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The Handbook of Marketing Strategy for Life Science Companies

Name: The Handbook of Marketing Strategy for Life Science Companies
Author: Jean-Francois Denault
ISBN: 9781351235280

by Jean-Francois Denault

June 2018

Beginner

231 pages

4h 48m

English

Productivity Press

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Cover
Half Title
Title Page
Copyright Page
Table of Contents
List of Figures
List of Tables
Preface
Introduction to Marketing Strategy
Author

1 Marketing Strategy Road Map
1.1 Planning toward Strategy1.2 Planning Your Marketing Strategy1.2.1 Performing Market Research1.2.1.1 Planning Your Data Collection1.2.1.2 Overview of Market Research Tools1.2.2 Situation Analysis1.2.2.1 Internal Analysis1.2.2.2 External Analysis1.2.3 Developing a Marketing Strategy1.2.4 Implementation and Control Mechanisms1.2.5 Final Notes
2 Overview of Market Research
2.1 Basic Market Research Concepts2.1.1 Primary and Secondary Market Research2.1.2 Quantitative and Qualitative Data2.1.3 Miles-Wide versus Deep Dive Research2.2 Preparing Your Market Research Plan2.3 Collecting Data—Primary Research2.3.1 Data Collection Methods2.3.1.1 In-Depth Interviews2.3.1.2 Focus Groups2.3.1.3 Online Surveys2.4 Secondary Research2.4.1 Active Secondary Research2.4.1.1 Popular Sources of Data Online2.4.1.2 Using Search Engines to Look for Information2.4.2 Passive Secondary Research2.4.3 Internal Secondary Data2.5 A Few Words on Ethics and Market ResearchReferences
3 Situation Analysis
3.1 Internal Analysis3.1.1 Assessing Your Corporate Vision and Mission Objectives3.1.2 Assessing Your Current Capabilities3.1.3 Assessing Your Company’s Business Model3.1.4 Some Final Notes on Internal Situation Analysis3.2 External Analysis3.2.1 Customer Analysis3.2.1.1 Understanding the Customer’s Decision-Making Process3.2.1.2 The Client Ecosystem3.2.1.3 What Does My Customer Want?—Using the Kano Model to Understand Your Customer3.2.1.4 Identifying Customer Behavior3.2.1.5 Building Customer Profiles3.2.1.6 Some Final Notes on Customer Behavior3.2.2 Competitor Analysis3.2.2.1 Preparation3.2.2.2 Identify Key Competitors3.2.2.3 Evaluate Your Competitors3.2.2.4 Getting Information on Competition3.2.2.5 Final Notes on Competition3.2.3 Market Analysis3.2.3.1 Market Size Estimation—The TAM-SAM-SOM Model3.2.3.2 Market Forecasting3.2.3.3 Final Notes on Market Analysis3.2.4 Environmental Analysis3.2.4.1 Microenvironment—Porter’s Five Forces3.2.4.2 Macro-Environment—The SLEPT Model3.2.4.3 Building a SLEPT Model3.3 Classifying Outputs: From SWOT to TOWS3.3.1 The SWOT Model3.3.1.1 The Four Elements of a SWOT Model3.3.1.2 Developing Strategy Applications—From SWOT to TOWS3.4 Concluding RemarksReferences
4 Developing a Marketing Strategy
4.1 Selecting Your Marketing Strategy Vision4.1.1 Strategic Commitment4.1.2 Strategic Opportunism4.1.3 Strategic Adaptability4.2 Choosing Your Marketing Model—What Type of Company Are You?4.2.1 The Classical Company Models4.2.1.1 The Production Model4.2.1.2 The Product-Focused Model4.2.1.3 The Selling Model4.2.1.4 The Marketing Model4.2.2 Modern Marketing Concepts4.2.2.1 Relationship Marketing4.2.2.2 Integrated Marketing4.2.2.3 Internal Marketing4.3 Creating, Adapting, and Implementing Strategy4.3.1 Determining Your Target Market—Segmentation4.3.2 Strategies Based on Products and Market4.3.2.1 Market Penetration4.3.2.2 Market Development4.3.2.3 Product Development Strategies4.3.2.4 Product Diversification4.3.3 Marketing Strategies Based on Competitive Advantage4.3.3.1 Cost Leadership4.3.3.2 Differentiation4.3.3.3 Cost