A prevention drug of the global health company - Coursework Example

In some parts of Sub Saharan Africa, temperatures are extremely high during summer periods and they cause severe headache among young people especially children. Against this background, an enterprising global health company has underscored to invent a prevention drug that can be administered among all children so as to prevent this disease that can be fatal if not controlled. As such, this paper seeks to outline the marketing steps that can be taken by this company. Just like launching any other product in the market, it is imperative for this company to carry out market research so as to be able to establish the feasibility of this new offering. Strydom (2004) posits to the effect that market research helps the marketer to gain knowledge about the needs and interests of the targeted customers. New information and communication technology such as the internet as well as surveys can be used to carry out this exercise. This company ought to segment the market so as to identify the targeted people. The success of the new product depends on the information provided to the targeted consumers about the benefits of the new drug. Once the management has decided on its product concept and marketing strategy, it can then evaluate the attractiveness of the proposal and this can be done through carrying out a business analysis (Kotler & Armstrong, 2014). This involves a review of the sales, cost as well as profit projections to establish if it is worth to start the business venture. This can be done through carrying out analysing the sales history of other similar products in the healthcare delivery. Surveys of market opinion can also be carried out in order to establish the lucrativeness of the venture and this can be done through interacting with the targeted customers. The firm can also use estimation of costs and expected profits to analyse the level of attractiveness of the new drug to prevent severe headache that is caused by extreme temperatures during summer period. The following step is product development after the firm has been satisfied about the new product’s attractiveness in the market. This involves developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product (Kotler & Armstrong, 2010). This calls for massive investment where tests are carried out in order to establish if the product will satisfy the consumers as well as to see if it can be produced within the budgeted cost. In this case, it is anticipated that the product will go through different stages of the product life cycle (PLC). The product life cycle is comprised of the following stages: development, introduction, growth, maturity and decline (Kotler & Armstrong, 2014). The new drug to prevent severe headache will be at the introduction stage since it would be still new in the market. After it has been developed and tested to see if it can attract customers, it is then introduced in the market. This stage is mostly characterised by slow sales since the product would still be new in the market. The marketers should design their marketing mix in such a way that it will appeal to the interests of many people since it is anticipated to be valuable in terms of improving the health of the targeted people. During this stage of the PLC, it can be seen that the prices tend to fluctuate since peoples would be trying the new product in order to see if it is valuable to their cause. In order for the firm to gain a competitive advantage in this new market, it is imperative for it to refine its marketing mix in such a way that it appeals to the interests of many people. It can be seen that firms operate in a competitive industry that is comprised of global companies hence the need to present the product as valuable compared to other products offered in the market. Andriopoulos & Dawson (2009) posit to the effect that the managers ought to devise a strategy that can help the company to gain a competitive advantage in its operations. The product should be presented in such a way that it appears unique from other similar products that are found in the market. One way of doing this is that the firm can choose to differentiate its product since this can significantly help the firm to gain a competitive advantage if carefully implemented. The differentiation strategy helps the firm to attract more customers by virtue of offering an unmatched product in the market. Aspects such as place and promotion also help the new product to gain a significant market share as the customers familiarise themselves with it. It is imperative for the firm to make the new drug readily available and accessible to the targeted customers. In most cases, customers are more interested products that will help them to gain value from their money as well as benefits. This will help the firm to stay ahead of its competitors. In the long run, competitive advantage can be derived if the firm puts concerted efforts to market the product. Over and above, it can be noted that launching a health related product is a process that requires concerted efforts by the people involved in the development of the new product. In case of a new drug that prevents severe headache caused by extreme temperatures in some parts of Sub Saharan Africa, the firm should carryout market research first then establish the attractiveness of the new product. In doing this, marketing principles ought to be taken into consideration so as to allow the firm to gain insight as well as knowledge about the interests of the targeted customers. References Andriopoulos, C. & Dawson, P. (2009). Managing change, creativity and innovation [ebook] Viewed from: . Kotler, P. & Armstrong, G. (2004). Principles of Marketing, Cape Town: Pearson Education. Strydom, J. (2004). Marketing. 3rd Edition, CT: Juta & Co Ltd. Read More