I – EXECUTIVE SUMMARY
A market breakthrough in the 21st century is measured on how a product will warrant and sustain the needs of customers within its calculable life use. Apex Pharmamedicals Pty. Ltd. is very confident of the multivitamins / dietary supplement innovation it has developed in its latest offering in the vitamin product genre, called: “NUTRIMENT”. The meticulous, scientific development process of Nutriment met all standards of the entire world market for dietary supplements that categorically and rightfully sustain an adult daily value requirement for minerals and nutrients.
The confidence that NUTRIMENT brings about is an illustration of how the holistic, wellness and healthy outlook that the majority of mankind in the modern, urbane, first world economies have geared itself to. It has been well spoken of and reviewed that the tendencies and affirmations of most of the adults in the said market segments go to all lengths to sustain a healthy and energetic lifestyle. The need for said healthy and energetic lifestyle is a tool to enable such adults to meet the rigours of their careers, their domestic demands, their social inclinations and their future plans.
NUTRIMENT is an answer to the committed vision of the adults of such market segment. It is therefore envisioned that NUTRIMENT must be rightfully launched through a dynamic, outreaching, and fun technique, method and strategy: “Hi-Five!” indeed.
A foundation has been set to be the basis of the optimism that clouts the product launch. A survey has been conducted amongst the retail outlets of the medical product industry. The druggists and the pharmacies have been tapped to share their insights that support the enthusiasm and the methodology of the launch.
THE “NUTRIMENT” PERSPECTIVE
Apex Pharmamedicals Pty. Ltd. undertook all efforts to take on board chemists, scientists and doctors from cross cultural spectrum of health and wellness knowledge. A product development team that consists of medical and health professionals from Asia, North America and Europe studied and conceptualised the creation of NUTRIMENT.
The team exchanged knowledge and expertise and shared unanimous commonality in their definition of the right elixir towards wellbeing. Principles of herbal and natural attributes of elements were considered as prime and important in coming up with the right formula for the ideal multivitamins
One of the guiding principles in the creation of NUTRIMENT is as outlined by Lycle MacWilliam, BSc, MSc, FP – “a respected biochemist and former member of the Canadian Parliament”. In his book ‘Comparative Guide to Nutritional Supplements’ he outlined the criteria he used to compare existing multivitamin brands and their efficacy: completeness; potency; bioavailability; bioactivity of Vitamin E; cardiac health triad; homocysteine reduction triad; bone health complex; antioxidant triad; glutathione support; metabolic support; bioflavonoid profile; phenolic compound profile; lipotropic factors; and potential toxicities. (The Multivitamin Guide, 2007 Edition)
The policy, principle and perspective that unanimously guided and implemented on NUTRIMENT considered general compliance of the suitability of the formulation; economic friendliness of cost and product composition that will be suitable for any weather condition for a year long production program.
The recommended dietary allowance is likewise a paramount and prime consideration. “The RDA represents the establishment of a nutritional norm for planning and assessing dietary intake of essential nutrients considered to be adequate to meet the known needs of practically all healthy people.” (RDA, 1998-2008). Therefore, the formulaic, nutritional composition of NUTRIMENT is as outlined in the Nutriment Nutritional Information, identified herein as Appendix “A”.
The product presentation of NUTRIMENT is in softgel capsule, packed in a 7-day series multi-coloured foil strips. The selling style is on a per 30-capsule strip sheet. It is priced on retail at £.0.10 per capsule, or £.3.00 per sheet. The softgel presentation is a dynamic approach to the easy and smooth swallowing of the capsule.
The objective of the outer packing presentation is to make NUTRIMENT manageable and user-friendly in the dosage intake of the customer. Each line of the foil strip sheet is composed of 7 capsules, representing a Monday to Sunday once a day dosage. Each day is color coded. The visual accessibility of such color provision will therefore assist the customer in discerning whether a dosage has been taken.
SYNOPSIS OF THE PREVAILING MULTIVITAMINS MARKET
Apex Pharmamedicals puts premium on the viability of the retail store segment of the market to augment the thrust and the product positioning for NUTRIMENT. It conducted an opinion survey feedback as per the attached summary referred to as Appendix “B”.
