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NICHE MARKETING
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Submitted to: Mrs Indu Singh Rana (HOD BBA) No. 09122
2009-10
CONTENT
Sr.No. Name of chapter
Page no
2 13 15 31 42 49 56 58 60 62
1. Introduction 2. Objectives of project 3. Company profile 4. Marketing mix 5. Research methodology 6. Data analysis and interpretation 7. Recommendation of the study 8. Conclusion 9. Bibliography 10. Annexure
DECLARATION
I MANOJ KUMAR RANA ,a bonafide student of INSTITUTE OF INFORMATION MANAGEMENT & TECHNOLOGY, ALIGARH , BBA (6th Semester) hereby declare that the Final Project entitled NICHE MARKETING OF MANKIND PHARMA is an original work and the same has not been submitted to any other institute for the award of any other degree.
PREFACE
Knowledge has two aspects - theoretical and practical and no theoretical concept is complete without having knowledge of its practical application. A few weeks professional training programme was introduced as a part of curriculum of B.B.A. This summer training programme proves beneficial to the future managers as they are confronted with the problems of actual work environment during their training period.
ACKNOWLEDGEMENT Intention, dedication, concentration and work are very much essential to complete any task. But still it needs lot of support, guidance, co-operation of people to make it successful. Heart full thanks to all the respective persons who support and guide me.
I have no words to express a deep sense of gratitude to the management of I offer my sincere thanks to MRS. INDU SINGH, H.O.D. of Bachelor of Business Administration, Institute of Information Management & Technology, Aligarh who gave me her valuable suggestion for preparing this report. I also convey my regards to Miss. Rashi Singhal , Faculty, who guides me during the completion of the project. I also thank my parents and all my well wishers, who helped me directly or indirectly in some way to make this project. At last I also convey my regards to almighty for the blessing , without which virtually this project would not have been possible.
EXECUTIVE SUMMARY
My project is based on NICHE MARKETING OF MANKIND PHARMA at Indian Analysis is a post mortem of the organizations inventory system. It measures the ability of the organization to meet its material requirement efficiently or not. Its helps in calculating the appropriate amount of money should invest in the inventory without make it obsolete, timely consume and replace by new inventory.
In this project, I analyzed the different aspects of inventory at Panipat Refinery. My prime objective is to interpret the policies and procedures adopted in maintaining the proper inventory. In this study, I had used Descriptive Research Design. This research design is about the characteristics of particular things. The engraved data is collected from various websites, manuals, monthly periodicals and different time periods. My analysis of the study undertaken is quite satisfactory which shows that refinery has good system of maintaining inventory.
The report includes the inventory turnover ratio of three years and analysis of moving and non moving inventory items, along with the data of raw material in stock as in stores and in transit.
Introduction
2. OTC Marketing:
The OTC stands for 'Over the Counter', which means the direct selling from the chemist counter without any suggestion or the prescription of the physician. The drugs included major in this category are the, Analgesics (Pain Killers) Antipyretic (For Fever.) Most of the patients to save physicians fees do this type of treatment but it is ethically wrong because they don't understands the MOA (Mechanism of Action) and also the side effects of that drug.
1) Physician:Physician is the person who prescribes the drug and is well aware of the medicinal value of the product.
2) Retailers.:-
Retailer who makes availability of the prescribing product & also providing the guidance in the proper selection of doctor and about molecule to promote in doctor chamber.
3) Distributors:Distributor makes the proper availability of stock from company for the proper distribution in the territory chemist and helps in selection of area or town to be covered.
4) Patients:Patients these are the direct and end users of the products. So these are so important. Company will provide the medicines at the most economical rates for patient' Conveniences.
Pharmaceutical Company
D O C T O R S / P H Y S I A N C H E M I S T / R E T A I L E R D I S T R I B U T O R P A T I E N T
Targeting the Physicians for particular Molecule Meeting to the physician. Sampling. Giving a regular follow-up Providing informative literature. Arranging Doctor's meet. Giving gifts as token of gesture. Advertisment of the product in books, journals and magazines used by the physicians. Participate in medical conference.
1) PHARM ACY:
Pharmacy is defined as "The art of preparing and dispensing medicines and embodies the knowledge and skill requisite to carry them out in practice."
2) DRUG:
According to WHO "A drug is any substance or products used or intended to be used to
modify or explore physoplogical system or pathological state for the benefits of the recipient."
3) BULKDRUG:
"Bulk drugs are active or inactive ingredients used in the manufacture of finished dosages drugs products".
4) COM POUNDING:
Compounding is defined as "Produce a dosage form of drug other than that manipulation that is provided for in the directions for use on the labelling of the approved drug product, for example, the reconstitution of a sterile powder with sterile water for injection.
5) PHARMACIST:
The Person licensees and have operating in conformity and dispensing in response to a valid prescription.
bounds. Future in this field has become very bright. It is under constant focus of the people. Now the Indians are giving more attention towards this field. Since India has second largest population of the world there will be steady increase in demand for the pharmaceutical products. In India per capital expenditure III drug is very low as compared to the international standards. India as per capital expenditure of US$-3 against US$-4l2 in Japan and US$-222 in Germany and US#-91 in US. This is not very surprising considering the low literacy level in India. With improvement in literacy level and health consciousness, the consumption of pharmaceutical product is bound to increase. In past 2005 scenario companies will enjoy the benefit for launching the specialized product without fearing about the benefit for launching the specialized product. The need for the specialized product is expected to increase with the changing demographic and disease profile. This is due to increase in income level and changing lifestyle and improvement in health infrastructure. The market or the companies will grow as they will enter that area to wide extent. At present there exist wide disparity in terms of medication and health infrastructure of the sectors. In urban areas nearly 26% of the population is yet to get the maximum medical coverage to the extent of 67% in the rural sector, which forms 76% of the population. Population is getting increased gradually, meaning immense potential for these companies. According to a study the annual pharmaceutical consumption in India is expected to increase US$ 13.3 billion by 2006, which was just US$ 2.8 billion in the year 1996.
window displays, but the proportion of non ethical or patented products is hardly about 20% of the total output of drugs and pharmaceutical products. Hence an indirect method, a round about way of promotion and distribution has been adopted in pharmaceutical marketing. It can be shown diagrammatically as given under.
1.CHART
Physicia n or Doctors
Patient / Direct
Medical Executive
Chemist / Retailer
It has been observed that about 15% to 20% products are sold directly to the institutional customers such as hospitals, nursing homes, etc and above 80% sale is individual customer on the basis of prescriptionn given to individual and submitted to the druggist. Hence the primary and most important task for the medical representative is to pay sales calls
to the physicians. He is expected to pay sales calls of about 12 or more physicians everyday about 25 days a month. He has to plan his sales calls carefully, for which he has to make a tentative list of physicians in his history.
Company
Central Depot
Retailers
Patients
CHART NO.2
Production Executive
Marketing Executive
Sales Executive
Finance Executive
State Level
State Level
State
2.Division
3.Division
4.Division
Area manager
Area manager
Sale Supervisor
Sale Supervisor
MR
MR
MR CHART NO. 3
MR
MR
MR
OBJECTIVES OF PROJECT
O bjectives:
Objectives of the Project entitled as Marketing Strategy adopted by Mankind Pharma in Nagpur region is as follows: To study existing marketing strategies of company. To study the promotional of product among field force and distribution channels. To observe product and improvement (if needed) to meet a changing market need or customer's taste. To study the sales ranking of the various products of Companies as per ORG IMS. To check the potentiality of the doctors.
Scope of study:
The study is related with District. In the project work there is enumerate the customer behaviour and the market scenario of the pharmaceutical products and also the factors the marketing of the pharmaceuticals.
Company profile
The Company was launched in year '1995' with a goal to serve the suffering humanity and to reach out even to those corners of the country where nobody had ventured before. From a modest beginning in 1995, MANKIND was able to achieve, a turnover of "550 corer" (latest achieving figures).
Impressive growth
The story of Mankind Pharma is one of inspiration, persistence and perseverance. From a humble beginning in 1995 with a capital investment of about Rs 50 lakh, Mankind was able to achieve a turnover of over Rs 300 crore in the year 2005 from a modest Rs 3.5 crore in the year 1995. With a market share of about 1.75 percent of the Rs 25,000 crore domestic pharma market, Mankind has a strong presence in antibiotics, antifungals, nutritionals, gastrointestinals, NSAIDs, antihelmintics and ED categories. They have many brands that
ranked number one like Zenflox, Nuforce, Nurokind and Manforce. Other top brands include Bandy, Cefakind, Fynal, Mahacef, Omidom and Sparkind. Mahacef ranked first among the top launches of the last two years. When it started in 1995, Mankind had a presence in just two states. Today, Mankind covers the entire length and breadth of India. The company focuses on the grassroots by tapping small towns and rural areas through its team of about 1,900 medical representatives. It is doing fairly well even in cities like Delhi, Chennai, Mumbai. The company is aggressively expanding its domestic sales through its existing divisions, namely Mankind, Discovery Mankind and Life Star, as a business strategy. For instance, the Mankind division has a mixed bag of cardiovascular and diabetic products. Mankinds domestic formulations business is expected to grow at a whopping 40 percent. The Discovery Mankind division was launched about two-and-a-half years ago. With a field force of 650 medical representatives and managers, already quite a few brands of Discovery Mankind have reached to the top five positions in their respective segments. They are Zenotin, Sparkind, Nobel Gel, Nuforce-3 Kit, Fynal, and Mahacef. The relatively new Life Star division is yet another sister concern of Mankind Pharma, which has inducted around 100 field people so far. The focus of Life Star division of Mankind is on ophthalmology and the dermal segment. Very soon, it will be entering into anti-malarial segment.
