Useful Advices - Business

So what's your small business marketing strategy? I'm willing to bet that close to 85% of the people reading this are scratching their heads now. Many small busi

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ness owners fail to create a marketing strategy at all, instead focusing on tactics.

Let me give you one of the definitions of strategy from the fine folks at M

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

erriam Webster: a : a careful plan or method : a clever strategem b : the art of devising or employing plans or strategems toward a goal

So a strategy is a plan

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

and the implementation of that plan. Tactics are merely the methods with which which you carry out that plan.

Planning is important in small business marketing

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

for a few reasons:

-Planning helps insure you keep a consistent marketing effort.
-Planning helps you set goals and move towards reaching them.
-Plan

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ning helps you set and stick to a budget.

Many small business owners are intimidated by the idea of a marketing plan. They think it needs to be a huge formal do

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

cument with financials and charts. It can be that, particularly if you are going for funding. However, if you are just in business for yourself, your marketing p

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

lan can be very simple.

Here are some items I think it should include:

-Your overall vision, value proposition, and unique selling position
-A list of you

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

r target markets, and what you know about them
-Your budget for marketing
-A list of strengths and weaknesses with the customer facing side of your bus

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

iness.
-A list of steps you are going to take (I recommend a marketing calendar)
-There are three ways to increase your revenue, and your plan should t

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ake each into account:

1. Increase your number of customers
2. Increase the amount of your average transaction
3. Increase the frequency at which your

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

customers buy from you

Most marketing efforts I encounter focus only on #1. However #1 represents the most expensive, difficult, and slow method for increasing

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

revenues.

Remember that marketing is not just advertising and PR. Your plan should encompass your customers' entire experience with you. It might include chang

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ing the way you answer the phone, more frequent followup calls, cleaning the bathrooms at your store more often, adding plants to your reception area. your plan

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

also might include some kind of customer satisfaction survey, maybe during followup calls or during a visit to your business.

Your plan might also include pres

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

enting your products or services better, or repackaging them in different ways. It might have you creating a new brochure, or giving sales training to your staff

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

.

Your plan should include the tactics you want to use, and a budget for each tactic.

There's an old military aphorism that goes: Even the best possible battle

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

plan has not survived first contact with the enemy. This basically means that the unpredictable always happens - it's what makes life interesting. Do not be afr

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

aid to revise your marketing plan to respond to changing conditions. However, you still need a consistent and intelligent marketing effort.

You should be able t

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

o capitalize on new opportunities and respond to new challenges.

Plan and stay consistent - you will outpace most of your competition.

Copyright 2005 J D Moore

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/4434/usefuladvices-Its-Time-To-Get-All-Strategic--Small-Business-Marketing-Stategy.html">It's Time To Get All Strategic - Small Business Marketing Stategy</a>

BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/4434/usefuladvices-Its-Time-To-Get-All-Strategic--Small-Business-Marketing-Stategy.html]It's Time To Get All Strategic - Small Business Marketing Stategy[/url]

When viewed from a high level, the cost of poor quality data can affect a company's bottom-line in two ways. First, there's the cost of scrap and rework, and second, missed opportunities. In this whitepaper, I attempt to supply a comprehensive list of potential data quality costs.

Staffing a trade show exhibit is invariably a trial of stamina and endurance. Trade show staffers like pageant contestants, are required to smile and wave, even if their feet ache! Find out how the right shoes and floors can make the trade show experience less painful.

Tags

Links

Useful Advices - It's Time To Get All Strategic - Small Business Marketing Stategy

Related Articles: