Under the guidance of 3M’s Strategic Marketing Planner, we conducted a brand perception study and competitive analysis of 3M within the pharmacy channel. Through observational research, in-depth interviews, and our own survey design and analysis we were able to analyse how the brand is perceived by pharmacists in relation to their key competitors. Additionally, we identified key purchasing drivers and barriers. We leveraged our insights to offer recommendations regarding how 3M can be more impactful in this channel and where they can fill gaps in the market.
Research and Development is the systematic activity combining both basic and applied research aimed at discovering new products or discovering new knowledge for improving the effectiveness of existing products for the innovation of business enterprise. Food and dairy industry rarely appreciate the value of R&D.
Presentation given by Muneeb Iqbal, Adnan, Dr Owais, Shahid Naved ,Ali Shah & Haris Vakeel on "New Product Development & Pricing Strategies" (of Marketing Mix/4 P's) to Sir.Nouman Ashraf in the course of "Principles of Marketing" at Hamdar University City Campus (HIMS).
References:
Principles of Marketing, 12 th edition, Phillip Kotler & Gary Armstrong.
This presentation discusses the importance of BOTH product and branding as key drivers for commercial success in new product development. It details a best practice staged tollgate new product development process along with an example of how it was used to successfully develop a new product from scratch. Then successful development of effective branding and positioning are also presented along with three live examples of how they were successfully deployed in the marketplace.
Rick Steinbrenner - The Global Brand Guy
(Note: this presentation includes three you tube videos which shows execution of the presented brands positioning. In order to view the videos, you need to do three things.
1) Must have a live internet connection while viewing
2) Download the presentation
3) Then view the presentation in slide show and enable the content when the security alert for macros and active X comes up - this may or may not happen depending on your computers settings.)
Research and Development is the systematic activity combining both basic and applied research aimed at discovering new products or discovering new knowledge for improving the effectiveness of existing products for the innovation of business enterprise. Food and dairy industry rarely appreciate the value of R&D.
Presentation given by Muneeb Iqbal, Adnan, Dr Owais, Shahid Naved ,Ali Shah & Haris Vakeel on "New Product Development & Pricing Strategies" (of Marketing Mix/4 P's) to Sir.Nouman Ashraf in the course of "Principles of Marketing" at Hamdar University City Campus (HIMS).
References:
Principles of Marketing, 12 th edition, Phillip Kotler & Gary Armstrong.
This presentation discusses the importance of BOTH product and branding as key drivers for commercial success in new product development. It details a best practice staged tollgate new product development process along with an example of how it was used to successfully develop a new product from scratch. Then successful development of effective branding and positioning are also presented along with three live examples of how they were successfully deployed in the marketplace.
Rick Steinbrenner - The Global Brand Guy
(Note: this presentation includes three you tube videos which shows execution of the presented brands positioning. In order to view the videos, you need to do three things.
1) Must have a live internet connection while viewing
2) Download the presentation
3) Then view the presentation in slide show and enable the content when the security alert for macros and active X comes up - this may or may not happen depending on your computers settings.)
Understanding strategy in innovation and technology oriented businessDurgarao Gundu
It is study of 3M strategy analysis. Its mission, vision, values, swot analysis, Porter’s Five forces Model, Core-Competency, Value chain analysis, Business level strategies.
The project objective was to choose a target market and devise a communication strategy in order to recruit new customers and foster brand loyalty. We proposed a new marketing campaign that leverages taglines and marketing copy directed at non-users, designed to help them overcome purchase barriers we identified through primary research.
3M Scotch 2228 Tape - 3M Scotch Rubber Mastic Tapes
3M Scotch 2228 Rubber (EPR) Mastic Tape is a conformable self-fusing rubber electrical insulating and sealing tape. 3M Scotch 2228 consists of an EPR backing coated with aggressive, temperature stable mastic adhesive designed for electrical insulating and moisture sealing applications. 3M Scotch 2228 is flexible over a wide temperature range with excellent weather and moisture resistance.
Applications for 3M Scotch 2228 mastic tape include providing primary electrical insulation to cable and wire connections up to 1000v and insulating busbar connections up to 33kV.
Primary electrical insulation for cable and wire connections rated up to 1000v
Electrical insulation and vibration padding for motor leads rated up to 1000v
Primary electrical insulation for bus bar connections rated up to 33kV-35kV
Padding for irregular shaped bus bar bolted connections
Moisture seal for cable and wire connections
Moisture seal for service drops
Moisture seal for ground wire and rod connections
Jacket seal on power cable applications
The following report gives an overview about Post-Its developed by 3M. Post-Its are highly successful products that have been in the market over the past few decades. We developed an Empathy Model to understand how customers view these products.
