Published by MBA Skool Team, Last Updated: February 26, 2019
Marketing Strategy of Ranbaxy analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Ranbaxy marketing mix, help the brand succeed in the market.
Ranbaxy marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Ranbaxy Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Ranbaxy marketing strategy can be explained as follows:
Ranbaxy is a global organization that fabricates and circulates medicinal services items. It is occupied with research-based tasks of subjective conventional meds. Ranbaxy leads in sections like wholesome, gastrointestinal, neuro-psychiatry, dermatological, diabetes, cardiovascular segments. It has tried harder to pick up force in conventional business through inorganic and natural development courses. Ranbaxy presently offers a wide container of trailblazer and conventional items and has put its onus likewise on a high-development fragment like injectables, Oncology and Biologics.
Ranbaxy Price/Pricing Strategy:
Below is the pricing strategy in Ranbaxy marketing strategy:
Ranbaxy has focused on wholesalers, doctor's facilities, nonexclusive merchants and medicinal services professionals as its potential clients.
It is an organization that has put its onus on addressing needs and prerequisites of patients. Incomes are an essential piece of any association and Ranbaxy is reliant upon its conventional division for income generation. It produces conventional medications requiring little to no effort contrasted with its opponent organizations and this has helped it to increase further markets. It has additionally expanded its endeavours to build incomes through measurements frames deals. Ranbaxy has kept up a sensible pricing strategy. Low manufacturing cost and reasonable costs have helped the organization in gaining more noteworthy net revenues. In order to compete with big corporations, it has kept the price of its product lower than that of the competitors.
Ranbaxy Marketing Strategy comprises of not only its Marketing Mix, but also segmentation, targeting, positoning, competition and analysis like SWOT. Also read Ranbaxy SWOT Analysis, STP & Competitors
Ranbaxy Place & Distribution Strategy:
Following is the distribution strategy in the Ranbaxy marketing mix:
Ranbaxy has the qualification of being the biggest Pharma Company in India. It has a worldwide network that has spread to one hundred and twenty-five nations. Its home office base is at Gurgaon in Haryana. After manufacturing the items, the items are moved to distribution hubs and warehouses. From this point the medicinal representative and the delivery agents pick up the items and they deliver it to hospitals and drugs stores. Additionally, offices have been built up in Thailand and Malaysia to support operations there. Ranbaxy has set up a profoundly created R&D office for leap forward research.
It has tied up with hospitals and governments in order to supply them items on a longer run which will make sure the supply of medicines doesn’t stop.
Ranbaxy Promotion & Advertising Strategy:
The promotional and advertising strategy in the Ranbaxy marketing strategy is as follows:
Ranbaxy has been able to create an image for itself in the minds of its client and customers. Its representative regularly visits the medicinal service institutions and create awareness about its product among the staff, and medical practitioners who in turn suggest its products to their patients. Its slogan is elucidating and flags the mentality of the organization. It represents the stand it takes to create an impact on the society. Ranbaxy has been a beneficiary of various honours and grants in acknowledgment of its work. The company uses the acknowledgments that it has earned to put forward its best step in from the clients. This completes the marketing mix of Ranbaxy.
Ranbaxy was established in 1961 and later acquired by Sun Pharmaceuticals in 2014. Ranbaxy is a medicinal products manufacturing company which had implemented efficient production practices coupled with low operating cost was able to reduce its total cost and generate ample amount of profit.
It specializes in over the counter medicines which help the company in gaining significant market share quickly. Ranbaxy put focus on delivering quality and reliability through innovation in its products to make it cheaper for the consumers and earn their trust.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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