Pfizer's Product Division of Zyrtec: Marketing Plan

Topics: Marketing, Product management, New product development Pages: 14 (5213 words) Published: April 11, 2009
Table of Contents I. Executive Summary Our marketing plan involves Pfizer’s product division of Zyrtec, an antihistamine directed for allergy control. We plan to introduce a pre-dispensed form of liquid Zyrtec. We would employ a product development approach, releasing a new product in an existing market. We will use a differentiated target market approach. The biggest advantage of this potential product is its convenience of use, having pre-measured doses ready and available for consumers to use. We will be employing a demand oriented approach to penetration pricing, attempting to quickly appeal to the mass market. We will target a number of distribution channels for this new form of Zyrtec, including wholesalers, retailers, and online wholesale distribution. This technique will put our product in a wide variety of places, appealing to a number of different types of shoppers. Pfizer’s large market share and capital base will allow for a number of different promotional strategies. We will advertise through television, magazine ads, outdoor billboards, the internet, and through place-based media such as doctor’s offices or health clubs. In evaluating the success or failure of our new product, we will need to check for any evidence of cannibalization of our other existing products or leapfrogging by competitors. Looking into consumer reviews and reports of pre-dispensed liquid Zyrtec can provide use with consumers’ perspectives and views about the product. Sales numbers of our new product will be compared with those of our competitors and even other Zyrtec products. Our overall goal is to gain the loyalty of a new customer base looking for a liquid antihistamine with a more convenient method of use than is currently available in the market. II. Overview Company description: Pfizer is the largest pharmaceutical company in the world from a perspective of sales in the industry. Our revenue in 2007 was $48.4 billion. We are based in New York City, and have research head quarters in Groton, Connecticut along with many other locations in the United States and around the rest of the world. Pfizer continues to grow and expand outward in search of providing good health for all people at a manageable cost, while continuing to increase sales. Mission/Values: Pfizer structures its values to help advance its mission to improve healthcare for people around the globe while creating value for all stakeholders. Pfizer focuses not simply on what to do but also on how to do it. We uphold this focus by continually reviewing and updating management policies and procedures to reflect the changing forces in science, technology and stakeholder expectations. Our central corporate responsibility is directed to our stakeholders — the people who affect and are affected by our business actions. These include patients, physicians, regulators, customers, colleagues, investors, business partners and respective communities in which these people work and live. Pfizer shares one overarching goal is to provide adequate healthcare products for all people at a manageable cost. To help achieve this responsibly, all Pfizer employees around the world must adhere to some concrete policies and procedures covering the major facets of our business. Core Competencies: SWOT Analysis for Pfizer Table A. SWOT Analysis Industry The pharmaceutical industry develops, manufactures, and markets medicinal drugs. In many cases this begins with a fundamental understanding of the metabolic pathways of a disease or pathogen. These can potentially be manipulated using biotechnology. Active ingredients are often isolated and examined individually. Much of this research has historically taken place in universities and other research institutions, however many companies, such as Pfizer, devote a substantial amount of time and money into research and...

Cited: Business Wire, comp. "Pharmaceutical Distibution in Europe: pfizer Breaks the Mold." Market 9 Aug. 2007. Pfizer Inc. Kerin, Roger A., Steven William Hartley, and William Rudelius. Marketing : The Core. New York: McGraw-Hill Companies, The, 2006. “The Pharmaceutical Industry: A Discussion of Competitive and Antitrust Issues in an Environment of Change”. USA. Federal Trade Commission. "Working togther for a healthier world." Pfizer. 2008. Pfizer Inc. "Zyrtec." Zyrtec. 2007. McNeil -PPC.
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