Proposed Marketing Strategy of New Product: Case of Anti- Inflammatory Herbal Medicine for Ganeshfit Company
Dyah Ayu Rahmawati1*, Yulianto Suharto1
1 School of Business and Management, Bandung Institute of Technology, West Java, Indonesia
*Corresponding Author: [email protected] Accepted: 15 October 2022 | Published: 1 November 2022
DOI:https://doi.org/10.55057/aje.2022.3.3.10
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Abstract: Herbal medicines are growing in the global market as global health awareness is increasing. The global market potential of this herbal medicine also has an impact on the development of the product market in Indonesia. New herbal medicinal product innovations are emerging. Ganeshfit Company Research and Development Team develops anti- inflammatory herbal medicinal products that have a safer long-term effect. The development of new products requires the right marketing strategy to enter the market. To find out the right strategy, the company can conduct an internal analysis of the company itself and conduct an external analysis for the industry as a whole. Therefore, the purpose of this research is to find out business solutions for Ganeshfit Companies, especially in terms of marketing strategies.
To formulate recommendations and conclusions, this research will use mixed methods to gain insight and achieve goals. The research will be conducted in three phases. The first phase of the analysis is an analysis of the literature on competitors, internal, and external to the company. The second phase is the collection of qualitative data (through interviews with 5 key users) to determine consumer considerations. The last is the collection of quantitative data (a questionnaire with 177 respondents) to verify the results of the data obtained from the collection of qualitative data. The framework used for external analysis is PESTEL analysis, Porter's Five Forces analysis and Porter's Generic Strategy. For internal analysis, the frameworks used are SWOT analysis and VRIO analysis. To formulate a potential marketing strategy, this study also uses a simple marketing model from Kotler which includes market segmentation, targeting, positioning, and marketing mix.
Keywords: Herbal, Medicine, Anti-inflammatory herbal medicine, New product marketing, Mix-method research
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1. Introduction
Herbal medicines are growing in the global market as the global health awareness increases.
Globally, herbal medicines are getting more attention by the community. Based on data from the Verified Market Research Report in 2020, it is shown that the Global Herbal Medicine Market Size is expected to surpass USD 98.60 Billion in 2020. The product types included are herbal pharmaceuticals, herbal dietary supplements, herbal functional foods, etc. Herbal pharmaceuticals are the most widely distributed products in the market, valued for 55.7%
(Verified Market Research, 2017).
Positive movements in increasing the global market of herbal medicine are also seen in the Asian and ASEAN herbal medicine markets. The Asia & ASEAN herbal medicine market size is estimated to reach $48.18 billion by 2025. This projection is a market size projection for herbal medicines with ingredients like Ginkgo biloba, garlic, ginseng, Echinacea, St John's wort, soy, aloe vera, Centella asiatica, turmeric, red yeast, saw palmetto, specialty herbs, multi herbs, and others (Research and Market, 2020). Apart from switching behavior from buyers, price is also a factor in increasing the market size of herbal medicine in Asia and ASEAN.
According to the Research and Market report in 2020, due to rapid approvals in accordance with several government rules in the ASEAN region, the price of herbal medications is gradually decreasing, allowing the newcomers to enter the market easier.
The global potential for pharmaceutical business also affects the development of pharmaceutical products in Indonesia. According to research conducted by GlobalData, the value of the Indonesian pharmaceutical market in Indonesian rupiah was valued at IDR 47,600 billion in 2012, increasing at a CAGR of 9% to IDR 67,200 billion in 2016. This market value is also predicted to continue to increase with an investment value of $19.8 billion during the 2015–2025 period. This is reinforced by data from BPS revealed by the Minister of Industry showing that in 2020, the performance of the chemical, pharmaceutical and traditional medicine industries (including the cosmetic sector) will grow by 9.39 percent. Indonesia has the potential for medicinal plants that are widely grown in various regions. Out of 40.000 medicinal plants in the world, 30.000 can be grown in Indonesia (Ministry of Trade, 2020).
From the identification results, only about 9,600 species are known to have medicinal properties and only 200 species have been used as raw materials for the traditional medicine industry (Maulana, 2022). This number is relatively small compared to the number of medicinal plants that have been identified as having certain properties.
The development of herbal medicinal products in Indonesia has very good prospects, considering that the herbal medicine market in Indonesia is still dominated by imported products. Therefore, the development of new herbal medicinal products will be a prospective breakthrough in the pharmacy industry in Indonesia. This enormous potential does not make Indonesia the largest producer of herbal medicinal products in the world. With a market share of 0.61 percent in 2019, Indonesia only held the 19th-place position among nations exporting biopharmaceuticals or medicinal herbs worldwide. India (33.46%), China (27.54%), and the Netherlands continue to dominate the global market for herbal or biopharmaceutical suppliers (6.05 percent). The trade minister continued by saying that the ministry of trade has created a short- and mediumterm strategy to promote exports, one of which is through a product approach. The concentration is on a variety of goods, including processed food and drink items, medical devices, agricultural and fishery goods, and agro-industrial goods (IDN Financials, 2020).
