Effectiveness of Marketing Strategy Formulation in Biomedical Healthcare Industry

Abstract

Marketing strategies stimulate the firm to unearth areas that are being disturbed by several factors. This is adopted to determine the target market in order to achieve prosperity in the organization. An effective marketing strategy would perhaps help in captivating new customers as well as sustaining for the longer-term. Consequently, this can result in the following benefits such as products and services can be offered with exclusive components, effective department coordination, concentration on scarce resources, thereby building a better marketing plan, selection of target market for easy entry and accumulation of four marketing p's. As a result, the increase in sales can be achieved. The strategy should be effectively formulated to witness the performance outcome. This study focuses on the determinants of marketing strategy on performance outcomes. The data captured from 119 marketing professionals in the field of the biomedical healthcare industry by using a questionnaire. The questionnaire includes variables to measure the demographic profile of the professionals and three constructs of marketing strategy creativity, marketing strategy improvisation, and performance outcome. Collected data were analyzed through analysis of frequency, mean, variance, and regression. Results show that marketing professionals have similar viewpoints on marketing strategies. The findings of the regression analysis argue that the improvisation determines performance outcomes in the marketing strategy

Assessing the mediating role and multiple group analysis in physicians’ habit persistence toward prescribing behavior using SmartPLS software

“…Pharmaceutical firms submit many promotional resources, encompassing medicinal samples, gratuities and personal or scholarly sponsorships, to influence physicians’ prescription patterns and ensure brand loyalty (Abdul Waheed et al , 2011; Arora and Taneja, 2006). Experts in pharmaceutical marketing have acknowledged that the effectiveness of diverse marketing mix strategies relied heavily upon the endorsement behavior of physicians in favor of their product interests (Kumar and Subhasini, 2020). Given this, pharmaceutical companies institute loyalty programs to retain their current clientele, particularly physicians, and have a say in their prescribing practices (Narendran and Narendranathan, 2013).…”