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Unit3_Promotion.pptx
- 1. PROMOTION 5/4/2023 1 Unit: 03 BP-803ET,PHARM MARKTMANGMT Unit 3 BP803ET:::PHARM MARKETING MGMT BPHARM 8th SEMESTER
- 2. PROMOTIONAL MIX • Itrefers to the use of communication with the twin objectives of informing potentialcustomers about a product and persuading them to buy it. • Promotion involves disseminating information about the product, product line, brand, or company. It is one of the four keys aspects of the marketing mix. (the other three elements are product marketing, pricing and distribution.) • To generate sales and profits, the benefits of product have to be communicated to customers. In marketing this is commonly known as “promotions”. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 3. MARKETING MIX BP-803ET,PHARM MARKTMANGMT Unit 3 5/5/2023
- 4. • Specific combinationof promotional methods such as print or broadcast advertising, direct marketing, personal selling, point of sale display, merchandising, etc, used for one product or a family of products. • ADVERTISING • SALES PROMOTION • PERSONAL SELLING • PUBLICITY • DIRECT MARKETING • PUBLIC RELATIONS TOOLS/TECHNIQUESFOR PROMOTION MIX /PROMOTION MIX BP-803ET,PHARM MARKTMANGMT Unit 3 5/5/2023
- 5. • Promotiontechniques • Promotingyour business can take many different forms. We can promote it online and offline. Promotion is a very important part of every business imaginable. If we don’t promote it, how are the customers supposed to know about it? Here are some very effective ways to promote your product or service. • BUSINESS CARD • PRESS RELEASE • ORGANIZATIONS • NEWS LETTERS • FREE STUFF • WEBSITE TOOLS/TECHNIQUESFOR PROMOTION MIX /PROMOTION MIX BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
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- 7. • A promotionalbudget is a specified amount of money set aside to promote the products or beliefs of a business or organization. • Promotional budgets are created to anticipate the essential costs associated with growing a business or maintaininga brandname. • The budget is often set according to a percentage of sales or profits for an established business, a percentage of startup costs or use of funds in the case of a startup, a percentage of raised funds in the case of non-profit or a foundation, in order to maintain an expected growth rate. PROMOTIONAL BUDGET BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 8. • The advertisingand marketing of a business represent costs that most businesses have a tough time predicting, which is why a percentage method might be used. • A promotional budget could be increased in anticipation of new product lines are set to release in the near future. • High promotional budgets can reduce profits during the period such assets are expended. Companies may allow for such higher costs based on an assumption that sales or awareness will increase among customers. • Promotional budgets usually include money put toward advertising across mediums such as radio, television,Internet, and print. HOW PROMOTIONAL BUDGETS WORK BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 9. • A company’spromotional budget can include expenses for email campaigns, social media outreach, and outdoor signage. • The promotional budget might also go towards hiring outside experts and consultants who develop the campaigns and place ads in the appropriate media and locations. • This can include contracting marketing intelligence firms to interpret data that shows how dollars spent on marketing translate into new or recurring business for the company. HOW PROMOTIONAL BUDGETS WORK BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 10. • Generate customerinterest ex-discount sale, free samples • Generalenquiry from target group of customers ex- gift, mail in coupons, catalogue, brochures • Motivate customersto repeatpurchase ex- coupons • Build customertraffic ex- Big Bazaar Wednesday Sale, festival sale • Increasingrate of purchase ex -Multipacks • Online/mobilecouponing OBJECTIVES OF SALES PROMOTION BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 11. • Increased pricesensitivity • Quality Image affected • Dealers end up with undue advantages • Merchandising support • Short term sales orientation DISADVANTAGES OF SALES PROMOTION BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 12. ADVERTISING • Advertising simplymeans A way of communication that reaches all types of sector • It provides information and creates awareness among people relating to a product etc • Definition • Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 13. OBJECTIVES OF ADVERTISING •Delivering the proper message to customers • To convince customers that a company’s services or products are best • Enhance the Image of company • Demonstrate new uses for established products to hold existing customers • INFORMATIVE ADVERTISING - New Product, New Service, New Features, Re- Launch • PERSUASIVE ADVERTISING - ComparativeAds • REMINDER ADVERTISING - ContinuousAds • Ex: Coca Cola BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 14. TYPE OF ADVERTISINGMEDIA • Outdoor Advertising (Billboard,Transport) • Media Advertising (Television, Radio) Print Advertising (Newspaper, Magazine) • Internet Advertising • Celebrity