Promotion and the Product Life Cycle 1 Product life cycle
MKT/571
05/15/17
Mahmoud Hassan
Karlene Swalley SHORTENED TITLE UP TO 50 CHARACTERS 2 Introduction
Pfizer pharmaceutical company is one of the leaders in this industry they are focusing on
biomedical researches and launching new medication, there are many steps must be taken before
the launch and the after the launch, and there are four steps in the life cycle of that product are
introduction, growth, maturity, and decline. Beside that there are four P’s of each product,
product, promotion, price, place. Any introduction stage should contain customer perspective
about the product, product clinical trial research’s in our case for Pfizer pharmaceuticals product,
promotion strategy usually will create the bond between the product and the targeted customers,
the premium price will generate the customer and insurance understand the process this product
will go throw, and the difficulties and the supply and demand this product will be facing. The
advertisement part will help the customer understand the values for the medication, what for this
one going to be used (Kotler & Keller, 2016). SHORTENED TITLE UP TO 50 CHARACTERS 3 The Growth phase
The growth stage considers as a main stage in the product life cycle because Pfizer will
explore the ways to attract the targeted peoples, it covers Pfizer latest technology and reaches on
certain disease, the price point will never change, especially with the patent from FDA, may be
getting closer to 20 years of the patent the price will start to change, depending on the market,
the distribution channels will include all the pharmacies(chain pharmacies, independent
pharmacies, drugs warehouses, hospitals, VA pharmacies, Etc.…) or any mail order facilities.
The supply and demand for the medication will affect the whole marketing process for the brand
and the company.
The Maturity phase
In the maturity phase Pfizer company getting more ideas about the medication within the
market, supply and demand for it, the successful rate, any incident has been reported, in this
phase the company will start offering incentives for the warehouses to help get the medication
warehouses to get better outcomes and spread the medication everywhere (Sondergaard, 2005).
the company will have special team considering the market volume needed so they can work on
it, especially when the medication getting high rates beyond the doctors and patients, everyone
they will look forward to sell more from it.
The Decline phase
Decline phase usually happening to the medication life cycle at the end of the patent
period or close to the last 5 years, simply because the companies are waiting for this moment
since more than 20 years, and there are so many researches has been done to have the generic
form in the market, the price and distribution process should be the same at the beginning, after
the generic form has been released to the market the company should start consider to change the SHORTENED TITLE UP TO 50 CHARACTERS 4 prices to compete with the generic especially at the first period the switch will be difficult to
apply, and the customers still don’t trust the generic form without any reviews.
Pre-market release (clinical trials)
Success any product mainly relies on this step which is pre-market release, which include
a better understanding of the market needs and customer perspectives, the insurance coverage,
the best way to make this product(medication) easy to flow in the market, these factors will
affect the success/fail the product.
The role of the media
Social media are the main promotion way nowadays; it doesn’t matter the product you
are promoting for, it’s all about how many people going to see or hear about this product.
Print media method
This method considers as old school way, includes visual ads to attract the people
attention, most of these ads will give the people the message with less word, especially when the
medication about the something affecting the people life directly or indirectly through other
people the know, it will be emotional to the people to get their attentions. Pfizer made this ad for
Chantix (smoke cessation) medication, the ads touched everyone even there weren’t smokers, but
they knew someone were smoking, the main idea for the ads is the power of the product.
Non-print media method
This include everything on the internet such as ads on social media websites, such as a
campaign for lunching new product on Facebook, and special events on the Facebook. Pfizer
usually create participate in such of these teaser campaign about their product and the most
recent studies they reached. SHORTENED TITLE UP TO 50 CHARACTERS 5 Integrated marketing communication
Pfizer consider integrated marketing communication as an approach to achieve their
objectives through well-coordinated campaign and using the proper methods that intended to
reinforce each other.
Advertisement
Pfizer offer numerus promotions to attract its customers, they offering bonuses on the
quantities they are buying, usually Pfizer spend and investing heavily on the advertising, social
networking, social media, anything can be used as venue of discussion and announcement you
will see Pfizer using it for their new launches, these kinds of strategy will support and help the
product to success.
Direct marketing
For direct marketing Pfizer create and host their own campaign to promote their new
product, this kind of campaign target this insurance companies’ representatives, health care
sector people, pharmacies, hospitals and they will make their announcements about their new
medication.
Conclusion
Any product for any origination have many factors impacting and affecting their life
cycle these factors could be internal factors or external could be pre-market or after launching.
Customers’ participation and customers’ satisfaction are part of the game, being cautious and
careful before and after the launching will help the product to be useful and successful, the using
for the appropriate methods for the marketing will ensure that the product will be able to
compete with other companies, distribution, being organized, have an efficient pricing will help
increase profitability and sales. SHORTENED TITLE UP TO 50 CHARACTERS 6 References
Kotler, P.T. & Keller, K.L. (2016). Marketing management (15th ed). Upper Saddle River, NJ:
Pearson/Prentice Hall.
Bustinza, O. F., Parry, G. C., &, Vendrell-Herrero, F. (2013). Supply and demand chain
management: the effect of adding services to product offerings", Supply Chain
Management: An International Journal, 18 (6), 618 – 629. Retrieved from
http://www.emeraldinsight.com.contentproxy.phoenix.edu/doi/full/10.1108/SCM-052013-0149
Sondergaard, H. A. (2005). Market‐oriented new product development: How can a
means‐end chain approach affect the process? European Journal of Innovation Management,
8(1), 79 – 90. Retrieved from
http://www.emeraldinsight.com.contentproxy.phoenix.edu/doi/full/10.1108/14601060510578583

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