Pharmaceutical Marketing As per PCI syllabus.pptx

As per PCI syllabus of B.Pharmacy, it consist of various marketing strategies, Methods, Types, concepts of Pharmaceutical Marketing

1. By Dr. S.R.Lahoti Professor and Head Dr. Rafiq Zakaria Campus Y.B.Chavan College of Pharmacy, Aurangabad. “PHARMACEUTICAL MARKETING”

2. Why you purchase any product? Or Whenever you purchase product what you purchase?

3. Common terms Product Market Customer Consumer Marketing Selling Price Promotions

4. Marketing and sales Difference between sales and marketing ? Focus/ orientation Starting point Approach End point Process Objective Which is important? “ The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit

5. Scope of Marketing

6. Pharmaceutical Marketing Different from consumer marketing? Customers and consumers are different/ Indirect Marketing. Customer is very well qualified and intelligent Consumers have no choice. Scientific Marketing /Technical marketing Governed by laws and Government regulations For purchase of product needs prescription Four P of Marketing (Marketing Mix) : Product, Price, Place and Promotion.

7. Pharmaceutical Products PRODUCT Is anything that can be offered to the market that might satisfy the needs and wants of the target Customers. Types of Pharmaceutical Products Dosage forms/ formulations 1) OTC 2) Prescription based :- Branded and Generics B)Bulk drugs and Excipients C) surgical appliances and allied products D) Diagnostic products E) Disinfectant and Antiseptics F) Medical Devices

8. Pharmaceutical Market The Indian pharmaceutical industry is the world’s 3 rd largest by volume and 14th largest in terms of value The pharmaceutical industry in India is  expected to reach $65 bn by 2024 and to $130 bn by 2030 Major Segments of Pharmaceutical Industry are Generic drugs, OTC Medicines and API/Bulk Drugs, Vaccines, Contract Research & Manufacturing, Biosimilars & Biologics. Highest number of US FDA approved plants outside US Global leader in the supply of vaccines. global leader in the supply of DPT, BCG, and Measles vaccines. 3rd largest market for APIs globally, 8% share in Global API Industry, 500+ different APIs are manufactured in India and it contributes 57% of APIs

9. PHARMACEUTICAL MARKET SEGMENTA TION Market segmentation involves the sorting of the market. The process entails dividing the market of potential customers and clients into segments based on characteristics, such as interests or needs, so that marketing messages, tactics and campaigns can become more targeted. Segmentation Targeting Positioning (STP)

10. Prescribing Motivations and Habits Two Types of Decisions Rational Emotional Prescribing Motivations: Image of Company Regularity and effectiveness of MR Price of product Packing and convenience Patient Compliance Services of company Advantage over other product Pen Habit Advertisement Availability of Product

11. Consumer Behavior Actions and decision processes of people who purchase goods and services for personal consumption. The decision process and physical activity, which individuals engage in when evaluating, acquiring, using or disposing of goods and services. The mental and emotional processes and the observable behavior of consumers during searching for, purchasing and post consumption of a product or service. Nature of Consumer Behavior Affected by many factors Undergoes a constant change Varies from consumer to consumer Varies from region to region and country to county It is important to the marketers It affects purchase decision Varies from product to product

12. Consumer Buying Process Stage of Problem Recognition Stage of Information Search Stage of Alternative Evaluation Stage of Purchase Decision Stage of Post Purchase Behavior Occupants:  Who is the Consumer Object of Purchase:  What does the Consumer Buy Objective:  Why is the Consumer Buying Occasion:  When do they Buy or How Often do they. Outlets:  Where do they Buy Operations:  How do they Buy Organization:  Who is Involved Framework of Consumer Behavior

13. Factors Influencing Consumer Behaviors Importance of Consumer Behavior Why is Customer Behavior Analysis Important? Predicting customer value Personalizing customer experience Improving customer retention . Manufacturing policies Price policies Decision regarding channels of distribution Decision regarding sales promotion Exploiting marketing opportunities Highly diversified consumer preferences New Technological product Innovators Early Adaptors Early Majority Late Majority Lizards Brand Loyalist Portfolio man Impulse Prescriber Value Seeker

