Pfizer Cancer Drugs

Pfizer Cancer Drugs
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Contents Introduction. 2 Marketing initiative. 3 Customers’ needs. 3 The “four P’s” of marketing. 3 Drivers of demand. 4 Context 5 Marketing goals. 5 Industry segment 5 Target markets. 6 Market Analysis. 7 SWOT analysis. 7 Pfizer’s competitors. 8 Marketing Strategies. 9 Promotions strategy. 9 Resource requirements. 9 The success of Influencer Marketing. 10 Conclusion. 10 References. 11   Introduction
The 173 years of Pfizer company existence have seen a tremendous change in medicine and technology. Starting as a small family-owned company, the firm was able to adapt to the changes and the needs of its customers. At the moment, Pfizer is one of the leading companies involved in the innovation, creation, marketing, and supply of medicines and vaccines across the globe. The company, whose headquarters is in New York City, is involved in providing medical products to patients. The pharmaceutical company has specialized in offering solutions to diseases like cardiovascular diseases, rare diseases, and cancer. Pfizer has risen to become one of the top organizations in the pharmaceutical industry mainly due to its integration of scientific methods and modern technology to find solutions for life-threatening diseases. The company's mission is to be the leading company in the world in providing value to its stakeholders. Some of its stakeholders include the patients, staff, investors, and the local community. The vision of Pfizer is to improve patients' lives (Pfizer Mission Statement Analysis, n.d.). It will achieve its vision by using innovative ways to institute therapy for its patients. Although the organization has its headquarters in New York City, it has branches worldwide. The company has 165 branches worldwide, with its central distribution warehouses around Europe and Asia. The company's main products are categorized as either medicine or vaccine.
Marketing initiative
The Product selected for this study is a cancer drug. Recent research has shown that one out of five people is likely to get cancer during their lifetime. Therefore, the organization needs to find innovative drugs to prevent patients from succumbing to cancer. The marketing initiative involves three phases, with each phase guiding the company on how to make the next phase better. The first phase of the marketing initiative involves the introduction of breast and prostate cancer. The company intends to upgrade the already existing breast and prostate cancer drugs to more effective ones, and the market reaction will determine when the second phase will begin. The second phase of the marketing initiative will be the introduction of treatments for lung cancer. The last phase is the provision of therapy to its patients. Twenty years ago, Pfizer Company was not involved in producing cancer drugs. Upon its entry into the market, the firm has risen to become the most recognized brand in cancer patient groups as of 2021. The marketing initiative is needed since it is the blueprint for achieving the organization's goals.
Customers’ needs
The company's mission of providing value to its stakeholders will be realized when it knows its customer's needs. It is relevant for a successful enterprise to know the customer's needs to deliver products that meet the expectation of the customer. Knowing the customer's needs will assist the company in knowing if there are any side effects with the cancer drugs. Some ingredients may react differently to people, and getting feedback would put the company back on the drawing board to find products that everyone could use without side effects.
The “four P’s” of marketing
The "four P's" of marketing are Product which refers to the item being supplied to the market, the price, which is the amount of money the customers are willing to forego for them to get the company's Product, a place which is the location where customers can get their products and lastly promotion which shows the ways the firm advertises its products. The "four P's" of marketing are essential because it allows the company to analyze the market from all dimensions. For example, by analyzing the company's Product, research is done on the current products in the market and which companies own them. One would also consider the price of other related products from competitors before setting the price while ensuring it reaches the break-even point. Some cancer drugs would require it to be administered immediately after their production. If the place of production is not considered, the Product may reach the market while distorted. Lastly, promotion directly relates to the Product's marketing. Marketing is relevant since it gives the customers knowledge of how the drug could help them and how to administer it. It also informs the customers where the products can be accessed.
Drivers of demand
For a firm to successfully launch a product into the market, it must first analyze demand drivers. Different industries have different drivers of demand. Analyzing these drivers would be relevant to allow the company to invest in the main drivers of demand which may not necessarily be the product price. It is important to note that the doctor is one of the major stakeholders in the medical industry. They recommend to the patient the type of drug that the patient will use. The choice of the drug recommended by the doctor will act as the driver of demand for the cancer drug. Doctors would recommend a drug that is effective for the patient, and the hospital makes more revenue when the customer purchases the drug. The quality of the Product will act as a driver of demand since patients will request to be treated with the most effective drug on the market. Despite the price being another driver of demand, providing exceptional Product that successfully treats cancer is the primary driver of demand.
Context
Marketing goals
The company became the top sought manufacturer of cancer drugs in the world in 2021, and there is a need to remain at the top. For that reason, the marketing goal of the new cancer drugs is to demonstrate dominance in the industry. Market control applies best practices whereby the marketing department examines the department's performance and makes a comparison with the industry's standards (Perch, 2021). The department can rectify its performance according to the standard, accomplishing the mission of providing customer value. Another marketing goal is to boost brand awareness. Two ways the firm can grow brand awareness is by providing products that successfully help patients heal from diseases and through corporate social responsibility. The goal aligns with the company's vision of improving patients' lives. Brand awareness helps the enterprise’s products stand out from its competitors. The objective of brand awareness is to increase revenue in the long run. Customers would first notice the company's products and end up trying them Product. Since the drugs are of high quality, the customers would be encouraged to buy the same products, creating brand loyalty. The ultimate determinant of the marketing department's performance is the revenue collected during the marketing period. Increasing sales is, therefore, another essential goal of the marketing initiative. The objective of any business is to make a profit and have a going concern. This objective would be achieved through the marketing initiative of increasing sales revenue.
Industry segment
The industry of cancer drugs as healthcare products can be grouped into parts depending on population segment and demographics, market size, psychographic or health status segmentation, regulatory influences, payer mix, and critical success factors. The population segment and demographics analyze the whole population and group the people according to age, income, and sex. Drug dosages are differentiated using this segment, whereby people of different ages are given different doses. The same applies to their gender. The current global market size of cancer drugs is $136.2 Billion. Analyzing the market size would enable the compan...