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Marketing Plan for a new product in existing market

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Marketing Plan for a new product in existing market

  1. 1. Pharmaceutical Marketing Azamu Shahiullah MD.Ashraful Amin Najib Hasnat
  2. 2. Marketing Plan for a new product existing in the market
  3. 3. Objectives  Our major objective are-  Increasing market share  Growing market sales  Enhancing strength of the brand  Creating loyal customers  Increase profit and cost effectiveness Common marketing objective:Achieve growth of the product in the market.
  4. 4. Market Planning process: Idea Generation Idea Screening Concept Development and testing Market Strategy development Business Analysis Product Development Test Marketing Commercialization
  5. 5. Market Strategy Development Examine the current state of the market Improve approach to the market Identify problems and challenges in the marketplace Emphasize on the local market Relate the business position to others
  6. 6. Environmental Analysis
  7. 7. Strengths Weaknesses Opportunities Threats Swot Analysis
  8. 8. Market Penetration Market Penetration Product Price Place Promotion
  9. 9. Market Development Target Market:  Target market includes-  People wanting quality products at a standard price  People wanting new and innovative features in the same old product  People wanting various flavors and tastes in a product
  10. 10. Push & Pull Strategy
  11. 11. Positioning Statement Having problems with bad breath, or long-term ache in the gums? No need to worry… Use Listerine Mouthwash and see the magical effect of this your gum problems and bad breath leaves you forever.
  12. 12. Branding Strategy Slowly build up Brand awareness This will be done as part of the overall marketing strategy for the next three to five years. Advertising and providing sample products
  13. 13. Public Relations Strategy Focus on the selected market segment and send a particular message to the consumers Create customer interest for the product Promote the message to the right people
  14. 14. Product Development Pricing Strategy • Consider the four factors- cost, demand, competition and image to improve sales • Use experience and market research Distribution Strategy • can be found at close-to-hand convenient stores and makes the product cost-effective to the customers. Promotional Strategy • We will promote the product by using advertising technique.
  15. 15. TestMarketing Market Potential Analysis Consumer Survey
  16. 16. Market Potential Analysis In this case, historical sales data can be used in assessing absolute market potentials. But they are hard to get. Customer Survey direct querying-by written questionnaire or verbally-of a sample of consumers selected from the potential consuming population. If possible, prototypes may be examined by the consumer. TestMarketing
  17. 17. Commercialization Gather final information whether to launch the product or not. If the product is launched, the company has to face high costs for the advertising, sales promotion, and other marketing efforts in the first year.
  18. 18. Bio Kult by Sandoz/Novartis (Bangladesh) Ltd Mission of Novartis Bangladesh Ltd  Mission is to care and cure.  Want to discover, develop and successfully market innovative products to prevent and cure diseases, to ease suffering and to enhance the quality of life.  Also want to provide a shareholder return that reflects outstanding performance and to adequately reward those who invest their money, their time and their ideas in our company.
  19. 19. Bio Kult by Sandoz/Novartis (Bangladesh) Ltd Portfolio Novartis has five business segments and is supported by global research organization, the Novartis Institutes for BioMedical Research (NIBR). These segments are strategically aligned to bring innovative, high-quality and affordable medicines and therapies to patients around the world.
  20. 20.  Bio-Kult is a unique probiotic with a high concentration of 14 strains of beneficial bacteria.  Bio-Kult is the recommended probiotic for those following the Gut and Psychology Syndrome Diet