14. How to Conduct a Customer Behavior Analysis Break Your Population Into Segments Identify Selling Points for Each Segment Collect As Much Data As Possible Data Presentation and Analysis Implementation Evaluation Who purchases your products and services?   Who makes the decision to purchase your products and services?   Who influences the decision to purchase the products?   How is the purchase decision made?   Why does the consumer buy a product?   Why does a consumer prefer one brand over another?   Where do customers purchase the product?   When do consumers buy a product?   What is the consumer ’ s opinion about the product?   What is the role of consumers ’ lifestyle in their buying behavior?  

15. Industry and competitive analysis The purpose of ICA is to understand factors that influence the performance of the industry, and as well the performance of firms within the similar industries.

16. Industrial Buying Behavior. Consumer Goods Industrial Goods B2B Marketing B2C Marketing Industrial Marketing: deal with lesser number of individuals Need to be extremely careful about communication Technical specification is more important Factors affecting industrial buying behavior Demand, Price, Economy, Technological Changes, Seasonal Availability, Technological advancement, Cost of order, Types of goods (Stability), Rate of consumption, Storage space, Capital blockage.

17. Industrial Buying cycle

18. Product Decisions Product decisions  involve : Policies and strategies regarding  product line/item, product mix, features, branding, and packaging, labeling, after sales services and new product development. I) Individual product decision II) Product line decision III) Product mix decision IV) Product positioning decision The complete range of  products  present within a company is known as the  product  mix ( product assortment  or  product portfolio . The product line is a subset of the product mix. It is a group of related / similar products  marketed by the same company. Product Line length and Depth

19. Product Decisions Product Line: 1.They function in a similar manner. 2. They are sold to the same customer groups. 3. They may be distributed through the same types of outlets or channel. 4. Fall within given price ranges. Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening any existing line, or bringing new variants of a brand to expand the business and to increase the profitability.

20. Product Mix A product mix strategy has four dimensions: Width: Total number of product lines a company offers. Length: Total number of products in a company’s product mix. Depth: Total number of product variations in a product line. Consistency : Indicates how product lines relate to one another. Key Product Mix Strategies/ Decisions: There are four key product mix strategies: Expansion:  A company increases the number of product lines or depth (i.e., product variations) within lines. Contraction:  A company narrows its product mix to eliminate lower-performing products or lines . Change an Existing Product:   A company improves a current product Product   Differentiation : Without modifying the product in any way, a company  positions  it as a superior choice to a competitive product. Developing New Uses for Existing Products : Trading Up : Addition of a higher-cost product Trading Down : A company adds a lower-cost product to an existing line

21. Product Acceptance Process (Customer Behavior) Buying process: Unawareness Awareness Interest Evaluation Trial Usage Repeat use Types of customers as per Product acceptance Process: Innovators (2-3%) Early adaptors (10%) Early majority (35%) Late Majority (45%) Lizards (8%)

22. Product life Cycle Journey of product from the development up to removal from the market. Phases in product life cycle: 1) Gestation phase/ Developmental phase 2) Introductory Phase 3) Growth phase 4) Maturity Phase-------a) Growth b) Stable c) Decline 5) Decline Phase

23. New Product Developmen t New to the World  New Product Line Addition to the Existing Product Line Improvement in Existing Product Repositioning Reasons Reasons for Developing a New Product: Changes in Market Changes in Technology Increasing Competition Diversification of Risk Reputation and Goodwill Utilization of Excess Capacity Seasonal Fluctuations Growth and Development

24. New Product Development

25. Reasons for failure of new Product Does not fit with the customers need Inadequate market research Improper development Wrong business analysis Wrong target customer High development time and cost Improper marketing strategies Poor timing for launch High competition Complexity of product Lack of promotion Inadequate marketing and sales team Poor perception of future Poor distribution

