Marketing strategy for a portable OTC cold medication product
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OTC
Communication & Price
Communication
The target market will be composed of major retailers like Walmart, Target, CVS, Walgreens, as well as, regional and national grocery chain pharmacies. Each of these retailers already contains a product mix for these products that is diverse and cost competitive. Thus the company will have to work to differentiate itself in every way possible. One strategy for differentiation could be the product packaging and the container.
The products should be packaged in a way that separates them from the rest of the crowd. One idea would be to offer a more portable bottle that would fit into someone's pants or purse much easier. Usually products in this niche are packaged in a child proof bottle or in an individually wrapped sheet in which you have to peel back some kind of plastic to be able to access a single dosage. There are many versions of the OTC products and it will be virtually impossible to innovate on the products quality. However, there can be other sources of innovation such as the product packaging and the bottle portability.
The resulting packaging could serves as the competitive competency that is communicated to the retailers in the target market. The communication strategy could focus on the fact that when you feel bad, you don't want to have to hunt for a bottle or mess with a blister pack. Rather you just want to get to your OTC medication quickly and easily. Having a well-designed product packaging solution could provide the company the differentiation necessary to create market share.
Price
Price
Q
Unit
Price
Q
Unit
Sudafed Non-Drowsy Decongestant
10.49
20
0.52
9
18
0.5
Robitussin Cold & Flu
8.48
20
0.42
7.2
18
0.4
Tylenol Cold & Flu
8.79
24
0.37
6.3
18
0.35
Delsym Cough & Cold
16.99
8
2.12
12
6
2
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