Product Prioritization Matrix A Strategic Tool, to plan Brand Promotion Priority for optimized business growth
Journal Title: INTERNATIONAL JOURNAL OF MANAGEMENT & INFORMATION TECHNOLOGY - Year 2012, Vol 1, Issue 3
Abstract
Indian Pharmaceutical Market has remained consistently progressive over the decade. The two major contributing parameters of the Industry doctors and patients, were also increasing in numbers and thus adding to the growth of the industry. Due to this continuous growth character of the Industry, the Industry has always remained one of the most attractive business sectors. New players continue to enter the market while the old and existing pharmaceutical companies consolidate their respective business simultaneously. Therefore, Indian Pharmaceutical Market (IPM) is also one of the most competitive market cluttered with too many players (more than six hundred registered pharmaceutical companies) and represented by too branded generic products. The main criterion of success in business in IPM is not just overall sales turnover growth but how to achieve sales growth higher than the market sales growth and at the same time ensure increasing profitability. Intellectual Property Rights were introduced since January 2005, however all most all generic molecules have significant number of participants, with very few patented formulation available in the market, at present. In such a market condition one would necessarily require sharper focus for effective execution. Therefore one would essentially require developing long term and short-term strategic marketing action plan for facilitating effective implementation. To formulate effective strategy one would require studying the market dynamics critically and then develop the required strategy based on the individual organization strengths and weakness. Based on medical doctors prescription habit analysis and particular pharmaceutical marketing company product wise sales data analysis, in this article we have discussed how an unique strategy formulation tool Product Prioritization Matrix (PPM) can be developed, which can be effectively used for strategic product portfolio planning and management. Effective application of PPM would result in faster sales growth and optimize organization profitability.
Authors and Affiliations
Sanjoy Mitra
Keywords
Related Articles
- EP ID EP654194
- DOI 10.24297/ijmit.v1i3.1432
- Views 149
- Downloads 0
A Strengthening Asean Cyber Cooperation in Countering Cyber Terrorist Groups Activities on the Internet by Implementing the Six-Ware Cyber Security Framework
Nowadays, the extremism, radicalism and terrorism groups have taken advantages the use of Internet access to support their activities, i.e, member recruitment, propaganda, fundraising, cyberattack actions against their t...
Innovation: Challenges & Perspectives
The 21st century territorial competition has become a contest between economic realities able to compete locally and globally. The proposal for innovative products and services seems to be the right way for companies who...
Customer value creation via business model implementation
Business models are the blueprints upon which the whole structure and operation of the company is based. The aim of this paper is to underline the importance of business models in value creation for the company and to di...
Multi Frequency Approach to Analog Fault Diagnosis using Pole Sensitivity Analysis
In this paper an efficient algorithm using multi-frequency approach has been applied to fault diagnosis of analog electronic circuits using Pole Sensitivity analysis. In this paper, after application of the multi f...
Data Centers As an Emerging Environmental Threat in Malaysia
Abstract: In the past decade, global attention towards environmental stewardship has increased. Concerns about air pollution, after pollution and hazardous substances have made governments and businesses to move towards...