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Consumer preferences and marketing plan development for a pharmaceutical food supplement

Bardaki Aikaterini

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Summary

The purpose of the present thesis is to develop a complete business plan that supports the promotion of a new product in the field of food supplements, supported by a Greek pharmaceutical company. This product contributes to the health of joints, considering the fact that it contains glucosamine chondroitin, while at the same time it combines a specialized enzyme complex, named C89 biocatalyst, which achieves better absorption of nutrients in the body. Moreover, in view of producing a comprehensive business plan, the design of the product, internal and external control and SWOT analysis are taking place in a thorough and detailed way. Furthermore, research is carried out using questionnaires answered by potential stakeholders and pharmacists. The product is intended for adults who have shown symptoms of osteoarthritis, with discomfort or joint pain and at the same time for younger people, athletes or individuals who regularly strain their joints due to strenuous exercise or activity. Marketing planning is an important stage as it enhances the consistency of the business idea, encourages the achievement of realistic goals and monitors the process from a strategic point of view. In addition, it constitutes a medium capable of facilitating the resource allocation process and the adaptation to market needs. This study aims to avoid unnecessary waste of time, effort and money by the entrepreneur and helps him/her to avoid possible mistakes, to find alternative ways to tackle them and to improve or even reject the business idea in case the plan proves to be extremely risky or low in return. The opinion of both potential stakeholders and pharmacists is of paramount importance in understanding market needs and determining the unique selling point. Finally, the expected results of the study will be able to help as conclude whether the potential business move of product launch in the market is profitable or not and in which way the plan can be implemented.

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