CHAPTER ONE: Introduction
Background of the study
Theoretical and practical knowledge does not always move to the same direction. Theory differs in a great way through its operation and implementation. There is no doubt that to justify the theoretical knowledge practical orientation has great importance. An internship program brings the students closer to the practical world. This realization of the university has introduced the system and provision of internship program for the students of BBA for better understanding and realization with the practical job environment.
In modern business community we are depending on each other by the fulfilling of national and international business demand and requirements. Export import and international business filling up the gap and balanced in national business. All types of promotional activity is related with the new product launching and international business.
Objectives of the study:
Main objective of this report is to fulfill the partial requirements of the internship report. Besides fulfilling the University requirements, this report intends to cover the promotional strategies for new products launched by Renata Limited.
Specific objectives of the study may be spelled out as follow-
- To gain the practical knowledge of applying Promotional strategies.
- To gain the specific knowledge of promotional strategies which can be only applied in pharma market for new product development.
- New product development process and how to enter a foreign market.
CHAPTER TWO:Methodological aspect
To conduct the research appropriately relevant information is important. There are two types of data collection one is primary data collection and another is secondary data collection. Qualitative research method is applied for collecting primary sources of data. The study is completed and made report in descriptive nature.
- Observation Method : By observing varies activities, methods, process related to promotion.
- Interview Method : By interviewing managers, employees, experts and various stakeholders etc.
- Through Questioners
- By open discussion
- From present ongoing process
- Informal discussion with organizational production department and others
- Different types of therapeutically products in particular group
Secondary data source:
From the preservation of official data based on Renata Limited IMS books Journals and other pharma market analysis Using Internet and related website.
Scope of the study
To develop my practical knowledge by the research I had conducted the survey where I meet the people helps to expand the communication network which may bring fruitful outcomes in future. I have learnt how to handle a problematic situation efficiently by research. This research will develop my report writing skills which help me in future. The study will help us to find specific strategies which are applied by pharmaceuticals industries for launching their new products.
Limitations of the study:
The main constrains of my internship program was the time limitation. Three month period is inadequate to have depth knowledge about pharma market. To write a report it is necessary to select a topic. A well-defined topic reflects what is going on to be discussed through the report. The topic is “Promotional strategy for new products launched by Renata Limited” So the major limitation faced to carry out this project was mainly time constraints. It is really difficult to gather data from the place where people do not know me for a long time. They have restriction to disclose some secrete information to other.
Although maximum effort was given to make the study a successful one, but it suffered from some limitations which were apparently unavoidable, the major limitations are,
• The major limitations of the study are that no previous study has not been done on the basis of this topic.
• The authority did not disclose some sensitive information for keeping the organization confidential.
• In their website in the pharma market promotional accepts and information was limited.
CHAPTER THREE:Corporate Profile at a Glance
Background of Renata Limited
The Company started its operations as Pfizer (Bangladesh) Limited in 1972. For the next two decades it continued as a highly successful subsidiary of Pfizer Corporation. However, by the late 1990s the focus of Pfizer had shifted from formulations to research. In accordance with this transformation, Pfizer divested its interests in many countries, including Bangladesh. Specifically, in 1993 Pfizer transferred the ownership of its Bangladesh operations to local shareholders, and the name of the company was changed to Renata Limited.
No. of Employees: 2,623 employees.
Distributors and Affiliations: Our Alliance-Partners are as follows:
- Novartis Vaccines (Rabipur, Vaxem HiB, and Agrippal)
- BASF, Germany (Animal Nutrition Products)
- InterVax, Canada (Meningococcal Vaccine)
- Evans Vanodine, UK (Disinfectant)
- Zinpro, USA (Metal Amino Acid Complexes)
- Biomin Laboratories, Singapore (Mycotoxin Binders and Nutraceuticals)
- Bomac Laboratories, New Zealand (Veterinary Products)
Afghanistan, Cambodia, Guyana, Jordan, Kenya, Malaysia, Myanmar, Nepal, Philippines, Hong Kong, Sri Lanka, Vietnam, and United Kingdom
- 100% Shareholding in Renata Agro Industries Limited
- 100% Shareholding in Purnava Limited
Agrani Bank, CitiBank, City Bank, Eastern Bank, HSBC, Mutual Trust Bank, Sonali Bank, Standard Chartered Bank
To establish Renata permanently among the best of innovative branded generic companies.
