Pfizer Marketing

Paper Summary:

In this article, the writer provides a marketing audit that discusses the marketing strategy of a major pharmaceutical industry competitor: Pfizer. The competitive environment of the pharmaceutical industry is examined within the context of Porter's five forces model and Merck is utilized as an illustrative competitor. The writer questions whether Pfizer's marketing strategy is adequate for the present global environment and what possible strategic adjustments it could take to better position itself in the market. The theoretical research approach of the study is qualitative with a reliance on grounded theory which argues that the research itself should not only validate or invalidate the hypothesis but that the research, conclusion, and recommendations should actually result in additional research hypotheses.

Table of Contents:
Executive Summary
Table of Contents
Environmental Considerations
Markets
Summary conclusion
Competition
Summary conclusion
Economics
Summary conclusion
Marketing Considerations
Strategies
Summary conclusion
Market Tactics
Summary conclusion
The 4 Ps
Conclusion
References

From the Paper:

"Porter identifies five levels of competition that most enterprises face in today's hyper-competitive marketplace: direct, close, similar products, substitute products and indirect competition. These levels of competition comprise Porter's five forces model of competition whereby he models the relationship in the marketplace between competitive forces that together form a core of rivalry that is measured in degrees of intensity. For the pharmaceutical industry, the degree of intensity in competitive forces is extremely high because the risks at stake are considerable; often in the 100s of millions to the billions. These large stakes are due to the nature of the industry where huge sums of money must be spent to simply discover new products, while additional huge sums then must be committed to develop them, seek regulatory approval and then actively market them .."

Sample of Sources Used:

• Carrier, M. A. (2004). Cabining intellectual property through a property paradigm. Duke Law Journal, 54(1), 1+.
• Elliott, C. (2004). Pharma goes to the laundry: Public relations and the business of medical education. The Hastings Center Report, 34(5), 18+.
• Haney, S. P. (2000). Pharmaceutical dispensing in the "wild west": Advancing health care and protecting consumers through the regulation of online pharmacies. William and Mary Law Review, 42(2), 575.
• Honeycutt, D., Ford, J. B., & Simintiras, A. C. (2003). Sales Management: A Global Perspective. London: Routledge.
• Miller, J. J. (2003, February 24). Get Your wonder drugs!: But do you know what it takes to produce them?. National Review, 55.

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