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Marketing > Unit 3: Pharmaceutical Marketing: Marketing System, Markets & Products > Flashcards

Unit 3: Pharmaceutical Marketing: Marketing System, Markets & Products Flashcards

1
Q

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

A

Marketing

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2
Q

art and science of choosing target markets and
getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.

A

Marketing Management

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3
Q

a unique bundle of management decisions directed to satisfy, delight, and surprise customers by delivering their pharmaceutical NEEDS and WANTS through exchange of products with value.

A

Pharmaceutical Marketing

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4
Q

3 KEY Elements of Marketing

A

satisfying, delighting, and surprising customers

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5
Q

T/F: Marketing and selling are different functions.

A

True

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6
Q

____________ is knowing and understanding
the customer so well that the product sells itself

A

Marketing

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7
Q

Focused on customer’s wants

A

Marketing

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8
Q

Develop products based on customers’ wants and deliver it to the customers

A

Marketing

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9
Q

Profit-oriented

A

Marketing

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10
Q

Planning is long-run

A

Marketing

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11
Q

Focused on wants of buyers

A

Marketing

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12
Q

Focused on the product

A

sales

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13
Q

Develops a product then finds ways to sell it

A

sales

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14
Q

Sales volume-orientation

A

sales

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15
Q

Planning is Short-Run

A

sales

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16
Q

Focused on needs of sellers

A

sales

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17
Q

market understanding

A

Market Research

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18
Q

product design & development

A

Product Planning

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19
Q

establishing product offering’s value

A

Pricing

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20
Q

bring the product to customers

A

Distribution

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21
Q

communicating the product’s value

A

Promotions

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22
Q

customer feedback & improvement

A

Customer Service

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23
Q

Functions of Marketing

A
  1. Market Research
  2. Product Planning
  3. Pricing
  4. Distribution
  5. Promotions
  6. Customer Service
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24
Q

is the systematic design, collection, analysis, and reporting of data and finding relevant to a specific marketing situation (aids in seeking marketing insights).

A

Market Research

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25
Q

provide diagnostic information regarding market dynamics and consumer behavior which aids in having a successful marketing program.

A

Marketing insights

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26
Q

starts with formulating a market offering that targets a customer’s needs and wants.

A

Product planning

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27
Q

T/F: Price communicates to the market the company’s intended value positioning of its product or brand.

A

True

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28
Q

an important function of marketing that deals with the correct placement of products.

A

Distribution

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29
Q

___________ is important because it will determine where the target customer can purchase the product.

A

Place of sale

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30
Q

making a product available only in one place/channel.

A

Exclusive sales agreement

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31
Q

Incorrect placement and distribution can cause:

A
  1. Customer frustration
  2. Outright competitor switching
  3. Missed Sale
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32
Q

dissatisfaction due to non-
availability of stocks

A

Customer frustration

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33
Q

Brand X is not
available; Brand Y is available instead

A

Outright competitor switching

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34
Q

from a customer with the intent to
buy but not necessarily buying the competitor’s
brand

A

Missed sales

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35
Q

are done to boost and drive a consumer’s decision to purchase a particular product (over a competitor without a similar promotion)

A

Promotions

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36
Q

OTC drug promotions are regulated and permitted only by the

A

FDA

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37
Q

is an important function of marketing that supports a customer’s after sales concerns of a particular product/service.

A

Customer Service

38
Q

T/F: Poor customer service can directly affect the repeat purchase of a customer and the likelihood of product switching

A

True

39
Q

Ohmae’s 3C’s Model/3 C’s of Marketing:

A

Customer, Company, Competition

40
Q

Model for effective marketing strategy

A

Ohmae’s 3C’s Model/3 C’s of Marketing

41
Q

When we focus on Customer:

A

Increased Value Perception leading to Sales

42
Q

When we focus on Company:

A

Profit

43
Q

When we focus on Competition:

A

Increase in Market
Share

44
Q

establishing a “WIN-WIN” relationship with valued customers, distributors, dealers, and suppliers, by promising and delivering high quality products at fair prices

A

Relationship Marketing

45
Q

7 Factors Affecting Marketing Strategies

A
  1. Product’s life cycle stage
  2. Competitor’s strategy
  3. Economic conditions
  4. Product Portfolio analysis
  5. Company resources
  6. Market research
  7. Market intelligenc
46
Q

product is introduced to the market (lowest sales)

