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Hence obviously, the Lantus is now at the second phase of the product life cycle i.e. the growth phase. The product sales have significantly increased over the last few years and the sales volume is still growing. Financial reports released by Sanofi-Aventis indicate that the Lantus’ profitability has been progressively increasing over the years on the strength of improved sales revenues. The product has attained worldwide attention and more and more people tend to replace other forms of insulin hormones with Lantus. At the same time, the newly approved insulin products such as Levermir and Byetta raise certain level of challenges to Lantus’ long term market sustainability.
The most recent price listing indicates that Lantus insulin 10ml vial is offered at $124.99 by Drugstore.com whereas the HealthWarehouse.com charges $130 for the same quantity of Lantus. The Lantus prices are different from country to country and from distributor to distributor. The online Lantus distribution constitutes a major portion of the product sales. The European Commission permitted the sales and distribution of Lantus in the entire European Union in 2000 and now it is marketed worldwide.
Evidently, there exists a connection between the Lantus’ product strategy, price, distribution and its strategic planning. As discussed earlier, the Lantus is now at the growth stage. Therefore, the company must effectively integrate these elements with the strategic planning in order to take maximum advantages of the prevailing potential market opportunities. Since the company currently has all favorable market situations (increased demand and low level competition), it can freely maintain product prices across various territories. As Thietart and Vivas (1984) point out, while dealing with strategic planning in this stage, the company must give great emphasis to production increase as it is the phase in which the firm’s
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2 Pages(500 words)Research Paper
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