Marketing Strategy of Bausch and Lomb – Bausch and Lomb Marketing Strategy: The company is headquartered in Rochester, New York. It was established in 1853. Bausch+ Lomb is an American company that supplies eye care products and eye health products. This includes contact lenses, eye disease treatment, and medicine.
In 1999, the Italian Luxottica Group purchased the Ray-Ban sunglasses brand. Bausch + Lomb was listed as a public company and was purchased by Warburg Pincus Plc in 2007. In May 2013, Valeant Pharmaceuticals bought it from Warburg Pincus LLC, for $8.57 billion cash. The company has more than 14000 employees and is currently based in Bridgewater, New Jersey.
Bausch and Lomb At A Glance – Marketing Strategy of Bausch and Lomb
Company : Bausch Health
CEO: Robert E. Grant
Founder: Henry Lomb | John Jacob Bausch
Year founded: 1853, Rochester, New York, United States
Headquarters: Laval, Canada
Annual Revenue: US$4.8 billion
Profit | Net income: US$478 million
Number of employees : 13,000
Products & Services: Contact Lenses | Contact Lens Care | Dry Eye Products | Allergy/Redness Relief | Rx Pharmaceutical | Eye Vitamins | Surgical Products | Vision Accessories
Bausch and Lomb Competitors
Competitors: Alcon | CooperVision | Johnson & Johnson | Allergan and Aerie Pharmaceuticals | Ontex | AccessClosure | Zonare Medical Systems | Current Solutions | CV Holdings
Bausch and Lomb Fun Facts: Bausch Health Companies Inc. is on the Cruelty Free Investing list for exploiting animals because the company does animal testing for medical analysis and clinical research purpose.
Marketing Strategy of Bausch and Lomb
Bausch and Lomb’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Bausch and Lomb? Let us discuss.
Segmentation, Targeting, Positioning – Bausch and Lomb Marketing Strategy
Segmentation allows an organization/firm the ability to understand the different Demand patterns based on the population characteristics. These can be defined based on Health conditions, the standard and hygiene factors, as well as the age groups that an individual is a part of.
Bausch + Lomb uses a mix of Psychographics and Demographic as well as Geographic Segmentation strategies.
It targets customers of upper-middle & upper-class social groups. Professionals & Executives use selective targeting strategies.
Through a variety of services and offerings, the company is able to position itself as a firm that focuses on customer well-being in the eye care industry. It employs a value-based positioning strategy.
Bausch and Lomb Mission Statement
“To help you see better to live better”
Bausch and Lomb Vision Statement
Bausch and Lomb Tagline
“See better, Live better”
Competitive Advantage – Marketing Strategy of Bausch and Lomb
Strong parent company: This company is part of Valient Pharmaceuticals International Inc., which is a diversified company that deals in drugs, medical equipment, and a wide range of generic and branded over-the-counter products. These products are sold directly or indirectly in over 100 countries.
Image: A brand with a rich history of over 150 years and strong roots in some of the most developed countries is what allows the company to be competitively ahead of other players in the market.
BCG Matrix – Bausch and Lomb Marketing Strategy
Bausch and Lomb operate in segments like Vision Care, Pharmaceuticals, and Surgery Equipment.
It is a vertical business in the vision care industry that deals in Eyecare Products & Contact Lenses, Pharmaceuticals deal with Medicines for diseases or irritations related to the eyes while surgery deals with aids and ailments.
Bausch+ Lomb’s all-strategy business units (SBs) are stars of the BCG matrix.
Distribution Strategy – Marketing Strategy of Bausch and Lomb
The company’s revenue contributors are the U.S., Canada, Puerto Rico, and China. These countries account for 65%, 33%, 3%, and 2% respectively of total revenue (for 2016).
Over-the-counter products are sold in over 100 countries worldwide. The company’s products can be purchased through distributors, wholesalers, and sales representatives, as well as e-commerce websites and franchised shops.
It operates in markets where products are sold directly to doctors, hospitals, and large drugstore chains.
Brand equity – Bausch and Lomb Marketing Strategy
Bausch + Lomb uses Advertising to raise awareness in the market. This includes customer advertisement, mailings, and advertisements in medical periodicals, trades, and medical conventions/ seminars. Sponsoring medical education symposiums are also used.
The brand was ranked 121 1st in the Forbes list of America’s most important private companies.
Competitive Analysis – Bausch and Lomb Marketing Strategy
The Company competes with companies like Johnson & Johnson and Vision care Inc., Abbott Medical Optics Inc., and Alcon in one or more business segments.
It operates in interrelated segments and is therefore subject to competition from OTC and biotechnological firms, OTC companies, and generic product manufacturers in the eye market. These include smaller regional and entrepreneurial businesses with fewer products or niches, as well as small, mid-sized and larger companies.
Market Analysis – Marketing Strategy of Bausch and Lomb
Bosch & Lomb is a company that focuses on innovation as well as technical superiority. The success of any company in this industry is dependent on many factors, including government regulations, seasonality of the business, labor cost, and the availability of generic products for the local markets.
Research and development and patents are essential for companies to keep their market share while exploiting the opportunity through the price skimming strategy.
Many companies in this industry use forward and backward integration to capture large customer bases.
Customer Analysis – Bausch and Lomb Marketing Strategy
Its customers include pharmacies, doctors, wholesalers, wholesalers, and franchised shops to which products are sold by their own sales force or wholesalers.
Bausch & Lomb’s customers are from tier 1 and tier 2 cities. They are people who are either from the upper-middle or upper-class income groups, with the majority being between 15 and 40 years old.
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