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Running Head: PRACTICAL CONNECTION ASSIGNMENT 2

PRACTICAL CONNECTION ASSIGNMENT 2

Practical Connection Assignment

Srinivasa Shiva Theja Yadlapalli

BADM 533-20: Marketing Management

22 FEB 2020

I’ve always had a passion for having to study within the Marketing and business areas as I also have a masters from Project Management. While studying the course Marketing execution in my master’s in project management, I had to go through the execution process within the industry and how the marketing and financial influences the stages of the product developed within the organization. This got me more curious to learn the needs on how the marketing, accounting and finance should be considered while setting up a company, for which I have plans to do so back in India. Currently I work as a Senior Compliance and Program Specialist in pharmaceutical industry. This course “Marketing management” had helped me to view the business side of my job as well.

The first and the foremost is the strategic planning chapter that had opened the gates for me to view how the marketing management process is conducted within an industry, the steps to look after for the marketing orientation than production planning. In pharmaceutical industry, the drugs that are being developed always face the issue of having to meet the customer needs with utmost satisfaction. This development sometimes tends to slide when coming to the market it can be targeted to. I have been involved in a marketing sales call to determine the impact and growth the new product can bring and involve in discussion to provide marketing strategy and that the research and development should be based out of the market analysis. It should also cover what the patient needs and how can we as a company can help to mitigate the needs of the patient.

The next big learning point is the consumer behavior. This chapter had provided the possible knowledge on the buying process. In pharmaceutical industry, the prices and the product are determined based on the market it is being utilized by and the consumer needs dependent on the need for the product. However, the product and the price influences are also based on the competition faced by a different firm offering the same price. In my company, we were struggling at one point to determine the price of the gastrointestinal drug that is also provided by another competitive firm with a different substituent. In this process, our research team had to come up with a side effect analysis with the substitute that we use and that it can offer the product for a less price based up on the price influence factor and that marketing should be base don the minimal side effect that our drug provides which differentiates from our competitor drug. This was a classic example of how the price influence can be done using a simple technical analysis and the market can be reached even further.

The next thing would be market segmentation, the primary reason for studying consumer and organizational buyer behavior is to provide bases for effective segmentation (Peter, J. P., & Donnelly, J. H, 2011 p. 71). This is where the prori segmentation and that is what my company uses while defining the markets. In pharmaceutical, the market should be capped based on the users that use within the area and the competition that had already in place in the market. There is a scenario where two competitors can sell the same drug, but that is in rare situations. For example, oncology department and treatment are very famous at Brigham Hospitals in Massachusetts where people from all over the world come for a specialist opinion or for primary care. This can be viewed as a market that a company can reach to sell its drug. This type of segmentation is priori.

Ultimately, the above-mentioned learnings have helped me gain extensive knowledge on the marketing management techniques in the Business side of the industry and also continually helping me to achieve the knowledge required to contribute in my professional environment on day to day basis.

References Peter, J. P., & Donnelly, J. H. (2011). A Preface to Marketing Management. New York: Mc Graw Hil Education.