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Digg It - How To Build A Brand Strategy To Steal Market Share
Military metaphors work well for the field of marketing and advertising, and with great deference to the more serious conflict in Iran, we will look to both Napoleon and Sun Tzu for our foundation forstealing market share. Market leaders were gene 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 rally on a deliberate track to build category. In many ways,
this is not as true today as it was in the past. Today, only a few market leaders can
afford the luxury of simply building categories. For those of us in the real world,
who are not ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug. Examples of combination products may in number one in the category, and who are being outspent and
overshadowed in the market place, our brands need to steal customers from the
competitive set. Human Tendencies Oddly enough, with careful planning and insight, you lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together. may in fact find an ally and
advantage in the market leader. Napoleon taught us that our advantage often lies in
an understanding of human beings. He tells us that there is often a deep
complacency to be found in market leaders. “The great ma here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe ority attends to what is
necessary only when they feel a need for it — the precise time when it is too late.
They take only their needs into consideration — never their abilities.” Sun Tzu
agrees. He tells us that we need to act boldly and wi d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations. Combination pro th speed. “The nature of forces
is predominantly swiftness.” This is much more than just “get there first with the
most” — it demands that we find an advantage and exploit it while our competitors
wallow in the status quo. This advantage is b 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 rand. Most brands, particularly package goods and technology brands, believe this advantage needs to be found in a product attribute, some new innovation that allows their brand to build a unique selling proposition. No one is downplaying the 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
tactical advantages offered by product innovation; it is simply not where a brand
builds long-term equity and is often unavailable and costly to develop. The good
news is that the business world is full of successful brands that under-perform nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically d
their competitive set. The world of video recorders is a perfect example. Beta vs. VHS Remember the old rule of thumb: be first in the market and the advantage will be yours. Well, back in the 80’s Sony’s Betamax was first 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 in the market, and they had a
superior product. Are you listening Apple Computer? The war between VHS and Beta
was about to begin, and with surprising results. The Beta format was clearly
superior in the video image it produced (it still is). ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi The cassettes were a little smaller
and more compact. In addition, Sony led the market in innovation, producing the
first stereo video recorders, and they were the first to bring in HQ technology. On
top of this, they had one of the world’s ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it. Following aspects would a most powerful brand names. People still
leave the little sticker that reads “It’s a Sony on their TV screen — such is their
brand equity. What happened? Remember what Napoleon said? “The great majority attends to what is necessary only when dd to the challenges in developing combination products: Which markets to tap where the combination products can do fairly well? Which combination prod hey feel a need for it.” Well, Sun Tzu mapped out a perfect strategy for
VHS to take advantage of this tendency. He said to, “Seize what they care about and
you will own the advantage.” In this case, he was talking about the customer. He
went cts are meaningful and rational? Which therapeutic categories to select? Which Combinations can address unmet needs of the patients? Do combin on to say, “Attack their weakness and emerge to their surprise.” VHS realized
that what the customer cared about was not quality of picture but cost-
effectiveness. This was also Beta’s weakness. Tapes running at this speed could only
record tions increase the patient compliance? What would be the developing cost? How to tackle the risks encountered during combination product developmen a little over an hour. On top of this, blank tapes were expensive — almost
$20. VHS machines offered a very slow speed (with poor quality, but this was not
advertised) that allowed users to record up to 6 hours on a standard tape. This attribu 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 te, (I would not call it an advantage), allowed VHS to gain in market
share. It was not long before their sales were outpacing Beta. With the edge in
penetration, they were able to persuade video rental outlets to carry VHS as well as
Beta ti ping new procedures for reviewing their safety, efficacy and quality. Professional from academic institutions, pharmaceutical industries, health care indust les. Pressure from the rental industry to lower costs spelled the end of Beta
in the US. The market supports only one standard. History tells us that convergence
is inevitable. Sony now distributes VHS machines in the U.S. Sun Tzu had words fo y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products r Sony's inability to capitalize on what was clearly a better
technology, “Only those who deliberate carelessly and lightly view their enemies will
be ensnared by the adversary.” Sony was indeed ensnared. They believed an
assumption that 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 American consumer would want a superior product and
embrace its benefit. It is never enough to know your technology, you must know the
customer (it is a mistake to confuse your customer with the broader market if you
are looking to steal shar elopment. They need to be wiser in analyzing the market trends and the regulatory requirements. Companies that provide selfless information through particip e). This is fair warning to those of us that think a better
product will carry our brand to victory over the competitive set. It is never enough.
As Sun Tzu put it so eloquently, “Those sophisticated at strategy occupy
undefeatable positions. 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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