26. Product Positioning The process of creating an image of a product in the minds of the consumers is called as positioning. Product positioning is the creation of a clear image in the minds of consumers within the targeted segment about the nature of the product and the benefits to be gained from purchasing the product. Positioning is the art of selecting, out of a number of unique selling prospects, the one which will get you maximum sales.” Relating a product to the market Target Customer is most Important Factor. Putting a certain product concept in the mind space of the customer. A combination of marketing and sales strategy is used. Developing the image of a product in relation to competitive products. Its a way by which the marketers create an impression in the customers mind. It’s a significant way to enter the new market. Expand customer base / Segment (Cadbury’s ) It Makes Entire Organization Market-Oriented. It makes organization to Cope with Market Changes. It is helpful for Designing of Promotional Strategy

27. Positioning strategy Product Characteristics (Product Features Approach) Customer Benefit (Benefit Approach- Sensodyne ) Positioning by Price and Quality (Price-Driven Approach) Positioning by Use or Application (User Centric Approach- Nike in Sports) Positioning by Product Class ( Vicco Turmeric/ Dove soap) Positioning by Cultural Symbols Positioning by Competitors (Competitive Approach) Steps to product Positioning Know your target customer Identify the product features Unique selling Propositions Know your competitors Right Ways to promote brands Maintain the position of the brand

28. Product Portfolio Analysis A product portfolio is the collection of all the products or services offered by a company. Analysis of product portfolios can give deep and detail insight into the workings of a company and its earnings potential. Product portfolio analysis is the task of assessing all the products your business sells for performance, growth potential, and market share. Product portfolio analysis is a definitive process of analyzing and assessing each product and its current level of success. It also involves identifying risks and future opportunities, streamlining resource allocation based on product success and priority, and ultimately aligning these products with the business’s long-term strategic goals. To evaluate Diversification Firms investment in developing new products. It Constantly review the products, improve them based on evolving consumer demands Increased Return on Investment To evaluate growth of products as compared to Competitors and Market. BCG (Boston Consulting Group) Matrix: analyzes and measures the product  based on  market share  and  market growth( Cash Cows, Stars, Question Marks, and Dogs)

29. BCG (Boston Consulting Group) Matrix Cash Cows Cash cows are mainly the firm’s legacy or groundbreaking products that hold the most market share but have low growth potential. Cash cows should be milked for cash to reinvest in other products. Stars When the product has a high market share and stands tall on the market growth high ROI Question Marks Products under study and analysis for future results. Their growth rate is high, but they have a low market share. These are generally the new products introduced in the market. They can either become a Stars or dogs in the long run. Dogs/ Pets The products that neither have a stand-in market share nor growth are categorized as dogs. Low ROI.

30. GE/ McKinsey Matrix   matrix model uses “Industry Attractiveness” and “Business Unit Strength”   for analysis The Business-unit or competitive strength :- the products are analyzed and evaluated based on their  market share, competitive advantage, brand value, and average profitability . Industry Attractiveness:-  This scale is purely based on  potential growth rate (relative to the overall economic growth)  and market saturation. Rank the products  ‘high,’ ‘medium,’ and ‘low’ ratings . Product life cycle analysis: way of analysing where a product sits in your product portfolio.

31. Product Management The Marketing department is responsible for developing and implementing marketing plans to promote the company's products to the target customers. The Product Management Team is one of the core teams of the Marketing Department in a Pharmaceutical Company.   Product Management, which oversees the overall marketing plan for a specific product, is responsible for profits or losses generated by that product. PMT team consists of Product Executives , Asst. Product Managers, Product Managers, Group Product Managers, Marketing Managers, Assistant General Manager-Marketing, General Manager-Marketing, V.P Marketing & Sales, President Marketing & Sales or Director Marketing & Sales. The primary role of Product Management in the pharmaceutical industry is to manage the existing product line of the pharmaceutical organization, brand establishment and brand building and also new product launching and strategy for pipeline products and execution.

