Health Care Consumerism
Pharmaceutical firms need to adopt the most favorable and ideal marketing strategies to ensure quantity customer patronage and at the same time capture the largest market share among its competitive rivals. This is achieved by identifying and satisfying customers need, wants, and demands profitably. Having a wider product portfolio is advantageous in that a firm acquires a great deal of competitive advantage but it is also challenging when it comes to marketing and gaining of customer loyalties. A study in United State health care system reveals that hospitals need to come up with new methods of achieving financial security and increasing their fiscal revenue turnovers (Deshmukh, 2013). This breakthrough has been evident in the pharmaceutical industry, which of late has discovered a new allergies prescription.
After studying and analyzing the market closely over a period of time, a pharmaceutical company with a prescription drug to cure allergies has two types of potential large markets that are uncertain. These are inbound and domestic markets. According to Kash & Deshmukh (2013), research shows that medical tourism accounts for up to $228.5 billion revenue.
The first strategy will be that of creating more authentic PT/OT drug characteristics that differ with those of our competitors. This firm will sell the drug at 2.3 dollars lesser than other companies sell and improve on PT/OT customer orientation services, which according to research, there is not a single allergies pharmaceutical firm that provides (Fottler et al, 2014). Our service delivery means must be upgraded.
To promote this brand and create a name, we will need to collect a national data and statistics of all allergic patients in the country; we will then evaluate the specific allergic condition they are suffering from. Later we shall distribute free dosage within the first two month, and after a positive general public sentimental reaction, we will have gained trust and from here henceforth, we will provide our services at a considerable fee.
Due to technological advancements, the consumer buying behavior patterns are always dynamic. We will therefore need develop a more interactive and integrated online marketing website, an easy to use model where allergic patients will be comfortable placing an order and receiving drug delivery right to their doorstep at the comfort of their homes. Consumers tend to purchase allergic drugs mostly depending on climatic seasons. More sales are recorded in winter than in summer since the causative agents of most allergic infection survive best in a threshold temperature of below seven degrees (Kash & Miller, 2009). Since buying characteristics are predominantly determined by buyer’s decision that is based on information received or experience, these newly prescribed allergies drugs must take into account external factors such as ethnicity, cultural beliefs, and social class in setting affordable prices to the targeted groups (Moran, 2012).
There are several key PLC strategies. Following the BCG matrix, during the introduction stage this pharmaceutical firm will begin with improving the perception of PT/OT operational services. During growth stage this drug will have gained an extensive market share hence it will be critical in further slashing down prices to monopolize the market. At maturity stage, the company will earn by creating awareness of PT/OT benefits among patients through interactive media advertisement. Lastly, during death stage to maintain the product in the market, our firm will work jointly with local industries to cater for the workers and the local schools in providing athletes with PT/OT customized services.
1. Kash, B. A., & Deshmukh, A. A. (2013). Developing a strategic marketing plan for physical and occupational therapy services: A collaborative project between a critical access hospital and a graduate program in health care management. Health marketing quarterly, 30(3), 263-280.
2. Fottler, M. D., Malvey, D., Asi, Y., Kirchner, S., & Warren, N. A. (2014). Can inbound and domestic medical tourism improve your bottom line? Identifying the potential of a US tourism market. Journal of Healthcare Management, 59(1), 49-63.
3. Moran, M. E., & Baum, N. H. (2012). Marketing and Medicine: A Questionable Mix. The Journal of medical practice management: MPM, 28(1), 33.
4. Kash, B. A., & Miller, T. R. (2009). The relationship between advertising, price, and nursing home quality. Health Care Management Review, 34(3), 242–250.