Marketing Management While the Pharmaceutical Industry Generally Essay
- Length: 5 pages
- Sources: 5
- Subject: Business - Advertising
- Type: Essay
- Paper: #97245320
Excerpt from Essay :
While the pharmaceutical industry generally designs marketing campaigns to focus on customers, leaders in this sector must be able to set themselves apart from their competitors . In ideally achieving a leadership role in this industry, such a firm would likely have developed a strong sense of reliability and loyalty among its customers. Furthermore, as customers will directly interact with the final products, it becomes increasingly important for a leading organization to ensure that its products are readily available and better advertised (relative to its competitors) in order to maintain a leadership position. This is regularly accomplished by ensuring superior quality and service through strategic research and marketing.
A follower in a mature market should certainly emphasize the importance of the customer and his or her needs. This type of market segment implies a more sophisticated and knowledgeable customer base. Therefore, such demographics will demand high quality production and service. What is more, customers in such markets will not be as receptive to cost-cutting tactics that are designed to gain a leg up on competitors. The ability to effectively meet the specific and individualized needs of each customer in a mature market will go a long way in the development of brand loyalty and customer-initiated referrals, both of which are essential aspects of growth in this type of organizational landscape.
1.3) Similarly to the structural composition of a mature market, customers in a niche market are often highly demanding of superior quality and service. Especially in the field of interior design for luxury homes, clients will undoubtedly come with a large set of highly personalized requests. Therefore, it is critical for firms operating in such an industry to make it very clear in their marketing endeavors that they are ready and willing to cater themselves to clients' each and every desire. With the individualized nature of this particular industry, it would certainly be counterproductive to take a "cookie-cutter" approach to marketing campaigns. Being that pleasing the client is the ultimate goal, the firm's capacity to do so should shine through in their marketing models.
1.4) Being that the concept of economies of scale almost always refers to a larger firm's ability to initiate substantial intensifications in production causing market supplies to increase to such an extent that prices take an immediate drop, this type of resource and productivity surplus is exclusively geared to deter the profitable activities of competitors (Bernard & Schulze, 2000). The reason for the existence of this method lies in the fact that the operating costs for new market entrants are typically higher than those of incumbents because of their smaller size, undeveloped relationships with suppliers and creditors, and lack of historical market knowledge and experience (Spencer, 2009). Thus, if a firm (especially one with low margins) is able to achieve economies of scale, it should certainly be diligent in monitoring the activities of its competitors through strategic market management, in order to effectively implement this protective tool.
In this case, it would likely be much more profitable in the long-term if the hotel were to simply bundle everything together into one flat rate (including room and all mentioned activities). The concept of convenience would be the first reason for this approach. Knowing that all activities and excursions are included would allow travelers, couples and families to experience a heightened sense of relaxation, while enjoying their vacation. Being that rest, comfort and relaxation are among the top reasons why people go on vacation in the first place, this configuration certainly seems comprehensively appealing. Additionally, this structure would likely provide many vacationers with an added sense of security, knowing that they would not have to carry their wallets around with them for the entire trip. Furthermore, by bundling all activities into one price, it would allow vacationers to experience all that the hotel has to offer. Presumably, this would not be the case if everything were an additional cost because families would be more likely to pick and choose their activities (probably on the basis of price). Conversely, by being able to experience all the "extras" for one flat rate, hotel guests would surely be given a much more well-rounded experience and they will thus be much more likely to give favorable reviews and referrals as well as…