Driving force
The driving force behind this rising juggernaut is the Managing Director, R C Juneja, whose vision and unrelenting perseverance has made Mankind a force to reckon with. In fact, his personal life is a source of inspiration to many. A science graduate, Juneja worked at Lupin as a Manager before he set up his own outfit. Reminiscing, Juneja says, Mankind was launched as a very small entity in Meerut with about 20 products, which mainly included vitamins, painkillers and antibiotics. "Even the name 'Mankind' was chosen deliberately because we wanted to serve mankind and suffering people. Our aim is to reach out even to those corners of the country where nobody had ventured before," reveals Juneja. What is the secret of such stupendous growth? "We believe in sharing our fortunes within the company amongst all employees," claims Juneja. The incentive policy is such that it makes our people work hard, adds Dr Sanjay Kaul, GM, Project Management Team. "We always think about the patients, the consumers and hence we have always lowered the price bands," informs Juneja, who also wants to build a charitable hospital in Meerut for the underprivileged. R C Juneja Managing Director
2B]
1995 : Launched Uttar Pradesh and Madhya Pradesh with 53 Medical Representatives and Managers Achieved a turnover of 3.8 crores in the first year.
1996:
Launched Haryana and Punjab and the field force increased to 90. Ciprozol and Noragyl (ranked 1 st)* were launched. A turnover of 8.2 crores was achieved with 117% growth.
1997:
With a field force of 140, company introduced Cope, Nobel and Zenflox, which turned out to be the leading brands. Zenflox became No. 1 * brand. Turnover increased to 15 crores with a growth of 77%.
1998:
Turnover in this year was 24 crores with 61 % growth and field force grew to 180. Ranidom (ranked 2nd)* was launched.
1999:
Field force increased to 250 with launch of Bihar. Turnover was 31 crores with a growth of 31 % Zenotin (ranked 2nd)* was launched.
2000:
Achieved a milestone of 50 crores with a growth of 60%. Orissa and Maharashtra were launched and field force increased to 308. Omidon (ranked 2nd)*, Sparkind (ranked 3rd)* and Manforce (ranked 1 st)* were launched.
2001:
Entered Andhra Pradesh, turnover reached to 67 crores at a growth of 34% and field force increased to 394.
2002:
Major achievement of the year was launching of Discovery Mankind. Field force grew to 600 and turnover touched 85 crores with 27% growth. Bandy (ranked 2lld)* and Cefakind (ranked 2lld)* were launched.
2003:
Achieved a turnover of 150 crores and growth of 77%. Field force increased to 950. Antihypertensive drugs were introduced. Launched Mahacef (ranked 3rd)* and Nurokind (ranked 1 st)*.
2004:
Turnover jumped to 263 cores with 75% growth and the field force increased to 1660 in number. Moxikind-CV was successfully launched at a very economical price. *(ORG-IMS, Retail Store Audit, and March 2005)
2005:
Celebrated a 'Decade of trust' with medical fraternity. Launched a new sister concern Lifestar Pharma Pvt. Ltd. Group turnover touched Rs. 350 Crore & field force grew to 2600. Won "Indian Express Pharma Pulse Award" for best overall performance.
Seven brands Ranked No. 1 and around 15 brands in top 5 positions (as per ORG-IMS STOCKIST SECONDARY AUDIT, March 2007) form the core of the strategic brands of the company. Brand Nurokind Zenflox Manforce Nuforce Gatikind Zenflox-OZ Nobel-MR Noragyl susp. Moxikind - CV Composition Methylco balamin Ofloxacin Sildenafile Citrate Fluconazole Gatifloxacin Ofloxacin+Ornidazole Nimesulide + Paracetamol + Tizanidine Norfloxacin + Metronidazole Amoxycillin + Clavulanic acid + Lactic acid bacillus Cefakind Omidom Ranidom Bandy Bomikind Vomikind Amlokind-AT Unwanted Vertistar Nobel-l00 Cefuroxime Axetil Omeprazole Ranitidine + Domperidone Albendazole Ondansetron Ondansetron Amlodipine + Atenolol Mifepristone Betahistine Nimesulide with ? Cyclodextrin 2 2 2 2 2 2 3 4 5 5 Rank 1 1 1 1 1 1 1 2 2
The company has outperformed the growth of the Pharma industry in India by growing at the
rate of more than 66% year after year and ranking among the top 10 most aggressive in new launches Pharma companies in India (ORG - IMS, March 2005). From a field force of 53 in 1995, today the total strength has reached to 2600 Medical Representatives and Managers working in almost all parts of the country. The company has well defined processes of Production, Quality control, Distribution, Marketing, Training and Human Resource Development. MANKIND has a very strong market presence in Antibiotics, Antifungals, Gastrointestinals, NSAIDs, Anthelmintics and Erectile Dysfunction categories with many brands ranked no. I such per (ORG-IMS, Retail Audit 2005). Mankind says their strength lies in our people. Won Indian Pharma Pulse Award for overall performance in the year 2004-2005. To meet the increased demand of the products MANKIND is setting up a state of the art Inject able manufacturing unit and a world class R & D centre in Paonta Sahib (H.P). The company has already purchased 60,000 Sq. mts. Land and shall be investing Rs. 70 crore to set up the facilities which shall be operational by Oct' 2006. The manufacturing unit in Paonta Sahib shall enjoy the benefits of excise exemption. Another unit under the banner of PHARMA FORCE having capsule and tablet manufacturing facilities, shall be operational in Paonta Sahib by June' 2005.