32. Functions of Product Management : Market research Launching of new product Customer feedback and satisfaction Defining product requirements Determining business-case and feasibility Building product roadmaps Developing all products on schedule, working to a critical path Product Life Cycle considerations Providing training, product knowledge, direction to the field sales team Motivation and development of sales team members Development of promotional tools ( VA, LBL, Newsletter, Gifts or digital campaigns) Product naming and branding ,Product positioning Coordination with R&D, Marketing, Production and sales team. Overcoming and Monitoring the competition Conducting meetings, scientific symposia, CMEs, conferences

33. Skill for Product Management   Product Knowledge Creativity and analytical skills Market research and intelligence to tap competitor analysis Good communication skills Ability to work and liaise with cross-functional teams Team building Forecasting and visionary approach Sales management and leadership skills

34. Product Branding A brand refers to a name, term, symbol, or any other type of feature that defines or identifies a seller’s product or service. Product branding  is a symbol or design that identifies and differentiates a  product  from other  products . Psychological trigger or stimulus is associated with brand A successful brand can create and sustain a strong, positive, and lasting impression in the mind of a consumer. It helps in establishing a positive reputation and building an image. Brand Management Strategies Individual Branding Multi-product Branding  Sub-branding ( Different branding in different segment) Co-branding (collaborative) Iconic Branding (Attitude) Corporate Branding Geographical Branding

35. Steps in the Marketing Research Process Step 1: Define the Problem (or Opportunity) Step 2: Design the Research. Step 3: Design the Data-Collection method Step 4: Specify the Sample. Step 5: Collect the Data. Step 6: Analyze the Data. Stage 7: Write the Research Report and Present Its Findings. Stage 8: Implementation Stage 9: Followup Qualitative and Quantitative Research

36. Sales Promotion It is marketing communication and various activities that attempts to inform and remind individuals and make them to accept, recommend, resell or use a product or service. Very important element of marketing Mix Part of promotion Mix : Personal Selling Advertisement Sales promotion Schemes Medical exhibitions Physicians samples Publicity Direct mail, Journals Public relations, Online promotional techniques for OTC Products. Steps In personal selling (Customer call) Prospecting Planning Preparation Presentation Objection Handling Follow-up

37. Publicity or Public relations as marketing tool News about new product, re-launch of product Financial results, achievement, award, collaboration Joining of new employee Market trends news Media relations Analyst/ influencer relations Event / conferences/ seminar Award programs Crisis management Social activities CSR activities

38. Online promotion of OTC Products Pay-per-click (PPC) 

39. Various Avenues in Pharmaceutical Marketing Sales Team Product Management Team Training Team Scientific Support Team Brand Management Team Market Research Team

40. Sales Team Members 1) Medical Representative (Professional service representative) 2) Area Sales Manager 3) Regional Sales Manager 4) Zonal Sales Manager 5) Divisional Sales Manager 6) National Sales Manager 7) Vice president Sales and Marketing

41. 1) Effective Communication Skills 2) Product Knowledge 3) Convincing Skills 4) Confidence. 5) Personality and appearance 6) Patience 7) Commercial awareness 8) Ability to take Challenge 9) Problem solving skills 10) Objection Handling skills 11) Positive attitude 12) Creativity 13) Independent and self motivated 14) The ability to negotiate and collaborate 15) Research skills Attributes (skills) to work in sales as PSR (Selection and Training)

42. Duties of PSR (Professional service representative) Convincing doctors Prescription generation Product availability Visit to chemist Market research Objection handling Competitors activity handling Writing reports and other documents. Feedback to marketing team Identifying prospective business opportunities  Customer feedback To achieve targets Appointments and meetings with hospital-based healthcare staff. Maintaining detailed records Attending and organising trade exhibitions, conferences and meetings Negotiating contracts

