Bristol Meyers Squibb Corporation (BMSC)

Paper Summary:

This paper explains that Bristol Meyers Squibb Corporation's (BMSC) primary strengths is its success at marketing its leading products in a highly competitive sector of the healthcare industry. The author points out that BMSC's performance in the marketplace is based on a thorough knowledge of its retail customers and its end consumer, which is obtained through marketing research. The paper describes the internal dimensions, such as perceptual filter, and external dimensions, such as culture, which influence consumer choice. The author underscores that the benefit of utilizing marketing research to identify these factors of consumer behavior is that BMSC can more appropriately formulate its market strategies The paper relates that the marketing plan applies resources to the identified consumer information to develop an effective marketing strategy.

Table of Contents
Overview
Influences
The Marketing Plan
Conclusion

From the Paper:

"Part of the proper identification of a consumer need, particularly in the health care industry, is identifying the correct geographic areas within which the target consumers are primarily located. This is important for several reasons but primarily ensures that the proper market is reached, that the right product or service is placed before the consumer, and that duplication of services is avoided. These considerations are all requisite to the strategic planning process in conceiving the entire marketing plan, but particularly in delineating the correct geographic, and geo-demographic areas where the targeted consumers are physically located."

Sample of Sources Used:

• Graf, L., Hemmasi, M., & Strong, K. C. 1996. Strategic analysis for resource allocation decisions in health care organizations. Journal of Managerial Issues, 8(1), 92+.
• Proctor, T. 2000. Strategic marketing: An introduction. London: Routledge.
• Raelin, J. A. 1990. Professional and business ethics: bridging the gap. Security Management, 34, 21+.
• Reynolds, N., Simintiras, A., & Diamantopoulos, A. 2003. Theoretical justification of sampling choices in international marketing research: Key issues and guidelines for researchers. Journal of International Business Studies, 34(1), 80+.
• Sims, R. R. 2002. Managing organizational behavior. Westport, CT: Quorum Books.

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