HOW TO CREATE NEW PHARMACEUTICAL BRAND

Today we will talk about how to create new pharmaceutical brand.

First we must do our  best in market research such as doing SWOT analysis for our new brand.

Pharmaceutical companies must take the fundamental step of identifying what decisions should be made for a specific launch ensuring a road map, quality standards, resource    benchmarks , and a readiness process is in place

Pharmaceutical companies must also shape and execute those decisions effectively.

Each launch has its own set of success factors, and we believe companies should ensure they are exceptional at a handful of them at a minimum rather than merely good at everything.

We also advocate selecting, training, and motivating the extended launch team and fostering a culture and management style that delivers great launches.

Today’s environment requires such a systematic approach: pharmaceutical companies must establish unmet needs in a disease area, develop deep customer insight as a basis for a truly differentiated positioning, land the products safely in the market and then put promotion plan for this new product.

Pricing Strategies

Before you put the price for any product you should know the different types of Pricing Strategies.

Today I will talk about some of these types.

1-SKIMMING PRICE STRATEGY

A pricing strategy in which a new product is priced high to make optimum profit while there is little competition .

2-PENETRATION STRATEGY 

A pricing strategy in which a product is priced low to attract more customers and discourage competitors.

3-EVERY DAY LOW PRICING (EDLP)

A pricing strategy where prices are set lower than others and don't have many special sales.

4-HIGH-LOW PRICING STRATEGY

This strategy has regular prices that are higher than at stores using (EDLP) but they have many special sales in which the prices are lower.

5-BUNDLING STRATEGY

Grouping two or more products together and pricing them as a unit.

6-PSYCHOLOGICAL PRICING (ODD PRICING

pricing goods and services at price points that make them appear less expensive than they are.

ELEMENTS OF PROMOTION

Marketing has 4ps (promotion,product,price,and place) 

Today I will talk about types promotion .

there are five types of promotion.

1- ADVERTISING

Advertising is paid ,non personal communication through various media by organization and individuals who are in some way identified in the advertising message and the main benefit of advertising is informing us about the product.

2-SALES PROMOTION

sales promotion is promotional tool that stimulates consumer purchasing and dealer interest by mean of short -term activities .

3-PERSONAL SELLING

personal selling is face to face presentation and promotion of goods and services .

4-PUBLIC RELATION (PR)

the management function that evaluates public attitudes. changes policies and procedures accordingly ,and executes a program of action and information to earn public understanding and acceptance.

5-DIRECT MARKETING

direct marketing is selling product or services from the organization direct 

LEADERSHIP STYLES

Today I will talk about Leadership Styles and I want to tell you that No one style is better than another, as it depends on the situation ,and different styles work best in different situations.and good leader should use the type of style which suitable with the situation. 

There are three types of leadership styles:

1- AUTOCRATIC   LEADERSHIP

In this type the leader make the managerial decisions without consulting others.

2-PARTICIPATIVE  OR  DEMOCRATIC  LEADERSHIP

In this type leaders or managers and employees work together to make decisions.

3-FREE -REIN  OR  LAISSEZ  FAIRE   LEADERSHIP 

In this type the leaders setting objectives and then the employees being relatively free to do whatever it takes to accomplish those objectives. 

Importance of motivation in management

First what is the meaning of motivation?

Motivation is the drive to satisfy a need.

Motivation is very important for management 

when people work and work hard they need motivation to keep the progress in the organization .

there are two types of Motivation

1-Intrinsic reward

Intrinsic reward is the personal satisfaction you feel when you perform well and achieve goals .

the belief that your work makes a significant contribution to the organization and being told that you did a good job.

 2-Extrinsic reward

Extrinsic reward is something given to the person by someone else as recognition for good work .

such things as compensation,promotion,or other benefits .