Marketing Memo Essay

1140 WordsJul 10, 20145 Pages
TO: Big Pharm FROM: Expert on Big Pharma DATE: April 07, 2014 SUBJECT: Global Memo . Executive Summary The key global marketing issues, demands, or questions faced by members of the Pharmaceutical Industry are the gathering of information, which leads to the protection of the populations health, and improving the efficacy/safety of medicines. This change is an opportunity because the social media allows the primary focus to be on the consumer and learning what people want and need rather than trying to persuade them to buy what is being produced. We can learn from the consumer what matters most. Accordingly, the Pharma should use social marketing as a tool to understand what the consumers want. The Pharm companies can then produce a product that the consumers are demanding thus benefiting the consumer and the company with higher product usage. Situation Overview The key challenge facing the Pharmaceutical Industry is take the consumers concerns into account during the planning process. This marketing change is an opportunity because three parts of the marketing mix could potently benefit from consumer feedback in the social media. First is for the product, we can use social media to discover the consumers perceptions of the problem, product, and to determine how important they feel it is to take action against any of the issues. Second is price, if the costs outweigh the benefits for an individual, the perceived value of the item will be low and unlikely to be accepted. However, if the benefits are perceived as greater than their costs, chances of trial and acceptance of the product is much greater, social media can provide us with an insight to the ideal price for the

More about Marketing Memo Essay

Open Document