Advice You - Business

What is your marketing IQ? Are you in need of a little help or are you marketing brilliantly? Take the following quick and easy (not to mention enlightening) quiz and find out!

1. What is the best competitive advantage that any business can promote?
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
B>

a. quality
b. service
c. price
d. None of the above; they are all poor choices

2. What is the most important factor when identifying your market niche?

a. Who you are
b. Demographic data
c. Psycographic data
d.
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in
Past economic trends within the targeted niche

3. What are two of the six categories of totally integrated marketing?

a. Advertising and Direct Mail
b. Networking and Personal Marketing
c. Business Communications and Pricing
d.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

Customer Development and Promotions

4. Of the six marketing categories, how many should you be working at any one time?

a. one
b. two
c. four
d. six

5. How important is the “creative element” in advertising?

a. Most import
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
nt - its what gets noticed!
b. Less than 10% of the impact of an ad is in its creativity
c. There are no studies done; we don’t know the answer so we have to guess
d. Of medium importance; about 50% of the impact of an ad is in its creative
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
factor

. When implementing a direct mail campaign, what is most important?

a. Who you send it to (e.g., the list)
b. How many times you send it
c. The offer you make in your direct mail piece
d. None of the above - they are all equ
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
ally important!

7. What is the most effective way to start a 1 or 2 person business?

a. advertising
b. networking
c. part-time
d. none of the above

8. What is history’s most effective direct mail piece and why?

a. Publishe
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
’s Clearing House; it has a highly valuable give-away prize
b. Wall Street Journal; it talks about the two brothers who started the paper
c. Unknown; it cannot be measured because you can’t directly track advertising results
d. Time-Life Bo
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
oks direct mail campaign; it has both consistent reach and frequency

9. What two things make a good headline?

a. Large, offset letters and a powerful statement
b. White letters in a black box and a question
c. A powerful statement and 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
“yes” question
d. There are no guidelines, that’s why its difficult to craft a good headline

10. What is the primary purpose of marketing?

a. “Getting your company name out there”
b. Generating leads
c. Generating profits
d.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
enerating sales

Answers Score one point for each correct answer.

1.d;87% of all businesses promote quality, service, or price as their competitive advantage. Because they do, it is ineffective and you must select another aspect of your business
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
to function as your competitive advantage.

2.a;in almost all cases “who you are” is the most important aspect of determining your market niche; for instance, if you are a CPA and your passionate hobby is riding motorcycles, you would be well advised to
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
target businesses in the motorcycle industry (as opposed to doctors, daycare centers, or other options). Why? Because within the motorcycle industry, you have the asset of “instant rapport”; you “walk their walk, you can talk their talk”. (Of course yo
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
u needn’t turn away other business; your marketing dollars are simply spent within your natural market niche).

3.d;customer Development and Promotions are two of the six totally integrated Brilliant Marketing categories.

4.d; six - if you had six hors
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
s and you wanted to get from Denver to San Diego, you wouldn’t put five horses in the back of the wagon, run one to death, and then put him away and run the next one to death; you’d put all six out in front, to synergistically get you where you are going
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
(efficiently and expediently).

5.b; less than 10% of the impact of any ad is in its creativity (it may get noticed, but if it’s difficult to read, or if it doesn’t focus on the sell, then it doesn’t do you any good!)

6.a; although d would’ve made a good
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
answer (they are all important), a is technically the correct answer. The list (who you send it to) accounts for up to 60% of the success of a direct mail campaign.

7.b;networking (and it makes perfect sense when you know that 87% of all business is bas
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
d on repeat or referred transactions).

8.b;the Wall Street Journal created the most successful direct mail piece; it’s success is based on the element of rapport which it establishes when discussing the “two brothers”.

9.c;a strong headline is either a
.

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
powerful statement (STOP THE PAIN) or a “yes” question (important for psychological buy-in).

10.c;never ever forget, marketing has one purpose... to generate profits!

Analysis

10 Congratulations! You are Brilliant!

8-9 Excellent! You understa
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
nd marketing exceptionally well.

5-7 Good; but you will most certainly benefit from additional marketing knowledge; more than likely, you have fallen prey to common marketing myths. Learning the truth will make a huge difference in your marketing results

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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Advice You - What is Your Marketing IQ?

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