Business Marketing Plan: Deluxe Pharmaceutical Company (Essay Sample)

MARKETING PLAN
Name
Institution
Contents TOC \o "1-3" \h \z \u 1.0Excecutive Summary PAGEREF _Toc507179043 \h 31.2Situation Analysis PAGEREF _Toc507179044 \h 31.3Market Summary PAGEREF _Toc507179045 \h 31.4Market Demographics PAGEREF _Toc507179046 \h 31.5Market Needs PAGEREF _Toc507179047 \h 41.6Market Trends PAGEREF _Toc507179048 \h 41.7Market Growth PAGEREF _Toc507179049 \h 53.0SWOT Analysis PAGEREF _Toc507179050 \h 53.1Strengths PAGEREF _Toc507179051 \h 53.2Weaknesses PAGEREF _Toc507179052 \h 53.3Opportunities PAGEREF _Toc507179053 \h 63.4Threats PAGEREF _Toc507179054 \h 63.5Competition PAGEREF _Toc507179055 \h 63.6Business Model Description PAGEREF _Toc507179056 \h 64.0Key to success PAGEREF _Toc507179057 \h 74.1Research and development PAGEREF _Toc507179058 \h 74.2Regulations PAGEREF _Toc507179059 \h 74.3Sales PAGEREF _Toc507179060 \h 75.1Mission PAGEREF _Toc507179061 \h 85.2Marketing Objectives PAGEREF _Toc507179062 \h 85.3Financial Objectives PAGEREF _Toc507179063 \h 85.4Target market PAGEREF _Toc507179064 \h 95.5Positioning PAGEREF _Toc507179065 \h 95.6Strategies PAGEREF _Toc507179066 \h 95.7Market mixing PAGEREF _Toc507179067 \h 106.0Marketing Research PAGEREF _Toc507179068 \h 117.0Financials PAGEREF _Toc507179069 \h 118.0Controls PAGEREF _Toc507179070 \h 129.0Recommendations PAGEREF _Toc507179071 \h 12
1.0Executive Summary
Deluxe Pharmaceutical, a privately owned pharmaceutical company specialized in Cancer chemotherapy drugs, will evolve, distribute and manufacture those generic and also brand name medications in London. The company will be located in Winchester. In the current world the pharmaceutical industry have been changing dramatically, reflecting the changes in the environment. Understanding and countering these changes with new and high efficacy drugs is the day to day goal and challenge that affects the pharmaceutical industry.
Pharmaceutical customers are Health Practitioners and patients who have cancers.
Our goals will be:
* Improving drugs which are excising in our company.
* Discovering new drugs
* Decreasing the researching and development cost, by speeding up the involved process.
Deluxe Pharmaceutical Company will increase its market through advertising which will be targeting the medical Practitioners and patients. Our expectation is to reach high profitability by our third year and we will generate over KKK millions in sales by our third year.
1.2Situation Analysis
Deluxe Pharmaceutical Company marketing environment have many opportunities of increasing its sales. The environment also contains some of challenges which the company greatly believes in its capability to meet them.
1.3Market Summary
Deluxe Pharmaceutical Company market demographic will be patients who have cancer and are being managed and medical practitioners. The most important thing is to direct our marketing strategies to the consumers, this is because many patients will come and ask for that medication which they heard or saw being advertised in the media. The Sales representatives will be contacting the medical practitioners and the patients and give them information of available drugs and give them free medical.
1.4Market Demographics
Patients and clinicians will be the market demographics. The marketing demographics will be concentrated directly to the patients and clinicians. When advertising our products will make use of bill boards which will be put in the health facilities, televisions online marketing and using sales representatives. The sales representatives will be contacting the medical practitioners and provide them with information of our drugs and give them free samples. Medical practitioners, especially the physicians are the final decision makers because they determine which drug to prescribe to their clients.
1.5Market Needs
Deluxe Pharmaceutical will supply our target demographic with drugs which are brand named and also the generic medications. Deluxe Pharmaceutical sales representatives will be rendering the medical practitioners and the patients with the updated information about the drugs, where to get them, new information pertaining to any new medication which will be introduced in the market and also the prices which are competitive in the pharmaceutical industry.