Advertising • Cinema Advertising • Retailer/Local Advertising • Brand Advertising BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 15. ADVERTISEMENTFUNCTIONS • To createawareness • To inform • To remind customers • To offset advertising by competitors • To support the sales force • To increase market share • To differentiatefrom rivals BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 16. ROLE OF ADVERTISING •Marketing Role • Communication Role • Economic Role • Social Role BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 17. CLASSIFICATIONOF ADVERTISING 1. OnGeographical basis • Global • National • Regional • Local 2. On basis of Demand • Product demand • Brand demand 3. On Basis of TargetGroups • Consumers • Professional 4. Advertisingof service Hotel services, Education services ,Transportationservices, Hospitalityservices and Financial service BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 18. EXAMPLES OF TOPADVERTISING AGENCIES • Ogilvy & Mather- Hutch (Vodafone), Cadbury, Asian Paints and Fevicol. • JWT, J Walter Thompson- Nestle, Ford, Nokia and Unilever. • Mudra Communication-HBO, Philips, Reliance NetConnect, Big Bazaar. • FCB Ulka Advertising Ltd-TataIndicom, Whirlpool, Zee Cinema, Santoor, Sunfeast and Amul. • Grey Worldwide (I) Pvt. Ltd- Hero Honda, Maruti Suzuki, Nestle, Ambuja Cement, UTV, P&G and Godrej BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 19. MEDICAL EXHIBITION: OBJECTIVES •Involves a large range of products from a number of different industries for display to the general public/ customers. • Generally intended to meet the needs of one particular type of business • To reveal the ideas clearly and effectively • To promote understanding • To influence people to adopt better practices by arousing interest, stimulating through and getting action. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 20. MEDICAL EXHIBITION: HOWTO PLAN • Develop a plan/ layoutfor which exhibition is arranged. • This layout should provide a way of evaluating the finished project as clarity of message, attractiveness,completeness etc. • Should communicatemessage very clearly. • Exhibition must have power to attract • Exhibition area must be well lighted with proper sound system • Message should be short and simple to be understood by all visitors • Make workshop lively and label legibly and briefly. • Interpreters should be well informed and precise in their explanation. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 21. MEDICAL EXHIBITION: DISADVANTAGES •Give adequatepublicity both in advance and after exhibitionsare over. • Evaluate the effectiveness of exhibition by analyzing attendants enquiries and requests. • Creates market for newer products • Develop healthycompetitions • Requires lots of investments. • It cannot lend itself to all topics and cannot be frequently or widely used. • It may create some negative impression on audience if not properly handled BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 22. PUBLIC RELATIONS(PR) BP-803ET,PHARM MARKTMANGMT Unit 3 5/5/2023
- 23. • It’s theart and science of talking to the right audience in the right voice. It influences and shapes a company’simage, reputation,brand perception and culture. • Nature of PR • PR is essentially defensive • It is a corporatearmor that a company can wear which would protect a company during adverse times • Public Relationscan also be defined simply as the practice of managing communication between an organization and its public. BP-803ET,PHARM MARKT MANGMT Unit 3 42 PUBLIC RELATIONS(PR) 5/5/2023
- 24. 5/4/2023 BP-803ET,PHARM MARKTMANGMT Unit 3 43 OBJECTIVES OF PUBLIC RELATIONS (PR) 5/5/2023
- 25. • Customer complaintsandredressal • It is an opportunity to cement relationswith the customer • Very important in the service and hospitalityindustry • Combating rumors/ falsehoods • Confront and disclose facts in media • Give the positive side of the story • Capitalizeon rumor to your benefit • Rumor can be dismissed as ridiculous USES OF PR BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 26. BP-803ET,PHARM MARKT MANGMTUnit 3 47 TOOLS OF PUBLIC RELATIONS(PR) 5/5/2023
- 27. • It's anon-paid communication to promote your company in a positive light using media vehicles like television, radio, magazines and newspapers. • It is done by the third party. • The major tool used in the publicity is press release. • It provides information about a product or product related activities 5/4/2023 BP-803ET,PHARM MARKT MANGMT Unit 3 PUBLICITY 5/5/2023
