Introduction
The business strategy for the Nurofen Fever Reducing & Pain Killer product focuses on the core components that are fundamental to the product against value-added extras that are utilized to boost customer satisfaction and gain a competitive edge in domestic and international markets (Dawn 2021). Topics including the changing corporate environment, consumer behavior, marketing segmentation, product and service concepts, marketing strategies, marketing channels and logistics, marketing communication, pro-forma financial, and international marketing are all included in the marketing plan. Since it is used to cure and relieve headaches, body pains, edema, stiffness, and fever, the medication is in great demand among patients.
Due to its importance in reducing toothaches, muscle discomfort, sprains, and flu-like symptoms brought on by fever and cold, the medicine is in great demand on the market. In order to thin the blood, a pharmaceutical prescription also approves the medication at a modest dose. Additionally, the substance is special and contains properties that lower fever and discomfort, which drives up demand for it on both the domestic and foreign markets. In order to frame growth potential in the local and global markets, this marketing strategy attempts to give a knowledge of the product mission in the market. The strategy also places a strong emphasis on product marketing techniques, budget marketing, and financial spending for product budgeting and marketing.
The manufacturing resources for the product and the creation of formulation recovery techniques are the main topics of the business plan (Mohsen et al., 2018). The business strategy therefore discusses the production positioning methods, the product pricing, location, and marketing, as well as the product’s consumer lens. As a result, it is my responsibility as the marketing manager to create, implement, and carry out strategic marketing plans for the product in order to draw in new consumers and keep existing ones.
Marketing Strategy for the Product
Painkiller and fever reducer-Nurofen, in order for both new and returning customers to rely on a product, the marketing strategy for that product is essential. Therefore, one tactic to promote the product’s growth and sustainability is to sell the product’s brand both locally and worldwide. The company uses search engine optimization to sell the product, which increases the effectiveness of client website searches. The efficiency of clients placing orders increases when the search engine for the product’s name is enhanced since it offers a quick hand search and locates the choice for the customers (Dawn 2021). For instance, the product features and pricing are included in the search engine optimization, which increases the chance for effective marketing.
Since the majority of consumers are signed up on social media sites like Twitter, Facebook, Instagram, and TikTok, these methods are crucial for the product’s growth and promotion.
Social media aids in the organization’s product promotion and speedy client outreach. The online delivery system, which enables the business to charge minimal shipping fees and provide the product to clients in both domestic and foreign markets, is part of the marketing plan. The majority of clients worldwide favor online delivery services since they may avoid paying transportation fees to physically visit the store.
Product Positioning
Over 30 years of research and development went into creating Nurofen, which has been a success. The medicine is to help and have experience in pain management. It is available in different forms, measurements and contains Ibuprofen which has anti-inflammatory properties. The product relieves pain faster and it is affordable. As compared to other pain relivers, it remains the best ahead of the rest (Mohsen et al., 2018). To improve consumer interactions and product feedback plans, the company employs official social media channels including Facebook, Twitter, and TikTok. For instance, the company offers the items on a platform that includes information about their features, quality, pricing, and efficacy and promptly answers client inquiries.
Price, Place and Promotion
The pricing marketing strategy, which is crucial in determining the Fever Reducing & Pain Killer product’s standard price in the market, influences consumer purchasing behavior. The plan took into account the costs of other comparable items and landed on $15, which is somewhat less expensive than alternatives costing $20 and more. Following its increased quality characteristics of relieving pain and fever within 2-3 hours of ingestion, the product’s decision to choose a little cheaper pricing has helped it substantially in market demand (Dawn 2021). Nurofen is found in all the pharmaceuticals locally and globally. The product is planned to be promoted through free products and samples giveaways, through loyalty plans and referral programs.
Customer Lens
The product is designed to support wide area of norms and culture. It therefore for consumption by people from all ethnic groups, religions and cultures. Customers may order products, pay for them, and receive delivery notifications thanks to the system software (Mohsen et al., 2018). The customer lens offers an operational paradigm that ensures efficient reinforcement supporting client connections in the marketplaces, thereby aiding in the recruitment and retention of a large number of product customers for sustainability and growth.
