A few extra pointers
All about Market Research and Business Intelligence
Market Research and Business Intelligence are linked disciplines as the one feeds on the raw data extracted from the other. As a science, Market Research is the process of systematic gathering, recording and analysing data about customers, competitors and the market. Properly designed, Market Research is an essential part of a pharmaceutical Marketing Manager's toolkit because it can provide vital information for developing, planning and implementing the marketing strategy.
Pharmaceutical marketing departments can also measure market potential, for example, how many prescriptions, patients and prescribing doctors are there for the product? Or what is the total market size, the growth potential, and the market share of the competitors?
Market research helps determine market characteristics such as:
Who are the target customers for the drug GPs, hospital doctors, pharmacists, GP Consortia, patients?
What marketing strategies are required to find these customers?
How will these customers respond to a new product, or a new advertising campaign for an existing product?
Research techniques can also be used to analyse market share, sales forecasting, likely competitor response and pricing strategy.
For more information please download the guide below.