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Main Subject - Marketing Strategy-Globalization
Most countries nowadays try to trade internationally. There is no need for the country to limit itself to the domestic market only. With the globalization taking place the international boundaries is not a problem any more. However, some countries are not familiar with the international markets and they need to learn from the experiences ot
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
her countries have.
Limited resources might also lead to that the company prefers forms of market entry that are not so costly and hazardous. However, during the last two decades, companies have developed their international activities more on a contingency basis. The international market behaviour has been influenced by a need to take
Limited resources might also lead to that the company prefers forms of market entry that are not so costly and hazardous. However, during the last two decades, companies have developed their international activities more on a contingency basis. The international market behaviour has been influenced by a need to take
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
advantage of different
market opportunities and by an increasing need to serve customers in
the global market environment. Due to the competitive situation it
might also have been necessary to introduce products more quickly in
the marketplace or to introduce products to several markets
simultaneously.
Even if the international marke
Even if the international marke
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
t gives a company opportunity to
exploit their competitive advantages the rate of change has
accelerated dramatically during the last decade. Many of the changes
are taking place due to an increased globalisation and the business
environment is influenced by economic and political factors. Coupled
with the changing economic environment
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
there has also been a
continuous change in social attitudes and values, which are likely to
have implications for marketing management. New technology has caused
major changes in production technology and has also served to increase
the rate of change. Newer technology has, therefore, a major impact on
particular aspects of marketing.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
The strategy of any organisation will
be shaped by the company's own capabilities and competencies, but also
by the competitive environment.
Much of the literature on international marketing refers to export marketing and the process of internationalisation by which companies gradually increase their international involvement. Commitme
Much of the literature on international marketing refers to export marketing and the process of internationalisation by which companies gradually increase their international involvement. Commitme
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
nt to
international market development requires that a company devote
resources and management capacity to fulfil their strategic
intentions. International marketing is the process of focusing the
resources and objectives of a company on global marketing
opportunities.
The marketing concept requires more than being able to meet custom
The marketing concept requires more than being able to meet custom
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
er
needs - it requires meeting them better than competitors. The basic
goal of marketing is therefore to develop a competitive advantage and
to create customer value by maintaining focus on its key customer
group. Due to the changing market environment, it is necessary to
adjust the marketing strategy accordingly. Customers choose thos
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
suppliers which offer the best value. If a company does not have a
competitive advantage it will lose market share or have to cut prices
to retain the market share. Strategic market planning is concerned
with adapting the organisation to a changing environment.
Organisations succeed when they meet the need of customers more
effective
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
ly than competitors
The actual marketing strategy can be formulated in different ways, but usually it includes the following dimensions:
* the product or service market where the company compete;
* the level of investment to maintain or grow the business;
* the product line, positioning, pricing and distribution strategies needed to c
The actual marketing strategy can be formulated in different ways, but usually it includes the following dimensions:
* the product or service market where the company compete;
* the level of investment to maintain or grow the business;
* the product line, positioning, pricing and distribution strategies needed to c
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ompete in selected markets;
* assets or skills to provide a sustainable competitive advantage.
In the long run, success depends on creating core competencies in the areas where the company operates.
Economic and technological developments are driving the world towards a global marketplace. With current economic changes making internat
* assets or skills to provide a sustainable competitive advantage.
In the long run, success depends on creating core competencies in the areas where the company operates.
Economic and technological developments are driving the world towards a global marketplace. With current economic changes making internat
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ional trade more accessible and increased technology making
communication more possible, the issue of effectively implementing
international marketing strategy is becoming increasingly important.
Given the need to implement more effective marketing strategies, a
better understanding of the globalization process is needed.
The dynamic n
The dynamic n
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ture of the global economy has prompted marketing
managers to consider a number of factors when implementing global
marketing strategy. Two factors are critical: brand-image consistency
and economies of scale.
Economies of scale develop from the increased, unrestricted market size available to the firm. Increased market size means incr
Economies of scale develop from the increased, unrestricted market size available to the firm. Increased market size means incr
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
eased
production, which enables a firm to achieve sizeable cost savings
through economies of scale. Economies of scale allow organizations to
capitalize on their cost savings either through a low-cost strategy,
or by maintaining a market price strategy, which permits them to reap
significantly higher margins than their competitors. Fro
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
m a marketing
standpoint, utilizing the same campaign over multiple markets,
organizations are able to spread fixed costs (i.e. advertising
development) over a larger number of units (i.e. coverage) leading to
an overall lower per unit cost. Imagine the cost savings that could
have been realized by Unilever if they had simply used the
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
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
brand name
Radion in Austria as well as Germany. Overall marketing strategy costs
would have been reduced by standardizing both the product and
advertising for use in both markets, rather than incurring the costs
of producing two separate products and promotional campaigns. While
managers realize all aspects of global marketing strateg
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
cannot be
standardized, each component of the strategy that is standardized
produces increased cost savings.
Standardization, as discussed through the international product life cycle (IPLC), may enable marketing managers to conceptualize better the dynamic nature of technology-based products in the new global environment. The IPLC c
Standardization, as discussed through the international product life cycle (IPLC), may enable marketing managers to conceptualize better the dynamic nature of technology-based products in the new global environment. The IPLC c
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
oncept describes the movement of production
facilities throughout the life of a product. While still controversial in terms of predicting
direct investment, the IPLC provides
a perspective through which the transition from a local, to a
regional, to a standard marketing strategy can be better understood.
Summarized, the IPLC indicates
.
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
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
that initially a product is innovative
(i.e. considered on the cutting edge of technology within its
respective product category) and highly attribute adaptable (i.e.,
many product modifications are made) during its initial period of
introduction, usually occurring in high-income countries. As the
product moves throughout the IPLC it b
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ecomes more standardized (i.e.
less novel in relation to other products). During this transition
process production moves from higher to lower cost producing countries.
Thus, on introduction, products are
more novel and price inelastic and throughout their life cycle they
become relatively obsolete, standardized and more price elastic
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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