A Proposed marketing plan for 3M breathe right
The Philippine pharmaceutical industry is currently in its growth stage. With health conscious people evidently demanding for drug-free products, it is imperative for existing companies to continuously innovate and improve. 3M entered the industry with Breathe Right nasal strip as its newest product...
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| Main Authors: | , , , |
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| Format: | text |
| Language: | English |
| Published: |
Animo Repository
1997
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| Online Access: | https://animorepository.dlsu.edu.ph/etd_bachelors/16923 |
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| Institution: | De La Salle University |
| Language: | English |
| Summary: | The Philippine pharmaceutical industry is currently in its growth stage. With health conscious people evidently demanding for drug-free products, it is imperative for existing companies to continuously innovate and improve.
3M entered the industry with Breathe Right nasal strip as its newest product. It is therefore the aim of this marketing plan to be able to create product awareness among its market and at the same time, increase the contribution share of this product to the company.
3M Breathe Right should emphasize its unique selling proposition, which is a drug-free device that enhances nasal breathing and reduces both nasal congestion and snoring. The pricing scheme to be used is cost-plus pricing, adding a 33.33% mark-up to the cost. In the area of distribution, the company through its exclusive distributor should distribute more in drugstores, pharmacies, sports shops and supermarkets. And to develop more brand awareness, extensive campaign like traditional and non-traditional media may be utilized. Given the limited budget it sets aside for advertising, it can make use of newspaper advertisements, flyers, brochures and posters to reach its target market although in the future, television may be used. Lastly, several promotional strategies and public relations programs will be offered to further increase the awareness and encourage purchase among the consumers.
Investment costs is P 5,721,515.61 which will include the advertising and promotional programs. Projections are based on the industry and historical growth rate of the company. Finally, the effectiveness of the marketing plan will be evaluated and monitored by the top management through sales report analysis and surveys to ascertain that 3M Breathe Right Nasal Strips will achieved its desired goal. |
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