Advice You - Business

Marketing is something many think they can do and very few do it well, yet, marketing is the cornerstone of any successful business or organization. You can have the best product or provide the best service but if no one knows about it, your dream will remain unrealized. T

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

he reason so many fail at marketing is because they confuse marketing with advertising. Advertising is a component of marketing but is not its sum total.

A critical component to successful marketing is market research, yet it is the aspect of marketing that is least util

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

Examples of combination products may in

zed by business, especially small businesses. Market research is the key ingredient in truly knowing who your customer is and why they do what they do. Advertising is only as effective as the market research that supports it.

How well do you really know your customer? On

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

ce you get past the demographics (assuming your really know that) how well can you answer the following questions?

1) My product/service is purchased based on

a. Emotions

b. Logic

2) The biggest "pain" or need my customers experience that I am equipped to sati

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

fy is ______.

3) The decision maker for the product or service I provide is ____________________.

4) The major influencer for the decision to buy my product or service is _____________.

5) I have a consistent process to solicit feedback from customers for future product

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

Combination pro

development.

a. True

b. False

6) I know for every person that complains about my product or service, there are ______ who didn't complain vocally but did so by taking their business elsewhere.

7) I have identified the following buying trends of my core target

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

market over the past

a. Six months

b. 12 months

c. 18 months

d. 2 years

e. Trend __________________________________________________.

8) My target audience is best reached by:

a. Radio

b. Television

c. Direct Mail

d. Intern

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

et

e. Flyers (if so, list where they should be posted)

f. Billboards

g. Other_________________

If you can provide detailed answers to all of the above questions, congratulations, you are now ready to develop a marketing campaign. If you were not able to ans

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

er all of the above questions, save your advertising dollars and spend them on market research.

From the market research you will be able to identify the next key element in marketing: what motivates the decision to buy. Most people think that logic is the catalyst for buy

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

ing decisions and in a select few industries that is correct. Those making decisions on technology, medicine or something in the sciences will likely do so on the basis of logic. However, the average consumer makes very few decisions based on logic. A new car or truck p

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

rchase is not based on logic, it is based on emotion.

How will driving that vehicle make you "feel". Men may say it's the "hemi" engine, but they are not buying the engine - they are buying the emotion of masculinity, strength, power. A woman does not buy a dress based

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

Following aspects would a

on the quality of the material but how it makes her "feel". It can be of superior quality and value for the price but if she puts it on and she "feels" fat, it will stay on the shelf. There are very few products purchased solely on logic. The main impetus for purchase i

dd to the challenges in developing combination products:

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

s an emotional one that may then be supported by logic as the buyer compares competitors, but even then the competitive advantage will still lean toward the company that does the best job of hitting the right combination of emotion and logic.

Ok, so you've done your market

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

esearch and you know what triggers the buying decision, now you are ready to begin making advertising decisions:

Copy - Advertising copy is a critical element of advertising and is often the most poorly done. Your ad copy must contain some key elements: Headline, Hook, Ca

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

ll to Action

Advertising Strategy - what is the best advertising medium to use? Newspaper ads? Radio? Internet? Direct Mail? Will you include a promotion (not the same as an advertisement)? The answers to these questions must be an outcome of the market research; with

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

ut the research you may spend many advertising dollars in an area where your audience can't be found.

Budget - How much do you have to spend? What is the anticipated ROI? Do you have the resources to create and design the campaign or must that be factored into the budget

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

Professional from academic institutions, pharmaceutical industries, health care indust

as well?

Campaign - Research has proven that a consumer must hear (or see) the same thing a minimum of three times before it even registers. The more expensive, difficult or competitive the product, the greater the need for repetition.

Your logo, branding, customer commun

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

cations, product design, promotions and advertising are all part of a marketing strategy that must be born out of your market research. True marketing consists of all of these elements.

Try this: over the next 21 days, analyze the advertising campaigns you see. Make note

.

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

of what programs (for TV or radio) or pages (for print) specific products are advertised around. See if you can determine the target audience based on its placement. Then identify the "hook" in each advertisement and see if you can identify the emotion it is addressing.

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

Companies that provide selfless information through particip

hen rate the advertisement, especially if you think you are part of the target audience. Just because an advertisement costs big dollars does not necessarily mean it is effective.

Marketing is something many think they can do and very few do it well...take the test and see

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/25501/adviceyou-Marketing-Essentials-for-the-Entrepreneur.html">Marketing Essentials for the Entrepreneur</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/25501/adviceyou-Marketing-Essentials-for-the-Entrepreneur.html]Marketing Essentials for the Entrepreneur[/url]

SearchClickZ - Building Backlinks Have you ever heard of backlinks? If not, you have come to the right place. Here, through this informative article, we will take a much closer examination of backlinks. Not only will you be able to learn more about backlinks are and how they work, but you will also be able to find out how to build your own backlink. Read on to find out more.

Many dream of photography school. It is an art and a passion that few people can take and make use of. But, those that do, really can amaze the world with what they can capture on a single roll of film. But, how can you find the right school to get into? Having the right photography school on your resume really can make a bit of difference. So, take your time in choosing the right school for your choice. Chances are, you’ll have many options to consider when you choose correctly.

The power of the pen in regards to writing effective ezine articles proves the tremendous power to successfully promote a website on the internet.

Tags

Links

Advice You - Marketing Essentials for the Entrepreneur

Related Articles: