Pharmaceutical Marketing Chapter 3: Consumer-led Shifts

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Questions and Answers

What must pharmaceutical companies maximize due to the enormous cost and time required to bring a drug to market?

Product diversity

Product life-cycle management (correct)

Consumer awareness

Brand loyalty

What is the most important element in the marketing mix for pharmaceuticals?

Promotion

Product (correct)

Price

Place

What has pharmaceutical industry shifted from a push-based distribution model to?

Consumer-pulled distribution model (correct)

Retailer-driven distribution model

Manufacturer-led distribution model

Wholesaler-driven distribution model

What is now at the center of the marketing universe for pharmaceuticals?

The customer Signup and view all the answers

Which type of product is characterized by unique characteristics and brand identification for which a significant group of buyers is willing to make a special purchase?

Specialty product Signup and view all the answers

In which type of product category does the customer usually compare quality, price, and style during the selection and purchasing process?

Shopping product Signup and view all the answers

What is the characteristic of an unsought product?

Consumer doesn’t know about or doesn’t normally consider buying Signup and view all the answers

In the pharmaceutical industry, who is in control of the price in most other categories?

Manufacturers Signup and view all the answers

What has drastically changed regarding the flow of information to the ultimate end-user of prescription medications in the pharmaceutical industry?

The flow of information Signup and view all the answers

Which technique is used for data mining in predictive modeling?

Statistical techniques Signup and view all the answers

What has seen the emergence of search engines, social media, video distribution, and blogging in the pharmaceutical industry?

Digital marketing Signup and view all the answers

In the pharmaceutical industry, where does the flow of information to the ultimate end-user of prescription medications come from?

The flow of information Signup and view all the answers

What are some techniques utilized for nonpersonal selling in the pharmaceutical industry?

E-learning and direct marketing Signup and view all the answers

What types of products are characterized by minimal comparison during purchase?

Convenience products Signup and view all the answers

Which party has limited time to recoup development costs in the pharmaceutical industry?

Producers Signup and view all the answers

Which new marketing paradigm for pharmaceuticals includes predictive modeling, personalization, peer-to-peer, and participation?

The New 4 P’s Signup and view all the answers

Study Notes

Pharmaceutical Industry Marketing

Pharmaceutical companies must maximize the revenue of their patented products due to the enormous cost and time required to bring a drug to market.
The most important element in the marketing mix for pharmaceuticals is the product.

Shift in Distribution Model

The pharmaceutical industry has shifted from a push-based distribution model to a pull-based model.

Center of Marketing Universe

The patient is now at the center of the marketing universe for pharmaceuticals.

Product Characteristics

A branded product is characterized by unique characteristics and brand identification for which a significant group of buyers is willing to make a special purchase.
A shopping product is a type of product category where the customer usually compares quality, price, and style during the selection and purchasing process.
An unsought product is characterized by a lack of awareness or desire for the product.

Price Control

In the pharmaceutical industry, the doctor is often in control of the price in most other categories.

Flow of Information

The flow of information to the ultimate end-user of prescription medications has drastically changed, moving from a push-based model to a pull-based model.
The flow of information to the ultimate end-user of prescription medications comes from the internet, search engines, social media, and other digital channels.

Data Mining Technique

Neural networks is a technique used for data mining in predictive modeling.

New Marketing Paradigm

The new marketing paradigm for pharmaceuticals includes predictive modeling, personalization, peer-to-peer, and participation.
The rise of digital channels has seen the emergence of search engines, social media, video distribution, and blogging in the pharmaceutical industry.

Nonpersonal Selling Techniques

Some techniques utilized for nonpersonal selling in the pharmaceutical industry include advertising, sales promotions, and public relations.

Product Comparison

Convenience products are characterized by minimal comparison during purchase.

Revenue Recoupment

Pharmaceutical companies have limited time to recoup development costs, emphasizing the need to maximize revenue during the patent period.

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Description

Explore the changing landscape of pharmaceutical marketing, focusing on the shift from a push-based distribution model to a consumer-pulled one. Learn how pharmaceutical firms are adapting their marketing mix to accommodate this customer-led shift.