Marketing at Pfizer

Marketing Plan # 103007

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Marketing at Pfizer

This paper discusses a marketing strategy to increase Pfizer growth in the intensely competitive and complex pharmaceutical industry.

1,330 words () | 6 sources | APA | 2008 United States

Paper Summary:

This paper explains that Pfizer has built a strong business around product development and product marketing that leaves its competitors at a disadvantage in their efforts to mimic its operations. The author points out that the Ansoff Matrix is an excellent tool to weigh various potential marketing strategies. The paper relates that ideally marketing strategies should be linked to overall corporate strategy and organizational objectives as outlined by the enterprise's executive leadership. The author indicates that another growth option is to expand organically from within Pfizer. The paper concludes that, because of Pfizer's success with Lipitor, which Pfizer markets worldwide, the company should continue to capitalize on this product by creating a generic Lipitor line extension. The author continues with an analysis of this marketing strategy.

Table of Contents:
Overview
Strategy Development
Ansoff's Growth Matrix
Synthesis of Objectives
Growth Strategies
Option One
Option Two
Target Market
Positioning
Product
Placement (Distribution)
Pricing
Promotion
Conclusion

From the Paper:

"As soon as Pfizer is forced to go to market with its own generic version of Lipitor at reduced prices, the first year sales objective is to level Lipitor sales at $5-7 billion globally and to reach generic Lipitor sales of $3 to 5 billion. In so doing, the majority of Lipitor's research and development expenses will maintain substantial revenues. Current prices for Lipitor average $77 for a 30 day supply (Pfizer, 2005). The target price for the generic version should be $45 for a comparable supply."

Sample of Sources Used:

Lowson, R. H. (2002). Strategic Operations Management: The New Competitive Advantage. New York: Routledge.
Miller, J. J. (2003). Get Your wonder drugs: But do you know what it takes to produce them?. National Review, 55.
Moore, N. Y., Baldwin, L. H., Camm, F., & Cook, C. R. (2002). Implementing Best Purchasing and Supply Management Practices : Lessons from Innovative Commercial Firms. Santa Monica, CA: Rand.
Pfizer Annual Report (2005). Pfizer Corporate Website. http://www.pfizer.com/ pfizer/ annualreport/ 2005/annual/review2005.pdf [Viewed: 31/03/2007]
Proctor, T. (2000). Strategic Marketing: An Introduction. London: Routledge.