The Handbook of Marketing Strategy for Life Sciences Companies: Formulating the Roadmap You Need to Navigate the Market

Cover
Half Title
Title Page
Copyright Page
Contents
List of Figures
List of Tables
Preface
Introduction to Marketing Strategy
Author
1 Marketing Strategy Road Map
1.1 Planning toward Strategy
1.2 Planning Your Marketing Strategy
1.2.1 Performing Market Research
1.2.1.1 Planning Your Data Collection
1.2.1.2 Overview of Market Research Tools
1.2.2 Situation Analysis
1.2.2.1 Internal Analysis
1.2.2.2 External Analysis
1.2.3 Developing a Marketing Strategy
1.2.4 Implementation and Control Mechanisms
1.2.5 Final Notes
2 Overview of Market Research
2.1 Basic Market Research Concepts
2.1.1 Primary and Secondary Market Research
2.1.2 Quantitative and Qualitative Data
2.1.3 Miles-Wide versus Deep Dive Research
2.2 Preparing Your Market Research Plan
2.3 Collecting Data—Primary Research
2.3.1 Data Collection Methods
2.3.1.1 In-Depth Interviews
2.3.1.2 Focus Groups
2.3.1.3 Online Surveys
2.4 Secondary Research
2.4.1 Active Secondary Research
2.4.1.1 Popular Sources of Data Online
2.4.1.2 Using Search Engines to Look for Information
2.4.2 Passive Secondary Research
2.4.3 Internal Secondary Data
2.5 A Few Words on Ethics and Market Research
References
3 Situation Analysis
3.1 Internal Analysis
3.1.1 Assessing Your Corporate Vision and Mission Objectives
3.1.2 Assessing Your Current Capabilities
3.1.3 Assessing Your Company’s Business Model
3.1.4 Some Final Notes on Internal Situation Analysis
3.2 External Analysis
3.2.1 Customer Analysis
3.2.1.1 Understanding the Customer’s Decision-Making Process
3.2.1.2 The Client Ecosystem
3.2.1.3 What Does My Customer Want?—Using the Kano Model to Understand Your Customer
3.2.1.4 Identifying Customer Behavior
3.2.1.5 Building Customer Profiles
3.2.1.6 Some Final Notes on Customer Behavior
3.2.2 Competitor Analysis
3.2.2.1 Preparation
3.2.2.2 Identify Key Competitors
3.2.2.3 Evaluate Your Competitors
3.2.2.4 Getting Information on Competition
3.2.2.5 Final Notes on Competition
3.2.3 Market Analysis
3.2.3.1 Market Size Estimation—The TAM-SAM-SOM Model
3.2.3.2 Market Forecasting
3.2.3.3 Final Notes on Market Analysis
3.2.4 Environmental Analysis
3.2.4.1 Microenvironment—Porter’s Five Forces
3.2.4.2 Macro-Environment—The SLEPT Model
3.2.4.3 Building a SLEPT Model
3.3 Classifying Outputs: From SWOT to TOWS
3.3.1 The SWOT Model
3.3.1.1 The Four Elements of a SWOT Model
3.3.1.2 Developing Strategy Applications—From SWOT to TOWS
3.4 Concluding Remarks
References
4 Developing a Marketing Strategy
4.1 Selecting Your Marketing Strategy Vision
4.1.1 Strategic Commitment
4.1.2 Strategic Opportunism
4.1.3 Strategic Adaptability
4.2 Choosing Your Marketing Model—What Type of Company Are You?
4.2.1 The Classical Company Models
4.2.1.1 The Production Model
4.2.1.2 The Product-Focused Model
4.2.1.3 The Selling Model
4.2.1.4 The Marketing Model
4.2.2 Modern Marketing Concepts
4.2.2.1 Relationship Marketing
4.2.2.2 Integrated Marketing
4.2.2.3 Internal Marketing
4.3 Creating, Adapting, and Implementing Strategy
4.3.1 Determining Your Target Market—Segmentation
4.3.2 Strategies Based on Products and Market
4.3.2.1 Market Penetration
4.3.2.2 Market Development
4.3.2.3 Product Development Strategies
4.3.2.4 Product Diversification
4.3.3 Marketing Strategies Based on Competitive Advantage
4.3.3.1 Cost Leadership
4.3.3.2 Differentiation
4.3.3.3 Cost and Differentiation Focus
4.4 Developing the Marketing Mix
4.4.1 Product
4.4.1.1 Key Product Decisions
4.4.1.2 Measuring Product-Market Fit
4.4.1.3 Making Key Product Decision—The ICE Score
4.4.1.4 Building a Better Product—The Hook Model
4.4.2 Pricing Strategy
4.4.2.1 Cost-Based Pricing
4.4.2.2 Competitive-Based Pricing
4.4.2.3 Customer Value-Based Pricing
4.4.2.4 Price Skimming
4.4.2.5 Freemium Pricing
4.4.2.6 Other Considerations for Your Pricing
4.4.3 Promotion Strategy
4.4.3.1 Objectives of Your Promotion Strategy
4.4.3.2 Promotional Tools
4.4.3.3 Choosing Your Promotional Message and Channel
4.4.3.4 Choosing Your Promotional Tools: The Bullseye Framework
4.4.4 Distribution Strategy
4.4.4.1 Factors to Choose Your Distribution Strategy
4.4.4.2 Different Types of Distributions
4.4.4.3 Specific Considerations for Distribution in Life Sciences
4.5 The Role of Digital Marketing
4.5.1 Driving Traffic
4.5.2 Selling Products Online
4.5.3 Digital Marketing in Action—The Pirate Metrics: “AARRR!”
References
5 Marketing Strategy Implementation and Control
5.1 Implementation
5.1.1 Implementation versus Strategy
5.1.2 Implementation Plan
5.1.3 Barriers to Successful Implementation of Marketing Strategy
5.1.3.1 External Pressures of the Organization
5.1.3.2 Internal Pressures of the Marketing Function
5.2 Control Elements
5.2.1 Implementation of Control Processes
5.2.2 Barriers to the Successful Implementation of Control Procedures
5.2.2.1 Inadequate Monitoring
5.2.2.2 Inadequate Targets
5.2.2.3 Management by Exceptions
5.2.2.4 Cost and Complexity
5.2.3 A Word of Caution on Control Systems
6 Marketing Metrics
6.1 Why Use Metrics?
6.2 Some Pre-revenue Ratios
6.2.1 Sales Force Coverage
6.2.2 Break-Even Analysis
6.3 Ratios to Measure Sales Effectiveness
6.3.1 Return on Sales
6.3.2 Advertising-to-Sales Ratio
6.3.3 Customer Acquisition Cost
6.3.4 Marketing Percentage of CAC
6.3.5 Average Retention Cost
6.3.6 Lifetime Customer Value
6.4 Digital Marketing Metrics
6.4.1 Traffic Metrics
6.4.1.1 Overall Site Traffic
6.4.1.2 Monitoring the Source of Web Traffic
6.4.1.3 Monitoring the Paid Traffic
6.4.2 Conversion Metrics
6.4.3 Revenue Metrics
6.5 Final Notes
7 Discussion on Unique Perspectives
7.1 Marketing in Life Sciences
7.2 Marketing Health-Care Services
7.2.1 Difference between Services and Products
7.2.2 Developing Marketing Strategies for Health-Care Services
7.3 Marketing Health-Care Digital Products
7.3.1 Developing Marketing Strategies for Digital Products
7.3.2 Issues with Health-Care Digital Products
7.4 Final Notes
Reference
8 Final Thoughts
Bibliography and Further Reading
Index