ABSTRACT
Chapter 3 discusses pharmaceutical marketing from a strategic perspective. An emphasis has been placed on geographic, demographic, and behavioural segmentation of the pharmaceutical market here. In this chapter, personal, psychological, and social factors have been discussed as a means of explaining pharmaceutical market behaviour. In simple language, the seven stages of planning and implementing new pharmaceutical products are outlined. This section also includes the how-to part related to new pharmaceutical product launches and re-launching pharmaceutical products. With the help of a fishbone diagram, the gap analysis has been elaborated on the different stages of a pharmaceutical product life cycle (PLC). The different methods of applying effective brand management techniques to each stage have also been examined. In this chapter, Porter's five forces analysis is used to explain the competitive environment in pharmaceutical business practices and pharmaceutical marketing. Through the use of Ansoff's Matrix, this chapter discusses market penetration, product development, market development, and diversification. In this chapter, the key items of each of the six factors of the PESTEL framework (Political, Economic, Social, Technological, Environmental, and Legal) have been discussed. The chapter ends with a discussion of the VRIO framework and the acronym: valuable, rare, inimitable, and organization.
