Tags |
|
|
Links |
|
|
Just Other Articles - Creating, Recognizing & Measuring Value
Price is what you pay - value is what you get.
Warren Buffett, Chairman of Berkshire Securities
Deliver value that your customers recognize, appreciate and reward. If you want your customers to value
Deliver value that your customers recognize, appreciate and reward. If you want your customers to value
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
what you offer - you must demonstrate that you value them.
Value implies trust so start by building trust. Always under-promise and over-deliver. Be known for keeping your promise and then some. Be h
Value implies trust so start by building trust. Always under-promise and over-deliver. Be known for keeping your promise and then some. Be h
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
onest. Never promise what you cannot deliver.
Don't confuse value with cost. A product's value is almost never equal to its cost. For example, your product might cost you $2 and you sell it for $10. T
Don't confuse value with cost. A product's value is almost never equal to its cost. For example, your product might cost you $2 and you sell it for $10. T
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e value to you is $10. The value to the customer will usually be more than the selling price. If it was only worth $10 to the customer then they have no motivation to buy. But if the value to them is g
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
reater than the selling price, they are motivated to trade their money for something of greater value. It may be worth $25 to the customer. Then they will gladly give up $10 of their money for the prod
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
uct. The more that value exceeds the cost of the purchase, the more the customer will want to buy from you. Always offer value that is greater than the price they pay. Your challenge is to ensure the c
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
stomer sees much more value than their cost.
The Value Formula How can value be so different from cost? Examine the following formula, then discover where you can concentrate your efforts to enhance
The Value Formula How can value be so different from cost? Examine the following formula, then discover where you can concentrate your efforts to enhance
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
value.
Total value = real value + perceived value
Let's take it apart to understand it. Real value comprises the tangibles. It is relatively easy to measure. Real value can be expressed in this manne
Total value = real value + perceived value
Let's take it apart to understand it. Real value comprises the tangibles. It is relatively easy to measure. Real value can be expressed in this manne
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r:
Real value = function/cost
Function is what the product or service does in mechanical or analytical terms. Imagine you are buying a new car. If you are shopping for the best real value, you would
Real value = function/cost
Function is what the product or service does in mechanical or analytical terms. Imagine you are buying a new car. If you are shopping for the best real value, you would
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
et the most function efficient ground transportation for the lowest cost. You could measure the car's function factor by comparing it with the cost of your practical alternatives; public transit, car p
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ooling, taxi, bicycle, limousine, various car models. You might wish to consider the costs of these alternatives in terms of time and inconvenience. What does your new car give you that these other mod
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
es of transportation don't?
Having determined the new car's function factor, you can divide it by its cost. Is its function worth more to you than its cost? If so, the new car has real value. At the e
Having determined the new car's function factor, you can divide it by its cost. Is its function worth more to you than its cost? If so, the new car has real value. At the e
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
d of your analysis you would buy the cheapest car. Not necessarily. Remember that what you are willing to pay for your car is based on the total value to you, which is a factor of both real and perceiv
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ed value. So, sometimes without realizing it, you assign value to less quantifiable benefits and buy something that you like. Liking is not part of real value, it is part of a product's perceived value
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
.
Perceived Value = belief x emotion
Compared with real value, perceived value is more difficult to measure directly. Yet it can have greater impact on total value. Perceived value is the product of
Perceived Value = belief x emotion
Compared with real value, perceived value is more difficult to measure directly. Yet it can have greater impact on total value. Perceived value is the product of
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
elief times emotion. It is influenced by intangibles such as image, credibility, beauty and feelings - all the benefits you should emphasize in your marketing efforts. Emphasizing your perceived value
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
is the surest way to differentiate yourself from the competition - and gain you more profit. Perceived value is what makes a brand name more valuable than a no-name. Nike is one example of a company th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
at built a fortune on perceived value. As individuals we think differently, perceive differently, and place different values on things. Beware of that. Use it to your advantage. When your prospect want
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
to negotiate price, remember to build up your product's perceived value.
How can you enhance the value of what you sell? If you are only looking at the cost of paper and ink then you are forcing your
How can you enhance the value of what you sell? If you are only looking at the cost of paper and ink then you are forcing your
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
self to compete in the commodity game. Instead find ways to emphasize the value of your relationship, the creative, - the intangibles.
Always deliver real value too but compete on the perceived value
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.justotherarticles.org.ua/article/28323/justotherarticles-Creating-Recognizing--Measuring-Value.html">Creating, Recognizing & Measuring Value</a>
BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/28323/justotherarticles-Creating-Recognizing--Measuring-Value.html]Creating, Recognizing & Measuring Value[/url]
Related Articles:
Private Label Products: Trend For The Best?
How to Transform Your Voicemail into an Effective Medium of Communication
Increase Business Performance by Setting Performance Standards & Expectations for Your Employees
Bookmark it:
|