The development of new products with high quality requires the right marketing strategy to enter the market. According to Komari, Sularso, and Sumiati (2019), knowledge about customer's characteristics that are targeted by the business is important. Knowledge about customer characteristics will be considered in developing the product. Customer needs can be identified by using a marketing mix containing product analysis, market pricing, how the product will be distributed and promotional techniques that convey and persuade customers to use or buy the product. New Brand Strategy indicates the introduction of a new product with a new brand name to gain market share. The previous research by Verma & Kalra (2018) also shows that product, promotion, price and brand image become a success factor of herbal product launch.
The R&D Team from Ganeshfit Company developed a new product, an anti-inflammatory herbal medicine that is claimed to have safer long-term side effects than Non-steroidal anti- inflammatory drugs (NSAIDs) which are commonly used for anti-inflammatory treatment.
However, the thing that needs to be considered when a new product enters the market is whether this product will be accepted and survive in the market? Professor Clayton Christensen from Harvard Business School stated there are over 30,000 new products introduced every year, and 95 percent fail (Emmer, 2018). According to IQVIA 6th Launch Excellence white paper, 80%+ of launches don't improve sales curve set on their first 6 months and two years post launch.
Previous research by Verma & Karla (2018) also shows that marketing strategy becomes a success factor of herbal product launch. Marketing strategy contains an overview of how the product benefits that customers want and what kind of products they want. To find out the right marketing strategy, companies can do market research. Market research was conducted to help companies make decisions related to marketing decisions that will be applied to the marketing of anti-inflammatory herbal medicinal products. Market research will also help companies identify market opportunities, reduce uncertainty, and better coordination of marketing activities.
It is important for a small business to do market research. By understanding competitors, customer needs, and the industry itself, a company will know their business will survive or grow by considering the reliable information they can get. Market research can also be a marketing information system, determine the competitive advantage of their products, and be useful as a decision-making tool for the company. Companies that do not conduct market research on their products, have a possible risk of making the wrong decision and have the possibility to take the wrong action to find the feasibility of the project as well as key target market information (Okyere, Amoako, & Makara, 2019).
In addition, the company also needs to conduct business environment analysis consisting of internal and external analysis. The external analysis strategist's goal is to either directly look at competitors or consider a broader viewpoint that competes against the company in order to understand and manage a competitive environment (Porter, 1979). External factors can affect the development of a small business. According to a survey conducted by Justino and Tengeh in 2016, the researchers conducted research on the role of external environmental factors in the failure of small enterprises and obtained data that a lack of economic support and availability of business resources, such as limited human resources and quality raw materials, inadequate financial support, strict guidelines from a policy making, also high level of corruption and theft in the country, affected the small business failure.
Furthermore, internal analysis will identify resources and other factors that help identify sources of competitive advantage (Sammut-Bonnici & Galea, 2015). Internal analysis also identifies an organization's assets, overall capabilities, and competencies. Evaluating the company's internal resources can demonstrate organizational weaknesses and strengths.
Internal analysis frameworks that are widely used include SWOT analysis, VRIO, core competencies analysis, or McKinsey 7S framework. Internal and external analysis are two components in business analysis that cannot be separated. When the components of the two findings combined, the company will get a more comprehensive overview about the business itself. Therefore, research will be conducted with the primary purpose of finding out the market potential and interest of antiinflammatory herbal medicine products in Indonesia. This research
also aims to find the most suitable marketing strategy for anti-inflammatory herbal medicine in Indonesia.
With such a research background, researchers will conduct research about the suitable marketing strategy for anti-inflammatory herbal medicine in Indonesia, we used people in Bandung who are actively doing sport that have or frequently experience mild inflammatory symptoms.
2. Literature Review
2.1 Anti-inflammatory Medicine
Anti-inflammatory medicinal products are dominated by the use of Non-steroidal Anti- Inflammatory Drugs (NSAIDs). The main types of NSAIDs including: ibuprofen, naproxen, diclofenac, celecoxib, mefenamic acid, etoricoxib, indomethacin, and high-dose aspirin. there are several anti-inflammatory drug products that have natural ingredients as their product composition. According to the regulations of the Food and Drug Supervisory Agency (BPOM), in Indonesia, there are three types of herbal medicines whose distribution permits are granted through BPOM. The three types of drugs are: traditional medicines (jamu), Standardized Herbal Medicine, and Phytopharmaca.
