Sunday, October 21, 2007
According to the Chairman and MD of the company Mr Girish N Patel “Most of the products of Paras have in fact been formulated based on the perceived needs and requirements of the common man.” This identification of consumer needs and satisfying them with new products has enabled the company to create many categories.
As a conscious strategy the company has stayed away from the ethical pharma segment and instead decided to focus its energies on the OTC segment. Stopache was the one of the initial successful products that the company launched in the late 1960's, but the company waited for many years before its next flurry of product launches came.
It started with the launch of Krack cream in 1993. The company found that the market was served by petroleum jelly and there was a need for a product specifically targeted at cracked feet, and thus Krack was launched backed by a well designed communication campaign to convince consumers that its use in the initial stages would reduce damage. Krack registered an sale of 3.8 million tubes in the first year which shot upto 8 miilion by 1996 and now the brand is pegged at around 32 crores.
Second brand which did well in the a competitive market was Moov, it differentiated itself against Iodex as colorless ointment in a tube and attacked Iodex with its positioning as a "stain-free" option. From that it has moved on to “Ek minute MOOV ki malish” proposition for its consumers. Moov single offer to the consumer of "pain relief" versus the multiple benefits being offered by other competing creams in the marketplace has also helped it become a market leader.
The experince from launching two products which exploited the basics of marketing of good segmentation, targeting and and positioning helped it do well in other products which it launched later on, like Dermi cool with a crystal clear positioning: immediate cooling sensation. The cooling sensation came from the mentholated formulation. Other sucesful brands in the posrtfoplio include Itch guard and Rung guard.............