...Is Sales-Ethics an Oxymoron? Globalization highlighted the ethical issues and concerns for every individual organization, multinational organizational conduct their operations under ethical code of conduct to confine the issues faced by unethical conducts. Many organizations such as pharmaceutical firms, technological firms and financial firms pay more attentions to ethical behavior to ensure the sales to consumers have been impeccably ethical. However managers pay attention to behavioral ethical conducts that ensure the professional attitude of sales force towards consumers/customers (Chen & Tang, 2006, 69). Recent unethical conducts by Enron and WorldCom highlighted the attention for sales and ethical behavior, because unethical conduct and sales ethics can ruin the whole organization wide reputation (McDevitt et al, 2007, 73). Business ethics is counter stone for doing business in industry that however considered by every single organization, which eventually encourages every single business entity to develop the organization’s processes based on ethical conducts. Business ethics and sales ethics both entails the same meaning because ultimately salesperson engages in the business activity to generate profits for business, but on contrary “business ethics” and “sales ethics” have no contradiction in associations. Sales ethics on the other hand have some stereotype meaning because business and sales people are not always ethical; leaving us with a dilemma that indicates...
Words: 1557 - Pages: 7
...PHARMACEUTICAL DIRECT TO CONSUMER MARKETING Grand Canyon University: 437V September 18, 2013 Current medical and pharmaceutical marketing strategies raise concern from consumer groups and the medical community due to the overconsumption of the products as well as the advertised products supplying no medical benefit to the consumer. Although the companies’ marketing strategies of medical and pharmaceutical products attempt to persuade the public that the products are revolutionary and life changing, the marketing strategies exclude pertinent information that may change the consumer’s minds about purchasing the products being offered. Many consumers purchase products that assert testimony of anti-aging effects in an attempt to regain what was once lost from the natural human aging process. Other consumers search for answers and treatment to a wide variety of medical conditions or ailments and these revolutionary products are then viewed as the essential answer to the consumer’s search. An ethical dilemma currently exists with the current medical and pharmaceutical marketing strategies and approaches with desperate need for the consumer to be knowledgeable about all aspects of the products being marketed and the government or influential bodies to be reactive to the current marketing strategies. Regulatory Bodies of Marketing for Pharmaceutical Companies The Division of Drug Marketing, Advertising, and Communications (DDMAC), a sub division of the Food and Drug Administration...
Words: 1024 - Pages: 5
...Student Name : Singh, R. : Hariram, E. : Marimuthu, V.K. Student Number : 20054057 : 20101233 : 19852274 Assignment Title : The Global Pharmaceutical Industry. Date : 10 March 2012 Programme : BTECH-MANAGEMENT IV Question 1 Identify the main environmental forces currently affecting the global pharmaceutical industry? PESTEL analysis of the global pharmaceutical industry: Political * Governments set stringent regulation and is a powerful purchaser. * Governments around the world focus on pharmaceuticals as a politically easy target in their efforts to control rising health care expenditure. * Inter-country pricing disparities. Economic * European free trade agreements. * Deregulation of market to allow foreign drugs to compete. Social * Ageing population puts pressure on healthcare systems. * Epidemic of chronic diseases. * Rising consumer expectations. * Payers choosing generic drugs for first-line treatment of common ailments. Technological * Increase productivity, decrease costs and develop new treatment modalities to enhance profitability. * Impact of Internet on traditional business models. * Impact of genetic research on industry. Environmental * Industry operations are becoming more stringent with increasing standards and requirements for environmental protection. Legal * Rigorous regulatory scrutiny governed by legislation. * Legislation enacted to set a...
Words: 1594 - Pages: 7
...Marketing Term Paper On Opsonin Pharma Limited Submitted to: Professor Dr. M. Mahmodul Hasan Faculty EMBA/ MBA Program North South University Submitted by: Group: Bang Ar-Chata BUS 620, Section: 3 Date of Submission: 25th April 2015 Thanks To Professor Dr. M. Mahmodul Hasan Group Members of (Bang Ar-Chata) Name: Md.Ashraful Mumin Name: Armina Hossain ID-1430795060 ID-1430778660 Name: Tamanna Zaman Name: Tamhid UL Islam Nafi ID- 1421187660 ID- 1321400660 MBA BUS 620(Marketing Management) Sec-3 North South University Letter of Transmittal April 25, 2015 Dr.M.Mahmodul Hasan Professor School of Business North South University Subject: Report on Marketing term paper of Opsonin Pharma Ltd. Dear Sir, With due respect and humble submission, we are the student of MBA program and submitting our report on “Marketing term paper of Opsonin Pharma Ltd.”. It gives us immense pleasure to inform you that we have completed our Report under your kind hearted supervision. Now, we want to place our report and for this reason we want your Kind approval. We hope our report will satisfy you. Sincerely Yours, Group Name: Bang Ar-Chata Group Member Name Md.Ashraful Mumin Armina Hossain Tamhid Ul Islam Nafi Tamanna Zaman School of Business MBA Program North South University ID No. 1430795060 1430778660 1321400660 1421187660 Signature ACKNOWLEDGEMENT We are grateful to Dr. M. Mahmodul Hasan, Professor,...
