OTC of Tomorrow : Branding a New Product in Over-the-Counter Pharmaceuticals

Abstract

OTC of Tomorrow: Branding a New Product in Over-the-Counter Pharmaceuticals is comprised of five different areas to focus on an in which all will be covered in detail; the situational analysis, which includes the factors influencing the pharmaceutical marketplace, the competition, getting to know and understand the competition of GoodSense and how they influence the marketing plan, the consumer, finding out the needs and preferences of the consumer, and lastly is the actual marketing plan of GoodSense. The goal is to understand what is a successful marketing plan for a branded product for a company that traditionally deals in private label products. This paper will dive into the marketing of GoodSense with technology using Facebook as a marketing tool, as well as more traditional marketing with in store displays. With an importance on relationship building with consumers the underlying foundation of this marketing plan is brand awareness. Having brand awareness allows the consumer to connect with the product. Because relationship building is important, the marketing of GoodSense makes it a priority to understand the needs of the consumer and to create a value that cannot be offered by any other product in the pharmaceutical industry.