The Handbook of Marketing Strategy for Life Science Companies : Formulating the Roadmap You Need to Navigate the Market

The proposed book is follows in the same steps as the first book in the series,__The Handbook of Market Research for Life Sciences__. While the first book focused on the techniques and methodologies to collect the market data you need to evaluate your market as well as presentation models for your data, the second volume will focus more on the commercialization elements of marketing. As such, this book will be covering a wide range of topics directly tied to marketing management such as marketing and commercialization strategies, consumers' behaviors, marketing metrics, pricing techniques and strategies as well as marketing communications (public relations, advertising, and more).The objective of this book is to focus exclusively on the marketing aspects for life sciences, providing entrepreneurs with a toolkit of tools they can use throughout the marketing process, from market planning to commercialization. The overall objective is for them to gain an understanding on the marketing function, ask the right question, and be able to tackle simple to complex topics. Cover 1 Half Title 2 Title Page 4 Copyright Page 5 Contents 6 List of Figures 14 List of Tables 16 Preface 18 Introduction to Marketing Strategy 22 Author 30 1 Marketing Strategy Road Map 32 1.1 Planning toward Strategy 32 1.2 Planning Your Marketing Strategy 33 1.2.1 Performing Market Research 33 1.2.1.1 Planning Your Data Collection 34 1.2.1.2 Overview of Market Research Tools 34 1.2.2 Situation Analysis 35 1.2.2.1 Internal Analysis 35 1.2.2.2 External Analysis 35 1.2.3 Developing a Marketing Strategy 36 1.2.4 Implementation and Control Mechanisms 36 1.2.5 Final Notes 37 2 Overview of Market Research 38 2.1 Basic Market Research Concepts 39 2.1.1 Primary and Secondary Market Research 39 2.1.2 Quantitative and Qualitative Data 39 2.1.3 Miles-Wide versus Deep Dive Research 41 2.2 Preparing Your Market Research Plan 42 2.3 Collecting Data—Primary Research 43 2.3.1 Data Collection Methods 44 2.3.1.1 In-Depth Interviews 44 2.3.1.2 Focus Groups 45 2.3.1.3 Online Surveys 47 2.4 Secondary Research 48 2.4.1 Active Secondary Research 49 2.4.1.1 Popular Sources of Data Online 50 2.4.1.2 Using Search Engines to Look for Information 51 2.4.2 Passive Secondary Research 53 2.4.3 Internal Secondary Data 55 2.5 A Few Words on Ethics and Market Research 56 References 57 3 Situation Analysis 60 3.1 Internal Analysis 61 3.1.1 Assessing Your Corporate Vision and Mission Objectives 62 3.1.2 Assessing Your Current Capabilities 63 3.1.3 Assessing Your Company’s Business Model 65 3.1.4 Some Final Notes on Internal Situation Analysis 70 3.2 External Analysis 71 3.2.1 Customer Analysis 71 3.2.1.1 Understanding the Customer’s Decision-Making Process 72 3.2.1.2 The Client Ecosystem 75 3.2.1.3 What Does My Customer Want?—Using the Kano Model to Understand Your Customer 81 3.2.1.4 Identifying Customer Behavior 83 3.2.1.5 Building Customer Profiles 85 3.2.1.6 Some Final Notes on Customer Behavior 86 3.2.2 Competitor Analysis 88 3.2.2.1 Preparation 89 3.2.2.2 Identify Key Competitors 92 3.2.2.3 Evaluate Your Competitors 92 3.2.2.4 Getting Information on Competition 97 3.2.2.5 Final Notes on Competition 99 3.2.3 Market Analysis 99 3.2.3.1 Market Size Estimation—The TAM-SAM-SOM Model 99 3.2.3.2 Market Forecasting 104 3.2.3.3 Final Notes on Market Analysis 107 3.2.4 Environmental Analysis 107 3.2.4.1 Microenvironment—Porter’s Five Forces 108 3.2.4.2 Macro-Environment—The SLEPT Model 111 3.2.4.3 Building a SLEPT Model 113 3.3 Classifying Outputs: From SWOT to TOWS 116 3.3.1 The SWOT Model 116 3.3.1.1 The Four Elements of a SWOT Model 117 3.3.1.2 Developing Strategy Applications—From SWOT to TOWS 119 3.4 Concluding Remarks 121 References 121 4 Developing a Marketing Strategy 122 4.1 Selecting Your Marketing Strategy Vision 122 4.1.1 Strategic Commitment 123 4.1.2 Strategic Opportunism 124 4.1.3 Strategic Adaptability 126 4.2 Choosing Your Marketing Model—What Type of Company Are You? 126 4.2.1 The Classical Company Models 127 4.2.1.1 The Production Model 127 4.2.1.2 The Product-Focused Model 128 4.2.1.3 The Selling Model 128 4.2.1.4 The Marketing Model 129 4.2.2 Modern Marketing Concepts 130 4.2.2.1 Relationship Marketing 130 4.2.2.2 Integrated Marketing 131 4.2.2.3 Internal Marketing 131 4.3 Creating, Adapting, and Implementing Strategy 132 4.3.1 Determining Your Target Market—Segmentation 132 4.3.2 Strategies Based on Products and Market 133 4.3.2.1 Market Penetration 134 4.3.2.2 Market Development 136 4.3.2.3 