Pharmaceutical Marketing: Introduction to Marketing

Definition of marketing
EXCHANGES between people in which SOMETHING OF VALUE is TRADED for the purpose of SATISFYING NEEDS and WANTS
So marketing is all about
Exchanges <<< KNOW THIS
So in general marketing is the delivery of
Delivery of customer satisfaction at a profit
Name 3 elements associated with the act of marketing
1) Needs
2) Wants
3) Demands
What is a need?
What is required; such as food
What is a want?
What we want; for example you may need food but you want a hamburger
What are demands
Wants backed by buying power; you want the hamburger but can’t have it unless you have the money
Marketing is about ____ other people
Influencing
What is transactional marketing
Isolated; individual transactions
What is relationship marketing
Series of transactions over time
Which one is more profitable in the long run
Relationship marketing by far
Which one is more profitable in the short run
Transactional marketing
What is the whole focus of relationship marketing
Focus less on bargaining hard for deals and more on meeting the needs of the other party
There are many similarities between
Relationship marketing and pharmaceutical care
What is a common misconception about marketing
Marketing is selling or advertising; it is these things but much more
Everything a pharmacist can do can be called
Marketing
Marketing pharmaceutical services is about influencing
Patients, physicians, insurance companies, etc
Why is marketing important to pharmacists
Job opportunities have gotten more difficult
What is proactive vs reactive
Proactive- changing things
Reactive- continuing on the same course
Is pharmacy proactive or reactive
Pharmacists are reactive
Profession is proactive
Whether marketing is good or bad depends on what
The practice and approach
What is the production concept
Consumers favor products that are available and highly affordable; goal is to increase production and distribution
What is the product concept
Consumers favor products that offer the most quality, performance, and innovation
What is the selling concept?
Consumers will buy products only if the company promotes/sells these products (think life insurance)
What is the marketing concept
Focuses on needs/wants of target markets and delivering satisfaction better than competitors (consumer satisfaction at a profit)
What is the societal marketing concept
Focuses on needs/wants of target markets and delivering superior value (marketing concept + more; this looks at the good it does for society)
Production concept major task is
Organization to pursue efficacy in production and distribution
Example related to pharmacy of production concept
Filling as many scripts as possible; treat people as a number instead of an individual
Production concept assumes that
If it is cheap enough others will buy
What is an issue that often happens with the product concepts
Markets make the product without researching whether consumers want it; if people make a better mouse trap then people won’t buy it unless priced correctly
How is this issue related to pharmacy
Does the consumer really want pharmaceutical care or MTM
Bottom line of product concept
A business can’t sell a product or service because it wants to
What is the goal of the selling concept
Sale as much of a product that consumer’s don’t want or seek out (think life insurance)
Why could the selling concept be dangerous in pharmacy
It could promote the use of unneeded or even harmful drugs
What is the goal goal of the marketing concept
Determining needs and wants of target customers and satisfy them
What is the difference between marketing and selling concepts
Selling; push the products down peoples throats; profits through volume
Marketing concept; profit through satisfying consumers needs
What 3 things does the societal marketing product look at?
1) Society (human welfare)
2) Consumers wants and satisfaction
3) Company (Profits)
So societal marking extends marketing concept by looking at
Societal impact (pseudoephedrine has unlimited demand but its bad for society)
Relationship marketing is what 2 approaches to marketing
1) Marketing
2) Societal Marketing
Name 3 key obstacles to the marketing of pharmacists’ services
1) Do customers want what we are offering
2) Silos in healthcare
3) Public perception of pharmacists