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Vytorin Introduction The official Vytorin's web site describes this medication as: prescription tablet containing 2 medicines, ezetimibe and simvastatin, and isnt right for everyone, including women who are nursing or pregnant or who may become pregnant, and anyone with liver problems. It lowers the level of one's cholesterol, if taken on continuo's basis. Vytorin's theoretical premise is based on the fact that many people are genetically predisposed towards the high level of cholesterine in their blood, which negatively impacts their health. Therefore, it is specifically designed to combat cholesterol and triglycerides by helping it to be harmlessly dissolved on molecular level. Environmental scan There are five external factors that influence Vytorin's marketing strategy: Economic, Social, Technological, Political and Demographical. The economic factor appears to be favorable, since the inflation level in America has been comparatively stable in recent years.
Also, as practice shows, people usually never hesitate about spending money on medicinal products that have the potential of improving their overall well-being. The social aspects of Vytorin's marketing strategy allow this product to be considered as such that will face an increasing demand, on the part of customers. This is because Americans are more likely to develop a genetically based illnesses in the future, due to the socio-political reality in this country. Vytorin's effectiveness does not appear to be as good, from technological prospective, since genetic illnesses cannot be cured. This medication can be thought of as the supplement, but it can never make health affordable to everyone, as its advertisement claims. Vytorin might be facing a political challenge in the future, as Bible thumper's seem to gain more influence in recent years.
They consider tampering with people's genes as ungodly deed, even if it benefits people. That's why, it is quite possible that Vytorin will become the object of their attacks. The demographic aspect of Vytorin's marketing strategy is closely linked to the social one. It is not a secret that racial mixing greatly increases one's chances of incurring a genetic disease.
As American society is becoming more multicultural, it is very likely that more and more people will find themselves being biologically deficient. Therefore, the sales of Vytorin will most definitely increase in the future. The typical targeted customer profile is following: Age 30 - 60. Low-Average income.
Women customers' ratio is 2 to 3. Very high like hood of having diabetes and other genetic diseases. Psychologically inclined towards instant gratification with low analytical ability. As time goes by, it is likely that the potential customers' age span will increase from 20 to 60 years old.
Positioning strategy In my opinion, it is a differentiation marketing strategy that needs to applied in case with Vytorin. This product clearly possesses a unique features that cannot be matched by the other kind of medications, which are meant to reduce a cholesterol level. This gives Vytorin a strong competitive advantage. It is very important for the Vytorin to gain a reputation of highly priced but effective medicine. Yet, as practice shows, when differentiation strategy is applied, the perceived value of the product is only formally related to its actual value. Therefore, instead of investing in improvement of Vytorin's actual effectiveness, its makers should emphasise on crafting an effective advertising campaign.
Important is to make buyer to believe that the medication will really help him or her. This can only be accomplished on irrational level. There used to be cases when people recovered from very serious illnesses by taking pills made out of clay, while believing that they contained some magical ingredients. It appears that Vytorin's sales will increase proportionally to the amount of money invested in the advertising of this product. Since there are going to be more people born with genetically predetermined high level of cholesterol, Vytorin's seem to have a solid commercial prospective.
Nevertheless, after competitors will begin to offer buyers the medication with similar properties, Vytorin's makers might have to consider switching to Cost Effective marketing strategy. Market Pricing It appears that at the initial stage Vytorin can be successfully sold at very high price. The high price of medication is associated in customers' mind with its effectiveness. Yet, in about a year after the beginning Vytorin's marketing, its price can be somewhat reduced. I would recommend a market skimming, as the pricing method for Vytorin. Besides the high initial profits, this method will help to establish Vytorin's reputation as miracle medication, which is very important when targeting buyers with low analytical ability.
Marketing Distribution Strategy Without the doubt, the selective distribution method is the most appropriate for selling Vytorin. The majority of those who will buy this product are going to be brand name focused. This is why it is not necessary to strive towards a saturation sales. Marketing Promotion It is very important to have all Vytorin's promotional activities well coordinated, as it will allow to attain a higher rate of sales. The promotional message must be simple and powerful. It must capitalise on people's subconscious anxieties and be memorable: Want to live 20 years longer?
Take Vytorin! Conclusion At the present time, Vytorin had lost some of its innovative appeal. Its promotional strategy is becoming more focused on selective targeting. Vytorin's advertisement adds are now only found in health magazines, while a few years ago such adds could be found in National Enquirer. This shows that Vytorin makers have adopted a proper marketing and promotion strategy.
Even though the initial rate of success cannot be accomplished now, Vytorin is still going to remain a popular medication among great many people. Bibliography: About Vytorin. 2005. Merck/Schering-Plough Pharmaceutical. Vytorin. com. Dec. 4, 2005.
web Pricing Methods. 2003. Project Alive. Dec. 4, 2005. web
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