Humidacure Situational Analysis and Market Demographics - Essay Example

Humidacure 0 Executive Summary Humidacure is a suitable medication for cough, cold, and flue. The new product containsmany flavours such as orange, lemon, and ginger that make it to emerge the best in the market. The goal of this product is to harmonize patients’ needs by striving to make the product more affordable and accessible. Besides taking plenty of fluids and resting, this product has established that one may want to take medicines for sneezing, a stuffy nose, coughing, and sore throat. Humidacure is the most preferable product for treating these illnesses in that it relieves the pain immediately. The product is reliable, comfortable, palatable, and effective to treat flu, cold, and cough. The aim of having a product with pleasant flavours is to enhance an added advantage over other competitors in the market. The product does not only focus on treatment but expands out to reach people who enjoy taking products with flavours such as ginger, lemon, or orange. The product is good both in consistency and quality, which is more likely to attract many consumers in the market. As many people struggle to identify the best medicine that heals flue, cold, and cough, this product aims to provide consumers with adequate information on how to take the medicine and the various ways they can do to prevent the illness. With this, consumers will be in a better position to comprehend about their illness and evaluate ways to prevent it in future. Still, there will be contacts displayed in the product, which consumers can use to communicate to the company in case of any complication, and this will create trust and confidence of consumers on the benefits of using the product. 2.0 Situational analysis At this point, it is important to understand the internal and external factors that will be affecting the business as this will lead to a better understanding of what will influence the product future. The product will be affected by the government that has a strong control over the product manufacturing activities. The company may spend some resources to ensure that the product align with the health standards of law. Secondly, economic crisis may make consumers to cut down their spending on medicines and instead prefer to make drinks that heal the cold. With many products in the market, most consumers may be forced to purchase other products that may be cheaper than Humidacure. It is pertinent to note that, a culture has a strong effect on people’s perception and preferences. Natural ingredients are among the crucial aspects of culture, which marketers will put into consideration. The product will contain various ingredients that help in relieving cold, flu, and cough such as ginger, lemon, and orange just to name a few. A comprehensive marketing strategy will be crucial to understand how to address the external environment of the product. Extensive training will be conducted to those manufacturing and distributing the product to keep good relations with consumers and maintain quality product that attract consumers all over regardless of various challenges that may emerge such economic crisis. Customer satisfaction will be considered as the most vital thing for the company’s progress. MARKET ANALYSIS 3.0 Market Demographics The product targets adults from urban middle class segment. The reason for this group is that adults are more likely to purchase medicine than adolescents or teenagers. In most cases, parents purchase medicines for their kids. Still, this target group is most preferable in that most adults are more concern with their health and children’s health. 3.1 Market Summary The product is intended to use the combination of promotion advertisements where the focus will be placed on attracting clients to purchase the product while converting the first users of the product to frequent and potential users. To accomplish these, the product will be marketed via technology tools such as internet that will create awareness in many people. Still, this will create a strong platform for clients to communicate with the company via internet, email, or telephone on how to make the product appealing. Since the product is new in the market, it is necessary to market the product effectively to create awareness of its importance and quality. We will employ various tactics such as attractive packaging, convincing messages on how the product relieves cold, flu, and cough, and present various ways that consumers can prevent the illness occurrence. Displaying the products in trade show will be an excellent way to promote the product in the region. This will help to get the name in the marketplace while creating a strong opportunity to attract frequent and potential clients. 3.1.1 Market Needs The company seeks to provide the market with a premium product that seeks to meet the following needs of consumers: High quality- The product recognizes that the target market value high quality products and would not mind spending more purchasing the product. As previously mentioned, the product contains different ingredients such as lemon, orange, and ginger that helps to relieve cold, cough, or flu. With these ingredients in mind, consumers are more likely to be confident about the importance of the product in releasing cold, flu, and cough. Customer satisfaction- This will be the most vital thing that the product will be considering for its progress in sales and revenues. The company dedicates to provide the best products such as Humidacure that relieves various illnesses such as cold, cough, or flu just to name a few. The product is reliable, comfortable, palatable, and most effective to soothe the sore throat and relieve the mentioned illness. Convenience- The product will be convenient, easy to access in the market, and ready made product that eradicates health problems related to cold, cough, and flu. In most cases, consumers are more concerned with the accessibility or availability of the product. With this in mind, the product will be easily available so that consumers can be familiar with the product and affected their purchasing decision. The product will be available at every retail shop and pharmacy stores and thereafter expand into wholesale. Provide excellent customer services- To attract and retain frequent and potential consumers, contacts will be displayed on the product and clients will be given a chance to air their thoughts or complaints about the product. In so doing, the company will be in a better position to understand the areas that need improvement, which as a result will boost customers’ satisfaction. A pleasant packaging- Humidacure packaging seeks to meet the demands of the evolving market while maintaining a strong and healthy price position. The packaging will be easy and pleasant for clients to carry and with this; they will not be burdened to purchase more products. Additionally, the product will have a very attractive logo to attract the minds of consumers. The slogan will convey a strong message that arouses attention, desire, and need to purchase the product that relieves cold, flu, and cough. 4.0 Market Trends In order to be successful in the market place, it is important to understand the market trends of medicines in the market place. Typically, the main objective for the product is to boost its sales, profit margin, and brand name. These objectives will be fuelled by having quality products that attract a large number of consumers. The market trend of such medicines is that, they have become less expensive for the past years. This trend will significantly influence the price of the product to fit into the market place. The product will be sold at an affordable cost to increase its demand in the market. 5.0 Market Growth The product is intended to achieve an annual growth of 12% since its innovation. 20% growth is forecasted in the next five years. In brief, the product intends to increase on its sales and revenues in the retail and pharmacies business avenues. 6.0 SWOT Analysis The following section underlines the key strengths and weaknesses within the product, and thereafter describes the major opportunities and threats that the product might be facing in the marketplace. Strengths Many flavours and products available such as ginger, lemon, and orange. This will give the product an added advantage over other competitors. The product will be most preferable for medication of cold, cough, and flu. With the availability of good advertising the product will be known locally and across the globe. Effectively distributed in pharmacies and retail market. Thus, consumers will access the product at ease. Attractive packaging that will encourage most consumers to purchase many products. Availability of contacts in the packaging system, which will create a strong path for clients to air their thoughts, suggestions, and complaints about the product. High emphasis on quality products. Weakness The presence of other brands means that the concept of product switching is high. The product will be forced to lower its prices and provide the best services compared to other competitors. The fact that the product is new; there will be a challenge for consumers to accept it specifically if they have used other products before that serves the same purpose. The cost required to align to the government standards for health. Opportunities There are opportunities to explore on the untapped rural market where medicines are rarely found. There are opportunities to tie-ups with corporations, hospitals, and schools, which will be an added advantage to increase revenues and sales. To make the product tasty to attract a large number of clients across the globe. There is a high likelihood of flourishing in the industry as many people are affected by common illnesses such as cold, flu, and cough. Threats There is stiff competition in the market where many companies are offering the same product. This will affect the product to share clients with other companies offering products that serve the same purpose. The product may face great threats from the government in the process of ensuring that the product aligns with the health standards and practices. Presence of many substitutes from the pharmacies and retail shops. Read More