Main Subject - Business

All businesses need to engage strategic thinking and planning in all aspects of their business, especially the marketing plan for the business. In working with custom home builders as part of

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

my business coaching practice, I discovered only a few of them ever recognized the value of being strategic in their thinking and planning and had limited themselves to lower levels of success.

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

Fortunately, after they opened their minds to being more strategic, their outlook changed and they started putting some tips on strategic marketing to good use. One of the most vivid and rem

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

arkable examples was one custom home builder that went from one of their worst years in business to a record setting best year in business after committing to a strategic marketing approach.

B

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ased upon previous experience and some research, your strategic thinking business coach offers the following twelve (12) tips to home builders for more effective strategic marketing of their bu

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

siness.

1. Engage in strategic thinking and planning when developing your strategic marketing plan for your home building business. You may consider hiring a professional, such as a business

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

coach, to facilitate and guide you in the preparation of your strategic marketing plan.

2. Conduct a SWOT analysis to analyze the strengths, weaknesses, opportunities and threats associated w

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

th your home building business.

3. Identify your most desired clients and your ideal client profile to define who it is that you really want to market to for retaining existing clients and ac

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

quiring new clients.

4. Analyze your competition. Do some basic market research by visiting other home builder web sites, talking to competitor’s employees and review their booths at trade s

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

hows, talk with our competitor’s subcontractors and vendor representatives. And monitor their advertising to see what direction they are heading.

5. Develop clearly defined and measurable go

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

als and monitor your progress.

6. Develop a strategic integrated marketing communications plan to make sure you have planned for effective messages to your target markets.

7. Develop a mark

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

et position based upon identified opportunities. Clearly define the market position and focus on providing different benefits than your competition. Develop a positioning statement for your h

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ome building business. This can be used as a tag line that will help build brand loyalty and communicate benefits and features that your target market can relate to.

8. Incorporate and use t

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

he power of referrals as one of your key strategies in your strategic marketing plan.

9. Create and live by a strong code of ethics and company core values. Demonstrate in all that you do ea

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

h day in your home building business that these core values and ethics are how you conduct your business.

10. Commit to a continuous improvement philosophy in your marketing efforts. And com

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

mit to finding the “lessons learned” in the mistakes and failures and then taking action in the future based upon the “lessons learned.”

11. Commit to a “continuous marketing” mentality. You

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

r marketing efforts need to be continuous and not a “one shot deal” or a “sometime” activity. It is al “all the time” activity.

12. Develop an effective customer contact management system wi

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

th a goal of achieving Top Of Mind Awareness (TOMA) with your clients, prospects and stakeholders.

Your strategic thinking business coach encourages you to use strategic thinking and planning

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

in the development of your strategic marketing plan for your home building business. If you would like to learn more about strategic marketing plans, how to develop one for your business and h

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ow a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole through his website at www.businesscoach4u.com or by email at jgecoach@aol.co

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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