The survey was conducted on random sampling with open-ended questions. There were 50 druggists/pharmacists stores that were randomly pinpointed that operate on a cross section area of the metropolis.
Their years of existence in the business were not considered in the parameters of their ability to participate in the survey. The focus of the opinion mix is merely to avail of their most recent experience in servicing the multivitamins needs and purchases of their customers.
Neither did the survey consider the size of the store business because first hand customer behaviour and reaction about multivitamin brands is the simple object of the feedback sought. The demographics and population size of the environs of the retail druggists/pharmacist were likewise not considered because the health outlook of a community was meanly assessed on the frequency of the experiences of sales of multivitamins that the druggists/pharmacists encountered.
The survey has a two-fold purpose: one, is to gather random opinion on the health and wellness perspective of adults in the community. Two, is to simultaneously make the druggist/pharmacists store know in advance that NUTRIMENT is going to be introduced to the market. The conduct of the survey was implemented with a “back-to-back” sampling, pre-launch technique. The researchers handed out a “weekly strip” as samples, together with flyers and brochures describing NUTRIMENT.
The survey tackled the opinions of the respondents on two aspects: a market assessment, dwelling on the overall nature of the customers the druggists/pharmacists encounter, and, a product assessment, dwelling on the overall criteria of saleability of multivitamins.
The survey reflected a healthy market assessment whereby the costumers generally discern on their own as to the quality of the multivitamins they purchase. The intervention of health providers and/or medical practitioners in prescribing the pertinent multivitamins is of minimal occurrence.
Therefore, there is a major responsibility on the part of Apex Pharmamedical to ensure astute product knowledge on the merits of NUTRIMENT. And because of the mature and discerning freedom of adult multivitamin customers on the product they choose, the druggists/pharmacists unanimously believe on the growth track of the consumption and patronage of the genre.
In assessing a multivitamin product, it is the unanimous random opinion of the respondents that product integrity is a run-away in the decision of adult consumers. The stock / counter availability of a brand / product and price merited normal consideration in the experience of the respondents. Therefore, customers can be patient in waiting for availability of stock and will consider lead time for their purchases to ensure that the continuity of their dosage is sustained. It is very interesting to note that packaging is the least of all considerations by customers as based on the random opinion, observation and experience of the druggists/pharmacists. This is the reason why Apex Pharmaceuticals did a breakthrough in “playing” on the sense of enthusiasm on novelty of consumers when they encounter NUTRIMENT in such a most dynamic, innovative packaging.
The illustrative interpretation of the unanimous reaction of the respondents show that the positive assessment of the overall market / the adult consumers (M.A.) and of the general multivitamins products (P.A.) supercede way much ahead than any negative assessment:
Ilustration 1: Summary of Positive and Negative Assessments of Survey Respondents
On overall scale, the respondents illustrated (even randomly) a positive outlook on the multivitamins industry. At the end of the day, a sustained, commendable three-fold relationship of Apex with retailers; Apex with customers; and Apex with its employees will outdo the result of the survey.
AN OVERVIEW OF “Hi-Five To Nutriment”:
The theme of the launch is: “Hi-Five to NUTRIMENT”. This is for purposes of signifying the pinnacle that NUTRIMENT has qualified itself within the standards required by the medical world to sustain well-being, holistics and health amongst adult consumers.
The launch is a categorical presentation of NUTRIMENT to the market. The congruent comprehensiveness of the product – from formulation to packaging has been conclusively accomplished by Apex Pharmamedicals Pty. Ltd. product development department and team.
Now, the public relations aspect of the launch is to augment all the efficiency and effective undertaking of Product Development. The launch generally aims to: “[put in place] selected appropriate launch messages; prepare the company representatives for public presentations [relations]; getting non-disclosure agreements signed; identify and use third-party advocates; pre-brief analysts and reporters; getting media coverage; and arranging public speaking engagements; build [excite] public anticipation; get reactions/comments” (Hart, 2005)
Therefore, the extent of public relations mileage for a product launch can be heightened through a luncheon conference. The launch is strictly by invitation only. It is expected that there will be 200 potent invitees. The first part is a product conference that will generally present NUTRIMENT in the most entertaining and awesome method.
