Botox Case Study Example | Topics and Well Written Essays - 1250 words

Botox - Case Study Example SWOT analysis Strengths: Allergan has the possibility for dominance on several niche markets because of the uniqueness and appeal of their product. The main consumers of the product Botox are celebrities from many fields, which include actors and television artists. Thus, the element of celebrity endorsement is a great advantage. Facial beauty is a major concern in the modern world and the ability of a product to remove wrinkles and black marks on the skin will likely work as an element of strong attraction for customers. Botox also cures migraine, constant neck and back pain, extreme sweating, and possible convulsive disorders. These are major attraction for enticing customers to the product. The appeal becomes all the more significant because the consumers will think of it as a panacea for countering various ailments. Thus the product can command major share in all the market where it is introduced or available. Fashion industry has a commandeering position in the modern world and people’s affinity towards cosmetic products offers immense opportunities for products like Botox. People are prepared to invest hefty sum on body and skin care products and this trend opens for Allergen a floodgate of avenues to maximize its sales and to generate huge volumes of profit. Botox’s product caters to high end clients for whom the cost factor may not be a major element. Thus, they can remain in a position to provide high quality, variety and other attractions for promoting the product. Weaknesses Allergan depends too much on Botox sales. The other products of the company do not have any significant prospects for sales like Botox. Though lasting for only a short time, Botox cosmetics are known to cause serious side effects, which may repel some of the customers. It is prone to hamper some of the facial expressions like causing wrinkles while frowning etc, which may create a negative impact on actors and TV artists. The effective life span of Botox cosmetic tr eatment is only three to six months, which may create problems for low end consumers, when the cost factor is high. This may compromise the product’s popularity among the low income group of customers. Opportunities Expanded variety of Botox suggestion and indications would make stronger the future sales. Use of well-known position in ophthalmic, neurotoxin and linked markets to enhance the sales and current market situation. By measuring the current advantages of products, especially Botox multiple advantages, the company could focus more on developing the minute benefits of the products and launch the products with more specialities. Botox cosmetic treatment lasts only three to six months, so all the side effects are temporary. The company authorities could mention this temporary side effect issue and could attract more customers especially Celebrities. Threats Allergan stands to face tight competition from Alcon, a company which is into the manufacturing of surgical produc ts, pharmaceutical products, optical care products etc. Risk of calculating erosion of Botox’s market share by other neurotoxin products. Due to the successful market career and larger sales of products, other companies may try to launch substitute products similar to Botox. Boxton’s usage is creating more side effects; in order to prevent that company should develop prevention methods. Marketing Mix Marketing mix is an essential component of the marketing plan and strategy of any company. Developing a marketing mix implies the development of a strategy for the optimization of the five Ps of marketing, which are product, price, promotion, place and package. There are a number of essential components which need to be kept in mind while determining a marketing mix. The product must have an definite target market, the price must be within a specified budget appropriate to the