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Chapter 2 Important Concepts in Marketing

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This presentation discusses some key marketing concepts of interest to pharmacists who want to promote pharmacy services.

Published in: Health & Medicine
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Chapter 2 Important Concepts in Marketing

  1. 1. IMPORTANT MARKETING CONCEPTS David Holdford, RPh, MS, PhD Professor, School of Pharmacy Virginia Commonwealth University Each Concept Has an Important Lesson for Pharmacists IMPORTANT MARKETING CONCEPTS
  2. 2. Slides to Accompany Chapter 2 in “Marketing for Pharmacists” 2
  3. 3. Learning Objectives Define key marketing terms: product; core, expected, and augmented product; marketing myopia; potential, target, and actual markets; the marketing mix; the four P’s; positioning; and value proposition Explain the difference between customers, partners, and competitors Describe two major categories of competitors Differentiate internal from external customers Describe the “products” offered by pharmacists Identify and differentiate the various marketing tasks, the type of demand they regulate, and suggested strategies
  4. 4. DEFINING THE PRODUCT “anything of value that can be exchanged to satisfy a need or want”
  5. 5. A PRODUCT CAN BE A (AN)… object (e.g., a syringe of antibiotic), service (e.g., cholesterol screening), activity (e.g., a poison prevention campaign), person (e.g., Bob, the clinical pharmacist), place (e.g., Medicine Shoppe pharmacy), organization (e.g., the American Pharmacists Association), or concept (e.g., medication therapy management)
  6. 6. MARKETING MYOPIA shortsighted, preoccupation with selling the tangible product while failing to consider the needs of the consumer
  7. 7. Core Product TOTAL PRODUCT CONCEPT the benefit resulting from the bundle of tangible goods, information, and services offered to the customer
  8. 8. JOBS-TO-BE-DONE FRAMEWORK encourages pharmacists to think about the job from the customer's perspective by asking "What job is the patient trying to get done?"
  9. 9. Core Product Expected Product TOTAL PRODUCT CONCEPT what the customer expects to receive from a marketer
  10. 10. Core Product Expected Product Augmented Product TOTAL PRODUCT CONCEPT Anything provided that is beyond what the customer expects
  11. 11. Core Product Expected Product Augmented Product Tangible Product TOTAL PRODUCT CONCEPT the physical, touchable vehicle for delivering the core product
  12. 12. MEASURING THE MARKET
  13. 13. MARKET Set of all individuals and organizations who are actual and potential buyers of a product or service Wherever there is potential for trade, there is a market
  14. 14. MARKET Actual market size depends on: Interest of the customer Ability to access and pay for the product Willingness to pay Actual market may include untargeted customers
  15. 15. MARKET Potential market size = (Total population in a market) x (Fraction who might reasonably be expected to purchase)
  16. 16. THE MARKETING MIX PRODUCT PLACE PRICE PROMOTION POSITION
  17. 17. CUSTOMER MARKETER
  18. 18. VALUE PROPOSITION promise of the value to be delivered to customers in exchange for some price explains in a compelling and clear manner why a product or service solves a problem or makes things better for customers than competing options Value proposition requires definition of: • target audience • the problem(s) faced by customers for which a solution is offered (e.g., non-adherence with medications, uncontrolled warfarin levels) • Based upon that information, the value proposition presents the main features of the value package to be provided, typically supported by evidence or logic-- called proof points.
  19. 19. WHAT IS THE DIFFERENCE? CUSTOMERS COMPETITORSPARTNERS
  20. 20. CUSTOMER Any person or group involved in an exchange External – people outside of the organization Internal – people within the organization
  21. 21. PRIMARY CUSTOMER
  22. 22. CUSTOMER ROLES IN HEALTHCARE Influencer - An individual whose advice can change some element of the buying decision Decider - The person with the authority to make the ultimate decision regarding purchase Patient - The person who actually consumes the product or service Provider - The individual or organization who provides a particular product or service Producer - The individual or organization who produces a particular product or service Payer - The one who pays for all or part of the health care product or service Care Provider - A friend or family member who provides care to a patient
  23. 23. COMPETITORS Any alternative to what you offer to customers Any alternative that can get in the way of an exchange between you and your customer
  24. 24. COMPETITORS Identification of competitors requires a clear definition of one’s product(s), customer(s), & market(s)
  25. 25. COMPETITORS Intra type competitors compete by offering similar tangible & augmented products Inter type competitors compete in terms of the benefits provided
  26. 26. SOCIAL MARKETING The primary competitor of social marketers is: existing unhealthy behavior
  27. 27. THE TASK OF MARKETING IS TO INFLUENCE DEMAND
  28. 28. THE TASK IS NOT ALWAYS TO INCREASE DEMAND
  29. 29. Market Demand Description Health Care Examples Negative Demand When potential customers dislike a product and may even go to great lengths to avoid it. Screening for colon cancer even when at high risk. Men's aversion to vasectomies. No Demand When customers are indifferent or uninterested in a product. Preventive health care services and MTM services. Latent Demand When there is a strong need but no product available to satisfy it. There are unmet needs for cures for cancer and drugs without adverse effects. Declining Demand When demand is falling and likely to continue falling. The old time pharmacy Irregular Demand This describes a market with undesirable fluctuations in demand. Retail pharmacy practice where customers decide the time and place to visit. Full Demand Supply is perfectly balanced with demand. Good examples are uncommon. Overfull Demand When demand exceeds supply. Drug shortages due to unexpected demand situations or shortages in supply. Unwhole- some Demand Demand that is not in the best interests of the consumer or society. Cigarette, illicit drug, and underage alcohol use
  30. 30. Summary Knowing marketing terminology helps to learn marketing concepts. Those concepts can be used to: Communicate with managers Understand more complex topics

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