To provide maximum value to our customers, shareholders, colleagues, and communities where we live and work.
Objectives of Renata Limited
Maximization of profit along with the benefits of employees is the main objective of the bank. In addition, the order objectives are:
- To discuss the Pharmaceutical Sector’s prospect over the next one year.
- To do a full analysis of the company’s financial performances in the past three years.
- To prepare the forecasted income statement for the next year and
- To estimate the external fund requirement for the next year.
- Foreign a cordial, deep-rooted and firm banker-customer relationship by dispensing prompt and improved client’s service.
- Taking part in the development if the national economy through productive deployment of the human resources as well as patronizing different social activities.
- Connecting clients to modern banking practice by the best application of improved information technology, so that they get encouraged to continue and feel proud of banking with ABBL.
- Ensuring highest use of the professional workforce through enhancement of their aptitude and competency.
- Elevating the image of the pharma at home and abroad by sustained expansion of its activities.
- Ensuring maintenance of increase market growth share, capital adequacy, asset quality and highest through successful implementation
Calcium Supplement Preparation
Back to the list
CHAPTER FOUR:An overview of pharmaceutical market and promotional activities in Bangladesh
THE PHARMACEUTICAL MARKET: BANGLADESH
Politically, Bangladesh appears stable after decades of instability and coups; The government dominates the parliament. Economically, Bangladesh’s real growth is projected to fluctuate in the forecast period, peaking at 6.7% in 2015. However, per capita expenditure remains the lowest in the Asia Pacific region covered by Espicom. Legally, Bangladesh does not have to abide by the WTO’s TRIPS agreement until 2016, an aspect which is being exploited by the domestic generic market. Demographically, Bangladesh will be the fifth most populated country in the Asia Pacific region by 2016. However, the country still has an extremely high infant mortality rate.
Bangladesh is a very poor country, and many of the population cannot afford to see health professionals when they fall ill, therefore there has been a long tradition of self-medication in the country. The Bangladeshi pharmaceutical distribution network tends to be more retail-orientated and the bulk of distribution is done by the companies themselves. An anarchic situation is prevailing in the marketing and sales of medicines in Bangladesh. Thousands of illegal and unlicensed drug stores exist in cities, towns and rural haats and bazaars, which leads to the unnecessary sale of often poorly-manufactured pharmaceuticals.
The Bangladeshi pharmaceutical market is projected to grow at a high single-digit CAGR in US dollar terms during the forecast period. Bangladesh will have the smallest pharmaceutical market in the Asia Pacific region covered by Espicom in 2016. There is a large generic sector in Bangladesh, and companies such as Square and Beximco are beginning to have success overseas. In November 2010, for instance, Beximco announced a strategic manufacturing, supply and product development agreement with the US firm, Adamis Pharmaceuticals, to launch generic drugs in the US market. However, despite the country possessing huge manufacturing capabilities which supply around 96% of domestic need, the complete lack of R&D in domestic companies could affect the market, especially if companies have not evolved by the time the TRIPS agreement comes into effect. The pharmaceutical industry is the world’s largest industry due to worldwide revenues of approximately US$2.8 trillion. Pharma industry has seeb major changes in the recent years that place new demands on payers, providers and manufacturers. Customers now demand the same choice and convenience from pharma industry that they find in other segment.
