Demographic segmentation is a dynamic market segment used by companies to reach their target audience. These segments of the pharmaceutical industry are divided according to population variables such as race, nationality, gender, income, age, occupation, family size and religion. It is a simple but essential market segmentation where information can be easily accessed through current business-customer relationships. Many organizations segment their market on a geographical basis, such as census region, city size, urban-suburban-rural area, or climate.
Many companies trade only in a limited geographical area. Activate your 30-day free trial to unlock unlimited reading. Activate your 30-day free trial to continue reading. This presentation outlines several ways to segment pharmaceutical customers and patient populations.
Download it to take your learning offline and on the go Instant access to millions of e-books, audiobooks, magazines, podcasts and more. The SlideShare family just grew. Enjoy access to millions of e-books, audiobooks, magazines and more from Scribd. In some cases, it may be location, specialty, and number of patients.
In other cases, it may be the psychological type (see below), the specialty, the preferred channel and beyond. The target market segment is one or more segments selected for the company's marketing activity. If executed well, market segmentation can help generate a lot of revenue for pharmaceutical companies. Direct sellers, such as record clubs, credit card companies and catalog houses, have long understood the power of database marketing.
Using a differentiated marketing strategy, a company decides to target several market segments and designs separate offers for each. Even with traditional market segmentation research and past sales experience, a pharmaceutical field sales rep can generally expect to make 6-8 visits to a healthcare provider before securing the business. Mass marketing resources provide cost-effective marketing solutions for small and micro businesses, including start-ups. Mass marketing or undifferentiated marketing has its origin in the 1920s, with the beginning of the mass use of radio.
Ideally, management's goal should be to segment its markets in such a way that each segment responds homogeneously to a given marketing program. Pharmaceutical companies have historically used traditional segmentation methods, such as demographic segmentation with consumers and prescription segmentation with physicians, but these types of marketing approaches offer limited results because they only offer superficial information or what customers do. no why do they do it. Durability is the next vital factor to consider when designing segmentation strategies for the pharmaceutical market.
Different people respond differently to different components of marketing and to different channels, but many companies continue to use traditional marketing approaches to reach consumers in a changing healthcare environment. Lack of segment market research and planning reduces costs of market research and product management. By employing the market segmentation strategy, a company can design products that truly adapt to market demands. By offering product and marketing variations, expect higher sales and a stronger position in each market segment.
Market segmentation is a customer-oriented philosophy and is therefore consistent with the concept of marketing. Identifying market segmentation is a small but very effective formula for reaching potential customers and ensuring the company's success in the market. .
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