1.6Market Trends
The current market trend which is affecting the pharmaceutical industry greatly includes:
* There is increased rates of licensing
* Increased costs of marketing and advertising products
* Rugged food and drugs regulations involving drug approval. This is because of increased issues with drug safety. Food and Drug administration have been given a lot of power in the Pharmaceutical industries which have highly affected the profit and revenue of pharmaceuticals companies all over.
Having these factors in place they will help Deluxe Pharmaceutical, to plan on a scheme that will respond to these changes and increase the profit.
1.7Market Growth
Globally, the pharmaceutical market is estimated to be nearly $ 4,430 by the year 2020. The United States globally share in the market is estimated to increase from 42.3% that is in 2015 to 44% in 2020. The high profit which is gained by the pharmaceutical industry in London has much to do with the compliance of patients to medications. In the future the pharmaceutical industry will continue growing due to increased demand and supply of medications.
3.0SWOT Analysis
3.1Strengths
* Market strategy which is strong, proving to be highly effective, helping in increasing the profits.
* Products and services of high quality which will help in ensuring the customer returns again.
* Prices which are competitive than those of our rivals
* Knowledgeable and friendly sales representatives.
* Clear vision of market need. We are aware of our consumers and how we will create products and services which will be pleasing to our customers.
3.2Weaknesses
* The Company is new to the business
* There is no constituted reputation with patients or medical practitioners.
* Our company is not functioning internationally; this has negative effect to the success of the company because it’s not able to reach those consumers who are in overseas markets.
* The research and development is slow and it’s constantly making a new product which is a major weakness in pharmaceutical industry.
3.3Opportunities
* Expansion into other markets which are available
* Holding the opportunity to expand the consumer through new products
* Looking the opportunities to export our products so that we can raise the profit.
3.4Threats
* Emerging competitors.
* Rapidly falling of costs. The price wars between competitors are likely to damage the profits.
* There is high competition from overseas.
* The price of supplying is increasing.
3.5Competition
Our pharmaceutical competition consists of other established pharmaceutical companies which operate nationally and globally. This will help in gaining global and financial benefit which will reach a wide audience view and also reduce the cost of the branding name and generic drugs which may seem to be more pleasing and attractive to medical practitioners and patients.
3.6Business Model Description
MARKETMANUFACTURERESEARCH ANDDEVELOPMENT
4.0Key to success
4.1Research and development
Research and development is a slow process. The pharmaceutical industries have created collaborations with the laboratories, organizations which conducts research and firms of biotechnology in order to keep up with the changing environment. The knowledge which the management team has will help in ensuring the information which is collected from all other sources is documented and passed on to our internal pharmaceutical team.
4.2Regulations
The process which the drugs move from the discovery, to be tried in the clinic and for it to be approved by Food and Drug Administration is a long and slow one. In order to speed this process and quick distribution of information, our internal pharmaceutical team with their knowledge will be able to analyze, share, and gather its knowledge in terms of resources and the documents.
4.3Sales
In the pharmaceutical industry the sales representatives are crucial in the company for the role that they hold because there exists high competition in the market currently. What will make Deluxe Pharmaceutical stand out to be best from other pharmaceutical industries is that, the sales representative team should always keep in touch with the medical practitioners updating them on new drugs and how the products have changed.
5.0Market Strategy
5.1Mission
The Deluxe Pharmaceutical have this purpose, research, manufacture, develop and market to patients and clinicians drugs. Our main focus and goal will not be proving the clinicians and patients drugs but also to make them aware of new drugs in the market. Deluxe Pharmaceutical Company will build on this mission; everything the team does must be done with this mission focused in mind.
5.2Marketing Objectives
* Increase the customer’s updated information of Deluxe Pharmaceutical and the products which we offer.
* Growing the total sales by 20% annually
* Build the customer loyalty through a program which will be conducted by sales representatives to educate th...