Product Development Strategies 138 4.3.2.4 Product Diversification 139 4.3.3 Marketing Strategies Based on Competitive Advantage 141 4.3.3.1 Cost Leadership 142 4.3.3.2 Differentiation 143 4.3.3.3 Cost and Differentiation Focus 145 4.4 Developing the Marketing Mix 145 4.4.1 Product 146 4.4.1.1 Key Product Decisions 146 4.4.1.2 Measuring Product-Market Fit 147 4.4.1.3 Making Key Product Decision—The ICE Score 148 4.4.1.4 Building a Better Product—The Hook Model 150 4.4.2 Pricing Strategy 152 4.4.2.1 Cost-Based Pricing 152 4.4.2.2 Competitive-Based Pricing 152 4.4.2.3 Customer Value-Based Pricing 153 4.4.2.4 Price Skimming 153 4.4.2.5 Freemium Pricing 154 4.4.2.6 Other Considerations for Your Pricing 154 4.4.3 Promotion Strategy 157 4.4.3.1 Objectives of Your Promotion Strategy 157 4.4.3.2 Promotional Tools 158 4.4.3.3 Choosing Your Promotional Message and Channel 160 4.4.3.4 Choosing Your Promotional Tools: The Bullseye Framework 161 4.4.4 Distribution Strategy 163 4.4.4.1 Factors to Choose Your Distribution Strategy 164 4.4.4.2 Different Types of Distributions 165 4.4.4.3 Specific Considerations for Distribution in Life Sciences 169 4.5 The Role of Digital Marketing 169 4.5.1 Driving Traffic 170 4.5.2 Selling Products Online 171 4.5.3 Digital Marketing in Action—The Pirate Metrics: “AARRR!” 172 References 173 5 Marketing Strategy Implementation and Control 176 5.1 Implementation 177 5.1.1 Implementation versus Strategy 177 5.1.2 Implementation Plan 178 5.1.3 Barriers to Successful Implementation of Marketing Strategy 180 5.1.3.1 External Pressures of the Organization 180 5.1.3.2 Internal Pressures of the Marketing Function 181 5.2 Control Elements 182 5.2.1 Implementation of Control Processes 183 5.2.2 Barriers to the Successful Implementation of Control Procedures 184 5.2.2.1 Inadequate Monitoring 184 5.2.2.2 Inadequate Targets 184 5.2.2.3 Management by Exceptions 184 5.2.2.4 Cost and Complexity 184 5.2.3 A Word of Caution on Control Systems 185 6 Marketing Metrics 186 6.1 Why Use Metrics? 187 6.2 Some Pre-revenue Ratios 187 6.2.1 Sales Force Coverage 187 6.2.2 Break-Even Analysis 188 6.3 Ratios to Measure Sales Effectiveness 191 6.3.1 Return on Sales 191 6.3.2 Advertising-to-Sales Ratio 191 6.3.3 Customer Acquisition Cost 192 6.3.4 Marketing Percentage of CAC 192 6.3.5 Average Retention Cost 193 6.3.6 Lifetime Customer Value 193 6.4 Digital Marketing Metrics 195 6.4.1 Traffic Metrics 195 6.4.1.1 Overall Site Traffic 196 6.4.1.2 Monitoring the Source of Web Traffic 196 6.4.1.3 Monitoring the Paid Traffic 197 6.4.2 Conversion Metrics 197 6.4.3 Revenue Metrics 199 6.5 Final Notes 199 7 Discussion on Unique Perspectives 202 7.1 Marketing in Life Sciences 202 7.2 Marketing Health-Care Services 205 7.2.1 Difference between Services and Products 205 7.2.2 Developing Marketing Strategies for Health-Care Services 206 7.3 Marketing Health-Care Digital Products 210 7.3.1 Developing Marketing Strategies for Digital Products 211 7.3.2 Issues with Health-Care Digital Products 213 7.4 Final Notes 215 Reference 215 8 Final Thoughts 216 Bibliography and Further Reading 220 Index 224 Formulating the Roadmap You Need to Navigate the Market The proposed book is follows in the same steps as the first book in the series, The Handbook of Market Research for Life Sciences . While the first book focused on the techniques and methodologies to collect the market data you need to evaluate your market as well as presentation models for your data, the second volume will focus more on the commercialization elements of marketing. As such, this book will be covering a wide range of topics directly tied to marketing management such as marketing and commercialization strategies, consumers' behaviors, marketing metrics, pricing techniques and strategies as well as marketing communications (public relations, advertising, and more). The objective of this book is to focus exclusively on the marketing aspects for life sciences, providing entrepreneurs with a toolkit of tools they can use throughout the marketing process, from market planning to commercialization. The overall objective is for them to gain an understanding on the marketing function, ask the right question, and be able to tackle simple to complex topics. Content: Preface Chapter 1: Why is this book important? Chapter 2: Overview of Market Management Chapter 3: Basics of market research Chapter 4: Consumer behaviour Chapter 5: Marketing and commercialization strategies Chapter 6: Pricing strategy Chapter 7: Marketing communications Chapter 8: Marketing metrics Chapter 9: Market management for services Chapter 10: Final thoughts