RiteMed Metformin Group Marketing Plan
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This document outlines a 10 step marketing plan for RiteMed Metformin HCl. It begins by positioning the drug for type 2 diabetes patients and outlining competitors. It then analyzes the market size for oral anti-diabetic drugs in the Philippines, estimating it to be between PHP 1 to 1.5 billion. The document then covers the marketing mix, discussing elements like the RiteMed Metformin HCl product itself, planned pricing at 20-80% below branded competitors, promotional strategies, nationwide distribution through Unilab networks, and an overall strategy of branded generics offering low cost and high quality.
RiteMed Metformin Group Marketing Plan
- 1. 10 Step Marketing Plan for RiteMed Metformin HCl08 January 2011Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. TanMikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 2. Five StepsPart I of II: PTM and Positioning1. Target Market: Diabetes Type 2 Patients2. NWE:Optimal Glycemic Control3. Choice: Branded and/or Generic Medications4. Gap: Low-Cost High-Quality Drugs5. Market Size: PhP2.3 Billion (Total) PhP1.5 Billion Niche10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 3. Five StepsPart II of II: Marketing Mix & Strategy6. Product: Metformin HCl from RiteMed7. Price: 20-80% less of Branded Price8. Promotion: Redesigning RiteMed LogoBranding the Product Maximize Price Leadership9. Place: Unilab Network, Nationwide10. Strategy: Branded Generics (Low Cost & High Quality)10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 4. Part 1: Step 1 of 5Positioning to the Primary Target Market
- 5. Primary Target Market Type II Diabetes PatientsDemographics: > 40 years old M > F * Social Class C to EOverweight *10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 6. Primary Target Market Lifestyle: Minimal Physical Exercise High Consumption of Processed Foods High Sugar Diet10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 7. Health-Seeking BehaviorPrimary Target Market 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 8. Health-Seeking BehaviorPrimary Target Market 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 9. Primary Target Market Consumption Behavior: 500 mg TabletTwo Tablets per Day Regular Hospital Monitoring Multiple Medications Lifestyle Changes10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 10. Part 1: Step 2 of 5Needs Wants and Expectations of Target Market
- 11. Maslow’s Hierarchy of NeedsNeeds, Wants and ExpectationsRealization of GoalsA Foundation ofGood Health10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 12. Developmental Stages of Erik EriksonNeeds, Wants and Expectations
- 13. Needs, Wants and ExpectationsDevelopmental Stages of Erik EriksonMiddle Adulthood (35 to 55)Generativityvs Stagnation Diseases Produces Fear of Inactivity & Meaninglessness10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 14. Needs, Wants and ExpectationsWants: Quality Assurance Efficacy Low-Cost Limited Side Effects10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 15. Needs, Wants and ExpectationsExpectations: Decrease Blood Sugar Level Good Glycemic Control Controlled Side Effects No Disease Progression Generics Price Range Good Value! Fulfillment of Brand Promise10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 16. Part 1: Step 3 of 5Direct and Indirect Competitors
- 17. CompetitorsDirect Competitors (Branded):Boie Britton Health Saver Littman Metro DrugMetrolink Pharm NatrapharmNextChemPharma Nutria Sanofi-Aventis WinthropZuellig10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 18. CompetitorsDirect Competitors (Generic):The Generics PharmacyGenerika Pharmacy10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 19. CompetitorsIndirect Competitors:ExerciseDietHerbal PreparationsInsulinSecretagoguesThiazolidinedionesAlpha-glucosidaseInhibitorsIncretin-based Treatments Amylin Analogs10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 20. CompetitorsVariables:Efficacy: Glycemic Reduction Glycemic Control Reduction of DM SequelaeSafety:Minimal Side Effects10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 21. CompetitorsVariables: Price Ease of Treatment Regimen Brand Perception Name Recall Physician Prescription Practice Accessibility Availability10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 22. Position MapVariables: PriceQuality: Regulated (BFAD) Quality Perception10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 23. Price-Brand Recall for Quality MatrixCompetitive Position MapBrand Portfolio Size as a Function of Brand Saliency & RecallZuelligPrice per UnitBrittonNatrapharmLittmanWinthropMetro DrugUnilab + RiteMedNextChemPharmaNutriaBoieTheGenericsPharmacyGenerikaSource: IMS 2003 & MIMS 2010
