Marketing Mix of Bausch and Lomb and 4Ps (Updated 2023)

The Marketing mix of Bausch and Lomb analyses the 4Ps of Bausch and Lomb’s marketing strategy, which includes the Product, Price, Place, and Promotion of Bausch and Lomb. Bausch and Lomb is an American multinational company producing soft contact lenses and lens care products. The company is one of the most respected brands in the healthcare segment, with its motto to protect and give the gift of sight to millions of people around the people. Along with contact lens products, the company has also delved into the business of producing ophthalmic drugs and over-the-counter drugs and vitamins. The marketing mix of the BAUSCH LOMB INC PRESSURE TO PERFORM allows and facilitates it to achieve its marketing objectives as well as positively influence the target audience.

In the last 150 years, Bausch and Lomb have built a formidable reputation, and their brand loyalty stands as the epitome of innovation, service, and quality. The company is a division of Valeant Pharmaceuticals International Inc. Valeant’s ophthalmology businesses were integrated with Bausch and Lomb. Today, the company boasts more than $3.5 million in net revenue.

Interestingly, the company was the brainchild of an optician, John Jacob Bausch. In 1853, he and financier Henry Lomb laid the company’s foundation in the United States of America.

Its chief competitors are as follows –

• Alcon
• Johnson and Johnson Vision Care, Inc
• Abbott Medical Optics Inc.

About Bausch and Lomb

• Type: Medical Company
• Industry: Medical instruments
• Founded: 1853
• Founder: John Jacob Bausch and Henry Lomb
• Headquarters: Rochester, New York, United States
• Area served: Worldwide
• Key people: Thomas J. Lynch (Chairman) and Jose A. Javier (CEO)
• Number of employees: 17,000

Bausch and Lomb Product Strategy

Bausch and Lomb, a globally recognized company in eye health products, offers customers a wide range of product quality products across several categories.

Bausch and Lomb makes ophthalmic drugs such as Alrex, Lotemax, and Zyet. Its pharmaceutical division is responsible for manufacturing over-the-counter vitamins and drops. Its surgical unit manufactures equipment and instruments for vitreoretinal, cataract, and other ophthalmic surgeries. However, contact lenses are its most important division, comprising 31% of its total revenue share. Its most popular brands in the contact lenses segment are:

• PureVision
• Soflens
• MultiVision

The new Product Mix of Bausch and Lomb in 2023 is as follows (Source)

1. Contact Lenses: Bausch and Lomb provides a variety of contact lenses, including daily disposables, monthly disposables, and extended-wear lenses. Their range caters to different vision correction needs, including lenses for astigmatism and presbyopia.
2. Lens Care Products: The company offers a range of lens care products, such as multi-purpose solutions, saline solutions, and lens cleaning tablets, to maintain the hygiene and longevity of contact lenses.
3. Prescription Eyewear: Bausch and Lomb also manufactures prescription eyewear, including eyeglasses and frames, designed for comfort and style.
4. Eye Vitamins and Nutritional Supplements: Recognizing the importance of nutrition in eye health, they offer a range of vitamins and supplements formulated to support various aspects of eye health.
5. Pharmaceuticals: The company provides various pharmaceutical products, including prescription and over-the-counter medications for conditions like dry eye, eye allergies, and glaucoma.
6. Surgical Products: Bausch and Lomb supplies various surgical products, including intraocular lenses and surgical instruments for cataract surgery and refractive surgery.
7. Ophthalmic Diagnostics: They offer a variety of diagnostic products and equipment used by eye care professionals, such as lensmeters, keratometers, and other ophthalmic instruments.
8. Over-the-counter (OTC) Products: This includes a range of eye drops and ointments for conditions like dry eyes, redness, and itchiness, relieving minor eye irritations.

Bausch and Lomb Place Strategy

Bausch and Lomb products are available in more than 100 countries worldwide. Around 13,000 employees in 36 countries work for the company. The company’s sourcing strategy relies on the skills, knowledge, and talent of a diverse supplier pool spread across countries. The company has a presence in around 100 cities in India itself. Its target customer base in India is within the age group 18-30, with an income above Rs.20,000.

The company has two types of distribution. One is through their physical stores and exclusive outlets, which are few and far but very specialized in eye care. The other is through regular retail and online distribution through E-commerce sites and services such as Lenskart.

