Professional Documents
Culture Documents
INSOGUM
The Marketing Plan
Submitted To: Madam Seerat Fatima
BS (Accounting & Finance) – (2006‐2010)
BZU ‐ Multan, Pakistan.
“Preface”
Getting practical knowledge should be one of the major aims of any business program.
Department of Commerce, Bahauddin Zakariya university, Multan has started following
policy of assigning different practical assignments to its students so a touch of real
working environment can be given to the students apart from classroom studies to widen
their perspective.
A Marketing program is one of the core subjects which gives an insight that how
marketing concepts are applied in practical world. Therefore study of the subject is
incomplete without observing in real working environment.
In this context, respectable, instructor Madam Seerat Fatima has assigned us to make a
Marketing report on an innovative product of INSOGUM. This report consists of
complete marketing plan that is prepared for INSOGUM product. We hope that the
readers of this report will get valuable information about how an innovative medicine
product can be marketed.
We are dedicating this effort to
peaceful and prosperous future
of our beloved homeland,
Pakistan.
TABLE OF CONTENTS
Preface ______________________________ i
Dedication ______________________________ ii
Table Of Contents ______________________________ iii
Executive Summary ______________________________ 1
Mission Statement ______________________________ 1
Situational Analysis ______________________________ 2
Product Features ______________________________ 2
Target Market ______________________________ 3
Market Segmentation ______________________________ 3
Positioning ______________________________ 4
Competition ______________________________ 5
SWOT Analysis ______________________________ 5
Product Name and Logo ______________________________ 6
Product Packaging ______________________________ 7
Product Labeling ______________________________ 7
Product Pricing Strategies ______________________________ 8
Break Even Analysis ______________________________ 9
Promotion Techniques ______________________________ 10
Distribution Channels ______________________________ 11
__ INSOGUM__
M ARKETING P LAN
Executive Summary:
INSOGUM is an innovative product by The PLUS Pharmaceuticals. INSOGUM is a chew
gum for diabetes patients to lower the diabetes level. It is easily available, easy to use, and
highly effective product and its aim is to replace traditional medication techniques for
diabetes like injections and offer medical treatment to diabetes patients through painless
and freshening to medication techniques.
Diabetes patients usually have to take injections as a medication; and injection comes with
its own set of problems. To give injection doze there should be some expert, moreover
taking injection is a painful process. So an alternative to injection for insulin is what market
needs.
There have been attempts earlier to bring alternatives for diabetes patients and introduction
of insulin inhaler in 2006 by a US based company was also such attempt. Insulin Inhaler
failed because of its high prices. Keeping in view present, past and future The PLUS
Pharmaceutical is proud to introduce INSOGUM; a chew gum for diabetes patients. This
product is easy to use, easy to market, easy to prescribe (as it is available in 2 potencies)
and most importantly, it is available in affordable price.
PRODUCT Features:
Easy to chew
Non-Sticky
In natural fruit Flavor
Chew gum in pink color
Size of chew gum will be half of average chew gum available in market.
Target Market:
Target market is divided in 3 factors:
2. For those diabetes patients, who don’t want to go through painful procedure of taking
injection. 50+ diabetes patients fall especially in this category.
3. Upper and upper middle class diabetes patients; who are early adopters of innovative
products.
class adopters,
15
Remote, 35
Injection Factor,
50
Market Segmentation:
Market is segmented on the basis of geographical and psychological factors.
Remote areas target market fall under head of geographic segment. Injection and
class factor market fall under head of psychological segment.
Positioning and Competition:
INSOGUM is positioned in completely distinctive way as compared to its possible
alternatives because of new and innovative features. Other insulin medicines (both
injections and tablets) only aim medicine quality and performance of their product.
SWOT Analysis:
The following SWOT analysis discusses to key factors that may positively or negatively
affect the progress of product and company in the market.
INSOGUM is combination of two words, which are INSO and GUM. The word INSO
is taken from Insulin and word GUM is taken from Chew Gum. So product name
gives an idea of product type and its features.
INSOGUM is very Easy to remember & Pronounce and it gets very easily on
anyone’s tongue.
A Color combination of Blue and Red is used in product name and logo. It is Easy on
eyes, Elegant as well as energetic.
Sun light, Temperature, Humidity resisting packing,.. Enabling high life of product.
Product Labeling:
As it is a medical product; so Descriptive Labeling Approach is used.
PRIMARY Package Labeling: Product Name, Logo, Potency of Product, ingredients, MFG
& EXP dates, Batch NO, Company Name, Registration Number.
In SECONDARY Package labeling; in addition to all above elements, the number of units
in each secondary pack & unit price of each chew gum will be mentioned too.
Dosage guidance pamphlet will be included in packing; it will be both in Urdu and English
language. Moreover, precautions will also be mentioned.
Pricing Techniques & Strategies:
Pricing is thought to be most important P of the Marketing Plan. Price should be set which
customer is willing to pay for product. INSOGUM is an innovative product and according to
research and surveys people will be willing to pay prices little bit higher than market prices
of INSOGUM’s rival products.
Company has used market skimming strategy to enter into market and to overcome its initial
costs and to reap benefits of introducing innovative product. That is why company don’t
sees all of the diabetes patients as its target market as for now. Currently the target market
is only limited to remote areas patients and injection fearing patients.
Moreover, cost plus pricing technique is used to cover all costs and charge extra as a profit.
Initially company is not offering much of incentives to its customers. But only in form of
quantity discounts. Quantity discount offer is used as promotional technique and as a
pricing technique to attract customers and to convince them to buy more quantity of product,
especially in bulk quantity.
Customer buying 5 or or more than 5 packets of INSOGUM (which means 50 or 50+ chew
gums) will be offered a special discount of 15% on purchase.
Company would also conduct financial analysis and forecasts, which will help it in
determining its future strategies plan. On of important analysis is Break even analysis.
Break Even Analysis:
The breakeven analysis show that what income its must generate for specific units and for
specific period to meet it costs.
Unit variable cost of InsoGum is 300 and unit fixed cost is 110; which makes total unit cost
to be 410. Company sells product forward on a price of 470; which is sold to final consumer
at retail price of 500.
Promotion Techniques
Electronic Media Advertisements: Electronic Media TV channels will be used as a
major tool of promoting the product. Attractive and informative advertisements of
product will be prepared as it is introductory stage of product.
Medical Representatives: Medical representatives will be hired and trained and send
to doctors in target markets to convince the doctors on writing the INSOGUM and to
create awareness about product.
The Plus Pharmaceutical will distribute the samples of INSOGUM to doctors; so that
they can be convinced.
The PLUS pharmaceutical will also distribute the samples of INSOGUM by conducting
medical checking camps of diabetes patients in famous clinics and hospitals.
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