Product list of Bangladesh
RESEARCH & DEVELOPMENT (R&D)
The pharmaceutical industry is characterized by heavy R&D expenditure. It is only the large pharmaceutical companies who can allocate significant resources for R&D to introduce new products. As the products are an outcome of significant R&D expenditures incurred by these companies, they have their products patented. The patent allows the companies concerned to wield immense pricing power for their new products.
Pharma Marketing Process and its Challenges
While many pharmaceutical companies have successfully deployed a plethora of strategies to target the various customer types, recent business and customer trends are creating new challenges and opportunities for increasing profitability. In the pharmaceutical and healthcare industries, a complex web of decision the nature of the transaction (prescription) for which direct customer of pharma industry (doctor) is responsible. Essentially, the end-user (patient) consumes a product and pays the cost. Use of medical representatives for marketing products to physicians and to exert some influence over others in the hierarchy of decision makers has been a time-tested tradition. Typically, sales force expense comprises an estimated 15 percent to 20 percent of annual product revenues, the largest line item on the balance sheet. Despite this other expense, the industry is still plagued with some very serious strategic and operational level issues Organizational perspective the most prominent performance related issues are enlisted below:
CHAPTER FIVE:Theatrical aspect of the study
Advertising is any paid from of non personal presentation and promotion of ideas goods and services by an identified sponsor
… … Philip Kotler/Armstrong -Principles of Marketing13ed (Ch15, page 430)
Advertising is paid non personal communication from an identified sponsor using mass media to persuade or influence an audience.
… … William WELLS/Burnett-Advertising Principles &Practice 6th ed (Ch,1Page10)
Short-term incentives to encourage the purchase or sale of a product or service.
… … Philip Kotler/Armstrong -Principles of Marketing13ed (Ch14, page 402)
Marketing activities that provide extra value or incentives to the sales forces distributors or the ultimate customer and can stimulate immediate sales.
… … Belch/belch-Advertising &Promotion 8ed (Ch-1 page 16)
Building good relations with the company’s various public by obtaining favorable publicity building up a good corporate image and handling or heading off unfavorable rumors stories and events.
… … Philip Kotler/Armstrong -Principles of Marketing13ed (Ch14, page 403)
Public relation refers to non personal communication regarding an organization, product service or idea not directly paid for or run under identified sponsorship.
… … Belch/belch-Advertising &Promotion 8ed (Ch-1 page 24)
Face to face contact between the marketer and a prospective customer that intends to create and repeat sales.
… … William WELLS/Burnett-Advertising Principles &Practice 6th ed (Ch,3Page80)
CHAPTER SIX:Product based Data Analysis
Different types of pharmaceutical product produced thus are given below:
- Hormone Products
- Lipid lowering agent
- Eye-Ear and topical agent
- Anti-parasitic & anti-protozoal agents
- Anti-fungal agent
- Anti-tuberculosis agents
- Anti-ulcerent & anti-spasmodic
- Diabetic care
- Skin care &acne agent
- Iron &Vitamins
- Anti allergic
- Non Steroidal Anti-inflammatory
- Analgesic &Antipyretic
Product Category wise market share
Total pharmaceutical market share is given bellow by category wise
In this chart shown as the category wise market share analysis total market share 100% but if I calculate the graph from chart Anti-infective category market share is 16.4%
It is very much evident from above fig.1 that chronic therapy area (Gastro Cardiac, Respiratory, Neuro Psy chiatry and Ant diabetics) is dominating the market in long run.
Compare with other market: This graph
Company Based Sales valium analysis on Top ten Pharma:
In this chart analysis for Anty-ulcer ant product analysis BEXIMCO has MAT 47,116,140 and in percentange it is 71% and growth rate is 95.29 for OPTON product. So the INCEPTA, OPSONIN, SQUARE, ReNETA has MAT and Growth rate is accordingly which is shown in graph.
Anti-ulcer ant product analysis:
In this chart, we see that Reneta has the largest moving annual total ( MAT). Next to Reneta is SquareLtd. Square’s MAT is 171,812,632.The third one Beximco ltd.
