Consumers consider products as bundles of benefits that satisfy their need. The basic level of a product is the core benefit to the customer. People who buy Panadol for cold and flu are buying more than a pill that is used for fast effective temporary relief for symptoms of cold and flu. They are buying on-the-go health that provides close-to instant relief to the illness. The brand, Panadol, has long dominated the retail scene. This is because GSK, the manufacturer of Panadol, has been selling their product under their umbrella company’s name. Panadol Cold and Flu is an actual product that has combined its brand name, effectiveness and eye-catching packaging to deliver its core benefit. Product Classification
Panadol Cold and Flu is classified as a convenience product because customers buy it immediately when they catch a cold or flu with minimum comparison to other products and buying effort. Moreover, to accommodate to those in frequent need of the product, Panadol Cold and Flu is sold in boxes of 24 packs. Retailers place Panadol in common convenience stores at a low price to make them more easily available to potential consumers. Branding
Panadol already owns a successful brand name. GSK has currently positioned Panadol in the market as a pain reliever with few side effects. It has a brand name that is easy to pronounce and recognize. Furthermore, Panadol has globalised by translating its brand name into a market’s native language. For example, Panadol is called “pun a teng” in Chinese which literally means pain reliever. Moreover, the brand name is patented. Fake Panadol like “Panamol” and “Paranol” have been subjected to serious legal actions (Cited http://www.finetpat.com.tw/Chinese/ default.asp?Act=NewsDetails&ID=508, 13 February2011). Product Differentiation
Panadol has low anti-inflammatory properties compared to other medications like Aspirin and Ibuprofen. Panadol Cold and Flu is powdered with no bitter after-taste. It is a good choice of cold reliever for people with sensitive stomachs, stomach ulcers and other stomach disorders (Cited http://www.differencebetween.com/difference-between-panadol-and-aspirin/#ixzz1FXGJLWua, 26 February 2011). Hence, Panadol is suitable for most people, unlike other products. Furthermore, in contrast with traditional medicine, Panadol is able to produce almost instant relief from cold and flu symptoms. Generally, traditional medicine like ginger tea take a longer while to take effect and requires user to rest to recover. Thirdly, Panadol does not cause drowsiness. This is in contrast with prescribed flu and cold medications that often induce drowsiness. Hence, Panadol is able to offer instant restoration of an active lifestyle that other medications causing drowsiness, cannot. Lastly, Panadol stems from a credible and well-established pharmaceutical company – GSK. Panadol has been used in Singapore for several years without complains. Especially when it comes to medication, people are not adventurous and do not seek to try new products. The credibility of the brand is part of the actual product that we are selling as well. Hence, Panadol stands out as a well-proven product over the years. Product Strategies
Firstly, we acknowledge that Panadol is virtually a household name and the product has reached maturity in the Singapore market. As regards to its effectiveness, users generally are satisfied that it is reliable in alleviating flu symptoms. Secondly, the packaging for Panadol Cold and Flu is already a step up from the usual Panadol packaging. Bright colours of green, yellow and red are used to portray an active lifestyle to the dynamic generation that it is trying to target. Hence, the product strategies in place have been hugely effective and do not need to be changed. However, new features can be added to the product – like flavouring to enhance the taste of the medication. Also, we can produce variation in its form. Currently, Panadol Cold...