Pharmacy Marketing and Entrepreneurship Lecture Notes PDF

COLLEGE OF ALLIED MEDICAL SCIENCES PHARMACY DEPARTMENT PHARMACY MARKETING AND ENTREPRENUERSHIP LECTURE  PRAYER BEFORE CLASS Dear Lord, as we gather to begin this class today, we ask for your presence and guidance. We know that without you, we can do nothing. We a...

COLLEGE OF ALLIED MEDICAL SCIENCES PHARMACY DEPARTMENT PHARMACY MARKETING AND ENTREPRENUERSHIP LECTURE  PRAYER BEFORE CLASS Dear Lord, as we gather to begin this class today, we ask for your presence and guidance. We know that without you, we can do nothing. We ask that you open our minds and hearts to receive the knowledge and understanding we will be taught. Help us to be attentive and respectful to our teachers and classmates. We pray for the ability to apply what we learn to our daily lives. We give you all the glory and honor. Amen.  PRICING STRATEGY Price Refers to the amount of money required to purchase a product or service. The amount of money expected, required or given in payment for something. Importance of Pricing ❖ Prices helps indicate supply and demand ❖ Prices helps producer decide which goods to produce ❖ Prices helps determine how much goods to produce ❖ Prices determine who will get the goods Pricing Strategy An approach businesses use to determine what prices they should charge for their products and services. It involves analyzing the market and customer demand, understanding customer needs, evaluating production costs, and setting competitive prices that maximize profits.  4 Method in Pricing Strategy CDCM pricing Cost Plus Pricing Covers all cost, variable and fixed, plus an extra increment to deliver profit. Demand Pricing Is a method of pricing where the firm sets prices based on buyer desires. The range acceptable to the target market is determined.  4 Method in Pricing Strategy Competitive Pricing Calls for price-setting based on prices charged by competitors. Markup Pricing Is a form of cost-oriented pricing in which the firm set prices by adding per-unit merchandise costs, operating expenses and desired profit. DISTRIBUTION STRATEGY Distribution Refers to the process of moving goods and serves from the firm to the buyers. Distribution Strategy Is a plan outlining how a company will deliver its products or services to end consumers. It involves the processes, methods, and intermediaries used to move goods or services from the manufacturer or provider to the end user. A well-defined distribution strategy is crucial for ensuring that products reach the right market segments efficiently.  DISTRIBUTION CHANNELS Direct Distribution Is the most effective channel if the plant is to move goods directly to the ultimate users. Original equipment manufacture Distribution Involves selling a manufactured product to another manufacturer who, in return, incorporates the same to his product and which is later sold as a finished product to the end user.  DISTRIBUTION CHANNELS Indirect Distribution A distribution strategy where a product or service passes through one or more intermediaries before reaching the end consumer. Wholesalers Are channel members that sell to retailers or other agents for further distribution through the channel until they reach the final user.  DISTRIBUTION CHANNELS Brokers Are distributors who buy directly from the distributors or wholesaler and sell to retailers or end users. Retailers Sell directly to the consumers PROMOTION STRATEGY 1. Advertising Print Media: Advertising in newspapers, magazines, brochures, and other printed materials. Broadcast Media: Utilizing television and radio advertisements to reach a wide audience. Digital Advertising: Using online platforms such as social media, search engines, and display ads to target specific demographics. 2. Public Relations (PR): Managing the public image of the company through media coverage, press releases, events, and community engagement. 3. Sales Promotions Discounts and Coupons: Offering price reductions or coupons to incentivize immediate purchases. Buy One, Get One (BOGO): Encouraging customers to buy more by offering an additional product for free or at a reduced price. Flash Sales: Limited-time promotions to create a sense of urgency and drive quick sales. 4. Personal Selling Engaging in face-to-face or direct communication with potential customers. 5. Content Marketing: Creating and distributing valuable, relevant, and consistent content to attract and retain a target audience. 6. Social Media Marketing: Leveraging platforms like Facebook, Instagram, Twitter, LinkedIn, and others to engage with the audience. 7. Influencer Marketing Collaborating with influencers or key personalities in the industry to promote products or services. 8. Event Marketing Hosting or sponsoring events, trade shows, conferences, or seminars to showcase products and interact with potential customers. 9. Loyalty Programs Rewarding repeat customers with exclusive discounts, special offers, or loyalty points. 10.Guerrilla Marketing Unconventional and creative promotional activities in unexpected places to generate buzz and capture attention. GUERRILLA MARKETING  PRAYER AFTER CLASS Holy and Almighty God, We are grateful to you, Lord, for all the blessings and the learning that you have bestowed upon us. We are grateful that You have made it possible for us to learn about the knowledge in this world, and we thank You for keeping us attentive to the lesson. We beg you to give us the ability to always love You and carry out Your will with open hearts and minds. We also wish our instructor and classmates good health so that we can continue our excellent education. Amen.