Industry Rivalry Essay

This report is Part 1 of assignment for Marketing MBA 565-MBOL1 to Dr. Stephen Baglione

Therefore this industry is a pretty good one to already be in, but would be very tough to try and break into. Since established firms do not have to worry about threat of entrants or substitution, they can focus on making their core business practices cost efficient and profitable. Although firms have to deal with high buyer and supplier power, every firm has to deal with these issues. Therefore this leaves only rivalry to compete on, which forces firms to stay sharp, observe the competition, and provide excellent service to the firm’s customers to generate profit.

In our experience with Pharmasim we learned that Marketing decision making must be very sensitive and responsive to everything going on in the industry which is very complex. Consumer responses to marketing tactics can be volatile and unpredictable and no idea is guaranteed to work well. Marketing is a matter of meticulous research, assumptions, planning, and volatility at times. Overall we took away two major points: 1) that it is important to consider the product lifecycle in evaluating how to promote businesses and, 2) that the “Sweet Spot” as a competitive advantage should be the greatest point of consideration when evaluating how to best gain leverage to beat the competition in the minds of

Examining how and why CAM therapies have become so popular, in spite of what may appear as people ignoring efficacy concerns, is perhaps due to a general dissatisfaction with conventional medicine. How this has come about lies within changing social values; which have popularised holism, inspired

I think Big Pharma companies skew their data very regularly. Although this is not ethical, it's practiced in this field because there is a certain probability calculated as it relates to side effects and ineffectiveness. For instance when we take Tylenol as a child we eventually become tolerant to the dosage. As we get older we need to increase the dosage even more than is advertised to get relief. The Pharma companies do not advertise that ALL pills have a toxicity level and will affect our organs at some point in time. Each pill is tested for toxicity levels before being released to the public. With that said, these companies take on a certain amount of acceptable risk when producing medication. The public has accepted this risk with

Specify the types of country risks that pharmaceutical firms face in international business. How do the political and legal systems of countries affect the global pharmaceutical industry?

The twenty-first century has seen pharmaceutical companies grow in unprecedented size and strength. Due to the unprecedented growth the larger pharmaceutical companies have gained leverage and power in the prescription drug industry, but they lack innovation to market and they seek ways to help the business continue to increase its profits. The pharmaceutical industry was once ethically sound and was a valuable player in the development of human health. However, overtime with the lack of innovation pharmaceutical companies are becoming an unethical market that exploits patients, doctors and anyone else it can to increase its profitability. With eyes only on profitability this can create a hazard for patients because there

Three ethical issues relating to marketing and advertising are Truth in Adverting and Marketing, Advertising and Marketing Harmful Products and Advertising and Marketing Tactics. The FDA (Food and Drug Administration) has requirements for truth in advertising and the FTC

Profits are strong, but the company has to be willing to diversify. Also during this stage is where competition decreases and usually only the strong survives. Take for example the number of phone carriers there were in the 90’s versus how many today.

In the year of 2017, I would think 99% of the population of the Western world would believe in the life saving abilities and precautions vaccines are able to provide. But recently, a new wave of danger has befallen the mommy bloggers and soccer moms. The fear of bearing autistic children ‘brought about by vaccines’ is too much for these moms, they couldn’t watch their child suffer such a fate. So what’s their solution to protect their precious miracle? Ultimately, sacrificing the overall physical health of the child, as well as the children around them by depriving the child of a good, healthy start in infancy in exchange for non-medical protection. One making such an ill-informed, naive, and selfish decision for their child ultimately

In conclusion, we will face facts that we need to have respect and understanding of the religious beliefs. Today, majority of people are using some sort of CAM’s. Health care providers may not approve of the alternative medicine, but this is reality. With the cost of health care and medicines rising, why would you not want to try alternative medicines? However, when you are talking to your patient about the use of

The Pharmaceutical industry has been in the spotlight for decades due to the fact that they have a reputation for being unethical in its marketing strategies. In The Washington Post Shannon Brownlee (2008) states, “We try never to forget that medicine is for the people. It is not for the profits. The profits follow.” This honorable statement is completely lost in today’s world of pharmaceutical marketing tactics. These tactics are often deceptive and biased. Big Pharma consistently forgets their moral purpose and focuses primarily on the almighty dollar. Big Pharma is working on restoring their reputation by reforming their ethical code of conduct.

As technology continue to refine how products and services are delivered to consumers, competition among industry participants becomes more refined. Organizations that are able to keep up with changing technologies become leaders while those that are not fall behind. Mergers and acquisitions are increasing while causing small businesses to sell out or seek partnerships and cooperatives in order to remain competitive and relevant.

Porter’s Five Competitive Forces Analysis is a framework developed by Michael E. Porter of Harvard Business School for study of industry analysis by analyzing five competitive forces which define industry and its business strategy. These five competitive forces determine the competitive advantages, disadvantages and attractiveness or profitability of industry.

Today in the 21st century the roles of pharmacist have expanded tremendously. Before pharmacist had the role of solely dispensing drugs. Pharmacists were limited to only being regulatory or clinical pharmacist. Back then they were called medical purveyors who were much like today’s regulatory pharmacist and hospital pharmacist who are similar to hospital pharmacist. Now pharmacists carry many roles in healthcare. Pharmacist can play roles in public health, community, health systems, state, and federal government.