Words: 17426 - Pages: 70
...Direct-to-Customer advertising is “any promotional effort by a pharmaceutical company to present prescription drug information to the general public in the lay media" (DeLorme et al, 2011). Essentially the DTC method allows consumers to have influence over which medicines are prescribed to them because drug information is provided to them in advertisements. Advertising to consumers this way is a form of social marketing because it is “a tool or framework that relies on multiple scientific disciplines to create programs designed to influence human behavior on a large scale" (Edgar et al, 2011). Advertising to people like this is not social marketing because “although social marketing relies heavily on the incorporation of a communication strategy...
Words: 511 - Pages: 3
...3 OPPORTUNITIES 8 2.3.4 THREATS 9 2.4 PRODUCT OFFERING 9 3.0 COMPETITIVE ANALYSIS 10 3.1 COMPETITORS 11 3.2 COMPETITOR ANALYSIS 12 4.0 SPECIFIC BUSINESS GROWTH OBJECTIVES 17 4.1 NICHE 17 4.2 STRATEGY 17 4.3 PROMOTION 17 5.0 FINANCIAL ANALYSIS 21 5.1 SALES PROJECTIONS 22 5.2 PROFIT AND LOSS STATEMENT 23 1.0 EXECUTIVE SUMMARY Sonal Holdings Kenya Limited was incorporated in 2002 and commenced operations in April of the same year. The company was started by Mr. Paresh Dodhia- a young and simple innovative, dedicated and hardworking pioneer business entrepreneur. The company was incorporated to trade in wide range of pharmaceutical products, household goods and general merchant trading. Noticing an ever increasing in demand for the over the counter (O.T.C) pharmaceutical products, the company has since manufactured and marketed, through its suppliers, its branded products which are gaining ever increasing popularity in the low and middle end segment of the market. The business is located approximately 15 km from the heart of the city centre in Baba Dogo, industrial area, next to Chandaria Group of Companies. 1.1 CURRENT ACTIVITIES The current activities involve, designing, manufacturing and marketing of custom made products, manufactured through world reputed...
Words: 3078 - Pages: 13
...need for healing and cure. At PFCH, we collaborate with pharmaceutical organizations to find the best remedy, and medical equipment companies to find the best solution to provide to our patients. Our priority is to ensure our patients are in good hands before, during, and after. It is not always about profitability. However, in order for an organization to survive, an organization must be profitable. We are driven by our philanthropical philosophy that we hope we will eventually reach other to every corner for our community. Analysis of PR Campaign and Marketing Communications Integration In order to achieve maximum efficiency in marketing, PR campaign integration is a must. PR campaign can influence consumers normally or sublimely towards our service and products. While journalists, pharmacies, and doctors can influence our targeted audience, it is in our best interest to persuade them to be on our side by building rapport. PR campaign of PFCH will strengthen our integrated marketing communications along with direct marketing, indirect marketing, e-commerce, and medical trade expos (Linton, 2014). Advertising includes mainstream media advertising via television and radio. Signage and billboards will also be posted within proximity of the surrounding zip codes that will umbrella neighboring cities. Neighborhood direct mail for physical exam checking up coupons will also be sent out as direct marketing. We will also mass e-mail our current and previous...
