Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Term Paper:
Marketing Success of Pfizer Pharmaceutical Company
Pfizer is undeniably the most successful pharmaceutical company in existence. It rated first in U.S. sales from April 2002 through March 2003, with a total sales number of $20 billion USD, which accounted for 10% of the market share, and 12% growth. It ranked #1 ahead of GlaxoSmithKline, Johnson & Johnson, and Merck & Co., which took the second, third, and fourth spots, respectively. Much, if not most, of Pfizer's success is due to the corporation's marketing genius, which is considered to be among the best in the industry. Pfizer also has one of the best safety records in the industry, which helps in gaining investors and trust in the company. Interestingly, unlike most large corporations, Pfizer draws revenue from a limited number of products. It is the marketing power demonstrated by Pfizer, in which brand recognition plays a huge role, that has resulted in astronomical profits for the pharmaceutical company.
Company Structure and Marketing Strategies
According to Pfizer.com, the pharmaceutical corporation's mission statement is:
We dedicate ourselves to humanity's quest for longer, healthier, happier lives through innovation in pharmaceutical, consumer and animal health products."
To achieve the objectives outlined in this mission statement, Pfizer contains several different corporate entities, including a marketing group, a Global Market Analytics (GMA) group, as well as a department focused on human resources and organizational effectiveness.
The marketing group at Pfizer has helped make Pfizer's products top-sellers in their class continuously throughout the years, which has set industry records, and has increased revenues for the company by 50% over the last five years. The Worldwide Marketing team at Pfizer is an integral part of the company's brand, customer segment and therapeutic specialists. This marketing group works with medical professionals and market analytic groups in order to gain a comprehensive understanding of customer needs and develop innovative marketing strategies. This group also collaborates with external professional and consumer organizations and medical communication companies to make sure that product strategies are heading in the right direction.
The marketing principles utilized by Pfizer guides every aspect of the corporation's business. There are five main principles that are fundamental to Pfizer's business practices. First, the work conducted by Pfizer is grounded in science. With solid clinical research as a foundation, Pfizer's marketing group uses its credibility and knowledge to develop important relationships within the medical community. Second, Pfizer takes an integrated approach to its marketing strategies. Innovation is promoted through the encouragement of teamwork within and across marketing groups. This also allows Pfizer to respond flexibly and promptly to changes in the market.
Third, Pfizer conducts rigorous research and analysis, which are essential in the creation and expansion of markets. This allow Pfizer to identify areas that have unmet needs, and to develop strategies to facilitate effective customer relations. This leads to the fourth marketing principle practiced by Pfizer, which is maintaining the customer as the central focus. Pfizer strives to gain a comprehensive understanding of the needs of customers amidst ever-changing and complicated markets. Fifth, and finally, Pfizer enhances their branding power through the use of education, opinion leader development, and product-specific, tailored marketing strategies. These elements ensure that the brands produced by Pfizer are highly visible and clearly differentiated.
Pfizer is continually trying to communicate complex, scientific messages in an effective manner to a diverse audience. This is accomplished via the marketing group, which targets customers that range from doctors and patients to third-party payers and patient advocacy groups.
Another integral part of Pfizer's structural make-up is the Global Market Analytics (GMA) group. This is a group of internal market research consultants that advise the many pharmaceutical marketing teams that operate within Pfizer. GMA is of utmost importance to Pfizer as a whole, in that the group identifies areas of need that are unmet, and assist the marketing teams in developing better, more effective strategies for customer relations with potential, existing and prior customers. This group uses qualitative or exploratory research, along with ideation and complex quantitative analysis to aid in the development of appropriate measures of marketing success.
GMA consists of four functional areas, which are all important to the success of Pfizer. The first area is the Product Research Group. This group works closely with a marketing team to develop strategies for marketing the brands represented by Pfizer. This includes conducting research with physicians, consumers, and managed care organizations. The second functional area of GMA is the New Products Market Research Group. This groups works in close proximity with Pfizer Global Research and Development at the early stages of a products existence, in order to gather data that may help in the determination of the product's potential value in a commercial market. In addition, this group also helps in the development of clinical studies required for the labelling of products.
The third functional area of GMA is the Customer and Local Market Research Group. This group has several responsibilities, including the analysis of product-specific data in local markets, as well as the uncovering and analysis of current and developing trends in relevant populations, including the medical community.
The fourth, and final, functional area of GMA is the Management Science Group. This group uses quantitative modeling analyses, systematic frameworks and organization learning to address a range of sales and strategic marketing issues. These issues include field force structure and needs of sales expansion. Essentially, this group helps internal customers and senior management effectively make decisions grounded in a deeper understanding of trends and challenges currently facing the marketplace.
The department focused on human resources and organizational effectiveness is also a fundamental part of the processes involved in the success of Pfizer. Human Resources plays a vital role in the Pfizer corporation, due to dedication to the recruitment of top-notch talent from a wide range of backgrounds and experiences, and furthermore ensuring that these talented individuals stay within the company and grow professionally. Pfizer accomplishes this by offering generous compensation and benefits, as well as numerous developmental initiatives and meticulous organizational planning.