From two states in 1995, Mankind today covers the entire length and breadth of India. Our products are available across the country. Including the remote pockets serviced by 33 C & F agents & a comprehensive network of 3500 stockiest (Latest figure).
Marketing is the act or process of buying and selling in a market. According to Peter Drucker, Marketing is : "Marketing and innovation are the two chief functions of business. You get paid for creating a customer, which is marketing. And you get paid for creating a new dimension of performance, which is innovation. Everything else is a cost center : "Marketing is commercial functions involved in transferring goods from producer to consumer. The American Marketing Association suggests that Marketing is "the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals."
Marketing Strategies:
The strategies define general approaches you will take to meet your objective. To be most effective, marketing strategies should be integrated into marketing plan (which in turn should be part of the business plan). By integrating strategies into overall company plans, better business objectives can be achieved. Marketing strategies are the result of a meticulous market analysis. Marketing strategies adopted by Mankind Pharma. Mankind Pharma is leading pharmaceutical company having a range of product used as medicine. The company has the sound marketing strategy, which has helped the company to prosper. Since Pharma marketing is indirect marketing, company has developed strategy to sustain and to prosper in the market. The main features / characteristics company's marketing strategy mainly includes-
1. 2. 3. 4.
Company has framed the strategy keeping III core the prescribers. Company has also framed strategy keeping III mind the retailers also. Company has developed strategy keeping in view the Sales force that is the important weapon of the company. Company has given prime importance to the patient I.e. direct customer by making economy in the product.
Company always follows this principle strictly. Company has its own format of survey, which has to be filled at chemist retailer counter. The purpose of this mainly includes. * To check the potentiality of the doctor in terms of patients checked,
prescription generated by the doctors, and rupees value of the prescription. * To check the liking of the Doctor in particular molecule, combination.
To check the existence of the competitor product & if exist what is the
position of the competitor's product. Positioning means placement of product in the market by identifying the needs of the customer. By Positioning the product the company is able to more precisely meet the needs of more customers and consequently to gain a higher overall level of share or profit from a market. And also positioning is depending on the seasonal requirements. In Pharma marketing the positioning of the product is done the basis of the indication in which the drug has the medicinal values and accordingly the product is promoted. Mankind Pharma also follows the same principle. However they have been categorized depending upon the benefits of the product in the disease or disorder.
For ex a m p le :
The drugs used in treatment of hyperacidity are categorized & Proton pumps inhibitors and is positioned and promoted to the Gastroenterologist mainly, who are specialist in the treatment of ulcer of stomach or intestine. After conducting the survey and determining the potentiality of the doctors, the next step is to meet the doctor personally and detail him the quality and benefits of the product." Mankind Pharma always believe in Productive call." Company appointed medical representative who perform this job by means of a visual aid does the detailing of product to the doctors. Visual aid is a printed material, which
visualizes the USP's (Unique selling point of the product) and important aspects of the product. As the name suggest the Visual aid helps to emphasis the benefits of the product visually. Company always tries to use the visual aid, which will magnify the benefits and USP,s of the product effectively. Sampling is a free distribution of the product to the doctor, so that he can ensure result of the products. Sampling is done to the physician and to the doctors through the M.R. so that the doctor can give the product to the patients and ensure the result of the product in the Patient. The sampling policy of Company is quite specific. This is another important marketing tool, which the company is using tactfully & skillfully. Regular follow-ups means doing something special or unique which will make the doctor to remind the product or conducting the activity that will continuously hammer the product in the doctor's mind. Regular follow-up mainly include sending a reminder card to the doctors, requesting the doctor to prescribe the product. Sending reminder cards also include drafting & sending a thanks-giving note to the doctor for extending their prescription support to the doctor. Company always give emphasis on importance of regular follow up. As the name suggest the Visual aid helps to emphasis the benefits of the product visually. Company always tries to use the visual aid, which will magnify the benefits and USP,s of the product effectively. Sampling is a free distribution of the product to the doctor, so that he can ensure result of the products. Sampling is done to the physician and to the doctors through the M.R. so that the doctor can give the product to the patients and ensure the result of the product in the Patient. The sampling policy of Company is quite specific. This is another important marketing tool, which the company is using tactfully & skillfully. Regular follow-ups means doing something special or unique which will make the doctor to remind the product or conducting the activity that will continuously hammer the product in the doctor's mind.