Here’s the Place Strategy of Bausch and Lomb:

1. Global Distribution Network: Bausch and Lomb products are distributed worldwide, with a presence in numerous countries. This extensive distribution network ensures their eye health products are accessible to a global customer base.
2. Collaboration with Eye Care Professionals: Bausch and Lomb partners extensively with optometrists, ophthalmologists, and other eye care professionals. These partnerships facilitate the prescription and recommendation of their products, ensuring they reach consumers through trusted professionals.
3. Online and Offline Retail Channels: Their products are available through various channels, including online platforms, pharmacies, optical stores, and healthcare facilities. This multi-channel approach caters to consumers’ different purchasing preferences.
4. Direct Sales to Healthcare Facilities: For their surgical and diagnostic products, Bausch and Lomb employs a straightforward sales strategy, selling directly to hospitals, clinics, and other healthcare facilities. This approach ensures that their specialized products are appropriately marketed and sold to professionals.
5. Specialized Distribution for Pharmaceuticals: Pharmaceutical products, such as prescription eye drops and medications, are handled through specialized pharmaceutical distribution channels. This ensures compliance with regulatory requirements and effective reach to the target market.

Bausch and Lomb Pricing Strategy

Bausch and Lomb offers one of the best contact lenses made from high-quality lens material. The products are comfortable to wear. The company follows a strategic, cost-effective and marketing strategy of unilateral pricing. It means retail stores are prohibited from selling them below a specific price. This leaves out any scope for huge discounts by stores or online e-commerce sites.

Bausch and Lomb contact lenses have varied prices depending on their type. Soflens 59 Contact Lens costs around Rs. 580 for a packet of 6 lenses, whereas PureVision 2 HD contact lenses are labeled lower prices at between Rs 2,100.00 and Rs 1,199 for a packet of 6 lenses. Among its cleaning products, a packet of 16 pre-moistened lens cleaning Towels is labeled at $ 3.76 on Amazon.

Bausch and Lomb employs a nuanced pricing strategy that reflects its position as a provider of specialized health products. This strategy balances the need for affordability with the perception of quality and innovation in product offerings and satisfied customers. Here’s an overview of its Pricing Strategy:

1. Premium Pricing for Specialized Products: Bausch and Lomb adopt a premium pricing model for advanced and specialized products like specific contact lenses and surgical equipment. This reflects the high level of innovation, quality, and technical use of these products, aligning with the expectations of a discerning customer base.
2. Competitive Pricing for Common Products: Bausch and Lomb employs competitive pricing in more common product categories, such as standard contact lenses and over-the-counter eye care products. This approach ensures their products are attractively priced compared to competitors, catering to a broader market segment.
3. Value-Based Pricing for Pharmaceuticals: The pricing of pharmaceutical products, including prescription medications, is based on a value-based approach. This means pricing reflects the product’s effectiveness, value to patient care, and comparative advantages over alternatives.
4. Tiered Pricing Structure: Bausch and Lomb utilizes a tiered pricing structure for its diverse product range. This structure offers products at different price points, from more affordable options to premium ones, catering to various customer segments with varying spending capacities.
5. Dynamic Pricing Based on Market and Region: Understanding the diversity of its global market, Bausch and Lomb adjusts its prices based on regional economic factors, market conditions, and regulatory environments. This dynamic pricing strategy ensures relevance and competitiveness in different markets.
6. Promotional and Volume Pricing: To encourage higher purchase volumes and promote new or existing products, Bausch and Lomb often use promotional pricing, discounts, and volume-based pricing strategies, which are particularly effective in the retail and over-the-counter segments.

Bausch and Lomb Promotion Strategy

First, the company’s brand identity and marketing positioning were based on the tagline ‘See better, feel better.’ However, they have changed it to ‘Build confidence and feel better.’ Today, contact lenses are deemed essential ‘confidence enhancing’ fashion accessories; hence, the change was justified.

The company’s advertisements target significant events from a person’s life, like his first date, last day of school, the first day of college, new job, and marriage. These are the events to focus on when a person wants their brand image and to feel confident and at their best.

The company has now gained a strong foothold for contact lenses that are fashionable, soft, disposable, economical, and hygienic. It started a connect model hunt contest on Facebook to establish its brand position and increase penetration even among the youth in India.

Some Recent Video ads and Print ads of Bausch and Lomb are:

Bausch + Lomb Official Home Page

#UnblurYourSideVision with Bausch + Lomb Contact Lenses – YouTube

Experience the Bausch + Lomb ULTRA® Family of Contact Lenses You Built – YouTube

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