Marketing Plan for RapidFACT



Marketing Plan for RapidFACT

Introduction

This marketing plan aims to emphasize our attention on the benefits of our product i.e. RapidFACT Quotient Clinical to our customers. Furthermore, it includes the benefits of the product which it offers to the customers. Moreover, the marketing plan compromises of market research issues, marketing goals & objectives (Wood, 2008). The marketing strategy includes the way in which the product will be promoted among customers along with the promotional message to attract the target audience.

Marketing Plan

RapidFact marketing plan is given as below (Kotler, 2008):

Current Marketing Situation

Target Market

The main audience for RapidFACT is both formulation development Directors as well as early Clinical Pharmacology. These two groups often do not communicate with each other and this creates a challenge to get them to consider an integrated services offering the combines the GMP formulation development within the same facility that can run the clinical study.

Competition Analysis

Some of the main competitors are Formulation Development companies such as Excelience, Patheon, UPM, Aptuit, Catelent, Bend Research, Particle Scienes, etc. Some of the main competitors for Phase I clinical trial units are Parexcel, Covance, PPD, Quintiles. Covance poses greatest potential threat as competitor as they have both preclinical animal models, formulation development, as well as clinical testing. Some of the Pharmaceutical companies that we want to do business with have preferred relationships with some of the Formulation companies and/or Phase I Clinical companies. Many companies have perception that they don't want to spend much money on a Phase I fomrualtion and think that they should go with conventional approach of API in capsule even though they end up finding they have challenges with their PK profile.

Competitive Advantage

No other formulation group can test the drug in clinical setting and relies on in vitro and in vivo animals which are not always predictive of behavior in the clinic.

Operations and Issue Analysis

In operation and issue analysis, we carryout SWOT analysis for evaluating companies internal environment and external environment.

SWOT Analysis

Strength

Weakness

Global operations will divide the market specific risks.

Offering service to numerous industries will develop a sustainable market position.

Dependence on labs in Asia may proble to be risky due to law and order situation and poor infrastructure.

Opportunities

Threats

Development of partner ship with some pharmaceutical companies, long term contracts.

Increase in outsourcing industry of drug development.

Increasing outsource market in the region of Asia-Pacific.

Rules and regulations of government can affect the pharmaceutical industry.

As the market is lucurative, many companies are being attracted to this business industry, which can reduce revenues.

Objectives

Generate awareness and desire to work with Quotient Clinical utilizing the RapidFACT platform. Out target will be to increase sales by sales by 30% in 2013, to US$ 500 million.

Marketing Strategy

Trade Shows

We will take part in the “3rd Global Clinical Budgeting and Contracting Conference”, which held annually in Philadelphia, in August and September, and will setup our own exhibit. We will also participate in the “Enhancing Drug Bioavailability and Solubility Conference”, which is held in Boston in ...