Marketing Planning - Pharmaceutical Company - GSK
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Added on 2020-01-07
Marketing Planning - Pharmaceutical Company - GSK
Added on 2020-01-07
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MARKETINGPLANNING
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1................................................................................................................................................11.2................................................................................................................................................21.3 and 1.4....................................................................................................................................2TASK 2............................................................................................................................................52.1................................................................................................................................................52.2................................................................................................................................................5TASK 3............................................................................................................................................63.1................................................................................................................................................63.2................................................................................................................................................73.3................................................................................................................................................83.4................................................................................................................................................83.5................................................................................................................................................9TASK 4..........................................................................................................................................104.1 and 4.2..................................................................................................................................104.3..............................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTION Marketing planning is the broad concept in which the company plans out all activitieswhich are required for launching the product in the market. This concept became popular in thesedays because of the increasing competitors and different needs as well as desires. In this report,GSK which is one of the successful pharmaceutical Companies has been discussed. Theorganization is planning to launch a new Flu vaccine in the market for old age people. Forlaunching product, a company has made a proper marketing plan which will focus on all theareas that require to be stressed by the company. The report will describe the changing scenarioof the marketing planning and further it emphasizes on the tools and techniques which can beused by the organization for analyzing the environment. Besides this, the document stresses onthe techniques for the new product development which are used by GSK for developing thevaccine. Company’s profileGlaxoSmithKline plc(GSK) is the British pharmaceutical organization and it is knownfor the medicines which are manufactured by the company. The organization has been earninghuge profits by selling different types of drugs which are not manufactured by other firms.Besides this, the GSK has been proved guilty of promoting the drugs which for the unapproveduses. For that, the firm had to pay the huge penalty to that particular organization. Theorganization provides drugs for Asthma, Cancer, Diabetes; mental health etc. besides this, in2006, the GSK acquired the US healthcare company. This was the successful move for the firmbecause the company manufactured the Breathe Right Strips and other products which were notproduced by the GSK. On the other hand, the organization is famous for performing thecorporate social responsibility in the country. In 2009, the organization said that it would reducethe price of the drug by 25% for the benefit of the society. 1
TASK 11.1With the changing scenario as well as environment the perspective for the marketingplanning is changing. New technology and changing taste and preferences of the customers haveforced the GSK organization to change its marketing plan according to the need of the hour. Thechanging perceptions are as follows: User’s perception- In the past needs of the customers arise by seeing the products of thecompany. But in the today’s time, the organization makes the products according to theneeds and demands of the users (Perreault, 2010). Like in case of GSK, they have madeFlu Vaccine for old people because of the increasing demand. Further, now the firm hasto make its market plan so that they can make the customers aware about the product. Butin the past time, the company did not focus on promotion they directly sold to theretailers and the customers purchased it. With the increasing competition, it is required bythe GSK to make the old people aware about the product so that they can use it. Changing strategies- Earlier, marketing mix was used as a main tool for developingmarketing plan. GSK used this tool to focus on the attributes of the product and further,pricing and distribution information was given by using this tool. But now, differentmethods are used to identify the needs of the customers and after developing the productmarketing mix is used as a substitute tool for promoting the product (Wilson, 2010). Thetechniques as well as the way of making marketing plan have been changed because ofthe excessive competition in the industry.1.2For making the organization successful it is important for the firm to possess efficientability in the form of physical, human, financial for developing the marketing activity. As GSKis the renowned organization it has these abilities which can help in making the marketing plan.The organization has made the strategy for merging and acquiring the firms of the same industry.This is one of the ways of marketing its products and making the customers aware about it(Hollensen, 2010). Even the human resource makes the marketing plan by consuming less2
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