43. Purpose of Pharmaceutical detailing Product information Advantages of Products Unique selling point Quality and specification information Dosage regimen, adverse effects, way of use, precautions Create interest in physicians Objection handling Effective Pharmaceutical detailing: Clear communication 8) Listening Voice Modulation 10) Ask right question Pause and speed 11 ) As per qualification, experience, likings Facial expressions and gestures Eye to eye contact Use of medical terms Proper use of visual aid

44. Professional Service representation (PSR) Calling Customers: Planning Appointments Preparation Good Detailing Objection Handling Follow-up Supervising PSR/ Evaluation By Area sales Manager Daily report Customer coverage Performance Motivation: Good salaries Training Monitory Incentives Non-Monitor incentives Good working conditions Good allowances

45. Pricing is a process of fixing the value that a manufacturer will receive in the exchange of services and goods. Important element of Marketing Mix Value equivalent Cost plus Profit Value creation of product/ create worth Important element of marketing mix Its most dynamic element Importance of Price 1) Determinant of Profit 2) Sales 3) Product acceptance 4) Competition 5) customer decision making . 6) impact on business success 7) Symbol of Quality 8) Product Positioning tool 9) Imp Marketing tool 10) Determinant of the Market Demand Pricing of Pharmaceutical Products

46. Objective of Pricing: Profitability Increase sales Decide worth of product Market share Obtain a target rate of return on investment (ROI) Company growth Overcome competition Common pricing strategies/ Methods Penetration pricing Psychological pricing Skimming pricing Bundle pricing High-low pricing Competitive pricing Premium pricing Dynamic pricing Govt Rule base Pricing of Products

47. Drugs Price Control Order (DPCO) 1995 Drugs are recognized as ‘essential commodity’ The Drugs Price Control Order (DPCO), 1995 is an order issued by the Government of India under Section 3 of the Essential Commodities Act, 1955 to regulate the prices of drugs. Order provides the list of price controlled drugs, procedures for fixation of prices of drugs, method of implementation of prices fixed by Government and penalties for contravention of provisions. Ceiling Price is the single maximum selling price fixed that is applicable throughout the country in the case of each bulk drug The procedure for computing retail prices for formulation is:  Maximum Retail Price = (MC+CC+PM+PC) x (1+MAPE/100) + ED, where MC is the material cost (including overages and process loses). CC, PM and PC are the conversion cost, cost of packing material and packing charges respectively, MAPE (Maximum Allowable Post manufacturing Expenses) ED is the excise duty.

48. NPPA (National Pharmaceutical Pricing Authority) NPPA is a regulatory authority of the Government of India Established to fix/ revise the prices of bulk drugs and formulations . It also makes sure that the prices of decontrolled medicines are at reasonable levels. Purpose of implementing provisions of DPCO, powers of the Government have been vested in the (NPPA). Functions & responsibilities of NPPA:  To deal with all legal matters, To monitor the availability of different drugs, also to identify the shortages, To collect and maintain data on production, exports and imports, market share of individual companies, To recruit/ appoint the necessary staff for efficient functioning of the Authority, To advice the Central Government on changes/ revisions in the drug policy.

49. Authorities of NPPA:  1) Fix the maximum sale prices of bulk drugs specified in the First Schedule 2) Can take information from the manufacturer in relation to the Scheduled and non scheduled bulk drugs 3) To issue guidelines and directions. 4) Direct manufacturers of bulk drugs to sell bulk drugs to other manufacturers of formulations. 5) Calculation of retail price of formulation. 6) Fix retail price of Scheduled Formulations: 7) Fix ceiling price of Scheduled formulations 8) Revise price of bulk drugs and formulations 9) Fixation of price under certain circumstances. 10) Recover dues. 11) Power of entry, search and seizure.  12) Display of prices of non-Scheduled formulations and price list s 13) Manufacturer, distributor or dealer not to refuse sale of drug. 14) Maintenance of records and production thereof for inspection

50. Pharmaceutical marketing channels: A marketing channel is described as the set of people, organizations, and activities that work together to transfer goods (products and services) from the point of origin to the point of consumption.  A distribution channel is the path or route decided by the company to deliver its good or service to the customers. A marketing channel strategy is a plan for how a company will reach its customers through various marketing channels. Direct marketing channel the company sells directly to consumers (direct marketing). For Industrial Products, Big and Costly products Indirect marketing channel contains one or more intermediaries.

