Marketing Management While the Pharmaceutical Essay

Pages: 5 (1428 words)  ·  Bibliography Sources: 5  ·  Level: College Junior  ·  Topic: Business - Advertising  ·  Buy This Paper

SAMPLE EXCERPT:

[. . .] Ultimately, the hotel would be in a better position to sustain future profitability and customer loyalty.

Question 3

Even if I was completely confident in the recommendation of my associate in the advertising firm, there is still quite a bit of information I would need to examine in order to make my final executive decision. Despite my overwhelming confidence in this individual, as the Vice President of Marketing I would be held responsible for any unforeseen mishaps or flaws. Therefore, I would require her to show me information from three key time-related areas of her institution's proposal. First being the past. I would expect a thorough outline of the past marketing models and achievements of this firm, as well as reviews from other users in my industry (Leeflang & Wittink, 2000). Being that I am obviously aware of this company's superior abilities (hence my extreme confidence in them), this information would primarily act as reassurance for my fellow executives and stakeholders. The next segment of information would regard the present task at hand. This data would outline the specific marketing model that she has recommended for our company, with two or three other alternatives for my peers and I to examine (Leeflang & Wittink, 2000). In addition to the specific details regarding these proposals, I would also ask her to include a feasible timeline as to when we should expect this model to be completed and ready for implementation as well as an estimated timeline for when the firm should expect to realize the results of this investment (Leeflang & Wittink, 2000). Finally, the chronological requirements of the previous data segment will segway into the future aspects of my information requirements. This section of data will detail the future marketing outlets created by the proposed campaign as well as providing information about the model's transformability for future product differentiations and diversification (Leeflang & Wittink, 2000). Thus, by acquiring this data, I believe that I will be able to better project my confidence onto my constituents and stakeholders as well as provide myself with some personal insurance in the unlikely case of failure.

Question 4

The idea of creating buzz through advertising is often very enticing, yet also somewhat tricky. That is, the components necessary in creating buzz are often very difficult to precisely quantify and thus execute. Nevertheless, social media expert Dr. Amy Henry recently devised a list of generic requirements for a "buzzable" brand: "invasive but invited, individualized, experiential, provocative, conspiratorial, connective and creative" (Henry, 2003, p. 4). Therefore, knowing that advertising is ultimately a means of educating customers about a firm's products and services, the means by which these aspects are portrayed are the determinants of whether or not a buzz is generated. Depending on the product or service in question, marketing executives must be extremely diligent in assuring that the portrayal of their firm somehow fits this relatively controversial mold. And while the creation of significant buzz has been massively successful for countless brands, there are some potential dangers that must also be scrutinized. With the aforementioned controversial nature of many "buzzworthy" campaigns, there is always the potential for offending large segments of the market (Henry, 2003). Models intended to create buzz should include just the right amount of controversy to intrigue potential customers but not so much as to scare them away (or perhaps scare parents so much that they forbid their children from becoming patrons). In order to successfully achieve this balance, firms must engage in extensive market research in order to determine the specific tastes and preferences of their targeted demographics (Henry, 2003).

Bibliography

Angell, M. (2002). The Pharmaceutical Industry: To Whom is It Accountable? The New England Journal of Medicine, 3 (42), 1902-1904.

Bernard, J.C., & Schulze, W. (2000). Teaching Marginal Cost, Supply, and Efficiency with an English Auction Experiment. Journal of Economic Education, 52-59.

Dalgic, T., & Leeuw, M. (2001). Niche Marketing Revisited: Concept, Applications and Some European Cases. European Journal of Marketing, 28 (4), 39-55.

Henry, A. (2003). How Buzz Marketing Works. International Journal for Young Consumers: Insight and Ideas for Responsible Marketers, 4 (3), 3-10.

Leeflang, P.S., & Wittink, D.R. (2000). Building Models for Marketing Decisions: Past, Present and Future. International Journal of Research in Marketing, 17 (3), 105-126.

Moschis, G.P.… [END OF PREVIEW]

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Marketing Management While the Pharmaceutical.  (2011, August 26).  Retrieved February 17, 2019, from https://www.essaytown.com/subjects/paper/marketing-management-while-pharmaceutical/3072374

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"Marketing Management While the Pharmaceutical."  Essaytown.com.  August 26, 2011.  Accessed February 17, 2019.
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