- 24. Price-Brand Recall for Quality MatrixCompetitive Position MapBrand Portfolio Size as a Function of Brand Saliency & RecallNiche as High Brand Recall for Quality Low-Cost Drug!ZuelligPrice per UnitBrittonNatrapharmLittmanWinthropMetro DrugUnilab + RiteMedNextChemPharmaNutriaBoieTheGenericsPharmacyGenerikaSource: IMS 2003 & MIMS 2010
- 25. Part 1: Step 4 of 5Customer-Competition GapDemand-Supply Gap
- 26. Demand-Supply GapRiteMed Metformin is the only product that:Assures Quality of Branded Products Rite MedicineRite FormulationAt Price of Generic Drugs Rite PriceOther drugs assure quality at a price of high cost or provide low cost with questionable quality.Wide Market Distribution10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 27. Part 1: Step 5 of 5Market Size
- 28. Market Size (DOH Data & Journals)3.4 Million Filipinos with Diabetes94% Class C-E10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 29. Oral Anti-Diabetic Consumption 2007Market Size (DOH Data & Journals)
- 30. Market Size (DOH Data & Journals)3.4 Million Filipinos with Diabetes94% Class C-E31% Prescribed Metformin10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 31. Oral Anti-Diabetic Consumption 2007Market Size (DOH Data & Journals)Social Weather Stations (SWS) survey showed the percentage of Filipinos using generic drugs increased to 55 percent in 2008.10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 32. Market Size (DOH Data & Journals)3.4 Million Filipinos with Diabetes94% Class C-E31% Prescribed Metformin55% Use Generic DrugsPhP 3.15 Retail Cost of 1 Metformin HCl TabConsumption: 2x/DayMarket Size: PhP 1.2 Billion 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 33. (Business Monitor International Data)Market Size10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 34. Market Size (International Data)Philippine Pharmaceutical IndustryPhP116 TrillionShare of Oral Anti-Diabetics3% or PhP3.5 BillionShare of Metformin31% or PhP1.08 BillionMarket Size: PhP1.08 Billion 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 35. Market Size (Company)RiteMed RevenuePhP 5.29 BillionShare of Oral Anti-Diabetics2.59% or PhP 1.5 BillionMarket Size: PhP1.5 Billion 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 36. Market Size Local Data: PhP1.2 Billion International Data: PhP1.08 BillionCompany Data: Php1.5 BillionMarket Size: PhP1 to 1.5 Billion 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 37. Marketing Mix StrategyPart II of II
- 38. Part 2: Step 6 of 10Product
- 39. Metformin HCl Leaders10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 40. Product FeatureRiteMed Metformin HCl10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 41. Product FeatureRiteMed Metformin HCl10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 42. Product InformationContents:Metformin HClIndications: 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.10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 43. Product InformationAdministration:Administered with After MealsContraindications: Renal Impairment, Congestive Heart Failure, Acute or Chronic Metabolic Acidosis.Special Precautions: Elderly, Hepatic and Renal impairment10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 44. Product InformationAdverse Drug Reactions: Anorexia, nausea, vomiting, diarrhea, lactic acidosis, decreased vit B12 absorptionPreparation: In 500 mg and 850 mg tablets10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 45. Part 2: Step 7 of 10Price
- 46. Price20-80% Less Compared to Branded Equivalents10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 47. Price20-80% Less Compared to Branded Equivalents10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 48. PriceCheapestDrug Available in the Market43% Cheaper Than Industry AverageMain market strategy: Price leaderCheapest Alternative for Metformin While Assuring Quality and Efficacy of Product10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 49. Part 2: Step 8 of 10Promotion
