Advice You - Business

There exist many definitions of marketing, in fact, too many. Together with the progression of the Internet, and consequently the development of new marketing techniques, technologies and stratagem, new definitions of marketing are appe

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

aring in large numbers. However plural and diverse the definitions of marketing may be, the essence of the said remains intact. Marketing is still no doubt the unique function of the business enterprise and no prosperous business is po

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

sible nowadays without effective marketing.

Most businesses believe that marketing effectiveness is expressed solely in numbers. Apparently, there are aspects (metrics) of marketing effectiveness that can be quantified and measured. T

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

he first and foremost goal of marketing is to create customers. Consequently, the effectiveness of this aspect of marketing can be evaluated by the number of new customers, new leads of a company or, in case of telemarketing, the number

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

of completed calls. Another significant metric of effectiveness is the number of new products purchased by existing customers since the objective of any enterprise that intends to stay competitive in the market is not only to create new

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

customers but to value and retain the ones they have already.

Measuring the response is another simple and cogent way to evaluate marketing activities. By taking the total cost of a marketing activity (for example, from an advertisemen

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

t) and dividing it by the total number of responses, you determine the cost per response ratio. This cost per response ratio can help you decide if this activity was a success by comparing it with other alternative marketing activities.

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

A standard measure of the effectiveness of various marketing activities is marketing ROI (return-on-investment).

Apart from the above there are aspects of marketing effectiveness that cannot be quantified. Many marketing analysts state

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

that the mission of marketing is to establish an environment in which the customer appreciates the benefits of doing business with your firm, to set the stage for making the sale, to create the circumstances that make the sale the next

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

logical, appropriate step. The uniqueness of a company that sets it apart from the competitors, its strong hold on the market place, i.e. the status of a company as the acknowledged leader in the field, the ability to stay at the forefr

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

nt of the customer's mind can all be considered the benchmarks for testing marketing success of an enterprise.

Marketing effectiveness that results in businesses achieving its sales targets, enhanced profits and increased bottom line p

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

erformance is determined by both quantified and non-quantified metrics. The concept of singling out certain metrics when analyzing the efficiency of marketing policy and performance has been adopted by many and continues to evolve. Maki

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

g marketing more accountable is an opportunity to put the effectiveness of your marketing performance to test. The elaboration of modus operandi for measuring marketing performance has become a hot issue in today's marketing discussions

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

. There are two parties concerned that are interested more than others in the solution of the issue. The first party represented by chief executive officers, chief financial officers and board directors want to know that investment into

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

marketing brings profit. Marketers that make the second party want to proof the same.

The solution of the problem took the form and shape of a scorecard, no surprise. Thus, marketing is becoming the last in the list of business functio

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

s to accept scorecards - a concise report featuring a set of measures that relate to the performance of an enterprise, as a means for measuring marketing activities in order to give an all-embracing view of the performance of the above

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

business department.

The next question that arises here is how many metrics and which in particular will make a scorecard comprehensive and all-embracing. Some economists claim that there are over 50 marketing metrics; however, it is c

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ear that not all of them are equally important. A scorecard that is able to accurately diagnose and predict the future of marketing performance will comprise the fundamental metrics that evaluate only what is really important.

The fun

.

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

damental metrics should include not only quantified metrics that are easy to measure (for example, number of new customers, ROI) but also non-quantified ones (brand awareness, brand equity) since it is the latter which are mostly able t

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

determine the long-term vitality of a business. Thus, elaboration of a perfect scorecard measuring marketing performance needs certain training. Surveys show that the ones that already exist may still need some refinement and updating

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/25280/adviceyou-Measuring-Marketing-Performance-Toolkit.html">Measuring Marketing Performance Toolkit</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/25280/adviceyou-Measuring-Marketing-Performance-Toolkit.html]Measuring Marketing Performance Toolkit[/url]

Cost accounting is a means by which actual versus estimated production cost deviations are discovered, the reasons for their deviations corrected. The process involves the analysis of work order sequences to discover any or all sequences that operate inefficiently and for the reasons why they do so. With routine cost accounting, manufacturers can operate with more reliable estimated costs.

Your Natural Talent is your most important asset. Business plans, cash flow projections, competitive analysis, etc. are needed, but these skills can be learned from workshops, courses and books. The second Natural Talent of 34 to be investigated is – EMPATHY.

Tags

Links

Advice You - Measuring Marketing Performance Toolkit

Related Articles: