How to Market an Athlete's Foot Remedy

Many people suffer from athlete's foot, a terrible fungus that itches and eats away at skin. A ready market for an effective athlete's foot remedy exists. The problem in marketing is identifying the market segment. Who, in the buying public, needs this product and how do you get the product to the end user? The impulsive reaction to this question: people with athlete's foot. Maybe there is more to it than that.

Instructions

Difficulty: Challenging

1. Analyze the market. Answer the following questions to get a better idea of market segmentation. Where would someone go to purchase an athlete's foot remedy? Is there any particular age bracket to whom the product will have a greater appeal? Are there any groups that have a need for the product? Brainstorm many responses and think out of the box.
2. Compare the current available athlete's foot products with the new remedy. Study the competition. List all remedies currently on the market. Discover the retail price of each remedy and the size and color of the package. How is the package displayed? Determine if the athlete's foot remedy has a competitive advantage in the market. Does the product have features or benefits that are different from the competition? If there are differences in the product, sell the difference. The competitive advantage makes a product stand out, i.e. Is the product organic? Does it provide quicker relief?
3. Determine the current channel of distribution for remedy products. Uncover the steps that the products take from the producer to the end users. A manufacturer selling products to the end user is known as direct marketing. The use of middlemen is known as indirect marketing. Discover the wholesale suppliers (the middlemen) of your competition. Wholesalers supply many competing brands to the markets. There is no need to re-invent the wheel; seek out existing distribution systems and use them.
4. Calculate the total cost to produce the athlete's foot remedy. The goal is to sell the product to the wholesalers who in turn will mark up the price of the product and sell to the retailers. The price to wholesalers must cover the cost of manufacture, packaging and promotional efforts. The price must be competitive with the competition. The price to the wholesaler must be high enough to cover all of your unit costs plus provide a margin. The higher the difference between the cost and the wholesale price means higher profits.
5. Create an attractive package for the remedy. Make the package eye-catching and easy to display at the retail store. One possibility is to create a colorful display rack to include with wholesale purchase.
6. Decide on the appropriate promotional activities. Advertisements create demand. Manufacturer's discount coupons also create store traffic and demand for a product. Work with the wholesaler to create special incentives for retailers to purchase.
7. Seek new markets. Constantly look for groups and other businesses that have a need for the product. Finding new markets is equivalent to a treasure hunt. New markets pay big dividends through increasing market share.