Proposed Marketing Strategy of New Product: Case of Anti-Inflammatory Herbal Medicine for Ganeshfit Company

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.