Marketing Objective – Whether to launch Oxyglobin now or delay it till the approval of Hemopure. If yes, then devise a marketing plan for Oxyglobin. Options –
1. Launch Oxyglobin in the market immediately.
2. Defer the launch of Oxyglobin now till Hemopure release. Recommendation – Biopure Corporation should immediately launch Oxyglobin priced at $200. Rationale – Applying SWOT Analysis to the situation:
Strengths 1. FDA approval has already come for Oxyglobin. 2. First product-of-its-kind in the market. 3. Product shelf life of 2 years at room temperature. 4. Doctors and customers are willing to try the new product.| Weaknesses 1. Production capacity of the plant is not at all being utilized. Due to production limitations, only one of the products, Oxyglobin or Hemopure can be manufactured at a time. 2. Since this is first product for blood substitutes, the social acceptance of such products is unpredictable.| Opportunities 1. No other company is producing the substitute for animal blood right now and will not do it for another 2 to 5 years. 2. There is no market for blood substitutes currently. With Oxyglobin, Biopure Corporation will get an opportunity to analyse the market for blood substitutes. 3. If the product Oxyglobin is successful, it will help build a brand image for Biopure Corporation, which can then easily market its human blood substitute in future. 4. The brand image built will help the company to go for an IPO.| Threats 1. FDA has yet not given permission to begin Phase 3 for Hemopure. There is a possibility that the product is rejected outright. 2. Competitors’ human blood substitutes, if approved, will also be launched at almost the same time as Hemopure. 3. Low price of Oxyglobin will require a justification for high price of Hemopure, which requires just an additional step of purification.|
Marketing Mix –
Product – Oxyglobin will be sold in standard packs of...