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Digg It - Marketing Strategies to Put Yourself Out of Business
Want to learn how to lose a billion dollars?
Just follow the marketing strategies used by GM, Ford and Daimler Chrysler. Ye
Just follow the marketing strategies used by GM, Ford and Daimler Chrysler. Ye
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
s, some of the largest corporations in the world are missing some basic tenants of marketing and it's worth taking a look at
; 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
what they're doing wrong so you don't make the same mistakes. You don't want the following headline written about your comp
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
any.
"GM Hits Billion Dollar pot hole" - Miami Herald "GM shares fell to a 12 year low." - New York Times
What are some of
"GM Hits Billion Dollar pot hole" - Miami Herald "GM shares fell to a 12 year low." - New York Times
What are some of
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
the most glaring mistakes a handful of car companies are making?
1. Discount Pricing
GM and Ford offer free loans and reb
1. Discount Pricing
GM and Ford offer free loans and reb
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ates worth thousands of dollars to prompt people to buy their vehicles. Good idea?
When you need to resort to bribing peopl
When you need to resort to bribing peopl
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
e to buy your products or services, it's a sign that something is terribly wrong. The idea is to provide value, help your pr
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
ospects understand the perceived value and charge enough to make a reasonable profit. When you start discounting your produc
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
t as a means to get people to buy it you've entered an endless downward cycle.
The next time a prospect buys, they'll want
The next time a prospect buys, they'll want
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
an even larger discount and there will always be somebody who will undercut you on price. Eventually you'll end up like GM,
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
losing lots, maybe not billions, but enough to threaten the life of your business.
2. Making Products People Don't Want
A
2. Making Products People Don't Want
A
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
ccording to the New York Times, "General Motors and Ford have swerved off course for a far more basic reason: not enough peo
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
ple like their cars." Whoops!
The objective is to market a product or service people want.
3. Not Paying Attention to Wha
The objective is to market a product or service people want.
3. Not Paying Attention to Wha
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
t People Want
If you want to make money you'd pay attention to what your prospects want? Right?
In the case of Daimler Chr
If you want to make money you'd pay attention to what your prospects want? Right?
In the case of Daimler Chr
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
ysler you'd be wrong. At the Detroit Auto Show crowds loved the two-seat 8 foot long "Smart Car". So logically Daimler Chrys
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
ler decided not to sell it in the United States despite booming sales in Europe for years. Zap, a Santa Rosa CA firm, saw an
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
opportunity especially with rising gas prices and went direct to the European Daimler dealers to buy the cars. Surprise! T
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
en thousand U.S. buyers put themselves on a list to order over $55 million worth of cars in just a few months.
Avoid discou
Avoid discou
.
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
nt pricing, provide products and services your prospects want and you can avoid losing a billion or instead make 55 million.
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
I don't know about you but if I lose ten thousand dollars I get upset and when I make a million in a year I'm pretty happy.
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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