- 28. USES OF PUBLICITY •Attract public’sAttention • Maintain publicVisibility • Provide Information • Change Attitudes • Combat negative publicity from another source BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 29. PUBLIC RELATIONS vsPUBLICITY BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 30. ONLINE PROMOTIONAL STRATEGIESFOROTC PRODUCTS BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 31. OTC • OTC drugsare those drugs which are safe and effective for use by the general public without a doctor’s prescription. • It is also called prescription de controlled drugs. • These drugs are the non prescription or over-the-counter drugs. • These have little significant pharmacological activity and therefore the physician need not to be very much concerned about their use by the patients themselves. • It is used primarily for symptomatic relief and not as substitutes for prescription drugs. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 32. OTC • SIGNIFACANCE • Comparativelycheaper •An increased trend for self-care and increased tendency of patients to maintain their own health Chemist himself may prescribe OTC • OTC considered as time saving medications. Some patients do not want to spend much time at physiciansclinic. • Lesser number of side effect compared to prescription medications. • Over-the- counter drug products account for 55 percent of drugs used by Indians. • Prescription Drugs 45% OTC Drugs 55% Drugs Used by Indians MARKET ANALYSIS BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 33. ONLINE OTC • WhyOnline? • Search engines are the most powerful medium to reach customers because you reach the right customer at the right time. • 90% of online Web sessions begin with a search. • 81% of users find web sites they were lookingfor through search engines. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 34. ADVANTAGES OF ONLINEOTC AD • Benefits of Advertising Online • Real time ROI metrics: Investment rationalization • Hard core leads: Tangiblemoney • Own community on Social Media Portals • Consumer Opinion Leaders (Who will be your mouth piece amongst consumers.) BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 35. CREATE PROFILE INSOCIAL MEDIA NETWORK • Face book • LinkedIn • Twitter • Orkut • Google • Yahoo BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 36. DIRECT MAIL MARKETING •Direct marketing is a perfect opportunity to get the name of the company in the hands of customers who want to hear about the latest products, services, and coupons provided. • It is a personalized approach in marketing were there is a direct communication created between the owner of the company and the prospective buyers. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 37. BENEFITS DIRECT MAILMARKETING • DMM provided a personalized approach which created awareness of Reader's Digest Magazine. • It helps in communicating directly with potential readers and appealing to their beliefs and lifestyle. • DMM made Reader's Digest become America's leading monthlymagazine. • Today the global readership is more than 100 million, a circulation of 27 million, with 48 editors, published in 19 languages available throughout the world and has become the world's best-selling magazine. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 38. RETAILING • According toWilliam J Stantons, “ A Retailer or Retail store is a business enterprise which sells primarily to the ultimateconsumers for non business use.” • According to Cundiff and Still, “Retailing consist of those activities involved in the selling directly to ultimate consumers. ” • According to Mc. Carthy. “ Retailing is selling to final consumer products to households.” • Retailing may be understood as the final step in the distribution of merchandise for consumption by the end consumers. • Retailing is responsible for matching final consumer demand with supplies of different marketers. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 39. • CHARATERESTICS OFRETAILING • Direct interaction with customers. • Lower average amount of sale transaction. • Point of purchase and display and promotion. • IMPORTANCE OF RETAILING • Services to Wholesalers and Producers. a) Advertisement of new products. b) Arrangement to sell the goods. RETAILING BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 40. RETAILING c) Information aboutconsumer habits, tastesand needs. d) Sharing of Risks. • Services to consumers a) Selection. b) Variety of goods. c) Demand creation. d) Distribution. e) Credit Facility. BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 41. FUNCTIONS OF RETAILING •Sorting. • Breaking Bulk. • Holding Stock. • Additional Services. • Channel of Communication. • Transport and Advertising Functions BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 42. • Detailing • Sponsoringcontinuing medical education • Advertising Drugs in medical journal • Funding medical specialty societies • Hiring medical opinionleaders • Paying physiciansfor participatingin post marketing research SAMPLING AS SALES PROMOTION BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 43. • Many doctorsdeny that promotional items from companies influence professional objectivity. that their • Evidence suggest that physician are just as susceptible to target marketing as any other person SAMPLING AS SALES PROMOTION BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 44. • Personal autonomy individualfor taking allow for decisions based on their ethical values. • Personal autonomy is compromised when another party influences another beliefs about product or service. SAMPLING AS SALES PROMOTION BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023
- 45. • Drug Samples •Patient receive free of charge. • Used to test effectiveness of drugs/help low income patients • Curb patientscost initially butcost more in long run • Accompaniedby skewed and misleading information's • Persuade MDs not to look for better opinion. SAMPLING AS SALES PROMOTION BP-803ET,PHARM MARKT MANGMT Unit 3 5/5/2023