Pharmaceutical Marketing: Strategies and Life Cycle, Slides of Marketing

Download Pharmaceutical Marketing: Strategies and Life Cycle and more Slides Marketing in PDF only on Docsity!

PHARMACEUTICAL

MARKETING

Dr. Husam Eldin Khalifa

 Marketing is all about creating a need in

the mind of the customer and then

satisfying that need.

 This consumer- oriented marketing is

about finding the wants of the consumer

and then satisfying them through the right

product at right time and at right place.

 Market segmentation involves aggregating prospective buyers into groups that:

1. have common needs
2. will respond similarly to marketing actions  Why segment the market? Market segmentation links market needs to an organization’s marketing programs.  When does an organization segment the market? When the potential increase in profits as a result of segmenting outweigh the costs of segmenting.

 How will we provide superior customer

value to our target market?

 Marketing mix ( 4 P’s of marketing)

Is the term used to describe the combination of

four inputs which constitute the core of a

company’s marketing system:

1. Product

2. Price

3. Promotional activities

4. Place or physical distribution

Product Price Promotion Place Distribution channels Locations Inventory levels Transportation Advertising Publicity Price level Discounts Payment terms Credit period Quality Packaging Shelf life Trademark

Significance of marketing mix:

 Vital link between company and customers

 It helps in improving sales volume, to earn

high profits, to gain market leadership,..

 The 4 P’s are interrelated .Decisions or

changes in one element usually affects

decisions or changes in others

 It is also influenced by the forces of

competition in the market

 Various phases are introduction, growth,

maturity and decline.

 As soon as promising molecule is found,

the company applying for a patent that

gives the company intellectual property

rights for 20 years.

Stages in the life cycle of a pharmaceutical product:

1. Introduction:  Slow growth may be due to lack of customer awareness 2. Growth:  Rapid acceptance is reflected in good sales growth and improvement in profit  Competitors are attracted into the market  Products become more profitable  Advertising spend is high  Market share tends to stabilize

4. Decline:  Competitors capture customers including new molecules  Profits can be improved by reducing marketing spend and cost- cutting

SWOT Analysis  A tool used by organizations to help the firm establish its s trengths, w eaknesses, o pportunities and t hreats.  Used as a framework to help firms develop their overall corporate, marketing or product strategies.

The SWOT method is designed to help produce :  The optimum segment to attack  The positioning 'message" to communicate  The strategy that will bring success.  Tactical objectives and their priority.  A tactical plan  final check

Opportunities and Threats They come out of the following areas :  Market segment  Environment  Competition

List of opportunities: In the environment  Few government regulations  Little negative public opinion.  Growth economy.  Competition:

• few competitors
• Weak selling power
• no new products
• little promotion activity

Strengths and weaknesses  Examples of strengths – The product:  Highly effective product  Reliable  Convenient packaging  Acceptable pricing  Convenient taste  High market segment share  Good trade name  Excellent delivery