Words: 400 - Pages: 2
...living conditions, better care for the sick or disabled, and breakthroughs in the pharmaceutical industry. Pharmaceutical companies have been able to aid the pursuit of longevity and health through understanding the mechanics of the human body, disease, and disease treatment and prevention. Treatment and prevention comes in the form of new drugs and consumer products which have been developed over the last century and companies in this vertical expend significant resources on the research and development of them. The main objective in the industry is to improve the quality of life for everyone. There are three main types of pharmaceutical companies: large, small, and generic. Large pharmaceutical companies are established firms that have many approved drugs already on the market. Examples would be Merck, Bayer, Johnson & Johnson, and GlaxoSmithKline. These companies often have significant numbers of Research and Development (R&D) laboratories and manufacturing plants globally. In contrast, smaller pharmaceutical companies are usually more research focused, and often do not have any drugs on the market. Smaller companies in the pharmaceutical industry can also operate as contract manufacturers or contract research firms. Lastly, generic companies, manufacture drugs that are no longer protected by patents. Generic companies are the manufacturers that produce off-brand drugs that consumers may find listed on a pharmacy’s or insurance’s discount prescriptions list, e.g. Wal-Mart’s...
Words: 1871 - Pages: 8
...ISSUES, PROBLEM , COMPETITIVE ENVIRONMENT, TARGET MARKET, CONSUMER BEHAVIOR Define the Problem & Key issues MedNet is an award-winning site that provides trusted, evidence-based, consumer medical related information. As the competitive landscape evolves, MedNet is forced to develop a new strategy in order to keep doing business in the face of declining advertising revenues due to new competition such as Windham and Cholesterol.com. Thus it must decide how it will continue to generate revenue while addressing competitive challenges. Consumer Behavior MedNet has a loyal and engaged customer base that ensures a better value for ad money than other competitors. While MedNet’s customers are loyal and with a high return rate, the majority of them would view a shift to storing personal information and charging for services and medical information very negatively. Despite all three websites’ (MedNet, Cholesterol.com, Marvel) goals are to provide free pharmaceutical information to visitors in hopes of attracting as much advertising as possible, their business models are different, and are built around different consumer segments with different behaviors. Target Group MedNet’s current target group consists of consumers browsing for trustworthy and reliable medical information, predominantly about western medicine. MedNet could potentially target other groups, such as businesses and organizations, as will be explained in detail later. Competition A new group of niche...
Words: 888 - Pages: 4
...skyrocketed performance of the firm (PetMed Express (PETS), 2006). At the end of fiscal year 2008, net income of the company is $20,022,231 (PetMed Express: 2008 Annual Report, 2009). The accounting policies of the company are also critical and effective. This is the balancing loop of the organization, because it helps the management to make a balance among all the strategies and programs (PetMed Express: Our Company, 2009). Selecting this balancing feedback loop is to explain the effective strategies of the company to provide safe and quality services and products to the clients within reasonable cost. This feedback loop has been selected because it demonstrates the controlling or balancing action on the part of the organization. Reinforcing feedback loops can be describes as those loops, which amplify the feedback of the organizational output to make the inputs stronger (Galbraith, 1999). The present structure of the pharmaceutical company, in which PetMed is operating, rest on the following feedback loops. R&D investments are the main source of intellectual property and patents. Patents offer a legal barrier to entry to competition, which permits the firm to completely extract the high consumer surplus generated by the high willingness to pay (PetMed Express: 2008 Annual Report, 2009). In order to provide satisfactory and safe services and medication to the pet without nay prescription, the company has invested a huge budget in the R&D departments. As the patents and license...
Words: 987 - Pages: 4
...threats for GSK by first making the PESTEL analysis of the macro-environment surrounding the pharmaceutical industry. (9 points) * PESTEL analysis of the pharmaceutical industry: Political: Since the creation of healthcare insurance, companies have to conform themselves to two kinds of systems: 1) The universal system applied for example in France, with less demand in new technologies. 2) The very selective anglo-saxon system which is looking for high technologies, excluding people who can pay for treatments. As we know the industry have to work on growing political focus on healthcare. Indeed, global governments are looking for healthcare savings especially in this time of economic crisis. Furthermore, as the European Union is trying to harmonize healthcare between its 27 members, pharmaceutical companies will have to introduce reference in pricing and to deal with increasing pressure on pricing. Economic: Due to the context of global economic crisis, the main threat for the industry stands in the reluctance of consumers to spend on healthcare. Like most of the sectors, pharmaceutical industry copes with a reduction in its growth, even if the market perspectives are positive. To emphasize: pharmaceutical growth is following the GDP growth. Social: As the over-65’s consume 4 time more than other citizens, the aged population represents an opportunity for the pharmaceutical companies which will have to respond to increasing demand from this part of the population...