Is it Axle Grease? Or Peanut Butter? If you have an idea, an IP, a product, or a full blown suite of products, you may be sitting on a goldmine. Productisation is the art of packaging what you sell (or could sell) in ways that optimize your potential market, improve your margins, and your bottom line. This interactive, hands-on session will create a case study from YOUR ideas. Come prepared to see your products in a completely new light.
Pharmaceutical companies spend nearly 97 percent of their marketing budgets to capture initial market share.
Since the majority of spend goes towards attracting new consumers, efforts at retaining existing customers are given short shrift, with a paltry three percent of budgets. By focusing exclusively on new customers, companies are missing a valuable opportunity to increase sales and market share.
Pharmaceutical companies can no longer ignore the hidden value available by increasing patient adherence. Today, an estimated 70 percent of patients who begin a Pharmaceutical therapy discontinue it within 1 year, even those with chronic conditions that require ongoing treatment or those taking chemotherapy to prevent cancer recurrence. This costs the global Pharmaceutical Industry an estimated $30 Billion a year.
Put another way, increased adherence for a product with approximately $1 Billion in sales would translate to an additional $30 to $40 Million in annual revenue. In addition, since it costs six times more to attract new patients than to retain current patients, increasing the focus on, and yields from, adherence means additional money saved and earned.
Companies who implement strategies to increase adherence and persistence with their products can better face the numerous challenges in today’s market, and increase their share of profits.
But how does a company even begin? In this report we look at the formidable barriers Pharma companies face in improving adherence, elements of successful adherence programs and methods for ensuring the best ROI.
When Will Indian Pharma Get its Act Together? Anup Soans
Inside this Issue
1. Indian Medical Advisors Summit by Dr. Amit Dang
Photo essay and briefing.
2. Digital Pharma by Chandan Kumar
Digital is changing the fundamentals of the marketplace. Here’s how pharma can keep pace.
3. Selling Across Cultures by Anup Soans and Joshua Soans
Chapter extract from the new book The Art of Modern Sales Management by Renie Mcclay.
4. What You Measure is What Gets Done by Hanno Wolfram
Performance metrics are often a trade-off between ease and value. Is “calls-per-day” a meaningless metric that needs immediate replacement?
5. Book Review: Unlealthy Practices by Anup Soans
Review of the new work of fiction by Dr. Sumit Ghoshal.
Introduction
Cause for establishing the model pharmacy
Model Pharmacy initiatives
Objectives
Target Audience
Design of model pharmacy
Importance of model pharmacy
Future prospects
Conclusion
Description of the "KAM Expert Wheel" which is a method to structure the activities of Key Account Managers and help them cope with the complexity of their task
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
VAT Registration Outlined In UAE: Benefits and Requirements
3M Integration Challenge
1. A COMPETITIVE JOURNEY THROUGH
THE PHARMACY CHANNEL
TERRI MORTRUD | DAWN SLEDGE | SVETLANA ARISTARKHOVA | CASSIE HOZ | JULIJA SEMIONOVA | DARIA SAVCHENKO
July 2014
www.3m.com
2. STEPS TO RX SUCCESS
METHODOLOGY
SECONDARY
RESEARCH
Develop a firm
foundation and
understanding of the
company and the
market
OBSERVE SURVEY ANALYZE
Thorough observation
of product line and
consumer purchase
behavior at 15
pharmacies
IN-DEPTH
INTERVIEWS
In-depth interviews
with five pharmacists
and industry expert to
understand dynamics
of the channel
Built a survey based
on secondary research
and key findings from
observational to
address gap areas
Sort through data to
draw conclusions and
insights to improve
business proposition
of 3M pharmacy
channel
3. KEY FINDINGS
PHARMACIES
CONCLUSION
Through the analysis of our secondary research, we were able to narrow our scope and focus specifically on the
pharmaceutical channel, as its importance in the Spanish healthcare system will begin to increase.
SECONDARY RESEARCH
AGING OF EUROPE
• Predicted life expectancy of 77.7 for males and 83.8 for females by 2020
in Spain
• Aging populations will lead to increases in the number of people suffering
from chronic, expensive-to-treat diseases and disabilities
• Changing consumption patterns
HEAVY RELIANCE ON PHARMACIES IN THE FUTURE
• NHS will begin to reduce it’s resources, this means 10% reduction in
hospital charts and less beds
• Consumers will begin to rely on alternatives such as pharmacies and
other channels
4. KEY FINDINGS
PHARMACIES
CONCLUSION
This means that there is still opportunity for 3M to expand, especially with their product lines: Futuro, NexCare and ColdHot.
OBSERVATIONAL
• Pharmacist can easily influence customers who do not know a specific
brand name
• Increasing aging population in addition to increasing life expectancy
means there’s a need for more products for pain and chronic diseases
• Supply is based on preferences of the fixed audience of pharmacy
consumers
• Pharmacists can forecast what the customer wants and order these
products for them
IN-DEPTH INTERVIEWS
• Out of the 10 pharmacies observed, 7 did not have 3M products
• Some providers showed a preference for private label brands
• Brands offered by observed pharmacies: Hansaplast, Compeed, Urgo,
Leukosan, Lainco, Salvat, Meda, Smith & Nephew, Hatmann, Dr
Scholl, VIADOL
• Waiting times during peak hours
5. AUDIENCE AND SEGMENTATION
SURVEYING
Segment by areas with highest
percentage of people over the
age of 65
2 weeks to complete
surveying
Chamberi 32.75%
Salamanca 32.05%
Moratalaz 31.65%
Retiro 31.38%
La Latina 32.05%
1
2
3
4
5Target audience of
pharmacists, not the
end consumer
7. COMPARISON OF OVERLAPPING PRODUCTS
SECONDARY DATA
PRODUCT 3M HARTMANN MÖLNLYCKE SMITH & NEPHEW
Skin Care
Orthopedics
Medical Diagnosis
Adhesive Bandages
Personal Safety/Thermotherapy
Personal Care
8. OUR KEY COMPETITOR
ANALYSIS
VS
FAMILIARITY SMITH & NEPHEW MÖLNLYCKE HARTMANN 3M
LOW 89% 88% 3% 6%
MEDIUM 8% 12% 24% 52%
HIGH 3% 0% 73% 42%
Pharmacists surveyed said 3M and Hartmann are the top two choices in brands that they order, with 3M at 86% frequency and
Hartmann right behind with 82%.
CONCLUSION
9. OUR KEY COMPETITOR
ANALYSIS
ASSOCIATIONS SMITH & NEPHEW MÖLNLYCKE HARTMANN 3M
QUALITY 8% 4% 84% 90%
PRICE-QUALITY
RATIO
0% 2% 78% 83%
TRUST 6% 0% 87% 79%
INNOVATION 0% 0% 60% 76%
DURABILITY 6% 0% 61% 67%
3M is winning in almost every category except for trust. This could be because of their business mission. 3M prides themselves on
their innovation, while Hartmann focuses more on the client relationship with the brand.
CONCLUSION
10. OUR KEY COMPETITOR
ANALYSIS
3M and Hartmann are neck and neck: 2 for 2. There is one problem: 3M considers wound care one of their winning product
categories. However, according to pharmacists, Hartmann is addressing this better.
CONCLUSION
PRODUCT SMITH & NEPHEW MÖLNLYCKE HARTMANN 3M
WOUND CARE 8% 5% 70% 59%
CREAMS 15% 0% 35% 60%
BANDAGES 4% 4% 74% 67%
PAIN RELIEF 29% 5% 29% 43%
11. SWOT ANALYSIS
HARTMANN
S
TO
W
STRENGTHS
Focus on customer with total solution
Business strategy is adapted to demographic changes
OPPORTUNITIES
Expansion to emerging markets
Accommodating the needs of consumers in Iberia
THREATS
Might have difficulty gaining share of markets
outside of Europe since production is located in
Europe
WEAKNESSES
34% sales in Germany – need to adjust
production for other European regions
89% of sales in Europe – little expansion outside of EU
Most research conducted on European consumers
Europe is their primary market, so they are
knowledgeable of core issues and demand
Solutions for infection for quick healing results
Relationships with physicians/nurses to reduce
strain of daily treatment
Due to European economic instability, may lose
business due to dependence on this market
13. KEY PURCHASING DRIVERS
CONSUMERS
85% Price
37% Trust
58% Quality
73% Pharmacist recommendation
61% Doctor recommendation
55% Ask directly for product
9% Browse displayed products
75% Ask for advice
39% Ask for a specific brand
22% No influence
72% Purchase what’s prescribed
19% Purchase least expensive
PURCHASE
INFLUENCERS
PURCHASE
PROCESS
DECISION
INFLUENCERS
14. BARRIERS TO PURCHASING
PHARMACISTS
QUALITY 72%
PRICE-QUALITY
RATIO
58%
TRUST 43%
DURABILITY 15%
INNOVATION 6%
SUSTAINABILITY 1%
3M is most highly associated with Quality and Price-Quality Ratio. These are the two main points that they communicate in their
messages, so this is successful. They are least associated with innovation in the eyes of pharmacists.
CONCLUSION
CLIENT DEMAND
REASONS FOR
SWITCHING
BRANDS
POOR SALES
PRICE-QUALITY RATIO
OVERALL QUALITY
15. POWER OF THE PHARMACIST
RECOMMENDATIONS
NEVER SOMETIMES FREQUENTLY ALWAYS
HARTMANN 7% 18% 66% 9%
3M 5% 45% 42% 8%
VS
Pharmacists are more likely to recommend Hartmann products. This may be related to their core business mission of establishing
strong relationships with key decision makers, building a bond of trust between Hartmann and the pharmacists.
CONCLUSION
16. POWER OF PHARMACISTS
CONSUMERS
0%94%
OF CONSUMERS FREQUENTLY BUY
RECOMMENDED PRODUCTS
There is a very slim likelihood of consumers not purchasing recommended products. 94% of pharmacists frequently recommend
brands and products to consumers but only half the time are referring 3M.
CONCLUSION
OF CONSUMERS NEVER BUY
RECOMMENDED PRODUCTS
17. LIMITATIONS OF STUDY
4 KEY NOTIONS
Sample size (n=70)
Did not survey end consumer
Key decision makers are hard to
contact
Time limitation
19. BUSINESS CONCEPT
RECOMMENDATIONS
UPDATES IN STRATEGY
Establishing mutual communication with pharmacists
Driving sales in wound care
Reaching the end-consumer through targeted communication strategy
20. RECOMMENDATIONS
RELATIONSHIPS
RELATIONSHIPS
Despite the fact the 3M is considered to be high quality and well priced,
pharmacists have a strong sense of trust in the Hartmann Brand.
Hartmann is winning with pharmacists in the sense that they’re more willing
to recommend Hartmann products.
3M must invest more resources in relationship building with key decision
makers.
• Utilize 3M innovation center for yearly pharmacy conference highlighting
new innovations and product specialties
• Use this as a space to educate industry on key products related to
emerging trends in healthcare, such as the aging population
• Constant communication with pharmacists to understand their needs and
those of their clients
ACTION PLAN
BACKGROUND
21. RECOMMENDATIONS
ASSOCIATIONS
WOUND CARE
BACKGROUND
3M is highly associated with wound care, but Hartmann’s products are
recommended at a much higher rate.
Hartmann is also considered to be addressing wound care issues better
than 3M.
ACTION PLAN
3M needs to drive customers to the pharmacist requesting their products.
• Complementary product bundles such as brand-aids with creams in order
to drive cross-sales
22. RECOMMENDATIONS
COMMUNICATION
COMMUNICATION
BACKGROUND
3M is considered by pharmacists to communicate best with end-users when
compared to other brands (85%)
ACTION PLAN
Leverage this strength to become top of mind and drive consumers to the
pharmacy with the intention of purchasing 3M products.
• Develop a communication plan expressing the unique benefits 3M
provides to elderly consumers, i.e. creams developed for their specific
needs, etc.
24. COMPETITIVE ANALYSIS
• Multinational medical technology company that is one of the
leading producers of advanced wound management
products
• Main areas of focus: orthopedic reconstruction (join
replacement systems), advanced wound management,
sports medicine, trauma
• Strategic priorities:
• Gain market share in established markets through
innovation and efficiency
• Build strong direct customer in emerging and international
markets and use to develop tailored products
• Invest more in R&D in support of innovation that will
maximize value
• Streamline operation and manufacturing in order to
maximize efficiency
• Growth through the acquisition of technologies,
manufacturing and distribution
25. COMPETITIVE ANALYSIS
• Global professional healthcare brand known for unique, high
quality product and innovative technologies that allow
patients to live better lives and help healthcare professionals
efficiently treat more patients to better care
• Main areas of focus: wound care, surgical products and
service provider to healthcare sector
• Strategic priorities:
• Innovation is a core part of Molnlycke’s DNA by helping them
offer new products that better suit their patients needs
• Drive expansion through innovation which allows company
to reinvest in the business