- 50. Promotional StrategiesAdvertisementsTri-MediaPublic RelationsCorporate Social Responsibility, Partnership with Public/Private Sector(s)MarketingSales RepresentativesHealth Education Campaigns10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 51. Advertisements10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 52. Videos/Broadcast MediaAdvertisementsView From: http://www.youtube.com/watch?v=n1LHtncXXPA&feature=related10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 53. Commitment to Community & Health Education CampaignsCorporate Social ResponsibilityEducational Campaigns10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 54. Human ResourcesSales Representatives10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 55. I of III: Redesigning RiteMed Logo Proposed Marketing StrategiesMaximize Brand Recognition between Unilab and RiteMed:Highlight Features: Unilab for Quality& RiteMed for Price10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 56. Place a Brand Name to Metformin Generic Drug:Key Features: Immediate Identification of RiteMed (Parent Brand)Brand Retains Generic Drug NameAligned with Marketing Strategy of RiteMedOwnership of ProductII of III: Branding a ProductProposed Marketing Strategies10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 57. Maximize Position as Price LeaderInform Target Market of Price & Price DifferenceIII of III: Maximize Price LeadershipProposed Marketing StrategiesP3.15 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 58. CompetitorsDirect Competitors (Branded) with No Broadcast Media:Boie Britton Health Saver Littman Metro DrugMetrolink Pharm NatrapharmNextChemPharma Nutria Sanofi-Aventis WinthropZuellig10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 59. CompetitorsDirect Competitors (Branded) with No Broadcast Media But Rely on:Medical Sales RepresentativesGiving free Product SamplesProduct PeripheralsSponsorship Programs (Events, purchases) 10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 60. CompetitorsLeading Pharmaceuticals with no Metformin Products:Pfizer Inc.Wyeth PhilippinesAstraZenecaBristol-Myers SquibNovartisAbott LabRoche Philippines10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan *Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 61. Videos/Broadcast MediaCompetitors (Generic)View From: http://www.youtube.com/watch?v=Z2ocsYU2i-s&feature=player_embedded10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 62. Videos/Broadcast MediaCompetitors (Generic)View From: http://www.youtube.com/watch?v=OGufEVhhf3Y&feature=related10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 63. Part 2: Step 9of 10Place
- 64. Available in Leading Pharmacies NationwidePlaceUses Logistical Leverage of Unilab10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 65. Part 2: Step 10of 10Generic Winning Strategy
- 66. Generic Winning StrategyPrice & Quality Leadership Branded-Generics Strategy!RiteMed’s Generic Strategy is to Dominate Low-Cost Generics Market by Providing High Quality Assurance of its Parent Brand, Unilab.Maximizes Research & Logistical CapacityMaximizes Unilab Brand10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 67. Generic Winning Strategy10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 68. SummarySteps 1 to 10
- 69. Five StepsPart I of II: PTM and Positioning1. Target Market: Diabetes Type 2 Patients2. NWE:Optimal Glycemic Control3. Choice: Branded and/or Generic Medications4. Gap: Low-Cost High-Quality Drugs5. Market Size: PhP2.3 Billion (Total) PhP1.5 Billion Niche10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 70. Five StepsPart II of II: Marketing Mix & Strategy6. Product: Metformin HCl from RiteMed7. Price: 20-80% less of Branded Price8. Promotion: Redesigning RiteMed LogoBranding the Product Maximize Price Leadership9. Place: Unilab Network, Nationwide10. Strategy: Branded Generics (Low Cost & High Quality)10 Step Marketing Plan for RiteMed Metformin: Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. Tan * Mikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 71. 10 Step Marketing Plan for RiteMed Metformin HCl08 January 2011Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. TanMikhail G. Tenazas * Maria Ellaine Grace K. Uy
- 72. All information obtained and presented herein are plainly for academic purposes. Please refrain from citing data without consent from authors.08 January 2011Justine Andrea C. Paredes * Marie Isobelle E. Ramos * Jose Mariano T. TanMikhail G. Tenazas * Maria Ellaine Grace K. Uy