Here we see that Reneta has 13.73%. Then Opsonin has 1.29%. Square nexum holds 1.18% Beximco’s option holds .71%.
Here we see that Incepta has the largest growth rate that is 113.6%. Then Option has the second growth which is 95.29%. Nexum holds the third position in growth rate. Maxpro has 71.58% growth rate. The last one that is Esotid holds 65.05% growth rate.
In this chart represents three years moving annual total of the different brands. In 2011 Maxpro holds the highest MAT. The second MAT holding brand is FUROCEF. In 2010, MAZPRO holds the
highest moving annual total. The next brand is ROLAC. But in 2009, MAXPRO and ROLAC both hold the highest MAT. FUROCEF holds the next position.
CHAPTER SEVEN:New product launching strategy
Guidelines for new Products Launching Strategies
1 Marketing approaches of Super Core Model
In pharmaceutical maket there has been a significant shift from Acute towards Chronic
Threapy area. Chronic segments are driving the growth of the market as leading
prescribers in these segments are specialists as opposed to general fractionedAs a matter of fact, pharmaceutical companies are merging, and, through the merging process, the portfolio of the new companies changes. Medical representatives are rearranged throughout the new companies. Some of the sales representatives are now afraid of losing their job, due to the changing scenario and the possible layoffs. On the other hand, the new, bigger, pharmaceutical companies are competing more and more with one another, and, in order to stress their products, might adopt a more aggressive sales strategy. For example, sometimes in the same geographical area there are five representatives for just one company, or different representatives for the same drug in different settings. As a result of the new, aggressive strategy, the aggressiveness of representatives has also been increasing, since the larger stress exerted by their companies might affect their stay in the company. Therefore, they tend to have more frequent visits to encourage doctors to prescribe drugs and thus increase sales. In this model medical representatives are the key actors for example in a small oncology unit almost 40 sales representatives interacting with doctors, and most of them are coming for a visit on a regular once-a-month basis as this is the restriction put by doctors of meeting only once in a month that to on a fix time only, in order to stress the usefulness of their products and push clinicians towards the use of their drugs. This means that, basically, there are at least two representatives every day in busy clinic asking for a ‘short’ meeting to support their product. Pharmaceutical marketing is a specialized field where medical representatives form the backbone of entire marketing effort. Pharmaceutical companies also appoints medical representatives and assign them defined territories. Medical representatives meet doctors, chemists and stockiest as per company norms. Medical representatives try to influence prescription pattern of doctors in favor of their brands. The pharmaceutical distribution channel is indirect with usually three channel members i.e. depot/C&F, stockiest and chemist. Pharmaceutical companies appoint one company depot or C&F agent usually in each state and authorized stockist(s) in each district across the country. Company depot/C&F sends stocks to authorized stockists as per the requirement. Retail chemists buy medicines on daily or weekly basis from authorized stockiest as per demand. Patients visit chemists for buying medicines either prescribed by a doctor or advertised in the media. Here patient is end customer and doctor is direct customer for any pharmaceutical company. But for doctor customer is more important so he wants an effective supply chain management from prescribed company. And for pharmaceutical companies their customer that is doctor is more important that’s why they emphasize more on supply chain management. Ultimately end-customer is benefited out of this. For marketing of these type of products companies require more and more skilled field force to develop good rapport with their direct customer (doctor). Moreover field force should have good product knowledge and USP of their products over other so as to convince doctors and PULL the demand for their products i.e. from Doctor to Retailer to Stockist to CFA to company.
Pull System Working In Chronic Therapy Segment
Also it is interesting to note that since this is a push system products are being pushed in to the market so generally representatives place product orders from their stockist on the basis of SKUs sold and schemes. Normally the chances of dumping of goods at stockiest and retailer level are reported also payment recovery of companies is also not very good. Supply Chain Managers can provide considerable value to their companies by understanding the customers’ delivery
requirements. A very powerful tool for understanding these requirements is account segmentation. A company can use account segmentation to identify market segment.
