Pharma Marketing Mix

Knowledge

Marketing mix is the set of characteristics and benefits the company choses to stimulate the desired response in the target market. The ultimate objective of pharma marketers is to place the proper product in the right place, at the proper price and at the appropriate time. Therefore the marketing mix consists of four elements: product, price, place and promotion. The concept of marketing mix was introduced by Neil Borden in 1964 in his article entitled "The Concept of Marketing Mix".

Each of the marketing mix comprised of some elements. the elements constitute marketing mix of pharmaceutical products are

Product:

Product can be tangible or intangible. For example, a product can be physical good (tablet, syrup, or capsules) or a service (medical consultation).

Kotler (2008) defined the product as "anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need".

Product line is the set of products with similar features and marketing needs. Pharmaceutical companies put products of similar therapeutic area in one line (for example, cardiovascular line, respiratory line, oncology line).

Price:

Generally, price is the value attributed to a product of service. Successful pricing strategy comes after thorough evaluation of customers' price perception and expectation. Consumers perceive the price as a mix of product quality, functionality, expected benefits, and competitors' prices.

Place:

Place refers to the physical distribution of the product though different channels. Channel of distribution is responsible to transfer the product from the manufacturing site to the hands of consumers.

Promotion:

Promotion is the process of marketing products to customers. Pharmaceutical promotion includes personal selling (detailing), advertising, sales promotions, and public relations.

References:

Kotler, P., & Armstrong, G. (2018). Principles of Marketing, 17th ed. New Jersey: Pearson Education.

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