7. Influencing Buyer Behavior CJQV ASM+PH 2012 I will be able to see my full potential, if I am healthy. I have a responsibility to be healthy
  8. 8. My PTM’s Needs, Wants, Demands CJQV ASM+PH 2012  Teens & Adults need to fulfill their responsibilities, self-actualization  Teens & Adults choose Restor-F over other vitamins because of price, product mix and FDA approval  Teens & Adults expect more energy, restored performance despite declining mental and physical function, including less disease and stress
  9. 9. Restor-F has many formidable competitors  Direct: Centrum, Stresstabs, Clusivol, Enervon, Pharmaton, Polynerv etc.  Indirect: Fad or Healthy Diets/Lifestyles, Health Drink  Variables: Age, Price, Packaging, availability, occasion of use, brand, Product mix CJQV ASM+PH 2012
  10. 10. Restor-F: Multivitamin High Priced- Product with Unique Constituents Low Price High Price Modest MultiVitamin Formulation Increased MultiVitamin Formulation Increased Vitamin Formulation with Unique Constituent CJQV ASM+PH 2012 Clusivol Enervon Centrum Restor-F
  11. 11. Restor-F unique positioning is shown in this competitive map Centrum Clusivol Enervon Restor-F Increased Energy ++ ++ ++ ++ Enhanced Immune System ++ ++ ++ ++ Treatment & Prevention of Vitamin/Mineral Deficiency ++ ++ ++ Maintains strong bones ++ Restore Efficient Performance ++ CJQV ASM+PH 2012
  12. 12. Restor-F Positions in a Differentiation Market Opportunity  Restor-F is the only multivitamin with comprehensive combination of:  Taurine Chlorella, Ginseng, Rutin, Folic Acid and Lecithin  For adults  Who want more vigor/stamina, restored mental and physical function and less disease/stress  No brand has a similar product combination  Others focus on low prices and other combinations CJQV ASM+PH 2012
  13. 13. Market Size: Competitor Data  Unilab claims 20% market share of total Philippine pharmaceutical industry  Estimate that Vitamin Market share is 5%  Estimate of P250, 000, 000 Revenue from Vitamins  Market Size: P5 Billion CJQV ASM+PH 2012
  14. 14. Market Size: Company Data  Folares Pharmaceuticals, Inc Data: Restor-F sales at P10M  Market Share Data: Estimate of 0.5% market share  Market Size = P10 M / 0.005 = P2 B CJQV ASM+PH 2012
  15. 15. Market Size: Customer Data  Vitamin Usage:  61 Million Population 14-64 Age Group take 1 Multivitamin each day at P5.00  61 x 1 x 5 = $305 Million (at the minimum) CJQV ASM+PH 2012
  16. 16. Conclude that vitamin market is …  Competitor data: P5 Billion  Company data: P2 Billion  Usage data: <$305 Million  Average Market Size: P2, 435, 000, 000 CJQV ASM+PH 2012
  17. 17. The Marketing Mix Strategy Part 2: Steps 6 to 10
  18. 18. The Vitamin Industry is dominated by several brands CJQV ASM+PH 2012
  19. 19. Product Description  Restor-F is a brownish softgel capsule that contains taurine, Chlorella pyrenoidosa powd, Korean Panax ginseng, rutin, lecithin, folic acid, retinyl palmitate (A), thiamine nitrate (B1), riboflavin (B2), pyridoxine HCl (B6), nicotinamide (B3), cyanocobalamin (B12), ascorbic acid (C), cholecalciferol (D3), dl-α-tocopheryl acetate (E), calcium, iron, zinc. It also contains the following excipients: Vegetable oil, beeswax and soya oil.  It is sold in 2 packages (30’s and 100’s) CJQV ASM+PH 2012
  20. 20. Price – Close-up is % premium priced on Generic Brands  Pack of 30 = P516.09  Pack of 100 = P1720.29 Restor-F is priced at 300% higher than leading brands with aim of maximizing profits through its differentiation CJQV ASM+PH 2012
  21. 21. Promotion CJQV ASM+PH 2012
  22. 22. Promotion CJQV ASM+PH 2012
  23. 23. Competitor Promotion CJQV ASM+PH 2012
  24. 24. Competitor Promotion CJQV ASM+PH 2012
  25. 25. Competitor Promotion CJQV ASM+PH 2012
  26. 26. Distributed Nation-Wide using Folares Pharmaceuticals, Inc.  Drug-stores (Mercury)  Nation-Wide  Pick-up by Customers  Cash and credit transaction CJQV ASM+PH 2012
  27. 27. Generic Winning Strategy  Low Cost Producer  Supply and Distribution Leverage  Differentiation  Niche CJQV ASM+PH 2012
  28. 28. Restor-F is a Unique  Restor-F’s main strategy is to distinguish itself apart from the other adult vitamin products in the market  It benefits from uniqueness of the vitamin combination it offers  Has an excellent, reasonably-priced product distributed nation-wide CJQV ASM+PH 2012
  29. 29. Summary
  30. 30. Primary Target Market  Restor-F PTM are “energy seeking teens and adults”  Who want to be:  Active  Be free of disease  Improved Function  Can choose Centrum, Clusivol, Enervon, etc.  Gap is all other brands focus on other vitamin combinations and savings  The market size is $2 Billion, Restor-F niche is $10 million CJQV ASM+PH 2012
  31. 31. Marketing Mix & Strategy  Restor-F softgel capsule  Is 300% premium  Uses the internet  Is distributed nationwide  Uses a differentiation approach to win
  32. 32. References  Note: Data of the just described products came from public internet websites and public sources  http://folarespharma.com/index.htm  http://www.unilab.com.ph/  http://centrum.com/  http://mims.com
  33. 33. 10 Step Marketing Plan Vitamin Industry CJ Villafuerte January 2011 CJQV ASM+PH 2012

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