Words: 1150 - Pages: 5
...[pic] Post Graduate Division International College of Business And Technology 31,33, Hotel Road, Mount Laviniya, Sri Lanka. University Center Code: 2526 A COMPREHENSIVE STUDY OF MARKETING MIX FOR THE SUCCESS AND SUSTAINABILITY OF CANINE DE-WORMER TABLETS MARKET IN SRI LANKA By Nirmana Lasith Jayatunge Roll No : 540686708 A project report submitted in partial fulfillment of the requirements for Master of Business Administration Of Sikkim Manipal University, INDIA Sikkim-Manipal University of Health, Medical and Technological Sciences Distance Education Wing Syndicate House Manipal -576119 STUDENT’S DECLARATION I here by declare that the project report entitled A comprehensive study of marketing mix for the success and sustainability of canine de-wormer tablets market in Sri Lanka Submitted in partial fulfillment of the requirements for the degree of Masters of Business Administration To Sikkim-Manipal University, India, is my original work and not submitted for the award of any other degree, diploma, fellowship, or any other similar title or prizes Place : Colombo Nirmana Lasith Jayatunge Date : July 20, 2008 Reg. No: 540686708 EXAMINER’S CERTIFICATION The project report of Nirmana Lasith Jayatunge Titled A comprehensive study of marketing mix for the success and sustainability of canine de-wormer tablets market in Sri Lanka Is approved and is acceptable in quality and form UNIVERSITY STUDY CENTER CERTIFICATION ...
Words: 26651 - Pages: 107
...conglomerates in Bangladesh. Square Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 and is now on its way to becoming a high performance global player. SQUARE today is more than just an organization, it is an institute. In a career spanning across four and half decades it has pioneered the development of the local business in fields as diverse as Pharmaceuticals, Toiletries, Garments, Textile, Information Technology, Health Products, Food Products, Hospital, etc. With an average Annual turnover of over US$ 200 million and a workforce of about 3500 the SQUARE Group is a true icon of the Bangladesh business sector. Vision satement We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization. Mission statement Our Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large. Chapter B: Company Profile History of Square Group 1958 : | Debut of Square Pharma as a Partnership Firm. | 1964 : | Converted into a Private Limited Company. | 1974 : | Technical Collaboration with Janssen Pharmaceutical, Belgium, a subsidiary of...
Words: 5298 - Pages: 22
...of the pharmaceutical industry with regards to its influence in Washington. By exerting so much influence in the arena where the drug laws are drawn up, discussed, and passed, the pharmaceutical industry, also known as BIG Pharma due to their scope, size, and influence, has negatively affected the consumer in its market, namely the medical patient. The drug industry has done this through lobbying in Washington to keep laws relating to the pharmaceutical market favorable for the drug companies themselves. This brief examines three possible solutions to this problem: lobbying spending and lobbyist limits for pharmaceutical companies, a ban on direct advertisements by pharmaceutical companies, and more transparency and screening before prescribing prescription pain killers. In this analysis, the first alternative represents the best solution to this problem as it has the highest overall potential for benefit and less total cost than the other two possible solutions. Introduction/Background This policy brief examines the pharmaceutical industry and how it has come to gain too much power not only with regards to market power in its industry but also with regards to their influence in Washington. By having this much power, drug companies have negatively affected medical consumers/patients through continued increased prices and a steady decline in innovation. Steps need to be taken to eradicate this problem by reducing the scope of influence of large pharmaceutical companies...
Words: 3199 - Pages: 13
...Marketing Strategies of Pharmaceutical Company: A Study on The ACME Laboratories Ltd. Abstract In the modern world, Bangladesh’s pharmaceutical industry plays a vital role. For pharmaceutical company there are some limitations on product promotion through the mass media, such as radio, TV and/or News paper. Thus, the total marketing system depends on marketing team. This paper presents the findings of the study conducted on the ACME Laboratories Ltd. to examine the marketing system. This study reveals that the ACME Laboratories Ltd.’s products are consumed allover the country and also globally. Their motive is to maintain the quality of the product to cope up with the existing competition. Their objective is to treatment the disease, they also set a reasonable price by considering the middle class people to get some benefit from the ACME Laboratories Ltd. They follow all possible distribution channels to make their product available to the customers and at a comfortable place. The ACME Laboratories Ltd. has also endeared to strength its network in international marketing operation to export products abroad. The company provides some motivational tools to the internal sales team. The company provides fringe benefit to these people. It is the most successive tool for the company. From the study we find that the ACME Laboratories Ltd. is a socially responsible company, and practice ethical values. From the study it has appeared that the ACME Laboratories Ltd. is facing some minor...
Words: 5228 - Pages: 21
