Answer to Question #221741 in Management for Imran

Question

Q1: “What marketers know about consumers is comparable to the tip of an iceberg.” Do you agree? Elucidate citing contemporary examples of product launches, success and failure.

Answer 1

The stakes of a brand's debut are high: studies reveal that how well it succeeds at launch nearly invariably affects how well it performs throughout its life cycle. Most pharma companies spend years creating a go-to-market strategy that involves comprehensive segmentation and targeting analysis backed by solid data and market research, investment in HCP engagement and education across channels and cultivating essential connections with key opinion leaders. They also put a lot of effort into establishing a sales strategy and training plan to ensure that sales agents have the knowledge and tools they need to help their HCP customers, and hence their patients.