Project #23243 - External Analysis: threats of Asteeza, inc

Threats

Competition from well-established topical analgesic ointment products

In the pharmaceuticals industry there are several well established firms that sell topical analgesic ointment creams. This product segment has a variety of recognized topical analgesic cream companies that compete on the basis of product choice, quality, and affordability. The major topical analgesic products that are recognized by consumers and are recommended by pharmacists are: Bengay, Biofreeze, Capzasin.

Consumer Loyalty & Brand Awareness

The topical analgesics market has been aggressively overtaken by major players in the industry that have gained market share over the years. Such ointment products as Tiger Balm, Private Label, and Icy Hot have heavily engaged in marketing campaigns that have drawn major sales from customers. Given t, many consumers established their preferences on topical analgesic ointment products with a high satisfaction rate. Some companies display market share expansion practices by offering promotions or sampling products at very low prices. Biofreeze approached many of its customers by having a health perspective view that addressed the benefits and the uniqueness of their products. All of these marketing practices have increased the brand awareness of their products.

Substitute Products

 

The topical analgesic industry also faces major threats from indirect products such as oral medication. Advil and Tylenol are substitute products of topical analgesic ointments because they are

 

This is what i have written you need to expand on those points and find credible and reliable sources. Find other threats as well.

 

here is some information on Asteeza,inc.

 

Asteeza is part of the analgesic industry. The term SIC stands for the "Standard Industrial Classification." This classification system was replaced by the NAICS, North American Industry Classification System, beginning in 1997, but there is still some data that is SIC-based. The SIC code that most identifies with Asteeza is 2833 for medicinal chemicals and botanical products (1). The NAICS code that most identifies with the topical analgesic is #325412 for analgesic preparations manufacturing (2). Both SIC and NAICS codes are used to classify establishments by their main type of activity.

Size

Asteeza is one of the many topical analgesics available in the United States. Due to the small size of Aldali, Inc. and the huge industry of topical analgesics, it is easy for Asteeza to disappear from the market altogether. An article published in May of 2013 stated, "The United States represents the largest market for analgesics worldwide. Ageing population represents the key growth driver for the US chronic and acute pain management therapies market" (3). Although Asteeza may be a small product in a large industry, the aging population is in constant need of analgesics for a variety of ailments. This perpetual need gives Asteeza an opportunity to become a leading topical analgesic if they can successfully expand geographically.

According to the same article, "After two years of recalls from Johnson & Johnson's McNeil consumer health subsidiary, 2012 was expected to be a year of recovery for the US analgesics market. Instead, production failures grew even more widespread" (3). This caused McNeil and other leading analgesic companies to have to recall some of their products including Excedrin and Children's Tylenol. Recalling some leading products could give Asteeza a chance to really breakthrough into the topical analgesic industry. People in need of a topical analgesic could be in search of a new product if their existing product has been recalled or if they are not satisfied with the product they currently use.

Products and services

There are numerous products and services available for pain therapy in the topical analgesic industry. According to an article from 2010, "Despite the number of pain therapies marketed in the U.S., there remains an unfilled need for drugs that provide improved efficacy, safety and tolerability" (4). So far, Asteeza has proved to be an effective and tolerable product for those who have used the pain relief ointment. It uses all natural herbs and ingredients, making Asteeza a very safe product. This gives Aldali, Inc. an advantage with Asteeza over topical analgesic competitors since most others are not all natural.

 

Trends

Customers

Asteeza is a private label product which offers many opportunities for growth and expansion. An article from June 2012 discusses consumer views on private label products in the analgesics industry, "A rise in the popularity of private label products can be seen as consumers find that even brand names can be fallible, and seek the availability and cost savings of store products" (6). As major brand name products continue to become unreliable, more consumers of these products will begin looking for new analgesics they can rely upon. It is to Asteeza's advantage that the product is sold in Walgreen's stores since it is a popular one stop shop for a variety of consumer needs, especially medical needs.

A great opportunity for Asteeza lies in consumer loyalty. Asteeza is such a unique product due to the fact that it contains all natural herbal relief ingredients. All natural products are becoming more important to a majority of the population as a whole, so Asteeza could be a prime product for those types of consumers. The same article from June 2012 also talks about consumer loyalty, "The challenge during this post-recall period lies in brands’ ability to differentiate themselves from the competition and encourage consumer loyalty" (6). Asteeza's all natural ingredients could definitely help retain customers which would result in brand consumer loyalty. Aldali Inc. has already presented their product, Asteeza, at multiple conventions to attract new customers. There are many other ways to expose the product that would greatly benefit Asteeza. Some of these are discussed within an analgesics article, "Enhanced education campaigns, overt safety messaging, and consumer-specific product positioning may be considered to build exposure and trust among U.S. consumers" (6). These conventions, educational campaigns, messaging, and product positioning will not only attract customers but will also help gain their trust by using the product and interacting with the developers.

 

Analyze the threats of Asteeza, inc.

 

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Due By (Pacific Time) 02/20/2014 09:00 am
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