Bausch and Lomb Marketing Mix: Bausch and Lomb is an American multinational corporation that manufactures soft contact lenses and lens care products. It is among the most well-known names in the healthcare field and has a mission to provide protection and the gift of vision to millions worldwide. In addition to the contact lens product, the company also manufactures Ophthalmic medications and other over-the-counter medicines and vitamins.
Over the past 100 years, Bausch and Lomb have earned a renowned image and is the pinnacle of innovation and excellence. It is a subsidiary of Valeant Pharmaceuticals International Inc. Its eye care businesses were merged into Bausch and Lomb. Today, the company has more than $3.5 million in gross revenue. The company was founded by the optician J. Jacob Bausch. In 1853, he and financier Henry Lomb laid the foundation for Bausch and Lomb in the United States of America.
Marketing Mix Of Bausch and Lomb
Contents
Marketing Mix Of Bausch and Lomb is brand-based. In Marketing Mix Of Bausch and Lomb, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Bausch and Lomb Marketing Mix. Below is the detailed Marketing Mix Of Bausch and Lomb.
Let’s talk about Bausch and Lomb Marketing Mix.
Bausch and Lomb Main Competitors
- Alcon
- Johnson and Johnson Vision Care, Inc
- Abbott Medical Optics Inc.
Bausch and Lomb official website: www.bausch.com
Product in the Bausch and Lomb Marketing Mix:
The product portfolio of the company is classified into these categories
- Contact Lens Care
- Dry Eye Products
- Allergy Redness Relief
- Rx Pharmaceutical
- Eye Wash
- Eye Vitamins
- Surgical Products
- Vision Accessories
- Safety and Industrial Cleaning Products
- Diagnostics
Bausch and Lomb make ophthalmic medicines like Alrex, Lotemax, and Zyet. The company’s pharmaceutical division is responsible for producing drop forms and vitamins available over the counter. The surgical unit has instruments and equipment for cataract, vitreoretinal, and various ophthalmic surgeries. Contact lenses are the primary segment, accounting for 31% of the total revenue. The most well-known brands within the category of contact lenses include:
- PureVision
- Soflens
- MultiVision
Place in the Bausch and Lomb Marketing Mix:
Bausch and Lomb’s products are offered throughout more than 100 different countries across the globe. The company employs more than 13,000 employees across 36 countries. The business sourcing strategy is based on the knowledge, skills, and expertise of a vast supply chain that spans several nations. The company is present in more than 100 cities across India, its own country. The customer base it targets in India is in the age bracket 18-30 and with a household income of more than Rs.20 000.
The company has two forms of distribution. The first is via their exclusive outlets, which are limited and remote, yet have a strong focus on eye health. The other option is normal retail distribution and online distribution via E-commerce sites like Lenskart.
Price in the Marketing Mix Of Bausch and Lomb:
Bausch and Lomb offer one of the top contact lenses made of top-quality lens material. The lenses can be worn comfortably. The company has a policy that is unidirectional pricing. Retail stores aren’t allowed to sell their products at lower prices. This means there is no room for big discounts offered by stores or online e-commerce websites.
Depending on the kind of lens, Bausch and Lomb contact lenses are available at different costs. Soflens 29 Contact Lens costs around Rs. 580 for a pack of six lenses. PureVision 2 HD contact lenses are priced between 2100 to Rs 2,100.00 to 1199 for a package of six lenses. In its cleaning items is a pack of 16 lenses pre-moistened with cleaning Tissues priced at 3.76 on Amazon.
Promotions in the Bausch and Lomb Marketing Mix:
At first, the positioning of the business was based on the tagline “See better be better’. They’ve changed it to ‘Build confidence and Feel Better.’ Contact lenses today are seen to be an essential confidence-enhancing fashion accessory, and the change was justifiable.
The company’s ads focus on significant occasions in a person’s life, such as his first date, the day he got married, his last date at school beginning of the college year, the start of a new job, and weddings. These are times when people want to be confident and perform at their best.
The company has gained an established position for trendy, soft disposable contacts, cost-effective and safe. To establish its place with the young people of India, it launched the reconnect model hunt competition on Facebook.
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