Dynamic Business Environment
Marketing the Nurofen Fever Reducing & Pain Killer product requires a dynamic business environment because it puts potential clients in a position to obtain the product whenever they want. As a result, the qualities and attributes of the product are considered in the positioning strategies. The product has the ability to reduce physical discomfort in the patient. Patients should use the medication because it helps headaches, stiffness, and body pains. Since the product is pharmaceutically proved to lessen the symptoms of headaches during the first three hours of ingestion, it has more efficacy in pain relief compared to other products.
The effects of other medications on headache relief might take up to four or five hours. Nurofen Fever Reducing & Pain Killer products are safe for use by patients with different pre-chronic diseases because they have been shown to improve human health. When recommended by a doctor, the medicine effectively reduces patients’ pain and swelling situations, making it important in both domestic and foreign markets (Dawn 2021). Based on its traits and attributes that set it apart from other comparable items in the local and international marketplaces, the drug intensifies the market’s fierce rivalry. Since just a tiny amount is needed to reduce the pain and fever, the product application is different from that of other goods. In contrast to other items, it is made using useful materials that enable a quicker response in the body.
International Marketing and Financial Needs
Financial budgeting helps new marketing personnel get the expertise they need to persuade more clients to purchase the goods. The new marketing team for the product concentrates on providing answers to frequently asked issues by consumers and relaying them to the producers for product enhancement and market viability. The marketing team gives updates on product pricing and feature enhancements that assist increase purchase rates.
The allocation of advertising budgets, sponsored online content generation, new marketing hires, registered blog domains, and marketing automation software are all included in the product’s pro-forma financial and international marketing. To improve the effectiveness of product marketing in the market, the corporation implements a budget allocation mechanism for advertising (Dawn 2021). The specialists working in the advertising industry are compensated in accordance with their duties, which aids in attracting new clients to the marketplaces and retaining current ones for the items. Financed adverts contribute to the growth of social media sites like Facebook and Twitter, where the majority of users engage by purchasing products and leaving reviews.
The business’s method of distributing funds for sponsored online content enables it to quickly reach a large number of clients on the worldwide market. The company hires qualified employees to produce online material for the product’s promotion, and then sponsors it with money on its Facebook page to reach a large audience worldwide (Mohsen et al., 2018). In order to increase service delivery on the product’s website and enable more clients to place purchases, sponsored web content must often be optimized.
The financial budget allotment is concentrated on a blog domain that is registered and aids in producing product content. To reach a large audience, product marketers, for instance, write blogs to promote the benefits of their goods, such as their effectiveness in reducing pain and fever, as well as their cost. These blogs are then posted on the company’s website and social media platforms. The budget for marketing automation software aids in improving the effectiveness of the automated answers to clients who have questions about placing orders for the product. Artificial intelligence is included with the system software to comprehend client communication languages and provide technical support without the need for marketing input.
Marketing Channels and Logistics
The chase strategy, make-to-stock strategy, make-to-order strategy, and assemble-to-order strategy are marketing channels and logistics used by the company to advertise the product. The chase method aids in identifying market consumer demand, after which additional Fever Reducing & Pain Killer items are produced to meet demand. By assuring consumers of their happiness with the product’s quality and intended price, Chase’s technique improves the effectiveness of selling the product to them in both domestic and foreign markets. After identifying the strong demand, the make-to-stock approach is essential for increasing the effectiveness of product sales.
The product employs a make-to-order technique to meet the supply and demand of customers and merchants. Retailer services are essential for a product’s development; therefore, they purchase high-quality items to resell to their clients and expand the product’s global market. The product’s packaging and assemble-to-order technique both allow it to accommodate big client orders (Jacquelyn et al., 2022). The product is put together and packaged in accordance with the orders placed, and it is then delivered to the clients in a timely manner to foster long-term business relationships. To meet client demand and supply, the method helps produce and stock the product in huge quantities. In order to fulfill client preferences, the make-to-stock technique is important for selling the product in foreign markets.