51. Pharmaceutical marketing channels:

52. Pharmaceutical marketing channels: Number of customers Perishability of Product: Technical Aspects Complexity and Risk Related to Use of Product: Size of Product: Unit Price of Product: Legal Aspect: Company’s Financial Position: Transportation cost Urgency of Product Control required Factors Affecting Channel Distribution Number of marketing intermediaries to use: Intensive, selective exclusive distribution.

53. Pharmaceutical marketing channels: Number of customers Perishability of Product: Technical Aspects Complexity and Risk Related to Use of Product: Size of Product: Unit Price of Product: Legal Aspect: Company’s Financial Position: Transportation cost Urgency of Product Factors Affecting Channel Distribution

54. STORE RETAILERS - TYPES Specialty stores Department stores Super Markets Convenience Stores Discount Stores Showroom stores: Franchise, Company Other retail stores NON STORE RETAILERS – TYPES • Mail order catalogues • Direct mail • Telemarketing • TV marketing • Internet retailing • E-shopping • OTHER RETAILERS - TYPES • Direct selling – D oor to door • Multi-level marketing • Through Machine • Automated Vending Machines ATMs

55. Conflict in Channels Channel Conflict in Channels Channel conflict can be explained as any dispute, differences or discord arising between two or more channel partners. Types of Channel Conflict 1. Vertical level conflict 2. Horizontal Level Conflict 3. Inter-type Channel Conflict 4. Multi channel Conflict

56. Physical distribution is defined as the group of activities that deals with the supply of finished product from the finished product to the end consumers.

57. Vertical & Horizontal Marketing Businesses often struggle with marketing strategies Competition and expenses are increasing Profitability is reducing Need of new concepts Vertical Marketing System Aims to attract and reach businesses operating in the same industry. Vertical marketing system include the manufacturer, wholesaler and the retailer work together as unified group In conventional system all work separately with more Conflicts and less profit In vertical system all joined hands to increase business and profitability This type of marketing aims to connect with and draw in businesses operating in the same industry.

58. Vertical Marketing System

59. Horizontal Marketing Businesses of a similar size and standing work together to cut costs. Businesses pool their advertising, distribution, production, and even personnel in an effort to increase profits. Participants in a horizontal marketing system may include distributors, retailers, and manufacturers . To reach a wider audience than that of vertical approach. Ex: Johnson & Johnson and Google two have joined hands for creating a robotic-assisted surgical platform

60. Differences between Vertical and Horizontal Marketing System

61. Rural marketing

62. Consumerism Consumerism emerged as a new phenomenon after the industrial revolution. After fulfillment of basic needs Consumerism is the idea that increasing the consumption of goods and services which are a desirable goal, and person's well-being and happiness.  Economies witnessed the expansion and increase in wages. Families started buying unnecessary commodities for their places. Increased wages, giving people disposable income to spend on luxury items. Intellectual revolution increases consumerism

63. Limitations

64. Global Marketing Global marketing involves planning, producing, placing, and promoting a business’ products or services in the worldwide market. Global marketing means marketing the company’s products and services, considering the global market as one. It is different from  International Marketing , which tailors marketing activities to each region and country. Global marketing adopts a uniform marketing approach to all locations The product design and variety are kept the same. A classic example of global marketing is Apple Global marketing is best applied when the company’s product has a universal demand. Higher profit margin expanded its customer base Uniform marketing strategy: economic and less time consuming standardized marketing practices can save time and effort Global brand recognition Economies of scale : Cost reduction, Low production cost

65. Types of Global Marketing Strategy Types of Global Marketing Strategy Global Marketing: Standardization ( Same for all) Global Marketing: International strategy ( Export and Import) Global Marketing: Multinational strategy ( Like international Marketing)