Marketing Strategy for Start-Up Businesses or New Product Launch
Innovation can create or wipe out industries and businesses in less than a year. The popularity and convenience of CD players all but eliminated the sale of record players and seriously depressed the manufacture and sale of vinyl records.
• Political and legal:
Health care and handicapped legislation affects all businesses, large or small. Increasing costs and mandatory provisions for buildings, walkways, elevators, etc., significantly affect the overhead for a small business. For example, a new restaurant with a basement must now have an elevator (e.g., $20,000 or
more) for handicapped employees, despite the unlikely circumstance of physically handicapped employees needing to go down to a basement storage area.
• Social and cultural:
A.There is a sweeping trend for Americans (and the world) to dress more casually, with function and comfort driving new clothing and shoe trends. People are cooking less and are more concerned about nutrition and fat in their diets. And today, American business people are less willing to sacrifice family life
for business careers. What does this mean for your small business?
B. Market Situation which includes size, growth trends of total market, and key segments. For example, a small business could include local industry sales or volume for the last five years and estimated total market for this year and the following year, with company sales and share of the market.
• Rationale should be provided for estimating the trend of the market, including key industry developments, introduction of new technology or new products, increased marketing spending by key competitors, etc.
C .Competitive Situation which provides a description of major competitors with size, goals, market share, product quality comparisons, marketing strategies, marketing spending, etc.
• description of key competitors and their market positioning
• size of key competitors in units/dollars
• market shares of key competitors
• sales trends of key competitors
• strengths and weaknesses of key competitors compared to your company’s product or services
• perceived marketing strategies of key competitors and their probable impact on your company
D.Target Buyer or End User Situation which analyzes the identification and behavior of target buyers/end users and
consumer wants and needs
1. description of target buyers or end users in demographic, psychographic, and lifestyle terms
• Small companies are often discouraged about product development because of the perceived difficulty,
Time, and expense (“…only really big companies can afford to do it!”). Sometimes it is as easy as:
• Staying close to your customers: for example, how often do you ask them what they want/need that They are not getting from anyone?
• Staying close to the ultimate product user: how often do you talk with the end users of your product? if they are not the same people who actually buy your product?
• Staying close to your sales force, if you have one: when was the last time you asked anyone in sales if they have seen anything that is better or that they like better?
• Staying close to your suppliers: suppliers are often the closest to the latest technology, materials, ingredients, international advances, and competitive improvements. Larger companies will periodically conduct usage and attitude studies, diary panel studies, product
perception mapping studies, and other product development monitoring devices. They may also employ special researchers to scan patents and new product technology publication sources and talk with industry attorneys, consultants, research firms, and industry/trade experts to keep tabs on target user needs and Wants.
Marketing Tips for Launching a New Product
Follow these seven steps to successfully introduce and market your latest product or service.
So you want to bring a new product or service to market. You’ve done your homework and decided exactly what you plan to offer; now all you need to generate is sales. Sounds simple enough, doesn’t it? But every day, countless new product and service ideas are conceived–never to be born because they’re not properly brought to market. In fact, a large percentage of the calls my company’s coaches receive are from small-business owners who want exactly this sort of help. And we carefully guide them through these seven important steps that will help them successfully bring their new products and services to market.
1. Study your competition. Many business marketing classes teach participants how to perform a SWOT (strengths, weaknesses, opportunities and threats) analysis. You have to start by taking a serious look at your competitors. Make a list of the businesses that offer products or services similar to the one you plan to launch. Even if you think your new product or service is entirely unique and without existing competition, it’s important to put yourself in your prospective customers’ shoes and imagine what they might buy in lieu of what you plan to offer.
2. Target the ideal customer. To successfully launch your new product or service with minimum financial outlay, it’s essential to focus exclusively on the prospects you believe are most likely to purchase from you. These may be customers who are currently buying something similar and will appreciate the additional features your new product or service provides. Your best prospects have a perceived need for what you offer, can afford to buy it and have demonstrated a willingness to do so–probably by purchasing from your competition. Bear in mind, it’s always easier to fill a need than to create one.
