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Table  of  Contents  

Executive  Summary ................................................................................................................ 2  Market  Review.......................................................................................................................... 2  Review  Industry ................................................................................................................................2  Review  Target  Markets ...................................................................................................................4  Review  Product  Category ...............................................................................................................4  Review  Brand  Channels ..................................................................................................................5  

SWOT  Analysis.......................................................................................................................... 7  Positioning  assessment  proposal ...................................................................................... 7  Evaluation  and  measurement  with  web  analytics ....................................................... 9  Conclusion................................................................................................................................10  Appendix ..................................................................................................................................11  

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Executive Summary This proposal is to summarize the key points in the process to identify the brand and establish a positioning statement for Weaver and Company. (See Appendix A: Summary of Importance of Branding) Three sections in the proposal: • Industry and company analysis:

This section is a situation analysis on the pharmaceutical manufacture industry. It analyzed some of the industry’s characteristics and trends. It also explored the current major product attributes and pricing strategy. This section is the base for the Weaver and Company’s branding strategy.

• Branding and position assessment worksheet: This section is the overall plan of process for branding and positioning strategy. The execution of this process will be the major part of this project. The completion of this process requires further internal and external research and management feedback.

• Evaluation and measurement with web analytics: Traditional marketing strategy takes a long time to measure the affects of marketing strategy. This section propelled a FREE strategy to incorporate the Google Web Analytics tracking system on the website. With this tracking system, Weaver and Company will have better insight about the current customers and target market. This intelligence can be used to create better and more targeted strategy in the overall branding project.

Market Review Review Industry According to Reference USA and First Research industry database, Weaver and Company falls between chemical manufacturing and pharmaceuticals manufacture industry. (See Appendix B: Industry Profile) This review is mainly from marketing point of view rather than the production and operation. Industry Characteristics:

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• Highly concentrated The 50 largest companies account for 70-80 percent of revenue.

• Capital-intensive Average annual revenue per employee is about $600,000-$700,000.

• Small companies’ success factors Efficient operations and Specialization in one or two targets

• Direct-to-consumer advertising Advertising in medical journals, direct mail advertising and samples to doctors; and participate at medical meetings.

• Pricing Sensitive to the cost of energy; Based mainly on market demand and the sunk costs of development. The more basic the product, the more sales depend purely on pricing.

Critical Issues: Competition from Substitute and Similar Products leads to the limited pricing control power, differentiation strategy and threat for the long-term viability. Business and Trends: • Commodity Pricing • International market expansion

Strong demand in foreign markets boosts US companies. • Targeted Marketing

Using new digital marketing tools to reach physicians and consumers, including banner ads on office management solution software, sponsorship of physician websites, domain name leasing programs, and Internet advertising.

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Insights: • Securing and expanding markets (finding new markets for existing products) • Improving Efficiencies

Reduce production costs and energy use, obtain the highest possible final product yields from raw materials, and manage transportation efficiency.

• Competing with Substitute Products through Improve control systems and provide the best product yield and keep costs down

Review Target Markets This section is dedicated to explore the target market’s profile and facilitate finding similar potential customers. Customers in the market are professional buyers, including physicians and hospitals. They often have specific objectives and limited budget. In B2B section, buyers and sellers work more closely together and build long-term relationships. There are three major buying situations: straight rebuy, modified rebuy and first-time purchase. Marketers may develop separate divisions and marketing mixes to service them. Review Product Category Weaver and Company currently carries two products, prepping gel and adhesive paste product. All products in the industry have to pass strict FDA regulation. Concrete products’ attributes appear to be standard. Most companies emphasize products’ highly conductive attributes due to stable electrode attachment and low electrode impedance. However, some companies try to differentiate their products by pointing out other benefits. Most common ones are easy to remove and use the products and less discomfort to patients.

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The following chart is a comparison of the current major competitors in the industry by their product attributes. As shown in the chart, some competitors do not mention certain products’ attributes. While this is not to indicate that some products do not carry those attributes, it does indicate that those companies do not focus on certain products attributes.

Product Status Attributes Elefix Skin

Pure Lemon Prep

Green Prep

EC2 Redux paste

Nuprep

Stable electrode attachment

Less discomfort to patient

Low electrode impedance

Easy to remove Easy to use

Not mentioned Mentioned Convincing

In conclusion, the current product attributes do not generate products’ differentiation. In order to standout in the industry, it is helpful to address other perceived attributes (attributes that add value to product, but may not be concrete physical benefits). Review Brand Channels This section is to review the current promotion channels.

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Weaver and Company acquires new consumers mainly from medical conference and shows as well as Word-of-mouth from existing consumers. Review Pricing Strategy Currently, Nuprep is a relative high price player among the major competitors.

