Marketing Flashcards
Core Marketing Concepts
- Needs, Wants, Demands
- Market Offerings
- Value and Satisfaction
- Exchange / Relationships
- Markets (People who want to buy product or service)
Needs, Wants, Demands
- Needs Definition
Basic human requirements to live / everyone requires it
Needs, Wants, Demands
- Needs Examples
- Food
- Clothing
- Shelter
- Health Care
Needs, Wants, Demands
- Wants Definition
A preference of how a need is satisfied
- Cultural Influence
- Society Influence
- Personal Influence
Needs, Wants, Demands
- Wants Examples
- Steak dinner vs Veggie wrap
- Lululemon vs Nike
- 2 Story House vs Apartment
Needs, Wants, Demands
- Demands Definition
Willingness and ability to pay for the need / want
Needs, Wants, Demands
- Pharmacy
Needs:
- Be healthy
Wants:
- Quick way to reduce CV risk, Drugs to lower weight
Demand:
- Willingness to pay for prescriptions like ozempic to lose weight
Market Offerings
- Definitions
Products and services an organization provides or makes available to consumers
Market Offerings
- Pharmacy
- Medications
- Compounding
- Immunizations
- Care Plans
- Food
- Gifts
- Cosmetics
Value and Satisfication
Did the patient get what they expected
- Medication in a timely matter at a fair price
Exchange / Relationships
Place where an exchange of money / promise to pay for product / service occurs
Markets
Collection of people who wish to buy a product
The Marketing Mix
- 4 P’s
- Product
- Price
- Place
- Promotion
The Marketing Mix
- Product
What the consumer wants or needs
Pharmacies: Variety of products, types of services
The Marketing Mix
- Price
How much the consumer will pay for what they want or need
Pharmacies: Different pricing strategies
- Loss Leaders
- Value Based Pricing
The Marketing Mix
- Place
Where consumers can obtain the product / service
Pharmacies: Physical space, merchandising, hours of service, online, delivery
Promotion
- What is it?
Consumers are told about how to get the product / service the business sells
Goal: Creates awareness of the product and promotes the image
Advertising
- What is it?
The placement of announcements and persuasive messages in space. Purchased by an entity
Examples: Television, Web sites, Social media, Bus benches, Flyers
Publicity
- What is it?
- Unpaid advertising
- Less control over the message
- Added credibility (from another source)
Examples: Newspaper, Press release, Media interviews
Marketing to Impact Consumer Buying Behaviour
- Process
- Problem Recognition
- Information Searching
- Evaluation
- Decision
- Post-Purchase Behaviour
Marketing to Impact Consumer Buying Behaviour
- Problem Recognition
Patient identifies a problem that leads to a Need, Want, Demand
Marketing to Impact Consumer Buying Behaviour
- Information Search
Looking for options to fix the problem
- External: Patient is drawn to an advertisement that they need
- Internal: Patient had a good history with the product and is more inclined to use it
Marketing to Impact Consumer Buying Behaviour
- Evaluation
Comparing the alternatives
- Objective characteristics: Features or functionality
- Subjective characteristics: Perceived value to the consumer:
Marketing to Impact Consumer Buying Behaviour
- Decision
Once the consumer has decided to buy different factors will influence where they will buy from
- Relationship with provider
- Convenience
- Price
- Past experience
Marketing to Impact Consumer Buying Behaviour
- Post Purchase Behaviour
Reflect on the experience and the ability to meet need or want
- Did you solve the problem?
Marketing
- Loyality
Patients who are loyal will be a high repeat customer
- Positive attitude and spread positive word of mouth
80 / 20 Rule
Pareto Principle
- 80% of your revenue comes from 20% of your customers
How to achieve loyalty
By exceeding consumer’s expectations
- Approach: Under promise and over deliver
- Resolving an issue create more loyalty
By rewarding consumers with gifts
Market Segmentation
- Definition
Narrow down your consumers to specific groups with specific interests, needs, and wants
Market Segmentation
- Factors
Demographic
Geographic
Psychographic
Market Segmentation
- Demographic
- Age
- Sex
- Race
- Marital Status
- Income
- Health Conditions
Market Segmentation
- Geographic
- How close people live to the pharmacy
- How close physician is to pharmacy
Market Segmentation
- Psychographic
- Consumer habits
- Activities
- Interests
- Opinions
Market Segmentation
- Where to get info
Pharmacy information systems
Point of care systems
Marketing Professionals
Advertising Providers
Consumer Surveys
Focus Groups
Branding
Top of mind acknowledgement by potential customers
- Strong bran association can shape consumer preference and create loyalty
