Subjects - Business

Most marketers believe that anything is achievable if you are energetic, creative or determined enough. But laws of marketing follow laws of business, and if you violate them, you r

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

isk your marketing dollars. The conventional answer to all marketing questions is money, which is not true.

1. Law of Leadership – it’s better to be the first than it is to be bet

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ter. People tend to stick with what they’ve got – e.g. girlfriend and spouse.

2. Law of Category – if you can’t be first in a category, set up a new category you can be first in.

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

Prospects are defensive when it comes to brands – but they have open minds when it comes to categories because everyone is interested in what’s new and not what’s better.

3. Law of M

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

nd – it’s better to be the first in the mind than to be the first in the marketplace. Being first in the marketplace is important only to the extend that it allows you to get in the min

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

d first. Once a mind is made up, it rarely changes. If you want to make a big impression on another person, you have to blast your way into the mind.

4. Law of Perception – marke

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ting is not a battle of products but a battle of perceptions. All truth is relative. The only reality you can sure about is in your own perceptions. If the universe exists, it exists ins

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ide your own mind and the minds of others. Marketing is a manipulation of perceptions. What makes the marketing battle more difficult is that buying decisions are based on second-hand per

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

eptions – the ‘everybody knows’ principle.

5. Law of Focus – the most powerful concept in marketing is owning a word in the prospect’s mind. You ‘burn’ your way into the mind by n

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

arrowing the focus to a single word or concept – the ultimate marketing sacrifice. Eg IBM is computers.

6. Law of Opposite – if you’re shooting for second place, your strategy is

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

determined by the leader. If you want to establish a firm foothold on the second rung of the ladder, study the firm above you – how do you turn their strength into a weakness? Eg Pepsi tur

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ned Coke’s century old product into ‘choice of a new generation’. Always present yourself as the alternative and don’t be timid – attack the number 1.

7. Law of Division – overt

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

me, a category will divide and become 2 or more categories. Each segment has its own leader – use different brand names for different segments. What keeps leaders from launching a differen

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

t brand to cover a new category is the fear of what will happen to their existing brands.

8. Law of Perspective – marketing effects takes place over an extended period of time. Th

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e long-term effects are often the exact opposite of the short-term effects. Having a sale decreases business in the long term by educating customers not to buy at ‘regular’ prices. The sam

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

e goes for line extension – they increase sales in the short term but decreases sales in the long term. Less is more – narrow the focus in order to build a position in the prospect’s mind.

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

9. Law of Candor – when you admit a negative, the prospect will give you a positive. This is because no proof is needed for a negative statement. First admit a negative and then t

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

wist it into a positive.

10. Law of Hype – the situation is often the opposite of the way it appears in the press. History is filled with marketing failure that was successful in

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

the press or advertisements.

Whether you're new or experienced in business, looking to increase your sales or just want to fight the recession, Effective and Profitable Marketing is the way

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

to grow your business.

In summary, these laws are very useful and practical. I myself practiced laws 5 and 8 and derived good results from there. That's why I want to share them with you

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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A supply chain, logistics network, or supply network is a coordinated system of organizations, people, activities, information and resources involved in moving a product or service in physical or virtual manner from supplier to customer.

Kitchens are one of the busiest parts of the house. Many things go on in the kitchen and this is why it’s often the dirtiest, most abused and most in need of repair in the whole house. If you’re planning on investing in an fixer-upper, be sure that one of your top priorities will be renovating the kitchen.

In the future what type of advertising will we see? Will the advertising be similar to that of movie; Minority Report? Many believe it will and many of those technologies are indeed becoming a reality. Why you ask? Well because some of these technologies are already here and ready to hit the market.

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