The film presentation of NUTRIMENT will outline the history of the formulation; the composition of the formulation; the status of the well-being health industry and tendencies of the adult consumers and endorsements from well-reputed authorities in the industry.
There will be brief participations from the President and Chief Executive Officer; Vice-President for Product Development and Vice-President for Sales and Marketing Development of Apex Pharmamedicals to do the courtesies and honours of introductions and acknowledgements.
The luncheon proper will be spiced with entertainment. And there will be launch kits that will be distributed to the attendees.
The outline of the program of the launch is as outlined in the attached marked as Appendix “C”
LAUNCH LOGISTICS AND COSTS:
“Hi-Five to Nutriment” will be held in The Park Lane Hotel-Sheraton. The outline of the logistical requirements is as per Appendix “D” herein. The launching of NUTRIMENT will come in two parts: the first part is the pre-launch activities, comprising of a press conference and one page print advertisements in major weekend newspapers. Initially establishing the presence of NUTRIMENT in this manner is a most imminent method of reaching out to customers. “Reaching customers. Ralph Waldo Emerson famously said, ‘Build a better mousetrap, and the world will beat a path to your door.’ The reality is that even if you did, no one would find you. Even when you know who your prospects are, it’s usually difficult and costly to reach them. You have to connect via ads in print, broadcast media, or the Internet, through direct mail, telemarketing, e-mail, or the old fashioned way — by cold calling or through references……. So be sure you know how you are going to find and reach them.” (Wadhwa, 2006)
With a concrete press relations establish, it will augment the launch programme proper. The buzz word will spread like wildfire, so to speak. To be highlighted by the scintillating event proper, there is no going except NUTRIMENT to become indeed a brand that will capture even the non-captives of the health and well being market.
TARGET CUSTOMERS AND AUDIENCE:
The product launch of NUTRIMENT will be by invitation only. The guest list will be prepared by the consolidated effort of the Executive Office; the Product Development Office and the Sales and Marketing Office. There are approximately 200 invitees expected.
The composition of the guest list is made up of the following: doctors / internist / medical practitioners; health and fitness experts; druggists/pharmacists retailing entrepreneurs / existing retailing customers of Apex; and stakeholders of Apex Pharmamedicals Pty. Ltd. A non-government / civic / advocacy group with health and wellbeing and holistic agenda will be well considered to form part of the invitees. The press will likewise have to be invited.
“NUTRIMENT”: NOURISHING NATURALLY – THE PROSPECT:
The prospect of the commendable product and brand positioning of NUTRIMENT after the launch requires a tremendous amount of follow up. “A Hi-Five to Nutriment” is not a “be-all” and/or an “end-all” of the marketing campaign. It is most imminent that the immediate networking reaction be monitored and recorded.
Meanwhile, any and all investments on the development, launch and eventual marketing of NUTRIMENT will be tremendously worthy – considering that the wellness and health patrons will be catered to its breakthrough.
THE MULTIVITAMIN GUIDE (2007 edition). “What are the Best Multivitamin
Brands On The Market”
RDA – RECOMMENDED DIETARY ALLOWANCE OF NUTRITIONAL
ELEMENTS (1998-2008). Zest for Life Specialized Vitamin Supplements
COUNTDOWN TO PRODUCT LAUNCH (Part II). 2006. Vivek Wadhwa.