Regular follow-up mainly include sending a reminder card to the doctors, requesting the doctor to prescribe the product. Sending reminder cards also include drafting & sending a thanks-giving note to the doctor for extending their prescription support to the doctor. Company always give emphasis on importance of regular follow-up. The company have made it mandatory that, each and every medical representative should send reminder cards to the doctors. For the doctors located at distance, Company asked the M.R. to send postcards regularly that too hand written. As the mission indicates company's aim IS to serve humanity. Supplying informative literature is apart of it. Informative literature is supplied to the doctors; physician. The purpose behind supplying literature is to make the doctor's aware about the medicinal value of the product. Informative literature is very important tool in launching of a new product, as the product is new it is necessary to supply the informative literature with specific and valid references, so that the doctor is convinced about the product and its benefits. Sometimes literature is also provided with the aim of crating health aware Company use effectively both type of literature. This activity is carried out by the company to meet with mission of company. Company also arranges regular heath check-up camps are organized by company. Such type of camps serves dual purpose for the company. By organizing such camps company shows that they aim of creating health aware. At the same time through such camps company promote their products to doc. Recently company organized a BMD camp (bone Mineral Density Test Camp) with aim of determining the bone calcium level and to promote their product "Calcikind". Once the product is promoted to the doctor and regular follow-up is given the corn ask their medical representative to categorize the doctors on the basis of the prescribe support per month. Prescription Support is valued in terms of money value, accordingly the doctor categorize as : * Most, important doctors (M.LP.), generating prescription-has rupees value
5000-10000 per month. * Very important doctors (V.LP), generating prescription-has rupees value 2500 - 5000 per month. General Category (G.P.) generating prescription having rupees up to 1000 - 2500 per month. This is supplementary method adopted by the company to boost up the sell. In this method depending upon the category of the doctors; Gifts are given as token fir gesture. Giving Gifts gives an impression in the mind of the doctor that they are special for the company. This IS another supplementary method adopted by the company to boost up the sell. In this method company gives sponsorship to the doctor for the IMA conference organized. Beside the main marketing strategy adopted by the company the company has also adopted the other strategies which mainly includes, * * Strategy related to Price. Strategy related to the chemist.
In today's world medication is becoming costlier and people are looking towards economy in medication. Mankind has very well understood this human psychology and has skilfully developed strategy to use this psychology for marketing purpose. Mankind selling their product at the price economic to the patient purpose behind adoption of such strategy is to create liking in the mind of the prescribers / doctors & to create a long-term prescription support from the medicinal professionals. Another reason behind selling product at economic price is to influence the prescription behaviour of the prescribers / doctors. Chemist is also an important pillar in pharmaceutical marketing. All the efforts are in vain, if the doctors prescribe the product but it is not available with the chemist. Mankind has understand the importance of the chemist have in pharmaceutical marketing and has developed separate strategy keeping in core the chemist.
* * * *
Giving Discount on purchase. Giving Additional offers on purchase. Giving gifts on purchase. Facility of expiry reim bursem ent. In this type of the marketing strategy Mankind is trying to influence the chemist
purchase behaviour. When it started in 1995, Mankind had a presence in just two states. Today, Mankind covers the entire length and breadth of India. The company focuses on the grassroots by tapping small towns and rural areas through its team of about 1,900 medical representatives. It is doing fairly well even in cities like Delhi, Chennai, Mumbai. The company is aggressively expanding its domestic sales through its existing divisions, namely Mankind, Discovery Mankind and Life Star, as a business strategy. For instance, the Mankind division has a mixed bag of cardiovascular and diabetic products. Mankinds domestic formulations business is expected to grow at a whopping 40 percent. The Discovery Mankind division was launched about two-and-a-half years ago. With a field force of 650 medical representatives and managers, already quite a few brands of Discovery Mankind have reached to the top five positions in their respective segments. They are Zenotin, Sparkind, Nobel Gel, Nuforce-3 Kit, Fynal, and Mahacef. The relatively new Life Star division is yet another sister concern of Mankind Pharma, which has inducted around 100 field people so far. The focus of Life Star division of Mankind is on ophthalmology and the dermal segment. Very soon, it will be entering into anti-malarial segment.
