Strategic Marketing and Communication An Analysis of Pfizer Part 1: Strategic Marketing Planning 1.1 (i) International Strategic Marketing Audit Pfizer is a New York based company that has a large presence in the UK. Pfizer provides pharmaceuticals for the health and well-being of humans and animals…
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Environmental Analysis of Pfizer When looking at the challenges for Pfizer, it is important to look at the environment of the entire pharmaceutical industry. In the last few years, this industry has become as competitive as any other. Because of technological advances, the tighter controls that have been place on regulatory compliance and “volatile investor confidence” (Verbigena Consulting, n.d.) the pharmaceutical industry has become very competitive. There are many ways to understand how this has happened and its effect on specific companies in the industry. For this study this researcher has used the PEST (political, economic, social and technological) model. In this model, it is important to identify those issues that are a part of the environment that makes the pharmaceutical company meet the competition as well as meet the environment head on. In this way, they are able to analyse their competition to make sure that they are doing what is needed. Political analysis In looking at the pharmaceutical industry, it has become increasingly competitive because there has been an emphasis on healthcare all over the world. People are living longer and they have more access to alternative modalities of healthcare. Also, healthcare has become more expensive to the average consumer which as meant that there needs to be reform on all levels. Healthcare is not just an economic burden to an economy but it is also a social burden. This means that politics come into play when there needs to be reforms to promote social welfare (In the UK the National Healthcare Service debate over Medicare is one example). Economic Value The pharmaceutical industry is projected to increase in the future. Since 2003, there have been substantial increases because of “high value mergers and acquisitions” (Verbigena Consulting, p. 3.). Many analysts have projected that pharmaceutical stock would increase to 10.5% by 2010 which meant that sales would reach $500 billion. This is not unfathomable because our societies are ones that are dependant on drugs (both over the counter and prescription) for many ailments and to fight disease. Although a large majority of sales originate in the US, Japan and EU, 80% of sales are distributed over nine countries: “US, Japan, France, Germany, UK, Italy, Canada, Brazil and Spain” (Verbigena Consulting, p. 3). Sales are expected to increase as people age and healthcare is reformed. Social Value Everyone is concentrating on good health today. There are many articles across the Internet that tell people how to look better, how to lose weight, how to stop aging and more. Because of this, pharmaceutical companies have an area that is always growing. Global epidemics like AIDS or SARS have helped the pharmaceutical companies push for a cure and their search has created an opportunity in the media to follow their progress. This also means that the pharmaceutical companies have to keep good relations with the media, government and other organizations that can help them keep the world out that they are doing a good job. Technology Technology has improved over the years and science has been one of those improvements. The pharmaceutical companies have to keep up with the technological demands in all of the industries they participate within. Also, these companies have to spend more money on research and development so that their employees will become more innovative in producing their products. Legal The FDA and other legal
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Beamish and Ashford (2007) suggest that should a company be serious about acting responsibly at ethical and social level, then it is highly imperative that there may be the marketing mix adoption. Some examples of ethical marketing include that product should meet safety standards and dangerous products should be removed (Beamish and Ashford, 2007 p.20).
in Marketing Planning (LO 1.1) The marketing planning techniques are subjected to modifications and changes subject to alterations in the external environment of the concern. Thus the marketing planning activities are required to follow a proper networking approach to be sustainable for the future.
Low Support from Top It has been widely known that the strategy of any plan is designed with the support from the top management. The lack support from the chief executive officer, managing director as well as board of directors can essentially become a barrier to the implementation of the marketing planning process (Meldrum & McDonald, 2007, p.
Marketing audit undergoes three main processes. These are as follows: a) Setting the scope and objective – first, an auditor in collaboration with the company’s officers has to assess the nature of marketing operations and determine the value of the marketing audit.
The success of the company is largely accountable to its well planned marketing strategy and consumer satisfaction that has helped in promoting brand loyalty. The consumers of Starbucks are assured of high quality coffee served at the store counters and excellent ambience within the outlets.
In marketing planning, there is a deployment of interrelated phases, one after the other that are in line with the accomplishment as well as use of the product in question (Hata, et al., 2000, pp.34-39). This process begins from the point where the raw materials of such a product are acquired for the manufacturing process up to the level where finished goods are output from the system into the market as well as the phase that marks post utilization process.
Therefore, this bank is highly influential and occupies an important position in international financial decision making process. At present, the bank serves approximately 58 million customers through its operations in more than 81 countries in all the continents.
The marketing planning process usually results into marketing strategies which are then used to increase the overall sales of the business. A marketing plan encompasses market specific, product specific and company-wide plans and highlights objectives of these respective areas and simultaneously mentions the plan about how to fulfil and achieve these objectives within a given time frame.
Creative and constructive suggestions on how a company can overcome these barriers have been suggested. The third part of the report explains creatively and in detail the need for companies to be innovative in
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