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Digg It - Marketing Strategy: 7 Steps to Market Segmentation
Market segmentation is widely defined as being a complex process consisting in two main phases:
- identification of broad, large markets
- segmentation of these markets in order to select the most appropriate target markets and develop Marketi
- identification of broad, large markets
- segmentation of these markets in order to select the most appropriate target markets and develop Marketi
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
ng mixes accordingly.
Everyone within the Marketing world knows and speaks of segmentation yet not many truly understand its underlying mechanics, thus failure is just around the corner. What causes this? It has been documented that most marketers fail
Everyone within the Marketing world knows and speaks of segmentation yet not many truly understand its underlying mechanics, thus failure is just around the corner. What causes this? It has been documented that most marketers fail
; 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
he segmentation exam and start with a narrow mind and a bunch of misconceptions such as "all teenagers are rebels", "all elderly women buy the same cosmetics brands" and so on. There are many dimensions to be considered, and uncovering them is certainly
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
an exercise of creativity.
The most widely employed model of market segmentation comprises 7 steps, each of them designed to encourage the marketer to come with a creative approach.
STEP 1: Identify and name the broad market
You have to hav
The most widely employed model of market segmentation comprises 7 steps, each of them designed to encourage the marketer to come with a creative approach.
STEP 1: Identify and name the broad market
You have to hav
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
figured out by this moment what broad market your business aims at. If your company is already on a market, this can be a starting point; more options are available for a new business but resources would normally be a little limited.
The biggest challe
The biggest challe
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ge is to find the right balance for your business: use your experience, knowledge and common sense to estimate if the market you have just identified earlier is not too narrow or too broad for you.
STEP 2: Identify and make an inventory of potential
STEP 2: Identify and make an inventory of potential
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
customers' needs
This step pushes the creativity challenge even farther, since it can be compared to a brainstorming session.
What you have to figure out is what needs the consumers from the broad market identified earlier might have. The more
This step pushes the creativity challenge even farther, since it can be compared to a brainstorming session.
What you have to figure out is what needs the consumers from the broad market identified earlier might have. The more
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
ossible needs you can come up with, the better.
Got yourself stuck in this stage of segmentation? Try to put yourself into the shoes of your potential customers: why would they buy your product, what could possibly trigger a buying decision? Answering t
Got yourself stuck in this stage of segmentation? Try to put yourself into the shoes of your potential customers: why would they buy your product, what could possibly trigger a buying decision? Answering t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ese questions can help you list most needs of potential customers on a given product market.
STEP 3: Formulate narrower markets
McCarthy and Perreault suggest forming sub-markets around what you would call your "typical customer", then aggre
STEP 3: Formulate narrower markets
McCarthy and Perreault suggest forming sub-markets around what you would call your "typical customer", then aggre
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
gate similar people into this segment, on the condition to be able to satisfy their needs using the same Marketing mix.
Start building a column with dimensions of the major need you try to cover: this will make it easier for you to decide if a given per
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
on should be included in the first segment or you should form a new segment. Also create a list of people-related features, demographics included, for each narrow market you form – a further step will ask you to name them.
There is no exact formula on h
There is no exact formula on h
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
w to form narrow markets: use your best judgement and experience. Do not avoid asking opinions even from non-Marketing professionals, as different people can have different opinions and you can usually count on at least those items most people agree on.
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
STEP 4: Identify the determining dimensions Carefully review the list resulted form the previous step. You should have by now a list of need dimensions for each market segment: try to identify those that carry a determining power.
Reviewing the
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
needs and attitudes of those you included within each market segment can help you figure out the determining dimensions.
STEP 5: Name possible segment markets You have identified the determining dimensions of your market segments, now review the
STEP 5: Name possible segment markets You have identified the determining dimensions of your market segments, now review the
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
one by one and give them an appropriate name.
A good way of naming these markets is to rely on the most important determining dimension.
STEP 6: Evaluate the behavior of market segments
Once you are done naming each market segment, allow t
A good way of naming these markets is to rely on the most important determining dimension.
STEP 6: Evaluate the behavior of market segments
Once you are done naming each market segment, allow t
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
ime to consider what other aspects you know about them. It is important for a marketer to understand market behavior and what triggers it. You might notice that, while most segments have similar needs, they're still different needs: unders
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
anding the difference and acting upon it is the key to achieve success using competitive offerings.
STEP 7: Estimate the size of each market segment
Each segment identified, named and studied during the previous stages should finally be give
STEP 7: Estimate the size of each market segment
Each segment identified, named and studied during the previous stages should finally be give
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
an estimate size, even if, for lack of data, it is only a rough estimate.
Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, the
Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, 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
easier further planning and strategy will be.
These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.
This 7 s
These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.
This 7 s
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
eps approach to market segmentation is very simple and practical and works for most marketers. However, if you are curious about other methods and want to experiment, you should take a look at computer-aided techniques, such as clustering and positioning
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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