Group Project Part C - Marketing Objective .docx - I....

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I.Marketing and Product Objectives:For Apotex, the best market-product strategy to apply would be penetration. Apotexis a large Canadian company that has entered the European market (Berman, 2018). It hasalso entered some countries in the Middle East, Africa, Latin America and Asia Pacific(International business, n.d.). Apotex is also considered to be the “emerging leader ininternational markets” (International business, n.d.). Therefore, it would make the mostsense to continue this trend and get more exposure into countries that do not have Apotexproducts on their shelves.Apotex, has recently invested $184 million in creating a manufacturing plant in theUnited States. (“Apotex Announces $184 Million Investment to Grow U.S. ManufacturingPresence,” 2017) Apotex will use this project to expand their U.S markets as well as increasetheir global production of their generic medication. The aim of having new manufacturingplants will aid the company to increase their sales of drugs in an existing market segment.Apotex, will benefit from not only supplying pharmacies and hospitals but also otherinstitutions like group homes, over-the-counter drugstores, and regional health clinics.Therefore, Apotex has put a target to increase their sales within existing markets by 10% inthe next 5 years. Once the U.S manufacturing plant is completed, they hope to increasetheir sales by 20% with faster production and supply chain processes to aid the process.I.Target Markets.Market penetration strategy is a strategy that focuses on growth by selling a productor service to a customer base that is already established (Pilcher, 2020). To improveApotex’s overall success, providing their medication administrative service to alreadyestablished customers will give customers the choice to choose who they most align with.It’s recognized that a unique approach is needed as pharmaceutical companies have a veryspecific target market, individuals who need medication to treat a specific condition. Targetmarkets are also primarily those organizations that supply medications to consumers andconsumers who need the medication.By using a market penetration strategy, this gives consumers the ability to choosebetween different pharmaceutical companies. Apotex has many benefits as they provideaffordable, innovative, and high-quality solutions (About Apotex, n.d.). By giving customersthe opportunity to choose, this may tempt them away from Apotex’s competitors.

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Term
Summer
Professor
N/A
Tags
Marketing, Pharmacology, Generic drug, Food and Drug Administration, Apotex

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