Coo 10 step marketing plan
Download as PPT, PDF2 likes2,624 views
This document outlines a 10 step marketing plan for Zykast, a new antihistamine/antiallergic drug intended for doctors treating patients over 15 with allergy and asthma symptoms. The plan targets these doctors and analyzes the market, competitors, promotional strategies, and positioning of Zykast to fulfill an unmet need for an affordable, effective treatment with minimal side effects. Key competitors and differentiators are identified. The overall market is estimated at $11.9 billion growing 3% annually.
Coo 10 step marketing plan
- 1. 1 10 STEP Marketing Plan for Zykast (Montelukast Sodium/ Levocetirizine diHCl) Joseph P. Coo August 2015 http://josephpcoo.blogspot.com
- 2. This 10 Step Marketing Plan is part of the mandatory requirements of Prof. Remigio Joseph De Ungria’s AGSB marketing management class. The data included in this report are based on publicly available data such as those on internet websites, news, package declarations, public reports. When appropriate, data are “masked” so as not to create unexpected conflicts. The reports are posted and linked on slideshare, blogs and facebook so that there is easier sharing among students from different marketing classes. Disclaimer
- 3. 1. Target: Doctors prescribing antihistamines to patients 15 years old and above suffering from allergy and asthma 2. NWD: Need for an immediate and long-acting antihistamine medication that is easy to take, has minimal side effects at a reasonable price 3. There is one other brand with the same formulation 4. Opportunity is found in the lack of competition and innovativeness of product. Zykast fulfills the need for an effective, affordable and safe product that can treat the symptoms of allergy and asthma. 5. Market is currently at P11.9 billion with a 3% value sales growth Zykast PTM and Market
- 4. 6. Zykast (Montelukast Sodium/ Levocetirizine diHCl) 10mg/5mg tablet is an antileukotriene/antihistamine that is indicated in relief of symptoms associated with seasonal and perennial allergic rhinitis and asthma in patients above 15 years of age 7. Zykast is 30.50php SRP per tablet and comes in packs of 30 tablets 8. Promotional effort is from medical representatives and the referral or word-of-mouth from other physicians who have prescribed the product with great success 9. Zykast is available at all major drugstores nationwide 10. Zykast will differentiate through the use of its more established brand name and innovative treatment of both allergic rhinitis and asthma Zykast Marketing Mix & Strategy
- 5. 1. Zykast Primary Target Market Physicians who see patients > 15 years old suffering from allergies and asthma (ex. Allergists, Immunologists, Pulmonologists, General Practitioners) Doctors whose main objective is to relieve patients of symptoms and causes of illness Behavior (when consumed, how much, how frequent, special concerns) Prescription of antihistamines to more than 10 million sufferers of asthma and allergies, there is a need for the introduction of more effective combinations and affordable brands
- 6. Describe your PTM needs 6 Reference: Maslow’s Hierarcy of Needs Marketing Management, 11th ed, Philip Kotler Fulfilling role of doctor Minimize side effects Relieve symptoms of px Recognition as competent Affection of patients
- 7. 2. Zykast NWD Need: To be successful in treating patients suffering from allergies and asthma, to receive praise as a competent physician Want: Efficacious product, minimal side effects, affordability, respected brand Demand: Effective product, patient compliance, availability
- 8. 3a. Direct and indirect products that address Zykast’s NWD There is one other drug that is the same clinical profile as Zykast: Co-Altria (Ajanta Pharma Phil.) Factors that can affect choice of physicians include efficacy, side effects, price, brand recognition, clinical studies
- 9. 3b. Position map for antihistamine/antiallergy Price vs. Quality Matrix as of 2015 High price Low price High quality Low quality Zykast Co-Altria
- 10. 4. Gap between customers and competition Opportunity is found in the lack of competition and innovativeness of product. The need for a effective, affordable and safe drug that can be used to treat symptoms related to allergic rhinitis and asthma. For patients 15 years old and above, suffering from symptoms of allergy and asthma, Zykast tablet is an antihistamine/antiallergic formulated tablet that can not only treat immediate but also long-term symptoms.
- 11. 5a. Estimate the market size using competitor data There is lacking information online that is credible to make any estimation on market size Market size on cough, colds and allergy medication are currently P11.9 billion with value sales growth of 3% (http://www.euromonitor.com/cough-cold-and- allergy-hay-fever-remedies-in-the- philippines/report)
- 12. 5b. Estimate the market size using company data 1. Market size of P11.9 billion for cough, colds, allergy remedies 2. Since the product is relatively specific for those with asthma and allergic rhinitis symptoms, market share for Zykast should be a very small percent of the market size for cough, colds and allergy remedies
- 13. 5c. Estimate the market size using customer data 1. Usage per day or per year Per person 1 tab (10mg/5mg) once daily for 7 days Ave. cost per tab = P30.50 Ave. treatment cost per day = P30.50 Ave. treatment cost per week = P213.50 Ave. cost of treatment per person per year = ~P78,000
- 14. 5. Actual market size 1. Competitor data= P11.9 billion 2. Company data = N/A 3. Customer Usage data = N/A
- 15. 6a. Zykast vs. Co-Altria
- 16. 6b. Product Description Zykast (Montelukast Sodium/ Levocetirizine diHCl) 10mg/5mg tablet, comes in packs of 30 tablets, is an antileukotriene/antihistamine that is indicated in relief of symptoms associated with seasonal and perennial allergic rhinitis and asthma in patients above 15 years of age.
- 17. 7. Price Zykast (30.50php) vs. Co-Altria (29.50php) per tablet 3% difference in price Premium pricing strategy is used
- 18. 8a. Which of these modes does your product use? ** Pls. rank most used, 1-highest use 1 2 3
- 19. 8a. Zykast Promotions Medical representatives visit clinics Product samples Gifts and giveaways Physician word-of-mouth/referral
- 20. 8b. Competitor promo Word-of-mouth and referrals
- 21. 9. Place Zykast is available in all major drugstores nationwide
- 22. 10. What is the generic winning strategy? Low Cost Producer Supply and Distribution Leverage Differentiation Niche
- 23. 23 SUMMARY
- 24. 1. Target: Doctors prescribing antihistamines to patients 15 years old and above suffering from allergy and asthma 2. NWD: Need for an immediate and long-acting antihistamine medication that is easy to take, has minimal side effects at a reasonable price 3. There is one other brand with the same formulation 4. Opportunity is found in the lack of competition and innovativeness of product. Zykast fulfills the need for an effective, affordable and safe product that can treat the symptoms of allergy and asthma. 5. Market is currently at P11.9 billion with a 3% value sales growth Zykast PTM and Market
- 25. 6. Zykast (Montelukast Sodium/ Levocetirizine diHCl) 10mg/5mg tablet is an antileukotriene/antihistamine that is indicated in relief of symptoms associated with seasonal and perennial allergic rhinitis and asthma in patients above 15 years of age 7. Zykast is 30.50php SRP per tablet and comes in packs of 30 tablets 8. Promotional effort is from medical representatives and the referral or word-of-mouth from other physicians who have prescribed the product with great success 9. Zykast is available at all major drugstores nationwide 10. Zykast will differentiate through the use of its more established brand name and innovative treatment of both allergic rhinitis and asthma Zykast Marketing Mix & Strategy