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Just Other Articles - What Are Your Marketing Decisions Based On?
We all like to think we base our decisions on hard facts, but that’s not always the case. Business leaders will talk about doing their due diligence prior to making a decision; but in reality, when it comes down to it, what really pushes us to select one thing over another is our feelings.
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
While instinct and intuition do play a role in business (stories abound of business people who refused to pay attention to the facts and created a success out of what should have been a disaster), 9 times out of 10, cold hard facts and reality cannot and should not be ignored.
This new mi
; 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
ni-series of BrandReturn™ (our newsletter’s new name) will introduce the basic concepts of business and market research, share some methods of obtaining data, and prod you to begin collecting data and analyzing that data.
Market research consists of two primary categories: primary data and
Market research consists of two primary categories: primary data and
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
secondary data.
Primary data is made of information obtained through focus groups, surveys, and observation.
Secondary data is provided by another group, such as the Census Bureau, a professional association, or think tank. A problem with using secondary data sources is their information
Primary data is made of information obtained through focus groups, surveys, and observation.
Secondary data is provided by another group, such as the Census Bureau, a professional association, or think tank. A problem with using secondary data sources is their information
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
may not relate to your target market or geographic area.
Obtaining primary data yourself is time consuming and can be expensive; but how much money have you or your company wasted on advertising or activities that ended up not generating the business you thought they would?
You already ha
Obtaining primary data yourself is time consuming and can be expensive; but how much money have you or your company wasted on advertising or activities that ended up not generating the business you thought they would?
You already ha
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ve some primary data in your customers’ buying patterns. If you don’t have a system that provides you with mechanisms to breakdown data into various groups, then you need to begin investigating how to acquire one.
Here’s an example of how data review and analysis can become important:
A l
Here’s an example of how data review and analysis can become important:
A l
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
rge hotel was experiencing an increase in revenue but not an increase in profit.
As the hotel began to study expenses, it discovered that managers were over-scheduling employees on the weekends and even paying overtime to deal with the expected increase in customers that marketing was driv
As the hotel began to study expenses, it discovered that managers were over-scheduling employees on the weekends and even paying overtime to deal with the expected increase in customers that marketing was driv
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
ing in. Naturally most business would come in on the weekend and the facility would staff up on Friday afternoons and evenings. When check-in data was examined, management discovered that most visitors were checking in on Saturday morning. By making scheduling adjustments and cross-training
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
employees, the hotel was able to use fewer employees to handle the influx of customers. More employees were given time off on Friday nights, raising employee morale which resulted in improved customer service. Soon, expenses were down, revenue was up, and most importantly, profits were up.
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
None of that would have happened if management didn’t take the time to look at the statistics, analyze the data, and make adjustments.
Surveys can also provide important information a business can use to improve the customer experience, the employee experience, or extend the brand through
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
additional product offerings.
Surveys are labor intensive since they take a bit of time to create, administer, then compile and analyze the data. If spending a couple of thousand dollars can lead to tens of thousands or hundreds of thousands or more in revenue, it’s money well spent. The
Surveys are labor intensive since they take a bit of time to create, administer, then compile and analyze the data. If spending a couple of thousand dollars can lead to tens of thousands or hundreds of thousands or more in revenue, it’s money well spent. The
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
same can be said if that investment saves you from spending even more money to invest in something that your customers don’t want (and remember: Customers don’t buy what they need. They buy what they want.).
There are lots of ways to conduct a survey. The method used depends on what data y
There are lots of ways to conduct a survey. The method used depends on what data y
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
u’re trying to obtain and what customer segment or segment of potential customers (or former customers) you’re trying to reach.
For example, if you own a bricks-and-mortar store, you can ask your customers to complete a quick comment or survey card while you package their purchases. Of cou
For example, if you own a bricks-and-mortar store, you can ask your customers to complete a quick comment or survey card while you package their purchases. Of cou
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
rse, they may not be as entirely honest as they could be since you’re standing in front of them and, assuming you read the card right after they walk away it’s not anonymous (you could have them drop it in a box for an extra level of anonymity).
You could also mail surveys to customers (wi
You could also mail surveys to customers (wi
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
th a self-addressed, stamped envelope or SASE), try phone surveys (you can just imagine how hard they are to conduct), or email surveys. All of these techniques have pros and cons and we can’t stress enough that the method you pick should be the best method to be used with the population yo
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
’re targeting. If your customers are in a certain age group who are not heavy internet users, an internet-based survey administered through email would be a mistake.
Focus groups can be a great source of information but you’ll need to consider how you recruit the participants, what charact
Focus groups can be a great source of information but you’ll need to consider how you recruit the participants, what charact
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
eristics (demographic and psychographic) should your participants possess or not possess, and what will you give them as an incentive to attend.
That’s right. You have to incent people to attend. Only the rarest of the rare will participate in a focus group just because it sounds like a fu
That’s right. You have to incent people to attend. Only the rarest of the rare will participate in a focus group just because it sounds like a fu
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
n thing to do. Even surveys need some level of incentive to increase participation. Including a SASE is a bare minimum. No one is going to provide the envelope and postage to complete a survey for your business.
We hope this introduction to research has motivated you to begin thinking abou
We hope this introduction to research has motivated you to begin thinking abou
.
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
your decision process, the information you’re collecting, and how research could possibly benefit your organization.
In our next issue we’ll discuss how research impacts advertising and marketing decisions and how it gives you more bang for your buck.
© 2006 Abiah Designs. Visit
In our next issue we’ll discuss how research impacts advertising and marketing decisions and how it gives you more bang for your buck.
© 2006 Abiah Designs. Visit
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
t="_new" href="http://www.abiahdesigns.com">http://www.abiahdesigns.com for additional articles and information on building a brand that resonates with your target market and to view their portfolio. Also, visit our BrandReturn blog
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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