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MARKETING PRESENTATION - Team High Five Presents MEDYTOX
Transcript of MARKETING PRESENTATION - Team High Five Presents MEDYTOX
the Presentation Market environment overview Oligopoly in the world
Allergan U.S – BOTOX
Ipsen France – Dysport
Lanzhou Institute China –BTXA Solstice Neuroscience U.S – MYOBLOCMERZ Germany – XEOMIN
Medytox Korea – Medytoxin
In Europe, 2trillion won(about 2billion dollars)
In the whole world, 9trillion won(9billion dollars)
In Korea, 20billion won(about 20million dollars) Team : HoYoun Yong, U Jin Jung, Taek Woo Lee, Jae Woo Lee The 3C Analysis Company 4th botulinum toxin biopharmaceuticals in the world
Exporting the products to 40 countries, including Japan, Thailand, India, and Brazil
Expecting to enter the North American and EU markets in 2014 What is Botulinum toxin? Usually called Botox
Botox is a brand name of a product of Allergan US.
The strongest toxin in nature
- 1g of this could kill one million of adults
It has short time cosmetic procedure
in the cosmetic field, including facial wrinkle reduction
in the therapeutic field, for people with blepharospasm, cerebral palsy WhaT Do You Think About Plastic Surgery? Competitors Allergan U.S – BOTOX
Market leader in the world – the highest level of brand awarness
Have strong financial position - Strong revenue growth.
2002-2006, 21% growth in revenue.
2005-2006, cashflow doubled
Overdependence of top selling products
Geographic market concentration.
Side effects of Botox. Ipsen France – Dysport
No noticeable strength found, similar to Botox with different brand
Some side effects were reported like pain . Lanzhou Institute China –BTXA
Safe to use
The image ‘Made in China’
Fake product of BTXA MERZ Germany – XEOMIN
Available to store in room temperature.
The low level of brand awareness.
High price Solstice Neuroscience U.S – MYOBLOC
This company also has a similar technology
Tendency to spread when applied
It is used for other treatment like excessive sweating. SWOT Strength
Only one company specialized in the original technology of Botulinum toxin
The greatest ability to R&D
The same quality with Botox But 30% lower price than Botox`s
Reinvestment from a very high profit rate for R&D Weakness
Have no major markets like US, Europe because of no license
The lower awareness comparing with US Allergan`s Botox
High technology - > Very high entry barrier -> Oligopoly
High potential of the Market – like Blue Ocean
Interest of entire generations in beauty
Chance of entering the market in US and EU
Income of such country like South America is increasing (Potential markets)
Desire for youth and beauty against wrinkles Threat
Appearance of a new biotechnology company in South Korea: Hugelpharma and the product : Botulax
Risk of malpractice which can cause a damage of the image
Possibility of the substitution of Botulinum toxin, (No surgery cosmetic product)
STP Survey Conducted 72 people
Most of them were female students
Make less than $500
Have no experience of botox 6 people have botox experience.
Findings Positive perception of botox
Don’t know botox is a brand name
Don’t know about Medytox They would get Medytox over Botox if it provides the same function with cheaper price What was the priority? 1. Safety and convictional technology
2. Natural look
3. Beauty effect Brand was the least important thing followed by which clinic to go to Target Basically all women who have some complexes with their faces
All women want to be more beautiful no matter their age and education.
But put emphasis on women in their 20-30, 45-60
If demand asks for it, plastic surgery doctors will follow the demand, so the priority is increasing the awarness and coex people to be attracted by the product medytox
Increasing awareness of Medytox and its product Medytoxin in Korea is important to lead the market. THE VIDEO Facts we got from the interview First, be careful~
Each clinic showed great tendency of prefering the brand they use, in other words, they actually dealt our interview as if they are dealing normal customers, advocating their brand.
ex) Allergan's Botox - the Fox plastic surgery clinic simply stated that customers all prefer Botox as it is the genuine. (all brands are genuine)
Be careful of too much cheap prices - the solution itself can be more diluted, providing lower quality. Other Facts
Korean ones are about 30~50% cheaper with the same quality
(came across the manager at Miplus clinic - had interview for 20 min)
Miplus provides two brands, Dysport and Medytoxin
the hospital explain and offer the two and the choice is up to the customers
standard being the cost of chin, Dysport is 800000 and Medytoxin is 400000.
The customers who first chose the brand have strong tendancy to stick to the brand
older women - eye, forehead : younger women - chin and jaw
lower price surely have competitiveness; after Medytoxin came in, new customers choose Medytoxin over Dysport Marketing Mix and the 4P Medytox has high differentiation based on fine technology and 30% lower cost than Botox with significant relevance and importance of the brand.
However, it has quite low esteem and knowledge. The Focus Medytox has price competitiveness in comparison with its competitors and it also has fine technology.
However its market share and awareness is low.
So we should focus on Promotion strategy. The 4P price Product Place Promotion
Medytox have price competitiveness in comparison with its competitors.
Price sensitivity of potential consumers of botulinum toxin is high. Widen and maintain cosmetic surgery where clinics use Medi-tox
This will be needed after our promotion which will increase the demand
Most people regard safety, naturalness and effect as important qualifications of Botulium toxin.
So Medytox should keep in improving these factors through continuous investment to R&D Goal
Our goal is increasing awareness of Medytox, through advertisement as the promotion.
Target women of 20s and 40s
promotion targeting doctors? Not actually
First, almost impossible to coax doctors
Doctors will follow the customer’s wants and needs Strategy
concentrate not on Medytoxin’s lower price but on its effectiveness and safety.
Price competitiveness is what we already have.
When customers confront the product at clinics, they will go for what they are aware of.
Use people’s tendency to stick to one brand – creating loyal customers Taste the Advertisement We would make advertisement highlighting Medytox’s quality and safety as it is what people value most
Subway advertisement and cable channel advertisement will be used.
Budget needed to cast models : 150million won.
We would have a contract with subway advertisement department for 200million won/1 year.
Advertisement at cable channel cost : 60million won/1 month. Advertisement Thank you for listening
May the force be with you in the finals Consumer Segmentation Target Positioning Demographic segmentation
Income, geography, gender, age
Segmentation & Targeting Income: Can afford $300-1000
Geography: Urban and suburban area
Age: 20-30 and 45-60
Main Target Basically all women who have some complexes with their body
Age seems doesn’t matter because all women want to be more beautiful no matter their age and education.
20-30 and 45-60 year-old women who live in urban and suburban area and are able to afford about $300-1000.
Positioning Target customers
Practical and economical women
Same function with economical benefit
50% cheaper than other brands
A Korean product functionally same as other products in the market with a half price