Market entry tactics and launching activities

PRA SERVICESMarket Entry Tactics and Launching Activities

Market entry tactics and launching activities

when we look to define a pharmaceutical marketing strategy or a range of strategic marketing options, we need to ask ourselves the following questions in accordance to our marketing/organisational objectives:

How will our marketing activities help make sales?
What market trends are emerging that we need to respond to?
What position will we strive to achieve?
Which pharma market segments will be targeted with which propositions?
What communication strategies will be used to support customer acquisition?
What experience will we look to create for our audiences?
How can we differ from our competitors?

The most common pharmaceutical marketing strategies

MARKET/PRODUCT DEVELOPMENT STRATEGY

A product/market development strategy concerns developing new products or modifying existing products and offering those products to current or new markets. These strategies typically surface when there is little opportunity for growth in an organisation's existing market.

REVENUE STRATEGY

A revenue model strategy (or more casually, a business strategy) is a strategy usually focused on forming a product or service whereby advertising or licencing revenue can be generated subsequently, or more broadly, a strategy focused on generating revenue.

POSITIONING AND DIFFERENTIATION STRATEGY

The section above briefly touches on positioning and differentiation in the context of segments and sub-markets - elements concerned with the customer. This strategy, on the other hand, assumes that the organisation’s marketing strategy indeed takes into account the customer’s perception of the offering but relative to those of the competition.

TARGET MARKETING STRATEGY

Every pharmaceutical marketing strategy will involve an element of targeting. Targeting enables organisations to narrow their focus and aim marketing campaigns and messages at a specific segment of the market, thus becoming more relevant to the audience and increasing the chances of conversion into a customer or client. Essentially focusing on customers that an organisation can serve best.