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Advice You - Marketing Concept
Most people define marketing as promotion that takes form of advertising on TV, radio, etc. In reality the concept of marketing consists of a lot more functions. The purpose of marketing is to define consumer’s needs and wants, and to combine different strategies in the most efficient way. Marketing is a consumer oriented concept. In this articl
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
e I will discuss the different marketing functions and their implementation in the business world.
Marketing is an activity to enhance the flow of goods, services and ideas from producers to consumer needs and wants. Marketing strategies are using advertisements in order to satisfy customers, promote and sell the products, services or ideas
Marketing is an activity to enhance the flow of goods, services and ideas from producers to consumer needs and wants. Marketing strategies are using advertisements in order to satisfy customers, promote and sell the products, services or ideas
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
n an effective ways. Everyone
have their own needs, wants and demands, and in order to satisfy these
unlimited desires, we would need goods and services provided to us.
These needs are generally characterized into three types, and they are
physical needs, such as food, warmth clothes and safety. Social needs
for belonging and affection. Ind
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
vidual needs mainly for knowledge and
self-expression. Knowing the basic needs of human,
marketing concept can then be applied. Marketing objectives, goals and
targets have to be monitored and met, competitor's strategies be
analyzed, anticipated and exceeded. Through effective use of market
and marketing research, organization should be ab
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e to identify the
needs and wants of the customer and try to delivers benefits that will
enhance or add to the customers lifestyle, while at the same time
ensuring that the satisfaction of these needs results in a healthy
turnover for the organization.
In order to be successful in marketing, the marketing mix principles (also known as the
In order to be successful in marketing, the marketing mix principles (also known as the
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
p's) must be applied. They are used by business
as tools to assist them in pursuing their objectives. The 4p's are as
follows:
Product
When an organization introduces a product into a market, they must
understand the purpose of the product and who its targeting to.
Level 1: Core Product: This is the most basic level which addresses the q
Level 1: Core Product: This is the most basic level which addresses the q
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
estion 'what the customer is really buying?' For example, when a
customers purchase a camera, they are buying more then just a camera
but also purchasing their memories.
Level 2 Actual Product: All cameras capture memories. The aim is to ensure that your potential customers purchases yours. The strategy at this level involves organizations
Level 2 Actual Product: All cameras capture memories. The aim is to ensure that your potential customers purchases yours. The strategy at this level involves organizations
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
branding, adding features and
benefits to ensure that their product offers a differential advantage
from their competitors.
Level 3: Augmented product: This is the section where additional non-tangible benefits should be included. Competition at this level is based around after sales service, warranties, delivery and so on.
Besides underst
Level 3: Augmented product: This is the section where additional non-tangible benefits should be included. Competition at this level is based around after sales service, warranties, delivery and so on.
Besides underst
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nding the three levels of products, many other factors
and decisions have to be taken into consideration. These include:
Product design Product quality Product features Branding Pricing
Fixed and variable costs; Competition; Company objectives; Proposed positioning strategies; Target group and willingness to pay. An organization can adopt a
Product design Product quality Product features Branding Pricing
Fixed and variable costs; Competition; Company objectives; Proposed positioning strategies; Target group and willingness to pay. An organization can adopt a
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
number of pricing strategies. The pricing
strategies are based much on what objectives the company has set
itself to achieve.
Penetration pricing: Where the organization sets a low price to increase sales and market share.
Skimming pricing: The organization sets an initial high price and then slowly lowers the price to make the product ava
Penetration pricing: Where the organization sets a low price to increase sales and market share.
Skimming pricing: The organization sets an initial high price and then slowly lowers the price to make the product ava
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
lable to a wider
market. The objective is to skim profits of the market layer by layer.
Competition pricing: Setting a price in comparison with competitors.
Product Line Pricing: Pricing different products within the same product range at different price points. An example would be a video manufacturer offering different video recorders wit
Competition pricing: Setting a price in comparison with competitors.
Product Line Pricing: Pricing different products within the same product range at different price points. An example would be a video manufacturer offering different video recorders wit
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
different
features at different prices. The greater the features and the benefit
obtained the greater the consumer will pay. This form of price
discrimination assists the company in maximizing turnover and profits.
Bundle Pricing: The organization bundles a group of products at a reduced price.
Psychological pricing: The seller here will
Bundle Pricing: The organization bundles a group of products at a reduced price.
Psychological pricing: The seller here will
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
onsider the psychology of
price and the positioning of price within the market place. The seller
will therefore charge 99c instead $1 or $199 instead of $200
Premium pricing: The price set is high to reflect the exclusiveness of the product. An example of products using this strategy would be Harrods, first class airline services, Porsche e
Premium pricing: The price set is high to reflect the exclusiveness of the product. An example of products using this strategy would be Harrods, first class airline services, Porsche e
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
c.
Optional pricing: The organization sells optional extras along with the product to maximize its turnover. This strategy is used commonly within the car industry.
Place
Place strategies Refers to how an organization will distribute the product or service they are offering to the end user. The organization must distribute the product to
Optional pricing: The organization sells optional extras along with the product to maximize its turnover. This strategy is used commonly within the car industry.
Place
Place strategies Refers to how an organization will distribute the product or service they are offering to the end user. The organization must distribute the product to
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
the user at the right place at the
right time. Efficient and effective distribution is important if the
organization is to meet its overall marketing objectives. If
organization underestimate demand and customers cannot purchase
products because of it profitability will be affected. Two types of
channel of distribution methods are available
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
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
Indirect distribution
involves distributing your product by the use of an intermediary.
Direct distribution involves distributing direct from a manufacturer
to the consumer.
Depending on the type of product being distributed there are three common distribution strategies available:
1. Intensive distribution: Used commonly to distribute lo
Depending on the type of product being distributed there are three common distribution strategies available:
1. Intensive distribution: Used commonly to distribute lo
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
priced or
impulse purchase products e.g. chocolates, soft drinks.
2. Exclusive distribution: Involves limiting distribution to a single outlet. The product is usually highly priced, and requires the intermediary to place much detail in its sell. An example of would be the sale of vehicles through exclusive dealers.
3. Selective Distributi
2. Exclusive distribution: Involves limiting distribution to a single outlet. The product is usually highly priced, and requires the intermediary to place much detail in its sell. An example of would be the sale of vehicles through exclusive dealers.
3. Selective Distributi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
n: A small number of retail outlets are chosen
to distribute the product. Selective distribution is common with
products such as computers, televisions household appliances, where
consumers are willing to shop around and where manufacturers want a
large geographical spread.
Promotion
A successful product or service means nothing unless the
Promotion
A successful product or service means nothing unless the
.
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
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
benefit of
such a service can be communicated clearly to the target market. An
organizations promotional strategy are usually done through
advertising, public relations, sales promotion, personal selling and
direct mails. An effective communication campaign should comprise of a
well thought out message strategy. What message are you trying
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
o put
across to your target audience and how you deliver that message is
very important. The message should reinforce the benefit of the
product and should also help the company in developing the positioning
strategy of the product. Companies with effective message strategies
include:
Nike: Just do it.
Toyota: The car in front is a Toyota
Nike: Just do it.
Toyota: The car in front is a Toyota
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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