mikhail tenazas rite med metformin
DESCRIPTION
TRANSCRIPT
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10 Step Marketing Plan for RiteMed MetforminMikhail G. Tenazas
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Positioning to the Primary Target Market
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Part 1: Steps 1 to 5
1.Target Market
2.Needs, Wants, Expectations
3.Choices (Competitors)
4.Opportunity (Gap)
5.Market Size (3 Cs)
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Primary target market
Demographics
People afflicted with Diabetes Mellitus Type II
Belonging to low-income bracket
Spans/covers all ages, sexes, genders
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Primary target marketLifestyle
Blue-collar workers, unemployed, underemployed
People with unhealthy lifestyles
Poor eating habits
Intake of fatty foods
Poor exercise habits
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Primary target market
Behavior
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FOODWATER
SHELTERHEALTH
GOOD HEALTH ENABLES ONE TO ACHIEVE SELF-
DEVELOPMENTFEELING GOOD
ABOUT ONESELF WHEN ONE IS DISEASE-FREE
Primary target market
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2. Needs, Wants, ExpectationsTarget market
Needs: physiological (health), self-esteem, self-actualization
Wants: affordability, good quality, reliability
Expectations: improvement in symptoms, better health
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3a. RiteMed Metforminhas many competitorsDirect:
Natrapharm GlaxoSmithKlineZuellig BoieBrittonHealth SaverLittmanMetro DrugNextChemPharma NutriaSanofi-AventisWinthrop
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3a. RiteMed Metforminhas 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
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3b. Competitive Position Map
2 most critical variables:
Price
Brand popularity
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RiteMed: Generic MedicinePrice/
Positioning Matrix
Relatively
UnknownPopular
Relatively
Popular
Very Popular
High Price
Low Price
ZuelliZuelligg
UnilaUnilabb
MetroMetrodrugdrug
Sanofi-Sanofi-AventiAventi
ss
NatraphaNatrapharmrm
PharmaPharma-nutria-nutria
BoieBoie
BrittoBrittonn
WinthrWinthropop
LittmanLittman
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4. RiteMed’s Metformin is positioned as an Effective yet Affordable Generic MedicineRiteMed 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
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Part 2: Steps 6-10
6. Product
7. Price
8. Promo
9. Place
10. Generic Winning Strategy Mix
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5. Market Size
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5a. Based on competitor data
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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
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5b. Based on company data, where RiteMed share is 2% market size is P5.29 BRiteMed 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
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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
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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
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6a. Photo
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6b. Product DescriptionContents: 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
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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
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Price Comparison
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8a. Promotion
Present Strategies
Advertising: Television and Radio
Public Relations: Corporate Social Responsibility
Direct Marketing: Sales Representatives
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8a. Promotion
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8a. Promotion
SALES REPRESENTATIVES
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8a. Promotion
CORPORATE SOCIAL RESPONSIBILITY
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Personal Suggestions
Advertising:
Advertise heavily on TV, print, and radio
Focus on product’s affordability while emphasizing quality
Sponsorship of events (seminars, workshops, conferences)
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Public Relations
Emphasis on corporate social responsibility
Sponsorship of charity programs
Involvement in medical missions, giving away free drugs
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Public Relations
Partnership with NGOs
Partnership with government programs
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Personal selling
Sales reps
Massive marketing push
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8b. Competitor PromoLeading Pharmaceuticals with no Metformin products:
Pfizer Inc
Wyeth Philippines
AstraZeneca
Bristol-Myers Squib
Novartis
Abott Lab
Roche Philippines
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8b. Competitor PromoBranded 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.
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8b. Competitor Promo
Generic Medicine Competitors:
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8b. Competitor Promo
Generic Medicine Competitors:
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9. Place
RiteMed is available in all Major Pharmacies Nationwide
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10. Generic Winning StrategyLow cost products but safe and effective
Affordable generic medicines of top quality
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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
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Summary5 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