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Questions and Answers
What are the four Ps of marketing?
What are the four Ps of marketing?
Which factor must be considered when determining the price of a product?
Which factor must be considered when determining the price of a product?
What is meant by retail markup?
What is meant by retail markup?
Why is understanding a product's life cycle important for marketers?
Why is understanding a product's life cycle important for marketers?
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What is a key component of defining a product?
What is a key component of defining a product?
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Which addition to the original four Ps was identified later in marketing theory?
Which addition to the original four Ps was identified later in marketing theory?
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When may a business decision-maker choose to raise the price of a product?
When may a business decision-maker choose to raise the price of a product?
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What role does promotion play in the marketing mix?
What role does promotion play in the marketing mix?
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What advantage does a system of products strategy provide to a company?
What advantage does a system of products strategy provide to a company?
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Why are new products essential for research-intensive pharmaceutical companies?
Why are new products essential for research-intensive pharmaceutical companies?
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What is a characteristic of a product system?
What is a characteristic of a product system?
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Which new product strategy focuses on the creation of entirely new products?
Which new product strategy focuses on the creation of entirely new products?
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What was a benefit of the FDA's approval of clozapine in 1989?
What was a benefit of the FDA's approval of clozapine in 1989?
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How does the implementation of a system of products affect market competition?
How does the implementation of a system of products affect market competition?
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What type of change in drug structure may lead to significant progress in pharmacology?
What type of change in drug structure may lead to significant progress in pharmacology?
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What is nalorphine used for?
What is nalorphine used for?
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What is the primary role of naltrexone in treating narcotic addiction?
What is the primary role of naltrexone in treating narcotic addiction?
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Which of the following characteristics is NOT part of good product positioning?
Which of the following characteristics is NOT part of good product positioning?
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What change in dehydrocorticosterone resulted in a compound with significant biological effects?
What change in dehydrocorticosterone resulted in a compound with significant biological effects?
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Why is it important for product positioning to be consistent across all channels?
Why is it important for product positioning to be consistent across all channels?
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What does the term 'positioning' refer to in marketing?
What does the term 'positioning' refer to in marketing?
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What could necessitate the repositioning of a product?
What could necessitate the repositioning of a product?
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How does Red Bull effectively position its energy drinks in the market?
How does Red Bull effectively position its energy drinks in the market?
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Which aspect of product positioning addresses customer trust?
Which aspect of product positioning addresses customer trust?
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What is the primary purpose of perceptual mapping in product repositioning strategies?
What is the primary purpose of perceptual mapping in product repositioning strategies?
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How did Starbucks successfully reposition their brand?
How did Starbucks successfully reposition their brand?
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What effect can discounting have on a product's desirability?
What effect can discounting have on a product's desirability?
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What transformation did Spotify undergo as a result of the COVID-19 pandemic?
What transformation did Spotify undergo as a result of the COVID-19 pandemic?
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In marketing, what does the term 'place' refer to?
In marketing, what does the term 'place' refer to?
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What is the primary objective of promotion in marketing?
What is the primary objective of promotion in marketing?
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Why might a business decide to eliminate a product from its portfolio?
Why might a business decide to eliminate a product from its portfolio?
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Which of the following is NOT a part of product strategy in the pharmaceutical industry?
Which of the following is NOT a part of product strategy in the pharmaceutical industry?
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What role does perceptual mapping play in reducing the risks associated with product repositioning?
What role does perceptual mapping play in reducing the risks associated with product repositioning?
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What does the product scope strategy primarily deal with?
What does the product scope strategy primarily deal with?
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What marketing strategy did Starbucks utilize to transform its business model?
What marketing strategy did Starbucks utilize to transform its business model?
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What new revenue streams did Spotify implement during the repositioning process?
What new revenue streams did Spotify implement during the repositioning process?
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Why must the product scope strategy be reviewed over time?
Why must the product scope strategy be reviewed over time?
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What is a common consequence of a product's role diminishing in a portfolio?
What is a common consequence of a product's role diminishing in a portfolio?
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What can be a consequence of placing a product poorly online?
What can be a consequence of placing a product poorly online?
