“Customer satisfaction is the key to become a successful in pharmaceutical marketing“.
To attain high customer satisfaction requires aggressive and innovative product policies and product strategies as per liking of the customer.
Here high value is given for customer as Doctor. Looking market potential, Company always willing to launch a new product into the market that primarily depends upon company’s objective to attain maximum growth.
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If we again look at Boston matrix here:
1) Products with high market share with low growth represents today’s profit earners i.e. cash caws.
2) Product with high market share with high growth leads to high profit earner in tomorrows potential market i.e. stars.
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3) Product with high growth rate but low market share is always at risk i.e. questioning mark.
Therefore in pharmaceutical marketing companies have an intention to balance today’s and tomorrows profit earners. The major controlling or governing factors before planning for product policy or strategy are resource utilization, stability in terms of sales, marginal profit, return on investment etc. Flexibility in product strategy to adopt and market changes and marginal profit is to maintain the total chain.
Hence to achieve companies objective related to product policy and product strategy needs regular review of product mix. Adoption of ‘Kaizen’ model i.e. continuous improvement in product category always keeps the watch on resource utilization, product innovation and conscious approach towards price war. Anticipation of competitors move, their response towards the strategy finds a vital role for successful product strategy and stable market share.