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Digg It - Marketing Success Defined
How do you personally define success? High income? Substantial net worth? A fine home? Peer recognition?
On a personal basis, there are likely almost
On a personal basis, there are likely almost
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
as many definitions of success as there are people in the world.
In marketing, though, there are just four measurable elements of success:
Profitab
In marketing, though, there are just four measurable elements of success:
Profitab
; 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
ility, Market Share, Customer Satisfaction and Customer Retention.
Profitability requires little explanation. The very reason businesses exist is to
Profitability requires little explanation. The very reason businesses exist is to
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ake a profit, or generate more revenue than they pay out. Profitability may be increased by reducing overhead and the cost of goods sold—or by increas
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ing the price to the buyer.
But prices can only be raised so much. Per the laws of price elasticity, as prices rise, unit sales tend to decline, as d
But prices can only be raised so much. Per the laws of price elasticity, as prices rise, unit sales tend to decline, as d
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
es Market Share; which brings us to our next measure of marketing success.
Market Share, as a measure of success, is important to marketers since the
Market Share, as a measure of success, is important to marketers since the
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
greater the share, the more stable the brand’s performance is in the marketplace. A product with 65% market share is a force with which to be reckone
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
. A product with 3% share is vulnerable to a variety of market factors such as competitive pricing, promotions, loyalty to better-known brands and mor
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e.
Financial managers understand the impact of Profitability and Market Share. But concepts such as Customer Satisfaction and Customer Retention are
Financial managers understand the impact of Profitability and Market Share. But concepts such as Customer Satisfaction and Customer Retention are
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
ofter items and tend to be treated as lesser by those managers. Yet, the long term success and growth of a brand is highly dependent on them.
Custome
Custome
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
r Satisfaction doesn’t appear on a balance sheet. It can’t be measured in dollars and cents. It’s measured by the customer’s feelings about a brand. D
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
oes the brand deliver its promise? Is it a good value? Does it bring status to the owner? Is the customer generally happy with the product? Customer S
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
tisfaction begets repeat purchases, loyalty, word-of-mouth advertising and, of course, long-term profitability via Customer Retention.
Customer Reten
Customer Reten
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
tion, the final measure of marketing success, is closely tied to Customer Satisfaction, Profitability and Market Share.
A satisfied customer is likel
A satisfied customer is likel
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
to remain loyal to a brand, thus enhancing market share over the long-term, as new customers are acquired. Retained customers increase the profitabil
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
ity of a brand. In the course of acquiring new customers, retained customers’ purchases can be counted on for continued profit performance.
It’s wide
It’s wide
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
y known that it’s five times more expensive to acquire a new customer than it is to keep an old one. Makes you wonder why marketers don’t generally in
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
vest more in Customer Retention, doesn’t it?
Few business organizations focus on all four elements of marketing success, probably because they’re dif
Few business organizations focus on all four elements of marketing success, probably because they’re dif
.
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
icult to balance and manage as separate items, yet they’re strongly interdependent.
The four elements of marketing success are reasons enough for fin
The four elements of marketing success are reasons enough for fin
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
ancial managers and marketing managers to gain a better understanding of one another’s’ disciplines and work toward the common good of their companies
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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