MARKETING MIX
What is Marketing?
The term marketing has changed and evolved over a period of time, today marketing is based around providing continual benefits to the customer, these benefits will be provided and a transactional exchange will take place. The Chartered Institute of Marketing define marketing as The management process responsible for identifying , anticipating and satisfying customer requirements profitability If we look at this definition in more detail Marketing is a management responsibility and should not be solely left to junior members of staff. Marketing requires co-ordination, planning, implementation of campaigns and a competent manager(s) with the appropriate skills to ensure success. Marketing objectives, goals and targets have to be monitored and met, competitor strategies analysed, anticipated and exceeded. Through effective use of market and marketing research an organisation should be able to identify the needs and wants of the customer and try to delivers benefits that will enhance or add to the customers lifestyle, while at the same time ensuring that the satisfaction of these needs results in a healthy turnover for the organisation. Philip Kotler defines marketing as satisfying needs and wants through an exchange process Within this exchange transaction customers will only exchange what they value (money) if they feel that their needs are being fully satisfied, clearly the greater the benefit provided the higher transactional value an organisation can charge. P.Tailor of www.learnmarketing.net suggests that 'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer (P.Tailor 7/00)' Marketing is a social and managerial function that attempts to create, expand and maintain a collection of customer. A market - focused, or customer focused, organization first determines what its potential customer desires, and then builds the product or services.
Marketing theory and practice is justified on the belief that the customer uses a product/ service has a perceived benefit. Marketing touches everyone's life. The American Marketing association defines marketing as "the process of planning and executing the conception, pricing, promotion and distribution of the ideas, goods and services to create exchanges that satisfies individual and organizational objectives. Paul Mazur defined marketing as the creation and delivery of a standard of living to society. Marketing is a compressive term and includes all resources and a set of activities necessary to direct and facilitate the flow of goods from the producer to the consumer in the process of distribution
Etymology
The term "niche" (pronounced nich, nsh, or nish) was first used by ecologists to describe a species' position and use of resources within its environment. When used in business the term implies a situation or an activity perfectly suited to a person or a given type of personality. This concept has been extended from persons to products on the market. Whereas a niche in the strict sense can be a working position or an area suited to a person who occupies it, the market niche is perfectly suited for a product of human labour.
Marketing Mix
The Marketing Mix. is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services effectively to a particular target customer group. It is also referred to as the .4 Ps. . Product, Price, Promotion and Place, or the .7 Ps. . the 4 Ps with the addition of People, Process and Physical Evidence.
Why it is important?
Businesses need to make sure they are marketing . _ The right product to _ The right person at _ The right price in _ The right place and at _ The right time For example, if you manufacture pens, and have decided to target schoolchildren, it would be more appropriate to market . _ Coloured ballpoint pens (product) _ At a low price (price) _ Selling them through newsagents and stationers (place) _ And promoting them through point of sale material (promotion) than it would be to market . _ Gold fountain pens (product) _ At a high price, including insurance against loss (price) _ Selling them through specialist outlets and jewellery stores (place) _ And promoting them in glossy magazines and Sunday Supplements (promotion)
Product
Marketing is about identifying, anticipating and satisfying customer needs. You need to be sure that your products and services continue to meet your customers. needs. 1. Carry out simple research by asking your customers . _ What they think of each product/service _ How satisfied are they with the quality _ How satisfied are they with any support services you may provide _ How effective it is in meeting their needs _ How they see their needs changing in the short and long term future 2. Carry out step 1 for each product or service you offer 3. Have a system for collecting and analysing feedback from your customers so that ideas are fed into a new product development process that is ongoing.
4. Ask yourself what stage of the product life cycle your products or services have reached. The .product life cycle. is one way of looking at how the marketing mix links together. Products are said to go through stages . an introductory stage, a growth stage, a mature stage and a decline stage. At each stage a slightly different mix is appropriate . 5. Analyse the profitability of each product/service you offer. For more information on calculating this, take a look at the 10-minute 80/20 Rule. Which products/services make the biggest contribution or provide the highest profitability? What support services do you offer with each product? Could it be improved, adding value with little cost?
Place
Place is the means of distribution you select depending on the type of product or service you are marketing. Your choice will impact on your pricing and your promotion decisions. 1. Are the customers for your products and services consumers or businesses? If they are consumers you will have three main options .
