Category: Marketing

Multinational companies are giant firms with their origin in one country, but their operations extending beyond the boundaries of that nation. For reasons of marketing, financial and technological superiority, these multinationals are generally considered as a sine qua non of the modernisation of an economy. They have been responsible for the rapid economic liberalisation in India in 1991, the question of the entry of multinational corporations (MNCs) has assumed significance. ADVERTISEMENTS: Multinationals corporations, mostly from the United States, Japan and other industrialised nations of the world, have en­tered our life in a big way. Foreign investment proposals and commercial alliance have been signed on an unprecedented scale, thus giving rise to the controversy whether these multinational corporations are our saviours or saboteurs. This is so because of the vital difference…

It is needless to indicate the importance of buying motives in modern day marketing. It is necessarily an inner feeling of the potential buyer. Once known, buying motives become a significant tool to finalise the product, pricing, distribution and promotional policies of an organisation.Therefore, the importance of buying motives can be examined on the basis of the following:1. Product Planning and Development: ADVERTISEMENTS: The manufacture’s product decision with regard to size, colour, weight, dimension, design, packaging, taste, etc. depends a lot on the consumer psychology which is chiefly based on the buying motives.Thus, once the buying motives are known, the product planning and development can be done in accordance with the consumer likings, tastes and preferences. Therefore, a thorough knowledge of the buying motives makes the product planning and development…

The word diaspora is of Greek origin. It means going of a large number of people abroad to work there. All the persons of Indian origin who have gone to foreign lands for gainful employment and those who have settled there having established various types of enterprises can be called Indian diaspora. Those Non-Resident Indians who are gainfully employed in some foreign country, the students who are studying abroad and have a work permit for some hours per week, but not the tourists abroad, fall in the category of diaspora.According to an estimate approximately eight million Indians are living in countries of the world. Although America, France, England, Australia are their favourite countries, and middle-east and south-east Asia are their other favourite regions, the persons of Indian origin are scattered…

We come across the different types of advertisements in our day-to-day life. They have invaded every aspect of our day to day dealings, our conversations, our thoughts and to a certain extent control our behavior as customers and consumers of goods and services. Advertisements stare and scream at us from every street corner, every newspaper, every magazine, every hoarding, every stall or shop or showroom to walls of every public building, vehicle, radio and television. They don’t even spare our computer screens when all we are interested in is checking our mail or even simply browsing through. The world has suddenly become advertisement conscious so much so that at night the city lights up with thousands of neon glow signs proclaiming, capturing and demanding our attention. It seems that the…

To (Company Name) (Address)Sirs,We take the pleasure in informing your good selves that we are one of the major manufacturers of plastic prod­ucts in the country and enjoy a good market reputation in the trade circle. We have been in the market for the last ____________ (Years). Plastic products are catching up rapidly with more and more people preferring plastic products. Keeping this in view, we are planning to increase our production capacities by installing ____________ (No. of Machines) additional ma­chines. Image Source: faireducationpoint.com ADVERTISEMENTS: We came across your products at the ____________ (Company Name & Address) which we really appreciated. We also have Import License as actual users. You are therefore requested to kindly send an illustrative catalogue of your latest machines of different varieties. Along with it kindly…

The Consumer Protection Act, 1986 sought to provide better protection to the interests of the consumers and for that purpose made provisions for the establishment of Consumer Protection Councils and other authorities for resolving consumers’ disputes. The Consumer Protection Councils would be set up at national and state levels (Section 6 of Consumer Protection Act)The objects of the Central Consumers Protection Council and State Consumers Protection Councils are to promote and protect the rights of the consumers, such as: (a) The right to be protected against marketing of goods and services which are hazardous to life and property. ADVERTISEMENTS: (b) The right to be informed about the quality, quantity, potency, purity, standard and price of goods or services as the case may be so as to protect the consumer against…

In pharmaceutical marketing strategies are implemented through medical representative in the thrust areas as doctors, chemists and dealers and society in general. Therefore it is necessary to analyze and interpret the views of medical representative towards the various marketing strategies framed by pharmaceutical companies and the difficulties faced by them.And understanding the complete system will help to improve the current system of strategy implementation through medical representative. 1. Doctor’s level: Survey confirms that personal relations and regular calls are equally important at doctor’s clinic level. Few of them emphasis on the fact that knowledge built and company inputs are also play a vital role but has its own limitations, as degree of acceptance copied by competi­tors is much high. It has also agreed by 70 percent of respondents that these…

“Product life cycle in the pharmaceutical market is same as our life cycle, i.e. introduction (birth), growth, maturity and decline (death)”.In human life we needs various types of calories at different stages in the same way, product of pharmaceutical marketing needs various types of inputs to sustain or maintain longer life of the product.In introductory phase, product is introduced into the market and needs a lot of efforts to get prescription from doctor. Here sale is very low and confers only availability at Chemist level. This phase demands lot of inputs like product detailing, physician’s sample and refer­ence print etc. Image Source: infonam.com ADVERTISEMENTS: Growth phase involves actual sale of product and number of prescriptions should be in­creased. Here fear of competitors to enter and snatch the sale is more…

Pricing strategies are set as per company objective, market sensitivity, product category, competition etc.There are selective successful pricing strategies in pharmaceutical market­ing are discussed as, 1. Marginal Cost Pricing: In simple terms “marginal cost pricing is the cost of producing one more unit as fixed cost already been covered with existing sales volume”. It means company utilizes its capacity for additional production where profit on small sales remains same but chances of additional margin may increase. Marginal cost pricing is helpful when company gets a bulk order from any institution tender or hospital supply to supply were quoting lowest price is more produc­tive. ADVERTISEMENTS: Torrent pharmaceutical Ltd a Gujarat based pharmaceutical company has their brand Hexidol well settled in market. Hexidol has been used as an anti-psychotic drug containing Halo-…

The factors affecting pricing decisions are varied and multiple. Basically, the prices of products and services are determined by the interplay of five factors, viz., demand and supply conditions, production and associated costs, competition, buyer’s bargaining power and the perceived value. We would like to divide them as Internal Factors and External Factors. Internal Factors: 1. Marketing Objectives and Pricing Objectives: Pricing objectives may be as stated earlier – profit objectives (return on sales investment and maximisation of profits), sales objectives (increasing sales volume and increasing market share) and maintenance objectives (price stabilisation and matching the competition). Various pricing objectives have important implications for a firm’s competitive strategy. Pricing objectives must not be in conflict with the marketing objectives of the firm. Image Source: saylordotorg.github.io 2. Marketing Mix Strategy: ADVERTISEMENTS:…