Customer Buying Behavior
In both domestic and foreign markets, the majority of consumers seek out pharmaceuticals that they can afford. As a result, the product’s pricing is reasonably effective and within reach of the markets’ high-, low-, and middle-income levels. The product has a value-based pricing approach to appeal to a wide market of buyers (Jacquelyn et al., 2022). Due to its great utility value as a fever reducer and painkiller, buyers favor the product despite its comparatively modest cost. The product employs a competitive strategy in the market that is crucial to boosting its competitiveness against other items with comparable features. In comparison to other items sold on the domestic and foreign marketplaces, the product’s price after delivery is quite affordable.
Segmenting the Market
Through identifying possible domestic and foreign markets for the product, product placement and promotion tactics improve product sales and marketing effectiveness. The effectiveness of location and promotion provides the product with the incentives to expand its consumer base internationally via marketing its special attributes and a relative pricing that is advantageous to all customers (Mohsen et al., 2018). For instance, the product delivers the items to the clients via internet advertising tactics that target markets in Asia, Africa, Europe, and the USA. The majority of competing items have relatively high pricing, thus the product benefits from appealing to the tastes and choices of many buyers.
By finding new clients and retaining the ones already there, the approach is essential to stabilizing the product in regional and international marketplaces. The product extends to many clients in the market through sponsorship relationships and advertising techniques, so boosting its sustainability. By persuading their fans to prefer the product, people like celebrities’ aid in the advertising of goods. Customers can contact with the firm and product makers through direct marketing tactics to establish rapport and confidence for the product’s efficacy based on quality.
Marketing Communication
The business’s understanding of financial performance, marketing performance, competitive performance and advantage, and the business operating model is aided by the marketing communication. By keeping an eye on the profit margins, financial performance determines the target market for the items (Dawn 2021). Therefore, if the profit margin is consistent, possibilities for improvement arise. Competitive performance is crucial in supporting the product’s marketing trend and enabling the marketing department to strengthen its areas of weakness. The marketing division established an online consumer communication platform to assist gather customer feedback and address any areas of weakness in order for the product profit to increase more quickly.
Product and Service Concepts
When implementing the product and service concepts in a company strategy, developing reformulation recovery techniques is crucial since it improves the product’s growth and sustainability. Retrenchment tactics are used to increase product recovery and allow more competent and experienced management the chance to present new strategies for the product to restore its market worth (Dawn 2021). In order to create a new blogging system that targets customers, for instance, the strategy focuses on hiring a new marketing staff.
To provide the product a new and enhanced value, the new marketing team wants to integrate new features that the producers have created. The new product pricing is crucial to the retrenchment strategy because they provide consumers the chance to choose the best alternative for them, strengthening their relationship with the firm (Jacquelyn et al., 2022). The plan offers a chance to develop revenue-focused tactics that produce and sell more goods to customers while making a profit to support the attempt to produce Fever Reducing & Painkiller solutions.
Conclusion
A product’s company marketing strategy plays a key role in persuading many consumers to choose the product and producing revenue for long-term business viability. The business plan’s creation, implementation, and execution are centered on customer-centric pricing, production, and marketing tactics that will increase the product’s market value and client base. Because the Fever Reducing & Pain Killer goods face intense market competition, incentives for long-term client relationships aid in its expansion to international markets.
References
Dawn Iacobucci. 2021. Marketing management. Mason: Cengage Learning.
Jacquelyn Thomas, Chaoqun Chen, & Dawn Iacobucci. 2022. “Email Marketing as a Tool for Strategic Persuasion.” Journal of Interactive Marketing: 10949968221095552. Web.
Mohsen Haji Zeynolabedini, Mahdi Rahmani, and Maryan Ansari. 2018. “Analysis of marketing plans of worldwide university libraries and proposed modeling of marketing services for Iranian academic libraries.” Library and Information Sciences 21(1): 123-152. Web.