3. Create a unique value proposition. At this stage, you should have a clear understanding of what you must offer in order to stand apart from your competition and who will want to take advantage of your offer. But do you know why customers will want to buy from you vs. the vast field of competitors out there? What benefits and features will you provide that your prospective customers will value most? The bottom line is that your product or service “bundle” should be unique and meet the needs and desires of your best prospects.
4. Define your marketing strategy and tactics. Next, choose your sales and marketing channels. Will you market online, via catalog or through dealers, for example? Generally, multichannel marketers achieve the greatest success because customers who can shop when and however they like tend to spend more and shop more often. Suppose your strategy is to market a low-cost workout device to people who can’t afford gym memberships or high-priced home equipment. You might choose traditional direct marketing plus online sales as your primary channels, and employ tactics including direct-response TV spots and online ads and e-mail solicitations that link to your website.
5. Test your concept and marketing approach. With all the money it takes to bring a new product or service to market, it’s foolhardy to rush headlong into the launch phase prior to testing. What should you test? It’s best to examine your product or service bundle plus your marketing message and you’re your marketing materials. Depending on what you plan to market and your budget, you can use formal focus groups (or simply host roundtable discussions with members of the target audience), employ online research or mall intercept studies, or distribute your product to a select group of users for testing. Only after testing is complete, should you proceed to the final creation of your marketing tools and materials.
6. Roll out your campaign. Public relations often plays a vital role in the launch of a product or service. You can use media relations tactics to place articles and win interviews, get coverage by allowing key press to review your product, hold a launch event, or use grass roots marketing to build buzz. But no matter what publicity route you choose, first make sure your product or service is completely ready and available for purchase in order to maximize returns from the coverage you receive. And your other marketing efforts should follow closely on the heels of your press roll out. Monitor the results from all media, and in the first weeks and months, be prepared to adjust your campaign to take advantage of what’s working best.
7. Know your product’s lifecycle. The campaign you use during the introduction and education phase of your product or service launch will need to be updated as your product or service matures. If you’re monitoring your marketing results carefully, you’ll begin to see diminishing returns that will indicate when it’s time to revise the product or service itself, alter your media message, or even phase out this particular offering and lay the groundwork
CHAPTER EIGHT: Personal selling and advertising
Different kinds of NGOs like Brac, Non –Profit service based organization, Upazilla health complex, Mother and child care Institute is their institutional market.
Promotional campaign as well as publicity also done by different physician like
Anti-Infective, Gastrointestinal, Cardiac, Respiratory, Vitamin/Minerals/Nutrient, Pain/Analgesic, Dermatology, Neuron psychiatry, Opthologicals.
Arranging seminars by physician
To conduct promotional campaign Reneta arranges many seminars on different products (drugs) by different physician.
Promotional activities also done by Rural Medicine Practitioner. Reneta divided strategic RMP to conduct effective promotional campaign.
Sales force is trained effectively so that they can use their full potential to conduct promotional campaign.
The Vertical diagram of controlling and managing sales force are given below:
Direct to Consumer Ad:
Heavy direct-to-consumer (DTC) advertising strongly correlates with increased sales for the promoted drugs. Around 14 million; the number sharply rose to 18 million in 1999. This rise coincided with the expenditure In the same year of 15%+ of the $1.85 billion DTC advertising dollars that were targeted at prescribed. Sometimes Patients and other market segments are used to promote and play role to advertise new Pharmaceuticals products. In this case the company uses
- Buzz Marketing,
- Opinion Leader
- Concentrated marketing
- Reference marketing etc…
The company sometimes creates literature and publications to promote their new products. These helps doctors, patients, and other stakeholders to be informed and aware of new products. The magazines and publications of Reneta Ltd are :
CHAPTER NINE:Findings of the Study:
Findings of the Study:
After analyzing the promotional strategies for launching new products of Reneta Ltd, the following major problems are identified. These are given below on the basis of importance:
- There is lack of coordination among distributors for applying consistent
- The company has lower no of magazines to place advertisement.