_ Selling to wholesalers who will sell to retail outlets who will sell on to the consumer _ Selling direct to retail outlets _ Selling direct to the customer If your customers are businesses you will probably sell to them direct through your own sales force. 2. If you sell through wholesalers and retailers, remember when you price your products that they will each want their own mark-up to cover their overheads. You will also need to promote your products and services to all members of the channel. Wholesalers and retailers will have to be persuaded to stock your product and end customers to buy them. 3. If you are selling to businesses you will have to cover the cost of a sales force. This can be an expensive overhead and will again impact on your pricing.
Price
Price generates profit so is an important element of the mix. You need to consider 1. What your target group of customers will be prepared to pay for your product or service. It is important not to set the price too low as customers may think there is something wrong with the product. Equally, if you set the price too high, customers may think that it is too expensive for the benefits offered. Think about how you have positioned. your product in terms of quality. This will help you to assess how to price it. 2. What it costs you to produce it. This will show you what you need to charge and not what you could or should charge. However, if you do not calculate what it costs you to produce your product correctly, the more you sell, the more you will lose. Don.t forget to make an allocation for costs such as selling which are usually treated as fixed.
3. What your competitors charge. Look at your competitors. web sites, or simply phone them and ask for a price list or quotation.
Promotion
The promotional mix is made up of 5 elements: _ advertising _ sales promotion _ public relations _ direct marketing _ personal selling The combination of tools you use depends on the budget you make available, the message you wish to communicate and the group of customers you are targeting. To find out more about developing a promotional mix as part of your wider marketing mix, take a look at the 10-minute
Some of the following Products of the mankind pharma are pictured below.
REASEARCH METHODOLOGY
Research is common parlance refers to a search for knowledge. Research can define as a scientific and systematic research on a specific topic. In fact, research is an art of scientific investigation. The dictionary meaning of research is as "a careful investigation or inquiry especially through search for the new facts in any branch of knowledge. Some consider research as movement, a movement from known to unknown. Research may be defined as a systematic and objective analysis and recording of controlled observations that may lead to the development of generalization of principles or theories resulting in prediction and possibly ultimate control of events. Methodology is often used in a narrow sense to refer to methods, technology or tools employed for the collection of data as well assist processing. This is also used come times to designate data collected to arrive at the conclusion. It provides answers to some of the major question while research like what must be done, how it will be done, what data will be needed, what data gathering devices will be employed, now sources of data will be analyzed to arrive at the conclusion.
To study existing marketing strategies of company. To study the promotional of product among field force and distribution channels. To observe product and improvement (if needed) to meet a changing market need or
customer's taste. To study the sales ranking of the various products of Companies as per ORG IMS. To check the potentiality of the doctors.
A flexible research design provides opportunity for considering many different aspects of a problem considering appropriate. The purpose of the research study is of the Descriptive type
i.e. the complete random selection of the sample from the universe.
3D b Descriptive Study:
Descriptive study is undertaken in many circumstance when there is interest in knowledge. The characteristic of certain groups such a age, sex, educational level, occupation or income, interested in knowing the proportion of in a given population who have behaved in a particular manner, making the projection of certain things or determining the relationship between two or more variable , descriptive study may be Descriptive Research is the formal designs, such as completely randomized designed, randomized block design ,Latin square design simple and complex factorial designs , In this project the Randomized sample design should be implemented for the research purpose. Descriptive data are commonly used for the marketing decisions, these Studies are well structure. Design in such studies must be rigid and flexible and must focus attention of following What the study is about and why it being made? What techniques of gathering data will be adapted? How much material will be needed? Where required data are can be found? Processing and analyzing of the data Reporting and findings.
Descriptive study can be done with help of quantitative research. If descriptive information is needed then a quantitative study is likely to the needed. The choice of data collection techniques for this study includes. Descriptive study is likely can be done with help of quantitative research.
The choice of data collection techniques for this study includes. Observation Experimentation Survey
In this project, the survey method is adopted for collecting the data by the various techniques as. 1) 2) 3) Personal interview - through correspondent Telephone survey - through telephone Questionnaire - By making the set of question & giving it to the respondent to collect the data.
3Ea S a m p lin g :
Sampling is a tool, which helps to know the characteristic of the universe of population by examine only a small part of it. the sampling done in this project is deliberate sampling where Nagpur market selected deliberately to check the effective launching of the medicinal product and the Response to the product after launching. An integral component of a research design is the sampling plan specifically, it address two questions.
Sampling is also called as Random sampling" Or 'Chance sampling". Sampling design represent terms of the universe & has equal chance or probability of being same choosers. The selection of the items is independent of the person making the study that is the sampling operation is control objectively so that items will be chosen strictly at random probability.
The study of the entire universe will be impossible on the account of limitation of time and money. Hence sampling becomes inevitable. A sample is only a portion of the universe of population. According to YULE, a famous statistician "the object of sampling is to get maximum information about the parent population with minimum effort." properly done sampling produce representative data of the entire population.
