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How Much Is Your Popcorn Worth?: Powerful Lessons In Marketing & The Psychology Of Selling - Part 5

Let's continue to discuss the vario

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

us marketing principles that are involved in "popcorn marketing":

6. Exclusivity

During the few hours that you're in the theatre, they

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

Examples of combination products may in

have the market cornered by being the only ones to sell popcorn. They virtually eliminate the competition by not allowing outside food or drin

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

s into the theatre.

Being the only game it town offering a product in demand - without any real competition - is a great position to be in.

H

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

owever, I wouldn't do it the way they do it. I wouldn’t 'force' people into buying from me by cutting off all other sources. I would instead pr

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

Combination pro

vide a superior product, or a much better value, and get them to want to buy from me instead of going to other vendors or bringing their own fo

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

od.

Just think of your favorite restaurant. Why do you go there verses all the other restaurants offering the same or similar kind of food? Yo

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

u may even be willing to pay more at your favorite restaurant because they just make it better. It's not because they 'force' you or 'corner' y

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

u into going to them. It's because they give you what you want! Something that you can't get anywhere else.

When you force people into doing s

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

omething, they will hold some level of resentment towards the action/experience and the seller. When you offer them a better choice and/or a be

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

ter value, they will want to buy from you.

7. The Principle of Consensus and "Herd Mentality"

If everyone else around him is buying an

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

Following aspects would a

d enjoying popcorn, then Joe Consumer wants to have popcorn as well! Most people want to follow the pack. They want to 'fit in,' they don't wan

dd to the challenges in developing combination products:

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

t to be left behind; they want to "keep up."

If other people and their kids are enjoying fresh, hot buttered popcorn, then heck so will Joe Co

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

sumer and his family.

He also 'assumes' that if others around him are enjoying the popcorn, then it must be good, and that he will enjoy it to

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

o.

How can you use this strategy in your product or service? Provide "proof" that others are already enjoying and benefiting from your product

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

Offer testimonials from existing customers, show specific examples and success stories of how a certain customer benefited from using your pro

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

Professional from academic institutions, pharmaceutical industries, health care indust

duct/service. If you're selling a marketing/ moneymaking product, give specifics of how much profit a customer made by using your strategies.

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

To read the rest of this special report, you can download it here: .

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

df">http://www.trafficstrategiesonsteroids.com/popcorn.pdf

(Feel free to use this article online and in your email newsletters as long as

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

Companies that provide selfless information through particip

you leave it intact and do not alter it in anyway. The by-line and resource box must remain in the article all links must be active hyperlinks.

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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