For this project I chose the company Vicks, and more specifically their product Nyquil. The reason for choosing Vicks Nyquil is because of my interest in medicine and how demands for certain medicine products increase and decrease based on many different factors. Vicks Nyquil is a medicine designed to relieve you of Flu and cold symptoms. Vicks also make many other products for cold and flu relief, but the focus on the project is just around their product Nyquil.
Nyquil came out in 1966, Vicks Nyquil medication is an over the counter medicine, which means that it, does not need a prescription to obtain. Vicks is owned by their parent company, Proctor and Gamble. The company was introduced in 1890. The purpose is to relieve symptoms, and also …show more content…
When the springtime comes due to allergies and colds their stock rises in
March as well. During this time you will see a higher number of marketing tactics used to advertise their product. The most common form of advertising you will see are commercials on TV, to social media, to print advertising in papers and magazines. The marketing of the Nyquil drug has for the longest of time been assisted by its brand strength. Mention Nyquil to any American and they will understand what you are talking about.
Price stays relatively the same through out the year for Nyquil, so the demand curve will only shift to the right during peak months, which are primarily winter months. Price rarely changes on the product, as it has been pretty consistent.
To help in advertising their product, Vicks will provide discounts with coupons and weekly promotions at grocery stores and pharmacies. There are many other options in terms of other products that perform the same relief, so to combat their lower prices they will have discounts for Nyquil, and sell multipacks where there are discounts to buy in bulk.
Future demand for Nyquil will stay relatively the same, the only difference is that population is growing, so the need for medications are on the rise. The …show more content…
Another factor that can affect the demand for Nyquil is the flu shot. Since 2012 there has been a small increase in the number of people getting flu shots, which can prevent people from getting the flu and causing the need for these types of medicines to dramatically decline.
Supply of Vicks Nyquil is sufficient. During the busier months for the product supplies are increased to meet the demand for their product. Vicks cannot afford to have misses in supply. For example when their customers want their products, they cannot wait for the product to be in stock at their local store. Most of their customers are sick and want relief, fast. If you go to the pharmacy and you feel like you have a cold or Flu and you go looking for Nyquil and it is not in stock, then you will more than likely buy the closest product and take it home, only to find out it works just as good, and maybe next time you go with the cheaper option. This happens enough and they will see a massive decrease in demand. To prevent this from happening, they make sure to have an abundance of supply and provide the product to thousands of different retailers so that their product is readily available when you need it.
There are many available substitutes for Nyquil. One of the main
Nyquil came out in 1966, Vicks Nyquil medication is an over the counter medicine, which means that it, does not need a prescription to obtain. Vicks is owned by their parent company, Proctor and Gamble. The company was introduced in 1890. The purpose is to relieve symptoms, and also …show more content…
When the springtime comes due to allergies and colds their stock rises in
March as well. During this time you will see a higher number of marketing tactics used to advertise their product. The most common form of advertising you will see are commercials on TV, to social media, to print advertising in papers and magazines. The marketing of the Nyquil drug has for the longest of time been assisted by its brand strength. Mention Nyquil to any American and they will understand what you are talking about.
Price stays relatively the same through out the year for Nyquil, so the demand curve will only shift to the right during peak months, which are primarily winter months. Price rarely changes on the product, as it has been pretty consistent.
To help in advertising their product, Vicks will provide discounts with coupons and weekly promotions at grocery stores and pharmacies. There are many other options in terms of other products that perform the same relief, so to combat their lower prices they will have discounts for Nyquil, and sell multipacks where there are discounts to buy in bulk.
Future demand for Nyquil will stay relatively the same, the only difference is that population is growing, so the need for medications are on the rise. The …show more content…
Another factor that can affect the demand for Nyquil is the flu shot. Since 2012 there has been a small increase in the number of people getting flu shots, which can prevent people from getting the flu and causing the need for these types of medicines to dramatically decline.
Supply of Vicks Nyquil is sufficient. During the busier months for the product supplies are increased to meet the demand for their product. Vicks cannot afford to have misses in supply. For example when their customers want their products, they cannot wait for the product to be in stock at their local store. Most of their customers are sick and want relief, fast. If you go to the pharmacy and you feel like you have a cold or Flu and you go looking for Nyquil and it is not in stock, then you will more than likely buy the closest product and take it home, only to find out it works just as good, and maybe next time you go with the cheaper option. This happens enough and they will see a massive decrease in demand. To prevent this from happening, they make sure to have an abundance of supply and provide the product to thousands of different retailers so that their product is readily available when you need it.
There are many available substitutes for Nyquil. One of the main