Ganeshfit Company is a new startup engaged in the pharmaceutical industry and was established in 2021. Ganeshfit Company develops natural products that can treat mild symptoms of inflammation. This can be seen as a potential business development of anti- inflammatory therapy for safe long-term use is still needed. Anti-inflammatory treatments from natural ingredients have good potential because they are generally safer and have relatively few side effects, so their use is better in the long term. This standardized herbal medicine developed by the R&D team of Ganeshfit Company claimed to relieve mild symptoms of inflammation. This herbal medicine is claimed to be able to cure mild anti-inflammatory symptoms.
To make products that meet consumer demand, the R&D team of Ganeshfit Company develops anti-inflammatory herbal medicinal products with the basic ingredients of turmeric, black pepper, and honey, which are ingredients that are easily available in Indonesia. Turmeric contains curcumin which can be used 8 as a traditional medicine because it has anti- inflammatory and antioxidant effects. Piperine from black pepper contains substances that can increase the bioavailability of curcumin. The R&D team plans to develop a ready-to-drink dosage form with a good taste and can maintain the stability of curcumin during storage period (Company Research Proposal, 2021).
2.2 Lead User
Lead users are users whose present strong needs will become general in a marketplaces months or years in the future (Von Hippel, 1986). Developed by Von Hippel, lead user concepts are incorporated into marketing research in four steps; identifying important market or trend, identifying lead users based on experience and intensity of need, analyzing lead user need data, and designing the concept also gaining insight. Previous research using the lead user framework was conducted by Herstatt and von Hippel in 1991. The lead user method will help to collect information related to customer needs and provide information about market conditions and potential. With their own experience, lead users can also provide an overview of the new product concept being developed (Von Hippel, 1986).
2.3 External Environment Analysis
Before entering a new market, companies must consider and understand the important aspects that will affect their business. The Framework that represents the external important factors are PESTEL Analysis and the Five Porter's Analysis. The PESTEL Analysis Framework developed by Francis Aguilar in 1967 will describe six macro-external elements that affect the business environment, how it must adapt to a changing environment, and how to determine the right company strategy. Five Porter's Analysis is applicable for forecasting the development in related sectors by paying attention to the behavior of entities operating in the market, as well as being useful for predicting risk in the sector (Maresova & Kucha, 2014).
2.4 Internal Factor Analysis
To formulate internal factor analysis, this research use STP, Marketing Mix, and VRIO analysis. According to Kotler and Armstrong (2017), in a competitive industry, companies must be customer centered. Companies can approach customers by 20 providing more value to outperform their competitors. To do this, the company must create market segmentation, market targeting, and positioning. According to Kotler and Keller (2016), The marketing mix is a collection of tactical marketing techniques that a company uses to generate the desired response in its target market and consists of everything the firm can do to influence the product’s demand. According to Ahmed (2014), The pharmaceutical industry is currently a highly competitive market. Rather than relying on old-fashioned trends, marketers should generate new ideas and strategies. According to Grant, Butler, Or., & Murray (2014), VRIO framework can be applied to assess the potential of a wide range of corporate resources that provide a source of sustainable competitive advantage.
2.5 SWOT (Strength, Weakness, Opportunity, & Threat) Analysis
A SWOT analysis (or SWOT matrix) is a strategic planning and management technique used to help an individual or organization identify the strengths, weaknesses, opportunities and threats associated with business or project (Weihrich, 1982). Here is the SWOT analysis of Ganeshfit Company:
Figure 1: SWOT Analysis
3. Research Method 3.1 Research Design
Figure 2: Research Design
The research design for this study is represented in Figure 3.2. The research design for this study begins with the identification of a problem and concludes with recommendations.
3.2 Research Approach & Data Collection
The researcher applied an in-depth-interview and quantitative method in this research. The in- depth-interview is used to explore the detailed information about the uses of anti-inflammatory herbal medicine for the target market and customer perception based on expertise perspectives.
The quantitative study is used to observe the perception of consumers of anti-inflammatory herbal medicines in a large number of specific populations.
Figure 3: Research Methodology
4. Results and Discussion
The results of qualitative analysis from the informant’s explanation and quantitative study analysis will be divided int three major discussion: External Environment Analysis, Internal Factor Analysis, and Proposed Marketing Strategy for the company:
4.1 External Environment Analysis
Before entering a new market, companies must consider and understand the important aspects that will affect their business. The Framework that represents the external important factors are PESTEL Analysis and the Five Porter's Analysis.
4.1.1 PESTEL Analysis
Table 1: PESTEL Analysis
Factor Political Economic Social Technology Ecological Legal Key
Points
Indonesia has stable political condition
Indonesia’s economy is growing
Indonesia has a large population and
is a strong socio-cultural
environment
The number of internet users in
Indonesia is relatively large.
