Target Market and Positioning Strategy Identification: Tracking down the Flaws of Existing Policy

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Table of Contents

Introduction. Facing the End of an Era: Pfizer, Inc
A Description of the Target Market: When the Supply Meets the Demand
Discussing the Positioning Strategy: Pfizer, Inc. and the Current Solutions
The Changes to Targeting and Positioning: Reasonable Suggestions
What Needs to Be Done: Watching the Competitors, Planning the Moves
Conclusion: Further Recommendations and the Future Prospects. Pfizer Will Live
Reference List

Introduction. Facing the End of an Era: Pfizer, Inc

Moving in the fast lane with the currently developing world is quite an uneasy, though doubtlessly rewarding task. Because of the changes which the economical society and the world market are undergoing, companies are forced to change their strategies to adapt to the new conditions, as well as withstand the increasing competition.

One of the most graphic examples of the given phenomenon, Pfizer Inc., was forced to change its marketing strategy to adapt to the current standards of marketing.

However, according to the case study, despite the changes, the company is still in a losing position. Unless new ways of development are suggested, the company is bound to face certain difficulties; however, reconsidering the current marketing strategy, one can possibly suggest new means of boosting the companys success.

A Description of the Target Market: When the Supply Meets the Demand

To assess the efficiency of the changes which Pfizer Inc. has decided to apply to increase their revenues, the target market which the company aims at winning must be considered. Once the target audience is defined, it is considerably easier to analyze their demands and come up with peculiar propositions.

It is obvious that the company aims at delivering products for the people of middle and high class, offering the medicine which is rather expensive, yet innovative and efficient: according to the case study, the key goal of the company is to persuade medical professionals the world over to make Pfizer drugs the treatment of choice for their patients aches and pains (Case 21. Pfizer, Inc., n.d., 156).

Thus, it is clear that the companys target market is the people who suffer from the diseases which require rare and expensive medicine. However, according to the report, the company has decided to change the given niche rather unwillingly, though to another one. Normally a new entry creates new interest in the market.

That doesnt seem to be happening here (Case 21. Pfizer, Inc., n.d., 157), McKinnel says. However, the company y seems to keep to their blockbuster strategy, which means that the current trend to offer medicine for the diseases that remain without satisfactory treatments (Case 21. Pfizer, Inc., n.d., 157) seems to be the current niche.

Analyzing the above-mentioned, one has to say that the key problem of the company is that they are hesitant about their further course. Although the old strategy has been used to death, Pfizer Inc. still cannot change its course because of the success of the previous strategy.

Therefore, the company needs to aim at wider target audience and offer not only the medicine for a very specific group, e.g., Viagra, but also the medicine which can be used by people of both sexes and embrace the age group ranging from, say, 10 to 70.

Discussing the Positioning Strategy: Pfizer, Inc. and the Current Solutions

It goes without saying that positioning of the produced goods is as important as meeting the customers demand, mostly because a good positioning strategy not only helps people find the products which they are looking for, but also to drive their attention to the innovations in the given sphere.

Regarding the current positioning strategy which the company follows, one must mention that Pfizer Inc. It seems that the company needs to pick a more subtle positioning technique, since Overly aggressive marketing also has made drug companies easier targets politically (Case 21. Pfizer, Inc., n.d., 161).

Hence, a more subtle and less loud publicity should be adopted. For instance, the company can develop an advertising campaign with a show-do-not-tell principle, since the last attempt of the kind was quite successful: The company invested nearly $20 million in a program in Florida that was intended to show that better utilization of drugs would actually save the state money. It did (Case 21. Pfizer, Inc., n.d., 161).

The Changes to Targeting and Positioning: Reasonable Suggestions

As it has been mentioned before, the current positioning strategy which Pfizer Inc. follows leaves much to be desired. However, it is also necessary to keep in mind that the company y has sufficient reasons not to change the existing strategy.

As the report says, the company is currently focuses on the development of another HDL -raising drug (Case 21. Pfizer, Inc., n.d., 159). Therefore, the company has changed its target clientele, since the HDL deficiency can occur at literally any age. However, the company still focuses on developing a certain blockbuster medicine.

Hence, it is necessary to develop the strategy which will keep the basic premises of the current one, yet be targeted to more general public and offer the medicine for the diseases which a lot of people suffer from. As one can see from the facts provided above, the company has met the first condition, broadening the target group, yet still offers the panacea for a topical disease.

What Needs to Be Done: Watching the Competitors, Planning the Moves

With the help of the above-mentioned plan, Pfizer Inc. is most likely to withstand the rapid changes and even succeed in attracting even more clients. However, it is also worth keeping in mind that other fields apart from marketing should be taken care of.

One of such fields, the aspect of the companys competitiveness, should be considered as soon as possible, given that Pfizer Inc. is going to enter the global market and, therefore, face a number of rivals.

According to what Hooley, Piercy & Nicoulaud (2008) claim, it is also crucial to assess the strategies and objectives of the competitors, taking into account their strong and weak points to fill in the niche which they have not noticed yet or cannot fill themselves in. However, the analysis of the existing competitors might take considerable time, since it consists of several stages:

Competitor analysis, therefore, involves evaluating a series of concentric circles of adversaries: innermost and the direct competitors within the strategic group, next come companies within the industry that are driven to overcome the entry barriers to the strategic group, and then the outermost potential entrants and substitutes. (Hooley, Piercy & Nicoulaud, 2008, 119)

Therefore, the numerous rivals of Pfizer Inc. must be taken into account. Once Pfizer Inc. Learns its key adversaries, the company will be able to assess its potential more objectively. Moreover, a certain niche for the company will be found faster.

Taking into account the above-mentioned, it is most reasonable to suggest that the company should analyze the score and the achievements of the competitors, as well as check whether it is possible to attract their clientele to Pfizer Inc.

Conclusion: Further Recommendations and the Future Prospects. Pfizer Will Live

Thus, it is obvious that, despite the complexities which Pfizer is currently handling with, the company has an alternative way of development, which not only incorporates the elements of the preset-day strategy, but also suggests the solutions to the current problems.

However, it must be admitted that the suggested plan requires certain compromises and changes in the course which the company is currently taking, which means that considerable losses are going to be taken in the process.

Reference List

Case 21. Pfizer, Inc. (n.d.). Retrieved from ProtectedPDF database.

Hooley, G., Piercy, N. F., & Nicoulau, B. (2008). Marketing strategy and competitive

positioning (4th ed.). Upper Saddle River, NJ: Pearson.

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