Marketing Pfizer's Glucotrol Term Paper by scribbler
A look at the marketing consideration for Pfizer's drug, Glucotrol.
# 152370 | 1,170 words | 4 sources | APA | 2013 |
Published on Feb 03, 2013 in Business (Marketing) , Medical and Health (Drugs)
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The paper begins by discussing the target market for Pfizer's product Glucotrol that includes the patient, physician and the payer, often an insurance company or a government program. The paper addresses several issues that should be considered when selecting and managing a target market, and discusses the importance of branding. This writer asserts that if Glucotrol was his product, he would continue to market it on the basis of being a differentiated product, he would invest in a targeted marketing effort directed at physicians and he would likely make a small adjustment to the price so that it better competes with the generics.
From the Paper:"A target market is best described as a group of potential customers sharing some common bond (Cowell, 1980). For Pfizer's product Glucotrol, the target market is comprised of sufferers on Type 2 diabetes, the disease that the drug is used to treat. The purpose of having a target market is so that the marketing activities can be geared towards that market using techniques, typologies and media that will best reach that audience. In the case of Glucotrol, the target market for Pfizer may need to be broken down further in order to be useful in the marketing function.
"In this case, the target market begins with all sufferers of Type 2 diabetes within the countries in which Pfizer markets Glucotrol. The company would benefit also from understanding the geographic, demographic and psychographic characteristics of sufferers of this disease. In the pharmaceutical or health care industry, the route to market can be complex, so the more the company understands about its target market the better. For example, patients do not typically purchase Glucotrol. Rather, they must receive a prescription from their physician or specialist. Therefore, while there are two target markets - the end user and the physician. It is through the latter that the company reaches the former."
Sample of Sources Used:
- Cowell, D. (1980). The marketing of services. Managerial Finance. Vol. 5 (3) 223-231.
- Abratt, R. (1993). Market segmentation practices of industrial marketers. Industrial Marketing Management. Vol. 22 (2) 79-84.
- Keller, K. (1993). Conceptualizing, measuring and managing customer-based brand equity. Journal of Marketing. Vol. 57 (1) 1-22.
- Grossman, G. & Shapiro, C. (1984). Informative advertising with differentiated products. Review of Economic Studies. Vol. LI, 63-81.
Cite this Term Paper:
Marketing Pfizer's Glucotrol (2013, February 03) Retrieved March 31, 2023, from https://www.academon.com/term-paper/marketing-pfizer-glucotrol-152370/
"Marketing Pfizer's Glucotrol" 03 February 2013. Web. 31 March. 2023. <https://www.academon.com/term-paper/marketing-pfizer-glucotrol-152370/>