Pfizer Marketing Strategy

Paper Summary:

This proposal 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 problem statement 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. This proposal concludes with the inclusion of the academic base for the final research project.

Outline:
Background
Project Rationale
Proposal
Objectives
Approach & Method
Reporting & Presentation
Recommendations
Timing
Fees/Cost Justification

From the Paper:

"The need for the information related to this project arose because of the competitive nature of the pharmaceutical industry and Pfizer's need to remain market relevant. The organization and its executive management intend to leverage this information and data to result in a competitive advantage over the company's primary rivals in the industry. Although this research project focuses on a single company, Pfizer, and a primary competitor, Merck, its intent is to illustrate the importance and long-term necessity of developing evolutionary marketing strategies within a competitively restrictive environment. The pharmaceutical industry relies on constantly evolving marketing initiatives because the channels of distribution in the industry are evolving as well and how consumers are able to order and receive their medications is shifting from previous distribution models because of technology such as the internet and RFID technology (Rubin, 2004)."

Sample of Sources Used:

• Elliott, M. T., & Speck, P. S. 1998. Consumer perceptions of advertising clutter and its impact across various media. Journal of Advertising Research, 38(1), 29.
• Honeycutt, D., Ford, J. B., & Simintiras, A. C. 2003. Sales Management: A Global Perspective. London: Routledge.
• Macias, W., & Lewis, L. S. 2003. A Content Analysis Of Direct-To-Consumer (Dtc) Prescription Drug Web Sites. Journal of Advertising, 32/4, p.43+.
• Maykut, P., & Morehouse, R. 1994. Beginning Qualitative Research: A Philosophic And Practical Guide. London: Falmer Press.
• Michman, R. D., Mazze, E. M., & Greco, A. J. 2003. Lifestyle Marketing: Reaching the New American Consumer. Westport, CT: Praeger.

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