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Digg It - Marketing is Dead- Long Live the Brand
There is a new economic order. Marketing was a business function relevant to the old economic order. Even though that economic order is gone forever, most companies are still think and work according to it. And this is costing them waste in their effort to grow their business. It is high time they adapted their bu
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
siness to the new economic order.
How can this be? Marketing has been around all along. What can have changed that makes the Marketing function so out of date? A sea change. No less. A transformation of our marketplace. In recent decades, the old economic order has given way to the new economic order. Four fac
How can this be? Marketing has been around all along. What can have changed that makes the Marketing function so out of date? A sea change. No less. A transformation of our marketplace. In recent decades, the old economic order has given way to the new economic order. Four fac
; 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
ors characterize this transition:
1. Intensifying competition has transferred power from the producer to the customer. The more freedom and choice customers have, the more power they have, at the expense of you, the producer.
2. Intensifying accountability has transferred management orientation from process-driven
1. Intensifying competition has transferred power from the producer to the customer. The more freedom and choice customers have, the more power they have, at the expense of you, the producer.
2. Intensifying accountability has transferred management orientation from process-driven
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
to purpose-driven. As more has to be accomplished with each dollar, activities are increasingly determined by their ability to deliver desired results.
3. Accelerating innovation has redefined business from its technology base to its relationship with its customers. As new technologies keep emerging, companies hav
3. Accelerating innovation has redefined business from its technology base to its relationship with its customers. As new technologies keep emerging, companies 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
to keep shifting to those technologies that can better serve existing customers, whose loyalty is based less on technology provided by the company, than it is on the perceived benefit they are already getting from the business.
4. The perpetual proliferation of higher value has promoted both the ascendance of servic
4. The perpetual proliferation of higher value has promoted both the ascendance of servic
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
business at the expense of manufacturing businesses, and the increasing relative internal importance of the service interface of manufactured goods.
These four emergent factors, greater customer power, greater purpose orientation by management, greater customer-relationship based identification for the business, and
These four emergent factors, greater customer power, greater purpose orientation by management, greater customer-relationship based identification for the business, and
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
the ascendance of service business, have together rendered the discipline of Marketing limited and out of date, and replaced it with the Brand.
How can this be? Isn't Brand a mere sub function of Marketing? Isn't Brand run by the Marketing department? Not any longer. Keeping Brand within Marketing in the new eco
How can this be? Isn't Brand a mere sub function of Marketing? Isn't Brand run by the Marketing department? Not any longer. Keeping Brand within Marketing in the new eco
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
omic order is the surest way to dilute your investments for growth. And as we have seen, tightening accountability can no longer tolerate any such waste. Not when there are sub-functions of business outside the Marketing function, that can influence customer perception of your business, and can thus determine your r
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
venues.
In the old economic order, it was the inherent quality of the product that was the crux of the business. It was Marketing's function to position it, promote it, sell it, and bring in the revenue. In the new economic order, the crux is no longer the inherent quality of the product. It is subtler quality, an
In the old economic order, it was the inherent quality of the product that was the crux of the business. It was Marketing's function to position it, promote it, sell it, and bring in the revenue. In the new economic order, the crux is no longer the inherent quality of the product. It is subtler quality, an
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
d one that lies outside your company. It is the quality of the customers' PERCEPTION of the value they are buying. And there are many things that influence this perception. As many things as the customer can experience, and associate with your brand name.
Let's look at this a little closer. As we saw earlier, pow
Let's look at this a little closer. As we saw earlier, pow
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
r has shifted from the producer to the customer, and has moved from the factory to the emotional and mental fields of the customer. In this new economic order, it is no longer the product or service per se, that determines the flow of incoming revenue for the business. It is now the perception of greatest value in t
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
e mental and emotional field of the customer. Customers buy their imagined expectation of what the product or service can provide to them. This "IMAGINED EXPECTATION" is the crux of your business' revenues in the new economic order. It's as simple as that.
This means that every business function that can contribut
This means that every business function that can contribut
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
e toward the generation of the right "IMAGINED EXPECTATION", i.e., Brand, and toward its consolidation in customers' mental and emotional fields, must be regarded as a revenue building opportunity, and must be integrated as such. Which means it must be managed for integration. All your business' customer interfacing
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
sub-functions must be managed to work in synch toward generating and consolidating the strongest possible Brand - toward generating the most possible revenue for the investment.
Of course, the traditional Marketing sub-functions of Brand Graphics, Advertising, Promotions, Market Research, Distribution, Pricing, Sales
Of course, the traditional Marketing sub-functions of Brand Graphics, Advertising, Promotions, Market Research, Distribution, Pricing, Sales
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
Merchandising and Packaging continue to play an important role in the new economic order. But the boundary drawn by the Marketing function between these sub-functions and other business functions that contribute toward the generation and consolidation of the Brand with customers - is a deadly barrier. Sub-function
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
s like Product Development, Product Research, Product Experience, Billing, Collections, Customer Care and Credit Control, all play critical roles, not only toward the generation of right Brand, but equally importantly, its sustainability over time. These too are legitimate Brand-building functions, and as such, can c
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
ntribute substantially to the purchase decision that brings in the revenue for your business.
As long as your business doesn't demolish existing boundaries between the Marketing function and all the other Brand-building sub-functions, it is setting itself up for inconsistent, if not competing customer experiences fro
As long as your business doesn't demolish existing boundaries between the Marketing function and all the other Brand-building sub-functions, it is setting itself up for inconsistent, if not competing customer experiences fro
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
these functions. This means that some revenue investments will be working against other revenue investments, which is the most wasteful thing a business can do!
In short, Marketing is an outdated function based on that old producer-driven mentality. Rise to the new economic order. Recognize that Brand is the crux
In short, Marketing is an outdated function based on that old producer-driven mentality. Rise to the new economic order. Recognize that Brand is the crux
.
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
of your business, and reorganize your company to take advantage of the synergies o
the new economic order. In order to ensure that there is no waste in your investment for growth, you must integrate all the Brand-building and brand-consolidation sub-functions under a single management function, one that is broader
the new economic order. In order to ensure that there is no waste in your investment for growth, you must integrate all the Brand-building and brand-consolidation sub-functions under a single management function, one that is broader
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
han the Marketing function, one that includes several sub-functions that were hitherto not regarded as Marketing sub-functions. You can call it what you want. You can call this new function Customer department, or Brand department, or anything else for that matter. After all, Marketing is dead. Long live the Brand
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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