Measuring marketing effectiveness is critical for marketers as the pharmaceutical industry is under great pressure for cost control. Pharmaceutical marketers need to optimally allocate these resources and ensure that they achieve the highest possible return on investment for the firm. Pharmaceutical manufacturers utilize a variety of marketing vehicles to promote their products to physicians and consumers. At the physician level, effects of detailing are typically identified to be positive. Direct- to-consumer advertising does impact the choice probability, but the impact of promotions aimed directly at physicians is significantly higher. Measuring value of marketing activities is important for a company to achieve a profit margin and best allocate its resources. To define and deliver quantitative measurements that justify how investment in specific marketing programs are paying off, marketers need metrics to show that their programs work. Then, selected metrics should be meaningful and related to financial performance. There are a few metrics regularly used by marketers such as brand awareness, market share, consumer attitudes toward brand, purchase intention, return on investment, lifetime value of an activity, and brand equity. The paper uses a case study to review and evaluate the effectiveness of a marketing plan for a new launch product. Specifically, return on investment (ROI) for patient programs and lifetime value of activity (LVA) for physician education programs were calculated in the case study. A company is able to increase sales profit by reallocating resources to activities with higher ROI and LVA. To conclude, marketers need to identify meaningful metrics, set up a tracking process, and regularly follow up all relevant marketing activities. The process of measuring marketing effectiveness through the tracking process will help companies to understand how the marketing activities work and whether these programs deliver profitable value growth. The follow up action to fine-tune budget plans can then optimize return of marketing investment and maximize profitability.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0098933024 |
| Creators | 戴綻鈴, Dai, Irene |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 英文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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