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Which strategy focuses on making periodic adjustments based on environmental shifts?
Which strategy focuses on making periodic adjustments based on environmental shifts?
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What is a characteristic of poor product performance that could justify its elimination from the market?
What is a characteristic of poor product performance that could justify its elimination from the market?
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Which of the following factors does NOT indicate poor fit with a business unit's strengths?
Which of the following factors does NOT indicate poor fit with a business unit's strengths?
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What was Coca-Cola's response to the lower-than-expected demand for Coca-Cola Vanilla?
What was Coca-Cola's response to the lower-than-expected demand for Coca-Cola Vanilla?
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What is diversification in accordance with business strategy?
What is diversification in accordance with business strategy?
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Which of the following illustrates a risk associated with diversification?
Which of the following illustrates a risk associated with diversification?
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What distinguishes integration from diversification?
What distinguishes integration from diversification?
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What outcome might occur without timely product elimination?
What outcome might occur without timely product elimination?
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What phase in the product life cycle might trigger a product elimination strategy?
What phase in the product life cycle might trigger a product elimination strategy?
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Study Notes
Drug Marketing & Pharmaeconomics (NP-513) Level 5
- Course content covers drug marketing and the principles of product research and development.
- Key learning outcomes include identifying marketing mix elements, understanding product strategies, and recognizing product research and development principles.
- The 4 Ps of marketing (product, price, place, promotion) are crucial considerations for successful product/service marketing.
- The marketing mix encompasses various consumer-related factors, including wants, perceptions, and competition, along with company interactions with customers.
- Since the introduction in the 1950s, other Ps (e.g., people, process, physical evidence) have also been incorporated.
- Successful product marketing requires carefully considering the product itself, needs and wants of the consumer, distribution, product life cycle, and promotional efforts.
- Pricing strategies link the product price to its value, considering supply costs, competitors' pricing, and retail markup.
- Determining an appropriate markup involves calculating the difference between the sale price and cost of the product.
- Place (distribution) involves considering product availability in stores and online, as well as display methods.
- Place also relates to advertising the product to target consumers in relevant media.
- Promotion focuses on communicating the product's need to consumers through advertising, public relations, and overall media strategy.
- The digital age has impacted the "place" and "promotion" factors, integrating online aspects into marketing strategy.
- Key product strategies for businesses include new product strategy, product scope strategy, product positioning strategy, product elimination strategy, product repositioning strategy, and diversification strategy.
- Product scope strategy includes determining the company portfolio (e.g., number of product lines).
- Various strategies for development/introduction of new products exist, including modifying an existing product to create a new product, or creating entirely new products for the market.
- Minor changes to a product's chemical structure can drastically change its biological activity in significant ways.
- Product positioning strategies involve placing a brand in a market segment where it'll be favorably received compared to competing products.
- Characteristics of effective product positioning include relevance to target audience, clarity, differentiation from competitors, consistency across channels, and believability.
- Red Bull is an example of a successfully positioned product that targets energy needs.
- Product repositioning strategies address situations where a product needs adjustment due to competitive entries, changing consumer preferences, or initial positioning mistakes.
- Perceptual mapping, a technique to reduce risks associated with repositioning, helps analyze the position of a product relative to competing products, helping understand strengths and weaknesses.
- Product elimination strategy involves removing products that are no longer viable or profitable, due to low profitability, declining sales, technological obsolescence, or incompatibility with the organization's goals.
- Product life cycle analysis considers the Introduction, Growth, Maturity, and Decline phases of product success in the market.
- Coca-Cola's decision to eliminate its Vanilla product was influenced by market demand following product introduction.
- Diversification strategy, aiming for growth, requires new products/markets.
- Diversification is a risky strategy, typically employed when existing options aren't sufficient.
- Diversification methods can be analyzed using a matrix considering new products and markets.
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Description
This quiz covers essential concepts in drug marketing and pharmaeconomics, focusing on product research and development. Explore the marketing mix, including the 4 Ps and additional elements that influence product success in the pharmaceutical industry. Enhance your understanding of pricing strategies and consumer behavior related to drug marketing.
