Also, On top of the usual sampling and detailing conducted by the sales team, product symposia( such as speaking on the merits of Vidastat to a large group of doctors) were held simultaneously in all big hospitals to communicate the low price of the product to target doctors. Roundtable discussions were conducted and promotional materials such as product brochures and Rx pads were given to doctors, which resulted in increased prescriptions of Vidastat E. Management Capabilities – They have a dedicated management wherein they have this mind-set to be on top of the game.
They have already come up with low-priced products that made them expand their market. F. Core Competencies Product – they have released equal quality products to Zocor that made Unilab competitive, these products were priced lower than Zocor which gave the patients an advantage, and this would help their patients adhere to their medication regimen. G. External forces Technology- Technology is very vital in manufacturing. Since the company needs to maintain the quality of the products they need to be efficient in the operation.
Socio-Cultural aspect made Unilab successful, through its “Bayanihan” (a Filipino term which refers to people working together to achieve a partifuclar goal) they have lived and survived by that philosophy II. Problem Statement Due to the continuing economic conditions where things are expensive and no more room for price penetration, its viable concern is sustaining its financial needs in the long run. Also, the bases of their prices are its competitors. Also, the products that Unilab offers are of the same products that can be offered by the competitors.
Evidence of the problem * Vidastat’s price was set 50 percent lower to penetrate and grab market’s share form Zocor. * Simvastatin when taken can reduce cholesterol level the competitors has “fish oil” which are “natural anti-cholesterol agent” III OBJECTIVES * To be able to sustain its financial needs * To be able to give the doctors enough satisfaction for them not to shift and patronize the competitors product * To be able to create innovative products.
To be able to maintain the companys market by product offerings III. Alternative Courses of Action . Market penetration a) Intensify research and development of technology to be able to generate idea’s that would make Unilab a brand of innovation b) Improve the company’s reputation by increasing its quality but still having the same price c) To strengthen its promotional efforts in their chosen market and make information more available through more symposiums and sponsorships during popular conventions in the field of medicine d) Give freebies or discounts to those doctors who patronizes the product e) Increase production to decrease cost . Market Development.
Develop a product that caters an individual’s need b) Create a product that would create technological advances ( soon let there be a cure for those diseases that presently cannot be cured ) 4. Related Diversification Strategy a) Come up with an extended line of products that is still related to medicine such as skin whitening and height enhancer
V. Recommendations Based on the gathered facts, I would strongly recommend Market Penetration this is for them to keep and maintain or even widen their potential markets. Product Development should be implemented constantly to enable the company to attain competitive advantage and improve the line every so often. The Extended line is applicable to those patrons, the lien will satisfy their needs and wants.