Three distinct groups compose the Human Resources entity at Pfizer. These groups are the Human Resource Generalists, the Strategic Staffing Group, and the Human Resources Strategic Group. The Human Resource Generalists guide Pfizer's main business units through important processes, such as colleague development and reviews of compensation. This groups works along with the Strategic Staffing Group, which is responsible for attracting and hiring talent to work with Pfizer. These two groups know the business of Pfizer's internal clients, and provide continuous support to sales, marketing, financial and medical teams within Pfizer. Strategies are devised for talent development and retention, and the needs regarding skills and capabilities of colleagues are addressed.
The Human Resources Strategic Process Group consults on human resource processes to both the Human Resource Generalists and the Strategic Staffing Group. Some of these processes include compensation analysis and colleague communications.
Pfizer also has a Worldwide Organizational Effectiveness and Consulting Services Team (OE and CS) works within the company to solve complex business problems, enhance business performance, and increase the company's organizational capabilities. This group works collaboratively with Human Resources, Pfizer Global Learning and Development, as well as other functional groups within the company, in order to pursue each project with an analytic, customized approach.
OE and CS plays six roles within Pfizer. First, this group is involved in the design of the organization, the improvement of processes, as well as alliance support. Second, OE and CS plays a crucial role in leadership development and succession planning for Pfizer. Third, this group also aids in the improvement of individual and team performance. Fourth, OE and CS are involved in ensuring that the field sales force employed by Pfizer is operating effectively. Fifth, this group helps in the task of change management along with colleagues in Information Technology. Sixth, and finally, OE and CS are involved consultations with external customers on a limited basis.
Another integral part of Pfizer's success is their effective processes of product development. The Product Development Team is the connective core of Pfizer, which connects research, marketing, and upper management of Pfizer. This group identifies opportunities for commercial development, and prepares both the products and the market for lunch. Therefore this part of the company is crucial for the marketing success of products. The Product Development Team provides guidance to Pfizer Global Research and Development and Pfizer leadership throughout the research and development process. This group consults on the allocation of resources and management of the product portfolio. Product Development at Pfizer is divided into four main functional areas, including Market Assessment, New Product Development, Portfolio Decision Analysis, and Global Development Teams.
All of these structural units that make up Pfizer are important to their marketing success. As mentioned earlier, the marketing principles embraced by Pfizer guide every aspect of the company's conduct.
Pfizer is considered to have one of the best marketing forces in the business. One key strength embodied by Pfizer is its brand power. Pharmaceutical companies are…[continue]
"Educational Leadership" (2003, November 12) Retrieved December 4, 2016, from http://www.paperdue.com/essay/educational-leadership-157907
"Educational Leadership" 12 November 2003. Web.4 December. 2016. <http://www.paperdue.com/essay/educational-leadership-157907>
"Educational Leadership", 12 November 2003, Accessed.4 December. 2016, http://www.paperdue.com/essay/educational-leadership-157907
Educational Leadership Merriam-Webster's New English Dictionary defines a leader as being, "a person who has commanding authority or influence" (Merriam-Webster's New English Dictionary, 2011). Most would agree that this definition adequately captures the essence of what is a leader. However, I believe that anyone in a leadership position (especially one in the educational arena) should be extremely proactive and thoughtfully responsive to the various issues presented to him or her on
Educational Leadership "When Leadership Spells Danger" (Heifetz, et al.) The article by Heifetz and Linsky takes the position that part of the job of leadership in education is not just teaching, but also "…mobilizing schools, families, and communities" in order to effectively confront serious issues. The issues the authors talk about sometimes get pushed aside: student health, student achievement and student "civic development" (p. 33). The kind of leadership that the authors emphasize
Educational Leadership Psychologist Mihaly Csikszentmihaly, towards the end of the year 1995 composition for Daedalus wrote that with miserable promptness, the American society is coming back to the pains to perk up public school education. These pains more often than not fail for the reason that education is considered barely as schooling. However, developments in schools do not essentially match up to a development in the culture of children. Whether or
Educational Leadership in Latino Students Flow of Information: Introduction/Preliminary Lit Analysis Status of Performance of Latino Students Why Study Latinos? Why the Latino Performance is Low? How to change the situation? Los Angeles Specific Data/Information Increase & Improve Teacher/School Parent Communication Train the teachers - Development Improve Substitute Teaching Set High Expectations Latino Experience in Princeton Tracking of Students' Performance - Is it Right? Latino Para-Educator Vs Latino Student How do teacher expectations affect student outcomes? This study was intended to investigate whether teacher expectation of
Educational Leadership & Student Assessment in Pennsylvania Student assessment has recently become a matter of great controversy in Pennsylvania, as many critics argue that it is not an accurate measure of students' attainment of the state's academic standards. For example, the Pennsylvania System of School Assessment (PSSA) is designed to assess the quality of public schools and make the information known to parents, teachers, school districts, and the general public (Commonwealth of
Educational Leadership A leader in the field of education -- whether a teacher, counselor or an administrator -- has certain specific obligations and moral duties to carry out. What about the ability to show leadership? In this paper a review of two books that present examples of how educational leadership should be carried out for the best possible results. Literature on Leadership in Educational Fields A leader must be able to manage conflict
In that regard, a leader who gets things done through coercion as opposed to consensus could be regarded a successful but not an effective leader. Looked at from another perspective, successful leadership differs from effective leadership on the basis of emphasis. While emphasis in successful leadership is on power and position, the emphasis when it comes to effective leadership is often on the personal attributes of a leader. It