Unit 3: Pharmaceutical Marketing: Marketing System, Markets & Products Flashcards
(91 cards)
1
Q
activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
A
Marketing
2
Q
art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
A
Marketing Management
3
Q
a unique bundle of management decisions directed to satisfy, delight, and surprise customers by delivering their pharmaceutical NEEDS and WANTS through exchange of products with value.
A
Pharmaceutical Marketing
4
Q
3 KEY Elements of Marketing
A
satisfying, delighting, and surprising customers
5
Q
T/F: Marketing and selling are different functions.
A
True
6
Q
____________ is knowing and understanding
the customer so well that the product sells itself
A
Marketing
7
Q
Focused on customer’s wants
A
Marketing
8
Q
Develop products based on customers’ wants and deliver it to the customers
A
Marketing
9
Q
Profit-oriented
A
Marketing
10
Q
Planning is long-run
A
Marketing
11
Q
Focused on wants of buyers
A
Marketing
12
Q
Focused on the product
A
sales
13
Q
Develops a product then finds ways to sell it
A
sales
14
Q
Sales volume-orientation
A
sales
15
Q
Planning is Short-Run
A
sales
16
Q
Focused on needs of sellers
A
sales
17
Q
market understanding
A
Market Research
18
Q
product design & development
A
Product Planning
19
Q
establishing product offering’s value
A
Pricing
20
Q
bring the product to customers
A
Distribution
21
Q
communicating the product’s value
A
Promotions
22
Q
customer feedback & improvement
A
Customer Service
23
Q
Functions of Marketing
A
- Market Research
- Product Planning
- Pricing
- Distribution
- Promotions
- Customer Service
24
Q
is the systematic design, collection, analysis, and reporting of data and finding relevant to a specific marketing situation (aids in seeking marketing insights).
A
Market Research
25
provide diagnostic information regarding market dynamics and consumer behavior which aids in having a successful marketing program.
Marketing insights
26
starts with formulating a market offering that targets a customer’s needs and wants.
Product planning
27
T/F: Price communicates to the market the company’s intended value positioning of its product or brand.
True
28
an important function of marketing that deals with the correct placement of products.
Distribution
29
___________ is important because it will determine where the target customer can purchase the product.
Place of sale
30
making a product available only in one place/channel.
Exclusive sales agreement
31
Incorrect placement and distribution can cause:
1. Customer frustration
2. Outright competitor switching
3. Missed Sale
32
dissatisfaction due to non-
availability of stocks
Customer frustration
33
Brand X is not
available; Brand Y is available instead
Outright competitor switching
34
from a customer with the intent to
buy but not necessarily buying the competitor’s
brand
Missed sales
35
are done to boost and drive a consumer’s decision to purchase a particular product (over a competitor without a similar promotion)
Promotions
36
OTC drug promotions are regulated and permitted only by the
FDA
37
is an important function of marketing that supports a customer’s after sales concerns of a particular product/service.
Customer Service
38
T/F: Poor customer service can directly affect the repeat purchase of a customer and the likelihood of product switching
True
39
Ohmae’s 3C’s Model/3 C’s of Marketing:
Customer, Company, Competition
40
Model for effective marketing strategy
Ohmae’s 3C’s Model/3 C’s of Marketing
41
When we focus on Customer:
Increased Value Perception leading to Sales
42
When we focus on Company:
Profit
43
When we focus on Competition:
Increase in Market
Share
44
establishing a “WIN-WIN” relationship with valued customers, distributors, dealers, and suppliers, by promising and delivering high quality products at fair prices
Relationship Marketing
45
7 Factors Affecting Marketing Strategies
1. Product’s life cycle stage
2. Competitor’s strategy
3. Economic conditions
4. Product Portfolio analysis
5. Company resources
6. Market research
7. Market intelligenc
46
product is introduced to the market (lowest sales)
Introduction
47
product is getting traction and sales begin to catch up
Growth
48
product has reached maximum selling point (highest sales period)
Maturity
49
competitors begin to offer better alternatives (sales begin to go down)
Decline
50
a firm sets out to become the low
cost producer in its industry (inexpensive production;
thereby they can offer products at cheapest price)
Cost Leadership
51
a firm seeks to be unique in its
industry along some dimensions that are widely valued by buyers (offering products that are unique in its segment and has no strong competitor; Ex. Zzzquil)
Differentiation
52
T/F" Marketing strategies may be affected by economic conditions since consumers tend to have a sensitivity/elasticity as to prices of products.
True
53
T/F: A marketing campaign of one product may be successful in one season (low inflation season) but can be a failure in a another season (high inflation season)
True
54
shows the types of products based
on market growth and market share.
BCG Matrix
55
determines the future
sellability of a product in a particular market.
Market growth
56
defines the number of consumers buying a particular product as compared to other available competing products.
Market share
57
If a company places less budget in marketing, marketing campaigns and materials may be limited and will therefore be ineffective in reaching its target market/population
Company resources
58
gathering of consumer data and insights, such as their preferences or needs
Market research
59
set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment.
Market intelligence
60
Marketing intelligence gathering must be _____ and _______
legal and ethical
61
marketing metrics become
BETTER THAN BEFORE
BETTER THAN OTHERS
BETTER THAN EXPECTED
62
3 Basic Marketing Concepts
Customer, Product, Market
63
state of felt deprivation
NEED
64
a need that is shaped by culture and individual personality
WANT
65
a want backed by purchasing power/buying power
DEMAND
66
is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
Consumer Behavior
67
Consumer Behavior is shaped by these factors
1. Cultural factors
2. Social factors
3. Personal factors
68
Subcultures include
nationalities, religions, racial groups, and geographic regions.
69
level of income and social status: upper income class, middle income class, low income class (generic vs branded drug products)
Social stratification
70
refer to groups we identify and share our identity with
Reference groups
71
family, friends, neighbors
Primary (informal influence)
72
neighbor, religious groups,
professional groups
Secondary (formal influence
73
activities that a person is expected to perform or connote.
Roles & Status
74
Personal Factors:
Age and stage in the life cycle
Occupation and economic circumstances
Personality and self-concept
Lifestyle and values
75
Four key psychological processes influence consumer responses:
1. Motivation 2. Perception 3. Learning 4. Memory
76
a need becomes a motive when it is aroused to a sufficient level of intensity to drive us to act
Motivation
77
the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world
Perception
78
consumers tend to focus only on a specific
stimuli (Ex. 5% off vs 300 pesos Off)
Selective Attention
79
the tendency to interpret information in a
way that fits our preconceptions. (benefits strong brands)
Selective Distortion
80
we’re likely to remember good points about a product we like and forget good points about competing products.
Selective Retention
81
induces changes in our behavior arising from experience teaches marketers that they can build demand for a product by associating it with strong drives, using motivating cues.
Learning
82
affects consumer behavior by triggering information related to a product or brand.
Memory
83
This model states that Consumers must move through each stage before becoming loyal customers
Kotler’s Marketing Funnel
84
Product performance < expectations
dissatisfaction
85
Product performance > expectations
delight
86
Product performance = expectations
satisfaction
87
5 Levels of a Product
Core benefit, Generic Product, Expected Product, Augmented Product, Potential Product
88
an activity that can be offered to a target client to satisfy a need and/or want
SERVICE
89
the usual market where a particular product is sold
Traditional
90
alternative market where a product can be sold legally (convenience stores, retail outlets, grocery stores)
Non-traditional
91
Department of Health & Non- Government Organizations
DOH/NGOs
