9 Marketing Concepts

Question 1

Why is marketing important for pharmacists?

Answer 1

Bc they need to demonstrate what exactly it is they do in order to thrive in the future (they don’t just count pills)

Question 2

What exactly is marketing?

Answer 2

When you discover what the public wants/needs, and provide products/svcs in response to those wants/needs

Question 3

Define “market”

Answer 3

Potential consumers who demand products that you’re offering (could be a svc or good)

Question 4

Goal of marketing?

Answer 4

Consumer satisfaction

Question 5

If a market is not pleased with your product, what should you do?

Answer 5

Change the products (bc changing the market - that is, the minds of the consumers - is far more difficult to do)

Question 6

Who should marketing be focused on?

Answer 6

The target market > the actual ppl who would buy and use your product (svc or good)

Question 7

What kind of benefit:sacrifice ratio would increase consumer value of a particular product?

Answer 7

A high benefit:sacrifice ratio

Question 8

Two types of marketing exchanges:

Answer 8

1. transactional (exchanges viewed as isolated and unrelated events)
2. relationship marketing (exchanges viewed as a series of transactions over time)

Question 9

What does the 80/20 rule say about consumers?

Answer 9

80% of my consumer activity is from 20% of my consumers

Question 10

Why is it that we should keep our consumers happy?

Answer 10

So that they come back (remember the 80/20 rule)

Question 11

What does marketing myopia refer to?

Answer 11

Providers focusing on products rather than whether their market(s) need those products

E.g. They market asthma meds to a market that has negligible rates of asthma.

Question 12

Expectation vs performance: Which should be higher for consumers to be happy?

Answer 12

Performance should be higher

Question 13

4 P’s of the marketing mix:

Answer 13

Product
Price
Place
Promotion

Question 14

What’s the purpose of market research?

Answer 14

To make informed decisions regarding your target market (what do they want? how much will i make from them? etc.)

Question 15

T or F: A survey is a type of questionnaire.

Answer 15

F

A questionnaire is a type of survey

Question 16

What’s the benefit of dividing a market into segments? (“Market Segmentation”)

Answer 16

To facilitate targeted marketing whereby an org can reach a specific set gp of ppl with particular needs or wants

Question 17

Define “product”

Answer 17

Good, service, or experience that’ll satisfy a consumer’s need (s.th he’s deprived of) or demand (want + buying power)

Question 18

Describe innovators (a type of consumer)

Answer 18

Those who are the first to try new products > risk-takers and venturesome

Question 19

Why would it be a good idea to start marketing new products to innovators and early-adopters?

Answer 19

They tend to try out products first > the product can become established in them first, then the org can work on making it more accessible by less receptive gps

Question 20

What’s a trademark?

Answer 20

Legal protection for a name and/or image

Question 21

Product life cycle:

Answer 21

Introduction
Growth
Maturity
Decline

Question 22

Explain how heterogeneity relates to a service (type of product) provided by a pharmacist

Answer 22

A service is something intangible that is provided by the pharmacist. Due to differences among pharmacists, each of them will provide that service slightly differently each time, both between pharmacists and even with the same pharmacist.

Question 23

Explain how inseparability relates to a service (type of product) provided by a pharmacist

Answer 23

The service cannot be provided if the pharmacist isn’t there (e.g. counselling)

Question 24

What does it mean when we say that a service (such as pharmacy services, education, complex surgery, etc.) is high in credence attributes?

Answer 24

It means that, even after you’re provided with the service, you still cannot truly evaluate it fully (i.e. can’t tell whether it was the best svc provided or not)

Question 25

What does it mean when we say that a good/svc is high in experience attributes?

Answer 25

We can only evaluate the good/svc AFTER experiencing it

Question 26

What does it mean when we say that a good is high in search attributes?

Answer 26

We can evaluate the good before consuming it

Question 27

In addition to pricing competitions, what else can be done to encourage consumer patronage?

Answer 27

1. improve service
2. add service (e.g. home delivery)
3. add education (e.g. blood glucose meter)
4. establish a relationship w/ pts (e.g. pt callbacks)

Question 28

3 types of market coverage:

Answer 28

1. intensive > product is placed at as many locations as possible
2. selective > a select gp of distributors are used
3. exclusive > use of only one outlet in a geographical area

Question 29

While promoting, we also want to retain loyal customers. Why?

Answer 29

Because it’s easier than attracting new ones. Plus, the 80/20 rules tells us that the customers you already have is responsible for most of your sales.

Question 30

Diff b/w the push and pull strats of promotion?

Answer 30

Push: manufacturers target wholesalers and retailers > they push the product through the channel of distribution to the consumer

Pull: manufacturers target consumers > have consumer demand (“pull”) the product through the channel of dist

Question 31

What would be the most effective way of advertising nowadays? Why is TV advertising losing its edge?

Answer 31

Social media, or the internet in general would be the best avenue of advertising nowadays.

TV advertising isn’t as effective nowadays because more and more ppl are “cutting the cord”

Question 32

Advantages and disadvantages of publicity for an organization

(Publicity: any information about the organization or its products distributed by the media that is not paid for; must be interesting or newsworthy)

Answer 32

Advantages:

1. FREE
2. more believable
3. reaches ppl who may not see commercials

Disadvantages:

1. may not be published by the media
2. may be altered
3. may be negative

Question 33

Best form of advertising? Why?

Answer 33

Word-of-mouth

1. Cheapest
2. Most believable
3. Most effective

Question 34

Which is easier:
a. Understanding a market and creating their desired product
OR
b. Creating a product and stimulating interest in a market

Answer 34

a. FO SHO