Indonesia has a problem with waste
Indonesia has specific
regulations regarding
health products
4.1.2. Porter’s Five Forces Analysis
Table 2: Porter’s Five Forces Analysis Factors Power of
Competitors
Potential New Market Entrants
Power of Suppliers
Power of Customers
Threat of Substitute
Products Result
Moderate Moderate Low Moderate High
Anti-inflammatory herbal medicine from Ganeshfit Company still has great growth potential in Indonesian pharmaceutical industry.
4.2 Internal Factor Analysis
This research will use VRIO Analysis, SWOT Analysis, also STP and Marketing Mix analysis (will be explained further in the next chapter) for the internal factor analysis.
4.2.1 VRIO Analysis
Table 3: VRIO Analysis
Aspects
Valuable Rarity Imitability Organization
Do a firm's resources and capabilities enable the company to respond to environmental threats
or opportunities?
ls a resource currently controlled by only a small number of
competing companies?
Do companies without a resource
face a cost disadvantage in
obtaining or developing it?
Are a firm's other policies and procedures organized to support the exploitation of its valuable, rare and
costly-to-imitate resources?
Result Yes Yes No No
From the analysis that has been done on the four aspects of the VRIO Framework, Ganeshfit Company has value and rarity in their business aspects. But, Ganeshfit Company need to develop and pay more attention to their imitability and organizational aspects. Therefore, it can be concluded that Ganeshfit Company's resources and capabilities competitive implications are
“Temporary Competitive Advantage” and the company's economic performance is “above normal”.
Figure 4: VRIO Analysis
4.3 Proposed Marketing Strategy 4.3.1 Proposed Market Segment
Table 4: STP Analysis Segmentation
Variables
Targeting
Primary Secondary
Age 25-34 years old; 35-44 years old 18-24 years old
Gender Men and Women Men and Women
Spending Less than Rp 100.000 per month
Demographic Domiciled in an urban area (Bandung, Jakarta, Surabaya, Bali, Medan, Makassar, Palembang)
Psychographic • People who want to take care of their health
• Have high health awareness
• Want to maintain health in a long- term
• Eat and drink healthy
• Hard worker
• Lifestyle: socializing, exercising, working
• People who want to be healthy and want to have an attractive appearance
• Have high health awareness
• Want to maintain good body condition in daily life,
• Eat and drink fast food
• Study or work hard, play harder
• Lifestyle: socializing, studying/
working, grooming, exercising
4.3.2 Proposed Marketing Mix
Table 5: Marketing Mix Analysis
Aspect Description
Product Product Attributes
• The products produced by Ganeshfit are high quality products with clinically tested product benefits claims.
• Has a good taste and aftertaste
• Combining healthy raw materials derived from herbal extracts that are safe for consumption.
• Products are easy to consume (practical)
• Tablet or capsule form
• Ready-to-drink products in liquid form can become the next product line.
Branding
• Sporty and healthy brand image
• Company need awareness campaign
• Develop a brand concept and create a sporty tagline.
• Develop one brand name that became the umbrella brand.
Packaging
• Eye-catching packaging
• The packaging must be ensured according to standards to maintain product quality in the long term.
• Packaging design must be made to represent all the brand values, benefits, and product features.
• Packaging design should consider environmental aspect.
Labeling
• The labels shown on the packaging must describe the product features and have reason to believe components such as BPOM certified, halal certified, laboratories tested
• Provide barcodes to indicate product identity such as batch production number, in addition the product must also contain information related to expiration date.
• The label displayed must also contain convincing information regarding the safety of the product itself.
• Product claims must be described clearly and in accordance with regulations from BPOM.
• The label on the packaging can also contain a product efficacy brief, product ingredients, and product usage rules.
Product Support Services
The company should provide product support services, such as customer services.
Pricing
Less than IDR100,000, the suggested price for an anti-inflammatory herbal medicine product for Ganeshfit Company is IDR 2,000-Rp 3,000 in one consumption.
Place
Partnering with well-known pharmacies brands, such as Kimia Farma or Apotek K-24. The company can also distribute in several big e-commerce stores such as Shopee, Tokopedia, and Lazada. The two distribution channels must be well integrated to optimize the consumer experiences.
Promotion Focus more on word-of-mouth strategies and through social media.
5. Conclusion
In order to achieve a conclusion, qualitative data were gathered with an in-depth interview of 5 respondents. All of the respondents are people who interested in sport and have several experiences with joint problem. The quantifiable data were gathered from 177 respondents with same qualification as respondent for interview. This study is to analyze internal and external analysis for anti-inflammatory herbal medicine in Indonesia and to propose the right marketing strategy for Ganeshfit Company. From the analysis result, the potential of this product is growing in Indonesia is high and the market of this product still requires development and innovation from products currently circulating. Ganeshfit Company can meet customer needs by adapting their product concepts to customer needs as stated in the marketing mix.
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