STRATEGIES FOR OPTIMAL PRODUCT LAUNCH. 2005. Mark A. Hart
Product Development and Management Association, Southern California Chapter
NUTRIMENT NUTRITIONAL INFORMATION
[ECRDA – European Community
Recommended Daily Allowance]
Each tablet contains:
Vitamin C 60mg 100
Niacin 15mg 100
Vitamin E 8mg 100
Vitamin B12 6mg 100
Vitamin B6 2mg 100
Riboflavin (Vitamin B2) 1.5mg 100
Thiamine 1.0mg 100
Vitamin A (Retinyl Acetate) 800mcg 75
(Beta Carotene 25%) 200mcg
Vitamin K 30mcg
Vitamin D 5mcg 100
Vitamin B12 2 mcg 100
Calcium 500mg 20
Phosphorous 500mg 16
Magnesium 200mg 33
Zinc 12mg 100
Iron 15mg 100
Folate (Folate Acid) 200mcg 100
Iodine 150mcg 100
Biotin 150mcg 100
RETAIL MARKET OPINION SURVEY
% OF POSITIVE FEEDBACK
I – MARKET ASSESSMENT
Will you consider that majority of the adults in the community to be health conscious?
Does health consciousness consider the use of multivitamins?
Does the use of multivitamins more of a personal decision of the customer?
Does the use of multivitamins a result of doctor’s prescription?
Will you consider the multivitamin market to grow?
II – PRODUCT ASSESSMENT
Does price play a major role in the choice of multivitamins?
Does product integrity play a major role in the choice of multivitamins?
Does product packaging play a major in the choice of multivitamins?
Does product reliable availability play a major role in the choice of multivitamins?
Does brand a major consideration of choice of multivitamins?
Parameters: Random sampling of 50 druggists/pharmacists store
Single respondent from each store – by majority the Managers responded, if not
the supervising Pharmacist
Initial comments on the sample of NUTRIMENT presented were not availed
to avoid anti-climaxing the launch
THE OVERALL OUTLINE OF THE LAUNCH PROGRAMME ON 28 JUNE 2008
Approximate Time Segment
Registration table will be available and manned.
Sitting Arrangements will be organized and advised on arrival of guests
A welcome buttonnaire of carnation will be pinned to the gentlemen and a wrist bouquet of carnation will be sashed on the ladies wrist
A luncheon conference compendium / information kit will also be handed to the guests upon arrival / signing in
There will be at least 15 members in the Reception Team
A Designated Supervisor of Reception
Welcome Address and Introduction of the film “A Hi-Five to Nutriment”
Film presentation –
1) Research Team Leader will do the overall annotation / voice-over
2) Production of film will be contracted to an independent production company
3) Narrative contents of the film will be copywritten by the producers of the film after coordination with Product Development and Sales and Marketing Departments of Apex
4) Five cameo endorsers will be composed of a real customer who will participate in a 2-month test; two doctors; a chemist; 2 health/fitness experts
Welcome Address will run for 5 minutes
Film Presentation will run for 15 – 20 minutes
Vice-President, Sales and Marketing
Q & A / Interactive Segment
A moderator will conduct this segment for any inquiries from the audience
The Interactive Segment may run from 20 to 30 minutes
Vice-President, Product Development
Midway by desert time, an entertainment of 3 songs by a balladeer will be presented.
Afterwards, the concluding acknowledgement and gratitude will be presented
Luncheon proper will run to 30 to 45 minutes
The entertainment ballad will run for 10 minutes (overlapping the 30 to 45 minutes
The valedictory of the CEO will run for 5 to 10 minutes
The launch will be completed by 1:00 p.m.
President and Chief Executive Officer
The Reception Team will distribute souvenir tokens to guests upon departure from the luncheon conference ballroom
Managed by Supervisor of Reception Team
LAUNCH LOGISTICS AND COSTS
AGENDA / ACTIVITY
TOTAL NET COST
First Week April 2008 to
First Week June 2008
Film Production for the presentation during the luncheon conference
First Week April 2008 to
Last Week April 2008
Production and printing of collaterals (flyers, brochures, conference compendium kits, tokens/souvenirs, invitation to launch)
15 May 2008 to 15 June 2008
Distribution of Invitation
All Sundays of June 2008
1-page print ads in one major weekend newspaper
A tea-party for 5 reporters of product beats from major dailies
Cite this Product Launch Strategy Hi-fi to nutriment
Product Launch Strategy Hi-fi to nutriment. (2017, Apr 19). Retrieved from https://graduateway.com/product-launch-strategy-hi-fi-to-nutriment/