66. Industrial marketing  Industrial marketing (or business-to-business marketing) is the marketing of goods and services by one business to another. Industrial goods are those an industry uses to produce an end product from one or more raw material. Row Materials Packing Material Parts of Machines and lubricants Machines and Instruments Stationary and allied products Other supply and services Types of Industrial Customers Industrial customers are normally classified into four groups: Commercial Enterprises Governmental Agencies Institutions Co-operative Societies

67. Features of Industrial Marketing Highly technical need , Very specific Research is most Important part : Done by customer Well informed customer Long term relations/ business Scattered and limited customer Complicated process Professional purchasers

68. Market analysis Market analysis is a detailed assessment of business’s target market and competitive landscape within a specific industry. Benefits of market analysis : Spot trends and opportunities in your industry  Differentiate your business from competitors  Reduce the risks and costs of launching a new business Tailor products and services to your target customers’ needs  Analyze successes and failures  Optimize your marketing efforts  Reach new market segments Monitor your business’s performance Pivot your business in new directions

69. Market analysis steps 1. Research your industry. Gain a holistic understanding of everything happening in your industry and prepare to navigate it.  2. Investigate competitors. Know who the big players are and how you can differentiate your brand.  3. Identify market gaps. Find unsolved problems and unmet desires in your market.  4. Define your target market. Know your customers’ unique characteristics and tailor your offers and marketing accordingly.  5. Identify barriers to entry. Know what stands in your way and address challenges head on.  6. Create a sales forecast. Estimate future sales and make confident business decisions.  SWOT/ SWOC analysis Market research ( Data Collection and analysis) Marketing analytics

70. Market research Market research (or marketing research) is any set of techniques used to gather information and better understand a company's target market. Market research is the process by which companies seek to collect data systematically to make better decisions. Information Regarding Demand Customer Need and want Competition Change in market Feedback New Product development and launch Target customers Product Positioning

71. Importance of Market research Informed decision Identifying problem and opportunities in the market Formulating market strategies Determining consumer needs and wants For effective communication mix Improving selling activities For sales forecasting To revitalize brands smooth introduction of new products Determine export potentials Productive business investment Types of Data: Qualitative Quantitative Primary Data Secondary data

72. Methods For Market Research Survey method ( Primary Data ) Personal Interview Telephonic survey Internet and social media (Online survey) Questionnaire Observation method Secondary Data: Public sources Reports and news Surveys done by others Available literature/ Books/

73. Steps in Market Research Define the Problem Define the Sample: Probability sampling, Non-probability sampling, Convenient sampling, Snow Ball sampling Method for data Collection Data Collection and Arrangement, Classification and representation Analysis and interpretation of data Market research report Implementation the change/ decision Follow-up

74. Patients’ choice of physician and retail Patients’ choice of physician and retail pharmacist can be influenced by a variety of factors, including: Reputation : Patients may seek out physicians or pharmacists who have a good reputation in the community for providing quality care and service. Accessibility : Patients may prefer healthcare providers who are conveniently located or who have flexible scheduling options to accommodate their needs. Insurance Coverage : Insurance coverage can also influence a patient’s choice of physician or pharmacist, as they may be limited to providers who are in-network or who accept their insurance plan. Personal Relationship : Patients may develop a personal relationship with their healthcare provider over time, leading to a preference for that provider. Specialization : Patients may seek out healthcare providers with specialized training or expertise in a particular area of medicine or pharmacy, such as pediatrics, geriatrics, or oncology. Recommendations : Patients may be influenced by recommendations from family members, friends, or other healthcare providers. Cultural and Language Considerations : Patients may seek out healthcare providers who understand their cultural background or speak their native language, which can facilitate communication and improve their understanding of their health conditions and treatment options. Price: Patients may also consider the cost of healthcare services when making their choice of physician or pharmacist, particularly if they are paying out-of-pocket for their care.