Implementation of Right CRM Strategy for Pharmaceutical Industry
Delhi Business Review, Vol. 9, No. 2, July-December, 2008
13 Pages Posted: 22 Dec 2009
Date Written: 2008
Abstract
Research literatures have revealed that customer contact management helps in assessing relevant information about customers, and further benefits development of appropriate marketing strategy for organizations. An organisation can keep building the relationship and adding value to customer service encounters without investing as much time and energy as it used to be the practice in traditional marketing of pharmaceutical products. Indian pharmaceutical marketing remains a very dynamic & challenging game plan for all the 250 or more organized Indian & MNC players in a market size of US $ 4 billion. Every marketer would like to maximize the marketing efforts & precious inputs by finding core customers through segmenting & targeting of potential customers in order to create uncontested market space, thus making competition irrelevant. In this paper, an attempt has been made to explore how innovative customer contacts have emerged as a standalone and comprehensive area of knowledge in the pharmaceutical industry. As such, the paper seeks to understand through suitable examples and research findings: (1) the forces driving customer relationships; and (2) the issues involved in implementing customer relationship strategy, in the pharmaceutical industry. Suggestions are also made with regards to careful collection and application of personal contact information to the customers’ database, and incorporating them into the marketing strategy of Indian pharmaceutical sector. Thus, the paper seeks to explain through suitable examples, the implementation of right marketing strategy by segmenting and targeting the market through individual customer interactions.
Keywords: CRM, Pharmaceutical Marketing, Salesforce Effectiveness
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
Measuring Market Power in the Ready-to-Eat Cereal Industry
By Aviv Nevo
-
Bayesian Statistics and Marketing
By Greg M. Allenby and Peter E. Rossi
-
Response Modeling with Non-Random Marketing Mix Variables
By Puneet Manchanda, Peter E. Rossi, ...
-
Product Proliferation: An Empirical Analysis of Product Line Determinants and Market Outcomes
By Barry L. Bayus and William P. Putsis
-
Heterogeneity Distributions of Willingness-to-Pay in Choice Models
By Garrett Sonnier, Andrew Ainslie, ...
-
Measuring Welfare Effects in Models with Random Coefficients
By Erik Meijer and Jan Rouwendal
-
Incorporating Subjective Characteristics in Product Design and Evaluations
By Lan Luo, P.k. Kannan, ...
-
A Model for Trade-Up and Change in Considered Brands
By Greg M. Allenby, Mark J. Garratt, ...
-
Market Concentration and Product Variety Under Spatial Competition: Evidence from Retail Gasoline
By Klaus Peter Gugler and Georg Götz
-
Investigating Endogeneity Bias in Marketing
By Qing Liu, Thomas Otter, ...