A

Introduction

47
Q

product is getting traction and sales begin to catch up

A

Growth

48
Q

product has reached maximum selling point (highest sales period)

A

Maturity

49
Q

competitors begin to offer better alternatives (sales begin to go down)

A

Decline

50
Q

a firm sets out to become the low
cost producer in its industry (inexpensive production;
thereby they can offer products at cheapest price)

A

Cost Leadership

51
Q

a firm seeks to be unique in its
industry along some dimensions that are widely valued by buyers (offering products that are unique in its segment and has no strong competitor; Ex. Zzzquil)

A

Differentiation

52
Q

T/F” Marketing strategies may be affected by economic conditions since consumers tend to have a sensitivity/elasticity as to prices of products.

A

True

53
Q

T/F: A marketing campaign of one product may be successful in one season (low inflation season) but can be a failure in a another season (high inflation season)

A

True

54
Q

shows the types of products based
on market growth and market share.

A

BCG Matrix

55
Q

determines the future
sellability of a product in a particular market.

A

Market growth

56
Q

defines the number of consumers buying a particular product as compared to other available competing products.

A

Market share

57
Q

If a company places less budget in marketing, marketing campaigns and materials may be limited and will therefore be ineffective in reaching its target market/population

A

Company resources

58
Q

gathering of consumer data and insights, such as their preferences or needs

A

Market research

59
Q

set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment.

A

Market intelligence

60
Q

Marketing intelligence gathering must be _____ and _______

A

legal and ethical

61
Q

marketing metrics become

A

BETTER THAN BEFORE
BETTER THAN OTHERS
BETTER THAN EXPECTED

62
Q

3 Basic Marketing Concepts

A

Customer, Product, Market

63
Q

state of felt deprivation

A

NEED

64
Q

a need that is shaped by culture and individual personality

A

WANT

65
Q

a want backed by purchasing power/buying power

A

DEMAND

66
Q

is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.

A

Consumer Behavior

67
Q

Consumer Behavior is shaped by these factors

A
  1. Cultural factors
  2. Social factors
  3. Personal factors
68
Q

Subcultures include

A

nationalities, religions, racial groups, and geographic regions.

69
Q

level of income and social status: upper income class, middle income class, low income class (generic vs branded drug products)

A

Social stratification

70
Q

refer to groups we identify and share our identity with

A

Reference groups

71
Q

family, friends, neighbors

A

Primary (informal influence)

72
Q

neighbor, religious groups,
professional groups

A

Secondary (formal influence

73
Q

activities that a person is expected to perform or connote.

A

Roles & Status

74
Q

Personal Factors:

A

Age and stage in the life cycle
Occupation and economic circumstances
Personality and self-concept
Lifestyle and values

75
Q

Four key psychological processes influence consumer responses:

A
  1. Motivation 2. Perception 3. Learning 4. Memory
76
Q

a need becomes a motive when it is aroused to a sufficient level of intensity to drive us to act

A

Motivation

77
Q

the process by which we select, organize, and interpret information inputs to create a meaningful picture of the world

A

Perception

78
Q

consumers tend to focus only on a specific
stimuli (Ex. 5% off vs 300 pesos Off)

A

Selective Attention

79
Q

the tendency to interpret information in a
way that fits our preconceptions. (benefits strong brands)

A

Selective Distortion

80
Q

we’re likely to remember good points about a product we like and forget good points about competing products.

A

Selective Retention

81
Q

induces changes in our behavior arising from experience teaches marketers that they can build demand for a product by associating it with strong drives, using motivating cues.

A

Learning

82
Q

affects consumer behavior by triggering information related to a product or brand.

A

Memory

83
Q

This model states that Consumers must move through each stage before becoming loyal customers

A

Kotler’s Marketing Funnel

84
Q

Product performance < expectations

A

dissatisfaction

85
Q

Product performance > expectations

A

delight

86
Q

Product performance = expectations

A

satisfaction

87
Q

5 Levels of a Product

A

Core benefit, Generic Product, Expected Product, Augmented Product, Potential Product

88
Q

an activity that can be offered to a target client to satisfy a need and/or want

A

SERVICE

89
Q

the usual market where a particular product is sold

A

Traditional

90
Q

alternative market where a product can be sold legally (convenience stores, retail outlets, grocery stores)

A

Non-traditional

91
Q

Department of Health & Non- Government Organizations

A

DOH/NGOs

Marketing (2 decks)

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