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Key Topics
Requirement
Markting plan on pharmacy section (organic pharmacy ).
Solution
Executive Summary
The Midmeds is a leading supplier of medical equipment’s, pharmaceuticals and medical consumables. The marketing plan is to introduce abdominal reactor which is a surgical instrument, so the target audience is doctors, surgeons, private hospitals and others. The nonfinancial goals are to provide excellent service and quality with the competitor's price. The strength of the company includes leading supplier in the United Kingdome, the largest supplier of general practitioners, and others. The weakness includes high operational budget, improper procurement of resources. The opportunity is to increase its presence through the franchise. The product mix includes the positioning of a product through free sampling and discounts which help to promote the product in the eyes of the consumers. The market penetration pricing is used which help to attract a large number of consumers. The budget is taken ten percent of the sales volume.
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Introduction
In this present paper, we will describe the marketing plan of Midmeds to introduce the new medicament in the market. The paper also discusses the marketing strategy, namely, marketing mix, mission and goals, core competencies, situation analysis, competition within the industry, target market, and budget of the plan. The marketing plan is to introduce an abdominal reactor which is a surgical instrument to the existing customers.
Company description
Midmeds is the leading supplier of consumables, medical equipment and pharmaceuticals in the United Kingdom. The company supplies majorly to the general practitioners in the United Kingdom with the product portfolio. The company opened its division of test and calibration in 2012. The company was established in 2005 and headquarter in Nazeing, United Kingdom. The company supplies approximately fifty countries across the globe (Midmeds et al., 2016). The company expands into the nursing home care market by providing a variety of products to its consumers.
Midmeds goals & Mission
1. Financial goals
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a. The financial goals it to obtain financing which helps to expand the company's presence globally.
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b. The increment in the revenue by more than fifty percent.
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c. Another goal is to work for the welfare of the society.
2. Non-Financial goals
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a. The nonfinancial goals are to provide excellent service to its consumers with the competitive pricing.
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b. Another goal is to provide product quality to its target audience.
Core competencies
The core competency includes a combination of skills and various resources which help to differentiate the brand from its competitors. The company has three core competencies which help to distinct the brand among the competitors within the same industry. Following are the three core competencies:
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1. The company provides customized products to its consumers with its presence in fifty countries which helps the company which provides benefits in generating higher profits within the particular period of time (Robinson et al., 2016).
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2. Another core competency is that the company is a leading supplier of medical equipment, pharmaceuticals, and consumables in the United Kingdom. The core competencies help the company to expand and earn higher revenue within the specific periods of time.
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3. Excellent consumer service with competitive pricing is the major core competency which helps to distinct the brand in the eyes of the consumers.
Situation Analysis
The company has overwhelming opportunities in the marketing environment, but it also consists of various challenges which will be met by the company successfully. The SWOT analysis is conducted below which helps to identify the strength, weakness, opportunity and threats of the company. It helps to uncover the opportunities and identification of weakness which can be managed to promote the brand in the eyes of the consumers (Berman et al., 2013). The internal factors include strength and weakness which needs to be identified for adding competitive advantage to the company. The SWOT analysis of the company is explained below:
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Strength: The company is a leading supplier of pharmaceuticals, medical equipment’s, and consumables in the United Kingdom which helps to distinct the brand in the eyes of the consumers. The company is the largest supplier of general practitioners which is the strength of the company because the popularity of the company directly impacts on the sales volume of the company. The company provides excellent services to its consumers with the customized products which are the main strength of the company because it attracts a large number of consumers which helps to build good brand image among the consumers.
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Weakness: The budget of operations is very high which impacts on the sales volume of the company, and it needs to be quickly fixed because the high cost of operations has the major impact on the profit margin of the company. Another weakness is the procurement of resources which is inefficiently done by the procurement team, and it results in the improper maintenance of work.
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Opportunity: The opportunity for the company is expanding its presence in other countries which helps to generate higher revenue by increasing its presence. Another opportunity is to provide franchise the company which helps to increase higher revenue by increasing its presence across the globe. The Ayurveda treatment equipment is another opportunity for the company which helps to explore new market and earns higher revenue within the particular period of time (Piercy et al., 1989).