Source: See Appendix C Price information source

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SWOT Analysis Strengths: • Product specialization • Efficient operations

Opportunities: • Generate differentiation from improving

perceived product value. • Digital marketing tools can be used to

reach professional buyers • Strong demand from international market

Weaknesses: • Lack effective marketing strategy

and exploration of customers’ perceived value

Threats: • Competition from similar products • Similar product attributes • Commodity Pricing

Positioning assessment proposal 1. Category membership Understand the product category and competition area through internal (company) and external (Internet database or other channels) research. 2. Identify compelling points Analyze the industry and market as well as competitors’ situation to identify products’ competing points. 3. Identify the customers’ perceived ideal position Conduct a customer buying behavior research Given the fact that most products have similar concrete attributes. It is important for the company to differentiate itself from service or other customers’ valued attributes.

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The evaluation of customer buying behavior is designed to understand the perceived value, in other word, what is important for customers, then, focus on improving those factors. Action: Conduct customer questionnaire and interview. • Use online link, email and paper-based questionnaire to explore the

importance ranking of attributes. • Use ladder interview1 skills to find customers’ purchase motives. 4. Assess the Weaver and Company’s current position Conduct a brand audit from both customers and company’s point of view Understand company situation, including product, price, promotion, operation

and distribution through collaboration with employers. Explore customer knowledge, brand associations, judgment and feelings

through questionnaires and interviews 5. Asses Competitor Position Collect competitors’ information and conduct a position map to find unreached the position space for Weaver and Company. (See Appendix D Position Map) 1 A Ladder interview is an interviewing technique where a seemingly simple response to a question is pushed by the interviewer in order to find subconscious motives.

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6. What Position should Weaver and Company shift to? Collect all the research result and offer several positioning options, then, conduct a company meeting to evaluate and make a decision. 7. Weaver and Company’s positioning statement Statement should include “to who” (target customers), “what we are” (the statement), “why” (points of difference)

Evaluation and measurement with web analytics It is valuable for Weaver and Company to incorporate online tracking system to better understand current target market. • As indicated in the First research. Expert buyer in the pharmaceutical industry

started to use new digital form as a channel to seek out new products and solutions. Even though, the information about visitors to the website is still good intelligence for understanding its current target market.

• More importantly, major web analytics tracking system, Google analytics, is a free tracking system. And it is a standard tracking system for most of the top companies in the world.

Implementing basic Google Analytics requires two steps: • Creating a Google Analytics account at http://www.google.com/analytics/ • Copy and paste the tracking code on every page on the web page

An IT professional should easily carry the above tasks. And it can be done within an hour or two. But the reward is great. With the analytics tracking, company will be able to: • Tell where the current market at (as granular as city level) • Easily spot the poor web page on site that needs improvement • Evaluate any online marketing efficiency; if the company decided to conduct

any online marketing, this will be great initiative.

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Conclusion Branding is all about creating differences, which are valued by customers. In order to achieve success in the future, Weaver and Company should start with identifying customers’ perceived value and focusing on these attributes to establish a valid positioning. Given the limited time and resource (mainly resource), this is not a complete formal branding plan. Much of the research work and feedback from the company will be needed to complete the project.

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Appendix Appendix A: Summary of Importance of Branding

Appendix B Industry Profile

Consumers • Identify the seller • Assign responsibility to maker • Reduce purchase risks • Promise bond with maker • Reduce search cost • Signal of quality

Companies • Simplify product handing or

tracing • Protect unique features • Signal of quality level to

satisfied customers • Endow products with unique

associations • Build reputation • Financial return • Competitive advantages

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Appendix C: Price Information Source http://www.mavidon.com/catalog/advanced_search_result.php?keywords=Gr

een+Prep&Submit.x=15&Submit.y=14&Submit=SEARCH http://www.mavidon.com/catalog/advanced_search_result.php?keywords=Le

mon+Prep+&Submit.x=5&Submit.y=12&Submit=SEARCH http://www.incywincy.com/search-

engine/directory/directory?q=page%3Ahttp%3A%2F%2F&catid=113003&cached=http://www.nkusa.com/pdfs/Section1-07-05-17.pdf

http://www.grasstechnologies.com/catalog/index.php?cPath=33_220 http://www.google.com/products?hl=en&oq=&q=REDUX%C2%AE+ELECTR

OLYTE+PASTE+price&um=1&ie=UTF-8&ei=iXKmS6m4NcKclgeE46B0&sa=X&oi=product_result_group&ct=title&resnum=3&ved=0CDQQrQQwAg

Appendix D: Position Map

A- Competitor A B- Competitor B

Price

Quality High

High Low

Low

B

A