Collection of primary data is by distributing the questionnaire to the selected samples to obtain their views on research by mail or through personal interview.
3 F] Limitations:
1) 2) 3) 4) Any statistical technique employed has some inherent assumption, which mayor may not distort the references. Analysis is made on the information provided by the Retailer and Doctors, & Medical representative Doctors were unable to give the exact preferred product as there is a different medicine for the different diseases and it varies patient to patient it is difficult to give the exact reason of low of particular product because it is simultaneously depends upon quality, price as well as on seasonal or atmospheric conditions. 5) The market research area is limited to Nagpur District only.
phase of survey the total number of doctors and their category was determined. the finding of surveys is as follows. Chart -1
50%
0% -20%
GP
PAED
CARDO
GYNC
OTHER
GP 50%
PAED 20%
CARDO 10%
OTHER 5%
Analysis:
From the above graph it shows that the G.P. Doctors having major involvement in the categorisation of the doctors. The survey was limited to sample size 100 doctors only.
In the second phases, Doctors potentiality was determined considering the following factors:No. of prescription generated by the Doctors/Day Chart - 2
40%
20% 10%
GP PAED CARDO
25% 5%
0%
GP 40% Analysis:
PAED 20%
In the prescription generation by Drs per day, the G.P. generated more prescriptions per day as he treat person. s all types of patients than the other specialist
Chart-3
In this part of survey, how the Doctors get introduced to the product was determined. The following survey is expressed in the below graph.
10%
0%
G A T N C R E P
10%
5%
MR DRUG INDEXBOOKADV
MR 75% Drug index Book 10%
OTHER S OURCE
In this graph, it is observed that the majority of the Doctor come to know about the product from the MR.
Chart-4
Here the Doctors method of prescription generation was surveyed, where survey was conducted to find out whether Doctors prescribe medicines by Brand Name, Generic Name, or by contents. The findings of the survey are expressed in the above graph.
90%
3%
BRAND NAME GENERIC NAME
0%
7%
In this graph it is cleared that majority of doctors prescribed the product by Brand Name.
Chart-l
Chemist survey was conducted to determine the influence of the chemist buying behavior of the product and the influence of the company's strategy on the chemist buying behavior. In this survey, how chemist gets aware of the medicinal product was determined. The finding of the survey is expressed in the above pie-chart.
Analysis:
From the pie chart it is clear that most of the Chemist get aware of the product through Medical Representative appointed by the company.
10%
20%
Doctor's Prescribed Product Product with Scheme High Profit Margin Product
70%
Analysis: From the Pie-chart it is clear that, chemist like to keep product, which is prescribed by the Doctors.
CONCLUSION
Conclusion.
After the detail analysis of primary and secondary data following conclusions are drawn:-
Mankind Pharma categories the doctor based on prescription generation per day. In pharma market there is stiff competition still Mankind Pharma doing well in that competition on the basis of Price and field force. The major source of introducing medicines to the Doctor,Medical Representatives. The majority of Doctors prescribed medicines by Brand Name not a Generic or content name. The major parameter that are consider before prescribing medicines by the Doctors,that are Company Reputation Contents of Product Quality of Product Price of Product
Chemist will prefer to keep those medicines that prescribed by Doctor.Also keep those medicines that have scheme or benefits. Mankind Pharma have an opportunity to make the presence inthe consultant's chamber by introducing new innovative Products with economy . Mankind has major drawback is that they don't having there self R&D and also manufacturing plant. Mankind take action on this matter by introducing the R&D dept along with their manufacturing units. Mankind provides the world class ALU-ALU packing that kept the medicine
very safe and having no effect on the medicines by the external atmosphere.
BIBLIOGRAPHY
B IB L IO G R A P H Y
Author V.S.Ramaswami
Philips Kotler
3)
W ebsite Nam e
HRL www.mankindpharma.com www.pharmabiz.com
ANNEXURE
Questionnaire for doctor Dr. Name:Dr. Address:Ph No.:1) 2) How do you come to know medicines of pharmaceutical company? Through MR Through Advertisement Through index book Other source How do you remember the brand names of medicines, as then are so many players in market? 3) Conference participation of companies Due to visual folder Gifts given by MR Literature send by companies Continuous Fallow up AnyOther How do you prescribed medicines? By brand name
4) 5) 6)
By generic Name By contents What do you do when chemist substitute your prescribed medicines? Not accept at any conditions Accept if Rx product not available Accept some time Accept always Which brands are easy to recall? Brand representing molecule Brand easy to pronounce and reminder Brand representing companies name Brand unique and different from companies name What impact does visual folder play in Brand reminding? Very Important Important Average Not much
What are the parameters you consider III medicines before prescribing? Company's reputations Relation with MR Quality of products Availability of the products