- There is also Lack of dynamic and effective planning in applying
- The company has the tendency also to invest low amount in promotion.
- There is lack of involvement of distributors, and stakeholders to promote product efficiently.
- .Increased competition and shortened window of opportunity
- Low level of customer knowledge (Doctors, Retailers, Wholesalers).
- Poor customer acquisition, development and retention strategies
- Varying customer perception and low market share
- The number and the quality of medical representatives are low.
- Very high territory development costs.
- High training and re-training costs of sales personnel.
- Very high attrition rate of the sales personnel.
- Busy doctors giving less time for sales calls.
- Poor territory knowledge in terms of business value at medical representative level
- Unclear value of prescription from each doctor in the list of each sales person.
- Unknown value of revenue from each retailer in the territory
- Virtually no mechanism of sales forecasting from field sales level, leading to
- Absence of analysis on the amount of time invested on profitable and not-so profitable
- customers and lack of time-share planning towards developing
- Manual and cumbersome administrative systems and processes designed
which don’t facilitate optimal efficiency levels in sales teams.
- Company has the comparatively less brand value than the other pharmaceuticals companies.
- R & D is less in Renata than the other existing brands.
- New innovative product should be launched after a certain period of time.
Chapter-10:(Conclusion and Recommendations)
Renata Limited is a top ten pharma in Bangladesh. The company always try their best to update and launce new product in market with varieties of promotional activities. The promotional activities applied in the company for new product is challenging in terms of dynamic market need and approaches. The major findings of the study are: There is lack of coordination among distributors for applying consistent promotional strategies. The company has lower no of magazines to place advertisement. There is also Lack of dynamic and effective planning in applying promotional strategies. The company has the tendency also to invest low amount in promotion. There is lack of involvement of distributors, and stakeholders to promote product efficiently. On the basis of findings II have some recommendation so that the company can overcome the problems and compete with industry. These are 1. The company must develop an effective coordination among distributors and different stack for promotional strategies; they must invest a reasonable amount in promotion, they must develop an effective planning to promote product widely in target market.
Effective Promotional strategy is the most important for new product launching. Pharmaceutical product promotional strategy is different from other products promotion. On the basis of these findings or problems, the following recommendations may be appropriate for the company to be succeeded in promoting new pharmaceutical products. These are given below:
- Applying dynamic promotional strategy for promoting new pharmaceutical product.
- Promote the field force training and identify core customer
- Increasing co-ordination among distributors for applying consistent promotional strategies.
- The company has to invest high amount in promotion
- Increasing the number of magazines to place advertisement
- Give Adequate knowledge and training of (doctor, retailers, wholesalers) about products
- Competition must be decreased and broad window and Opportunity by creating competitive advantage.
- Territory knowledge in terms of business value at medical representative level must be in standard level
- Increasing the category based products market growth by trying to better selling
- There must be mechanism of sales forecasting from field sales level, leading no deviation.
- Administrative system and process should be designed in such a way that facilitates optimal efficiency levels in sales teams.
- New idea generates for new products and builds up new market share.
- IMS book Bangladesh-2nd Q and 3rd Q 2008-2011
- QIMS-15 Dr.Ridwan Ullah Shahidi 15th edition,section -1
- Kotler/Armstrong-“Principles of Marketing” 13th edition. (ch:14 page-403)
- Belch/Belch-“Advertising &Promotion” 8edition (Ch-1 page 16
- WELLS IMS(Bangladesh) book Q2nd and Q3rd 2008-2011
- QIMP /Burnett- ÒAdvertising Principles & PracticeÓ 6th ed (Ch,3Page80)
- www.pharma market in Bangladesh
8. www. Renata Limited