and Differentiation Focus4.4 Developing the Marketing Mix4.4.1 Product4.4.1.1 Key Product Decisions4.4.1.2 Measuring Product-Market Fit4.4.1.3 Making Key Product Decision—The ICE Score4.4.1.4 Building a Better Product—The Hook Model4.4.2 Pricing Strategy4.4.2.1 Cost-Based Pricing4.4.2.2 Competitive-Based Pricing4.4.2.3 Customer Value-Based Pricing4.4.2.4 Price Skimming4.4.2.5 Freemium Pricing4.4.2.6 Other Considerations for Your Pricing4.4.3 Promotion Strategy4.4.3.1 Objectives of Your Promotion Strategy4.4.3.2 Promotional Tools4.4.3.3 Choosing Your Promotional Message and Channel4.4.3.4 Choosing Your Promotional Tools: The Bullseye Framework4.4.4 Distribution Strategy4.4.4.1 Factors to Choose Your Distribution Strategy4.4.4.2 Different Types of Distributions4.4.4.3 Specific Considerations for Distribution in Life Sciences4.5 The Role of Digital Marketing4.5.1 Driving Traffic4.5.2 Selling Products Online4.5.3 Digital Marketing in Action—The Pirate Metrics: “AARRR!”References
5 Marketing Strategy Implementation and Control
5.1 Implementation5.1.1 Implementation versus Strategy5.1.2 Implementation Plan5.1.3 Barriers to Successful Implementation of Marketing Strategy5.1.3.1 External Pressures of the Organization5.1.3.2 Internal Pressures of the Marketing Function5.2 Control Elements5.2.1 Implementation of Control Processes5.2.2 Barriers to the Successful Implementation of Control Procedures5.2.2.1 Inadequate Monitoring5.2.2.2 Inadequate Targets5.2.2.3 Management by Exceptions5.2.2.4 Cost and Complexity5.2.3 A Word of Caution on Control Systems
6 Marketing Metrics
6.1 Why Use Metrics?6.2 Some Pre-revenue Ratios6.2.1 Sales Force Coverage6.2.2 Break-Even Analysis6.3 Ratios to Measure Sales Effectiveness6.3.1 Return on Sales6.3.2 Advertising-to-Sales Ratio6.3.3 Customer Acquisition Cost6.3.4 Marketing Percentage of CAC6.3.5 Average Retention Cost6.3.6 Lifetime Customer Value6.4 Digital Marketing Metrics6.4.1 Traffic Metrics6.4.1.1 Overall Site Traffic6.4.1.2 Monitoring the Source of Web Traffic6.4.1.3 Monitoring the Paid Traffic6.4.2 Conversion Metrics6.4.3 Revenue Metrics6.5 Final Notes
7 Discussion on Unique Perspectives
7.1 Marketing in Life Sciences7.2 Marketing Health-Care Services7.2.1 Difference between Services and Products7.2.2 Developing Marketing Strategies for Health-Care Services7.3 Marketing Health-Care Digital Products7.3.1 Developing Marketing Strategies for Digital Products7.3.2 Issues with Health-Care Digital Products7.4 Final NotesReference
8 Final Thoughts
Bibliography and Further Reading
Index

Content preview from The Handbook of Marketing Strategy for Life Science Companies

List of Figures

Figure 1.1 Basics of the market research process

Figure 3.1 Major steps toward commercialization in therapeutics

Figure 3.2 The classical customer purchasing process

Figure 3.3 Example of a customer persona: Terry—The typical lab tech

Figure 3.4 TAM-SAM-SOM model framework

Figure 3.5 TAM-SAM-SOM model for a hypothetical small-cell lung cancer diagnostics device

Figure 3.6 Illustrated Porter’s model

Figure 3.7 Illustrated SLEPT model

Figure 3.8 SWOT model framework

Figure 3.9 From SWOT to TOWS

Figure 4.1 Marketing strategies based on the product/market matrix

Figure 4.2 Porter’s four marketing strategies

Figure 4.3 The Hook Model

Figure 4.4 The Bullseye Framework

Figure 6.1 Simulation of the break-even point in a hypothetical ...

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The Handbook of Marketing Strategy for Life Science Companies

by Jean-Francois Denault

List of Figures

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