Pharmaceutical Business - Essay Example

Category definition Category definition entails the main threats and competitors to our company (Lamb 591). Currently, the only company that sells osteoporosis medication is about ten miles from our intended area of business. Their company concentrates on offering services in relation to changing lifestyles of individuals who have to deal with this disease of the bones at some point of their life. The services that are offered by this company include counseling programs based on proper diet, prevention of falls and exercise. This is contrary with our main aim of concentrating on pills which are to be taken daily and the use of injections, which is to be done yearly According to most consultants, most patients affected with osteoporosis prefer the use of pills and injection. This is because; it mainly affects women at the age fifty years. At this age, very few women especially with families would go for consultation but would rather take pills or injections as they continue with their careers and taking care of their families. It is therefore evident that the company that can be considered to be our main rival offers different form of service in relation to osteoporosis. Category Analysis The use of pills on a daily basis and injection once in a year currently in the proposed area is negligible. This is because; the only osteoporosis company that exists in this area uses the lifestyle change method. Due to the high costs that changing of lifestyles uses, the profit trend of the company in this area is low at a loss of 5% every week. The sales are not as good as expected due to the high prices and inconsistent customers. We target our main distributors to be stores involved in selling pharmaceuticals. This is due to the high profile that they have already built with the retailers who are mainly retailers in pharmacies. This is a new form of controlling osteoporosis in this region, hence due to the high demand of the use of pills and injections as projected by the targeted population, we expect our company to penetrate the market in a positive way (RMR 57). Competitor analysis The nature of our company is based on pharmaceutical products with the targeted population being individuals affected with osteoporosis. This industry has very few companies in this region and there is a rise in the number of patients suffering from this disease each year by 15%. Our main competitor in this industry offers services that are related to curing of osteoporosis through the use of offering counseling sessions for the affected patients and also providing facilities required for the control of this disease when exercising (RMR 57). Our key targeted customers for the pills taken daily and the yearly injection in controlling osteoporosis are mainly women in the age ranging fifty to sixty. This is attributed to the fact that, women in this age gap are mostly affected by this disease at some point of their lives. 50% of the women affected are mainly working class or have families that they take care of. This means that, time used for going for counseling sessions will now be used to conducting other forms of businesses other than sessions like exercising and consultation programs on proper diets. Customer analysis The key target customers for the pills taken on daily basis and injection taken yearly when controlling osteoporosis for our company are women ranging in the age between 50-60 years. Most of these women have a family to take care of and more so, are engaged enhancing their careers. These women when interviewed directly, they prefer the use of pills and injection other than the use of changing of lifestyles. Most link this reason to the use of effective timing in all the activities that they undertake (Smith&Gerald 101). Another reason why most of the women in this age gap would prefer the use of pills and injection is due to the rapid relief that these forms of medication offers. Most have complained of the use of changing of lifestyles to be very slow although it is the best option for long term measures. These women, in most instances require something that can aid in controlling bone disease rapidly since they always have many activities to attend to (Smith&Gerald 101). About sixty percent of women in this area have been diagnosed to have osteoporosis. Of the sixty percent, forty percent prefers the use of pills to the use in changing of lifestyle. Moreover, the forty percent are women involved in enhancing their careers. This means that, these women can afford both the yearly injection as well as the pills that we intend to be administered on a daily basis (Smith&Gerald 101). It is also important to note that our key targeted customers value more the reliability of medication we offer and also the price we offer. Lifestyle change takes so much money a longer duration when compared to the use these drugs. Our targeted customers in this region would go for the reliable pills and injection. According to the customers, they would prefer pills and injections since they will have little to worry about as they continue carrying out other activities (Smith&Gerald 101). Planning Assumptions As a company, we assume that on a yearly basis, there will be at least ten patients visiting our stores with the aim of using the yearly injection. This will require that we have a doze for at least twelve patients in a week to be on the safe side. We also believe that the pills will be used more than the yearly injection since most patients are capable of purchasing the pills in large quantities. Therefore, our estimates for the daily pills will be a doze for twenty patients in a week for every store. Objectives Our key aim is to reach the osteoporosis patients in this region and change their perception of the use of pills and injections when controlling this bone disease. We aim at attracting at least 90% of the individuals interviewed on their preferences on the methods offered for the treatment of osteoporosis. After half a year of operation, we intend to have regular customers visiting our stores for this form of medication. Thus, by the time the year ends, we intend to have attracted twice our initial customers. This will enhance our performance as a company and thus our ratings will be higher. More importantly, our main aim is to expand our products in the local stores so that we have a 20% increase in the number of individuals and stores purchasing as well as distributing these products. We also target 40% of individuals affected by osteoporosis in this region to gain the benefits that come with the use of pills and injection for the control of osteoporosis. In summary, we aim at attracting more customers who suffer from osteoporosis from all the age gaps in the next one year to be using the different forms of pills and injection. This will be a great achievement since all the patients suffering from this disease will be using the products from our company. Work cited Lamb, Charles W. Marketing. Toronto: Nelson Education, 2012. Print. http://books.google.co.ke/books?id=p-5Jb4NfxhAC&pg=PT7&lpg=PT7&dq=Lamb,+Charles+W.+Marketing.+Toronto:+Nelson+Education,+2012.+Print.&source=bl&ots=9FM6aWE9Ra&sig=YXo9JfDeJat_3SVRy0YSxG8I7RA&hl=en&sa=X&ei=CkpWUM3YIKLM0AX_g4HYAQ&sqi=2&ved=0CCwQ6AEwAA#v=onepage&q=Lamb%2C%20Charles%20W.%20Marketing.%20Toronto%3A%20Nelson%20Education%2C%202012.%20Print.&f=false Review of Marketing Research: Special Issue - Marketing Legends. Bingley, U.K: Emerald Group Publishing, 2011. Print. http://books.google.co.ke/books?id=-GkIJWf8spgC&pg=PR4&lpg=PR4&dq=Review+of+Marketing+Research:+Special+Issue+-+Marketing+Legends.+Bingley,+U.K:+Emerald+%09Group+Publishing,+2011.+Print.&source=bl&ots=LU5tce4FUH&sig=6yUQpItd5pPmoknewhcGbajf1VM&hl=en&sa=X&ei=mkhWUJGPNoeb1AWSjIGIBg&ved=0CCwQ6AEwAA#v=onepage&q=Review%20of%20Marketing%20Research%3A%20Special%20Issue%20-%20Marketing%20Legends.%20Bingley%2C%20U.K%3A%20Emerald%20%09Group%20Publishing%2C%202011.%20Print.&f=false Smith, Scott M, and Gerald S. Albaum. Fundamentals of Marketing Research. Thousand Oaks, Calif.; London: SAGE, 2005. Print. http://books.google.co.ke/books?id=658g8sPwtagC&pg=PA451&lpg=PA451&dq=Smith,+Scott+M,+and+Gerald+S.+Albaum.+Fundamentals+of+Marketing+Research.+Thousand+Oaks,+%09Calif.;+London:+SAGE,+2005.+Print.&source=bl&ots=nqDksr8FLt&sig=jiHMOhSTQZboNdqTBLp7KmbBsLc&hl=en&sa=X&ei=LklWUKLsMeeK0AWLlYCYCw&ved=0CCwQ6AEwAA#v=onepage&q=Smith%2C%20Scott%20M%2C%20and%20Gerald%20S.%20Albaum.%20Fundamentals%20of%20Marketing%20Research.%20Thousand%20Oaks%2C%20%09Calif.%3B%20London%3A%20SAGE%2C%202005.%20Print.&f=false Read More