Johnson & Johnson: Marketing Plan

Marketing Plan: Johnson & Johnson Company
Institution Affiliation
Student’s Name
Table of Contents TOC \o "1-3" \h \z \u 1.0. Executive summary PAGEREF _Toc107504 \h 31.1 Introduction PAGEREF _Toc107505 \h 31.2. Company description PAGEREF _Toc107506 \h 31.3. The Market PAGEREF _Toc107507 \h 41.4. Financial consideration PAGEREF _Toc107508 \h 41.5. Company mission PAGEREF _Toc107509 \h 41.6. Key to successes PAGEREF _Toc107510 \h 52.0. Company summary PAGEREF _Toc107511 \h 52.1. Company ownership PAGEREF _Toc107512 \h 53.0. Company products PAGEREF _Toc107513 \h 54.0. Market analysis summary PAGEREF _Toc107514 \h 64.1. Market segmentation PAGEREF _Toc107515 \h 64.2. Target market segmentation PAGEREF _Toc107516 \h 64.3. Target market segment strategy PAGEREF _Toc107517 \h 64.4. Competition and buying pattern PAGEREF _Toc107518 \h 75.0. Strategy and implementation of summary PAGEREF _Toc107519 \h 75.1. Competitive edge PAGEREF _Toc107520 \h 85.2. Sales strategy PAGEREF _Toc107521 \h 86.0. Management summary PAGEREF _Toc107522 \h 87.0. Financial plan PAGEREF _Toc107523 \h 9Conclusion PAGEREF _Toc107524 \h 9References PAGEREF _Toc107525 \h 10Appendix PAGEREF _Toc107526 \h 11Figure 1: The decrease in market share on JNJ Company PAGEREF _Toc107527 \h 11Figure 2: Johnson and Johnson financial statement 2018 PAGEREF _Toc107528 \h 11Figure 3: Age distribution in Singapore PAGEREF _Toc107529 \h 11Figure 4 : Cost on necessary tools and drugs PAGEREF _Toc107530 \h 12Figure 5: Expenditure on staff PAGEREF _Toc107531 \h 12
1.0. Executive summary
1.1 Introduction
Johnson and Johnson is a company that deals with healthcare products such as pharmaceuticals and medical devices. The company's main goal is to create a dependable market around the globe through the production of variety and quality tools as well as medicines. The reason for this is to reduce the increasing health problems in the world as well as the need to conquer an increasing competition in the healthcare market. Moreover, J&J aims at offering their products at affordable prices for people of all social classes.
1.2. Company description
Johnson and Johnson is headquartered in New Brunswick, New Jersey. The company started in the year 1885 selling its products in New Jersey, and since then it has grown to sell its product all over the world. Currently, the company sells its product to sixty countries and has two hundred and fifty subsidiaries around the world. The company’s CEO is Alex Gorski who is also the chairman of the board of directors, Joaquin Duato and Peter Fasolo are both executive vice presidents and Jorge Mesquite in charge of marketing and supply. Other board members include Ashley McEvoy, Kathy Wengel, and Joseph Wolk (JNJ 2018).
The company faces a major challenge of exploiting the market fully. Even though the company sells its medicine to 60 countries, there is a need to expand the market to several other countries around the world. Additionally, there has been competition from other healthcare institutions around the world especially pharmaceuticals companies such as Pfizer, Roche, and Sanofi. The competition has shown a continuous decrease in market share for the company over the years as shown in figure 2 (Statista, 2018). Therefore, the company has to widen its market base; this can only be achieved by creating a larger market or marketing its goods further. The company has the advantage of having the most qualified marketing team. Additionally, the company has among the best quality products in the world (Phamaphorum 2019).
The company wishes to team up with Singapore institute to lunch a new myopic initiative. The initiative is aimed at privation of the best myopic preventive and cure medicine (JNJ 2018). The reason for the initiative is to provide the high-quality drug that will stand out against the other competitors.
1.3. The Market
There have been increasing cases of myopia in recent days, especially among the youth. The problem is caused by the fact that youth in the current days spend most of their time indoors, therefore, having little exposure to the sun. Cases of myopia are common in Asian countries especially China which has the highest population in the world. It is estimated that with high cases of people spending their time indoors there are possibilities of myopia being the global challenge in the future (Holden at al 2016). Therefore, the company initiative is researching the medication that will be effective in myopic prevention as well as selling the available drugs.
1.4. Financial consideration
Johnson and Johnson generates all its initiative finances by selling its shares to the investors, plowing back the profit created and using it for the financing of the initiative or through the means of borrowing from financial institutions.
1.5. Company mission
Our mission is to make diversity & inclusion our way of doing business. We will advance our culture of belonging where opens and minds combine to unleash the potential of the brilliant mix of people in every corner of Johnson & Johnson.
1.6. Key to successes
Johnson and Johnson company key to success is
1 Production of high-quality tools and drug through the use of modern technology.
2 Sales of the products at affordable and competitive prices
3 Developing a large market base and having a good relationship with customers all around the world.
4 Going in the extra mile in development of high-class health products.
2.0. Company summary
2.1. Company ownership
The company is owned by shareholders who are led by the board of directors. The company’s share is available at all stock exchange brokers in the USA. The highest company’s shareholders include Alex Gorski who have 2.3 million shares, Dominic Caruso with 1.26 Million shares, Joaquin Duato with 624,56, Paulus Stoffels with 202,564., and Sandra E. Peterson with 454791 shares (Investopedia 2018).
3.0. Company products
The company offers a wide range of healthcare products including pharmaceuticals, health-related tools such as cancer scanners, X-rays among others. The products are developed by highly qualified personnel who are exceptional in their field of study. Moreover, the company has been dealing with healthcare product since the year 1887. Therefore, it has experience in the production of the best high-quality goods for its customers. Moreover, the company has developed several research institutions whose main objective is to develop quality products. Finally, the company is managed by a group of leaders who are obligated to improve the health status of the people and hence provision of healthy products for human usage.
4.0. Market analysis summary
4.1. Market segmentation
Johnson and Johnson's company is segmented by the market in different areas of the word. The company sells its products in different countries. Therefore, JNJ market is segmented by different continents of the world. The segmentation includes Asian countries, such as China, and India, African countries, American countries such as Canada and USA, European countries among others. The market is further divided in terms of age distribution such as baby products, middle age products, and elderly products. Moreover, the market is segmented in terms of specialty such as people with chronic diseases, mental problems, and physically impaired people among others.
4.2. Target market segmentation
The targeted segment is among the Asian countries, particularly among the youths in Singapore. Singapore is one of the countries with the highest cases of myopia in the world. Cases of myopia are common among small children. Twenty percent of Singapore children of 7 years old are myopic at the starter of their primary educatio...