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Advice You - Third Place Retailing - The New Battlefield
On 10th January 2005, McDonalds’ USA announced it was entering the premium coffee industry. It would sell premium coffee at a premium price. A business recognised for fast food at a low price p
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
oint is re-engineering itself to provide an up-market coffee, yet coffee is looked on as the second most common commodity product after oil.
Is this an opportunity to go head to head with Star
Is this an opportunity to go head to head with Star
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
bucks? I think not. I believe a Starbucks consumer will remain a Starbucks consumer and will not shift to McDonalds, but as Starbucks philosophy states; there is a retail opportunity for busine
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
sses that develop a ‘third’ place.
What is a ‘third’ place? Consumers spend time at home, their first place; at work, their second place and then often have a favourite third place.
As a “Bri
What is a ‘third’ place? Consumers spend time at home, their first place; at work, their second place and then often have a favourite third place.
As a “Bri
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
” the traditional third place for “blue” collar males was the pub. For many Generation X it may be the gym. For many baby boomers it is Starbucks.
One of the keys to success is that if you hav
One of the keys to success is that if you hav
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
e a retail opportunity to develop a third place and succeed, you can start developing premium priced products. I believe part of McDonalds’ strategy is to strengthen their third place in the mi
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
nds of their target market.
“Third” Place Retailers
In the UK 60% of people who visit their local garden centre bought a cup of coffee. Garden centres intentionally or unintentionally have de
“Third” Place Retailers
In the UK 60% of people who visit their local garden centre bought a cup of coffee. Garden centres intentionally or unintentionally have de
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
eloped a “third place” for their target consumer. Restaurants and bars are an obvious third place for another segment of the market place. Third place retailers can include furniture companies
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
(IKEA in some locations) farmers markets and specific shopping centres.
What makes a retail organisation become a third place in the consumer's mind? They are retailers who really understand t
What makes a retail organisation become a third place in the consumer's mind? They are retailers who really understand t
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
heir target market and make that target group feel like they are in a home away from home. They select store graphics and furniture that make their customers feel at home, plus they inevitably
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
rovide a refreshment offer. Why go to this much trouble to make the customer feel at home? Consider Starbucks, where their target customer visits them on average 18 times a month and purchases
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
a premium priced product.
“Third” place retailers also realise that it is more than the visual graphics. The look is important, but equally important is how the customer feels and that relates
“Third” place retailers also realise that it is more than the visual graphics. The look is important, but equally important is how the customer feels and that relates
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
to customer satisfaction, not customer service. Customers want to feel they are individuals and to be treated as such. This means team members need to be trained in customer service, but also
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
have an understanding of the customer as an individual and what pleases them as an individual.
Lovemark Loyalty
Some retail consultants use the term “lovemark loyalty” for organisations that
Lovemark Loyalty
Some retail consultants use the term “lovemark loyalty” for organisations that
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ave achieved this business success. A “lovemark” is a brand that the consumer loves to own (BMW, Starbucks, Virgin and Burberry all aim to be lovemarks.)
Customers can fall in love with the pr
Customers can fall in love with the pr
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
oduct, but not the store. To fall in love with the store it has to be a “love zone” in the customer's eyes. In other words the people employed have to genuinely care about the customer, the pro
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
duct and the store environment.
Many may believe this to be self explanatory, but I recently purchased my ‘lovemark’ car. When my wife and I went to the show room to pick the vehicle up, the ‘
Many may believe this to be self explanatory, but I recently purchased my ‘lovemark’ car. When my wife and I went to the show room to pick the vehicle up, the ‘
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ove zone’ customer service was a long way off the mark. My wife was ignored and we were left waiting, without an explanation, for twenty minutes. I was also advised they would contact me within
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
one month to check on their customer service, three months later, I’m still waiting.
The key to success is that as the perceived image of your product increases, the standard of customer sati
The key to success is that as the perceived image of your product increases, the standard of customer sati
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
sfaction from your team members also needs to increase. It is a real challenge and often misunderstood by many businesses. For those that do, “third” place retailing presents huge opportunities
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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