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Threats: The company is having a large number of competitors who are providing similar products within the same industry such as midwifery suppliers, syringes, and others. The innovative products provided by the competitors with the reasonable rate impacts on the sales volume of the company. Another threat is of new entrants who can enter the market with the advanced technology products which attract the attention of consumers and it impacts on the brand image in the eyes of the consumers.
Competition within the industry
The company is having large competition within the industry because the competitors are providing similar products which develop the challenge for the company (Hollensen et al., 2015). The major competitors of the company are Medisave, mediclick, GPsuppliers and others.
Target market
The target consumers are the NHS hospitals, private hospitals, surgeries, primary care practices, doctors, and independent midwives. The abdominal reactor is used for the surgery purpose, so the target consumers are the ones who will use the product.
Marketing Mix
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Product Mix: The company will position the product in the market through various promotional activities such as free sampling, discounts, and others which help to promote the brand in the eyes of the consumers. The product is prepared according to the product lifecycle which includes three stages, namely, actual, core and augmented.
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Price Mix: The price of the product will be decided after concerning the competitor's price which helps to attract a large number of consumers. The market penetration pricing is used which helps to attract a large number of consumers. The various factors will be considered at the time of fixing the price, namely, budget, operations cost, competitors price strategy, profit margin and others (Borden et al., 1964).
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Place Mix: The product will be distributed through online and offline mode which helps to provide convenience in purchasing the product. The channel of distribution will be direct without any middleman who helps to deduct the cost of the middle man.
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Promotion Mix: The various promotional activities of the company include sales organization, advertisement, public relation and sales promotion which help to communicate the brand in the eyes of the consumers. The sales promotion will be done through discounts, free sample distribution and others. The benefits of a product will be communicated to the target consumers which help to generate demand for the product. The advertisement through the internet and personal mailing to the target audience which includes doctors, surgeons, and others which help to promote the product by communicating its benefits.
Budget, schedule & Monitoring
The Marketing budget of the company is taken ten percent of the annual sales of the company. The annual sale of the company is 6.5 Million in 2015. So the marketing budgets are 0.065 Million. The activities include advertisement, sales promotion, G&A, human resource development, sales force, and market research (Ross et al., 2013). The budget is prepared by considering various factors such as sales forecast, expenses, revenue, profit margin and others.
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The marketing plan is to introduce the abdominal reactor which is a surgical instrument by the company. The Midmeds is a leading supplier of medical equipment's, consumables, and pharmaceuticals. The Midmeds has financial goal to obtain financing which helps to expand the company's presence and nonfinancial is to provide excellent quality and services within the reasonable price. The SWOT analysis helps to determine the strength of the company which includes its presence in fifty countries and leading supplier of medical equipment in the United Kingdom. The weakness is high operational budget, and threats are of existing competitors and new entrants. The opportunity includes the introduction of new products and increases in global presence through the franchise. The product will be positioned through various promotional activities such as discounts, free sampling, and others. The market penetration pricing will be adapted to attract a large number of consumers. The budget will be considered ten percent of the sales volume of the company.
References
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(2016). Retrieved 11 November 2016, from http://Midmeds
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Robinson, P. J., & Reiter, J. T. (2016). Behavioral Health Consultant Core Competencies. In Behavioral Consultation and Primary Care (pp. 71-94). Springer International Publishing.
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Berman, B. R., & Evans, J. R. (2013). Retail management: a strategic approach. Pearson Higher Ed.
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Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
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Piercy, N., & Giles, W. (1989). Making SWOT analysis work. Marketing Intelligence & Planning, 7(5/6), 5-7.
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Borden, N. H. (1964). The concept of the marketing mix. Journal of advertising research, 4(2), 2-7.
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Ross, A. (2013). Cost-Effective Marketing: Tips for Marketing Your Library on a Tight Budget. AALL Spectrum, 18, 6.
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