Marketing Flashcards
Needs, Wants, Demand
● Needs - basic human requirements to live / everyone requires it
■ Eg.) Food, clothing, shelter, health care
● Wants - a preference of how a need is satisfied
○ Cultural influence
○ Society influence
○ Personal influence
■ Eg.) Steak dinner vs veggie wrap / Lululemon vs Nike / 2 story house vs apartment
● Demand - willingness and ability to pay for the need / want
■ Eg.) Hoarding of toilet paper / hand sanitizer during COVID-19 pandemic
Pharmacy
○ Need: Be healthy / Want: Quick way to reduce CV risk - pill to lower cholesterol / Demand:
Paying for the prescription of atorvastatin to keep healthy
Market Offerings
● Products and / or services an organization provides or makes available to consumers Pharmacy ○ Prescription medications ○ Over the Counter Medications ○ First aid ○ Compounding ○ Immunizations ○ Medication management ○ Food ○ Gifts / cards ○ Cosmetics / beauty
Consumer identifies
needs / wants
Seeks what is
available to satisfy
Value and Satisfaction
● What did you buy today?
● Why did you buy it?
● Was the price you paid for it fair?
● Could you have bought it someplace else?
● How many people made the same decision to buy as you did?
● Would you do it again?
Pharmacy
● Did they get what they expected?
○ Medication in a timely manner at a price they could afford
○ Education about their medication - risks / benefits / proper use / monitoring
Exchange / Relationships
● Place (or virtual place) where an exchange occurs ○ Money / promise to pay for product and / or service ● Transactional relationship ● Ongoing relationship (loyalty) Pharmacy ● Community pharmacy ● Online ● PCN ● Hospital ● Continuing care facility
Markets
● A collection of people who wish to buy a specific product or service
Pharmacy
● Patients who require prescriptions
● Individuals seeking assistance with health related needs
● Wellness
● Individuals seeking other products / services the pharmacy provides
The 4 P’s - The Marketing Mix
● Product - what the consumer wants or needs
○ Pharmacies: variety of products / attempt to be unique - types or products and types of service
● Price - how much the consumer will pay for what they want or need
○ Pharmacies: different pricing strategies - from loss leaders to value-based pricing
● Place - where consumers can obtain the product / service
○ Pharmacies: the physical space / merchandising / hours of operation / location / online /
delivery / etc.
● Promotion - consumers are told about how to get the products / services the
business sells
Promotion
● Create consumer awareness of products / services (that the pharmacy sells
or provides or the pharmacy itself)
● Encourage new product / service use (or the pharmacy itself)
● Promote the image / confidence of a product or service (or the pharmacy
itself)
● Encourage word of mouth marketing
Advertising
The placement of announcements and persuasive messages in time or space
purchased by an entity to inform or persuade the intended audience of their
products / services / organization. - American Marketing Association
building brand
● Television ○ Pharmacy ● Web sites ○ Pharmacy ● Radio ○ Pharmacy ● Web banners ● Newspaper ● Sponsored search engine ad ● Flyers ● Social media (e.g. Facebook, Twitter, etc.) ● Direct mail ● Billboards ● Bus benches ● Point of purchase promotion
ethics -do all pt know what they need?
Publicity
● Unpaid advertising
● Less control over the message
● Added credibility (another source)
13
● Press release ● Press conference
● Newspaper articles (special interest) ● Media interviews
● Letter to the editor ● Sponsorships (e.g. sports teams, charity)
Marketing to Impact Consumer Buying Behaviour
problem recog
info search
eval
Problem Recognition ● Need ● Want ● Demand How could the marketing mix impact a consumer’s recognition of their need?
Information Search
● Looking for options to fix the problem
● Internal
○ Past history, what worked before, how well did it work
● External
○ Friends, family, experts
How could the marketing mix impact a consumer’s search for a solution?
Evaluation ● Comparing the alternatives ● Objective characteristics ○ Features or functionality ● Subjective characteristics ○ Perceived value to the consumer How could the marketing mix impact a consumer’s evaluation process?
Marketing to Impact Consumer Buying Behaviour
Decision
● Decide to buy ● Who do they buy from? ○ Convenience ○ Price ○ Location ○ Past experience ○ Shopping experience ○ Relationships with providers How could the marketing mix impact a consumer’s decision process?
Marketing to Impact Consumer Buying Behaviour
Post-Purchase Behaviour
● Reflection on the experience and the ability to meet the need / want
● Did you solve the problem?
○ Did the solution meet the consumer’s expectations
■ Did the provider fully know the consumer’s goals in the first place…?
● Key to pharmacy practice - loyalty
How could the marketing mix impact a consumer’s analysis?
Loyalty
● Relationship marketing focus
○ High repeat customer
○ Positive attitude
○ Word of mouth advertising
● 80 / 20 Rule (Pareto Principle)
○ 80% or your revenues will come from 20% of your customers
● Exceed consumer’s expectation
○ Approach - under promise and over deliver
○ Resolving an issue properly creates more loyalty
Market Segmentation
● Will everyone buy your product / service?
● Are there specific groups of people who are more likely to buy?
● Demographic
○ Eg.) Age, sex, race, marital status, income, health conditions
● Geographic
○ Eg.) How close people live or work to the pharmacy, How close their family physician is to the
pharmacy
● Psychographic
○ Consumer habits, activities, interests, opinions
Market Segmentation
● Where can we get this information? ○ Pharmacy Information Systems ○ Point of Sale Systems (esp. if a consumer relationship management system is involved - e.g. loyalty card) ○ Marketing professionals ○ Advertising providers ○ Consumer surveys, focus groups, etc. ● Ensure your market segment is large enough to be sustainable
