This article examines the marketing strategy of the large pharmaceutical company, Pfizer.
Written in 2007; 2,714 words; 14 sources; APA; $ 81.95
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.
"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 .."
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