Advice You - Business

If you think security is the primary reason stores put up CCTV systems, think again. They are not there to watch shoplifters; they are there to count people.

Secur

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

ity Versus Sales

The British bed store, Dreams, had CCTV systems installed for two reasons: the first, marketing; the second, security.

Dreams' use video surveill

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

Examples of combination products may in

ance shows a strong trend surfacing in the market in recent years. Stores put up CCTV systems not so much to prevent losses, but to increase sales. This is a logica

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

l move. While shoplifters and negligent employees cause stores to lose money, these losses are minimal compared to loss of potential earnings.

Monitoring Foot Traf

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

fic

Foot traffic is important to business owners and managers, and this is where CCTV systems come in. Cameras map store traffic. They show patterns of movement fr

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

Combination pro

om department to department, from floor to floor. They show, for example, where customers are most likely to pass to get to Department X after exiting Department Z.

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

In malls, areas with the heaviest foot traffic are the costliest to rent. In stores, the same areas are where latest or the most steeply-priced products are displ

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

ayed. Dreams knew this, and thus had CCTV systems mounted.

Why Count People?

Stores count visitors to monitor sales. A decline in foot traffic could only mean one

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

thing: reduced sales. After all, with fewer people entering stores, fewer purchases would be made. CCTV systems, used together with need-specific software, are abl

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

e to alert owners and managers to decreases in visitor density. These people could, in turn, take corrective action.

Uses of CCTV Systems in Marketing

1. Pinpoint

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

ing desirable location

Cameras can show which areas draw the most visits from people. Decision-makers can use this data to evaluate the impact of decoration themes

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

Following aspects would a

or adjust rent in relation to traffic value.

2. Revealing the hold factor

The "hold" factor is the ability of any merchandise or store area to make customers sta

dd to the challenges in developing combination products:

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

y. CCTV systems can provide answers to questions like:

a) How long do customers stay inside one section of the store?

b) Which area or item do they take the most

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

time to look at?

3. Optimizing promotional spending

CCTV systems help store owners and managers identify areas where advertisements would have the most impact. Ma

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

rketing teams can then use this information to plan store layout and promotional strategies.

4. Evaluating stock levels

CCTV systems can, at a glance, reveal empt

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

y shelves or fast-thinning supplies. This is particularly useful in stores so huge it will take weeks to conduct a complete inventory of items sold and unsold.

5.

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

Professional from academic institutions, pharmaceutical industries, health care indust

Improving customer service

Data captured by CCTV systems tell key personnel how many customers flock to the store during certain times of the day. This data is ver

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

y useful in designating how many employees to assign and where. Frequently, long lines at cash registers frustrate shoppers and cause them to do their buying elsewh

.

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

ere. Identifying prime selling hours and areas will help stores keep their valued clients.

Each shopper that walks through the door represents potential profit. Wi

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

Companies that provide selfless information through particip

th the right CCTV systems and software, store owners and managers can convert more and more profit potential into actual sale. What businessman could say no to that

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

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