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Marketing management: issue identification part in a group assignment Essay Example

  • Category:
    Marketing
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    632

5EMERGING ISSUES IN MARKETING THEORY

Emerging Issues in Marketing Theory

Emerging Issues in Marketing Theory

In the world of marketing elective medical prescriptions, a number of emerging issues keep arising. Generally, health-care marketing strategies have resulted in companies opting to formulate long-term partnerships rather than compete in order to continuously increase their sales margins. Partnerships are no longer anticipated as marketing differentiators, it is a norm that pharmaceutical companies like Blackmore are embracing (Blackmores, 2016). Surviving in the hypercompetitive world of vitamin supplements calls for strategic marketing strategies for example partnerships between manufacturers and pharmacists who offer to fill prescriptions for consumers.

Blackmore pharmaceutical in its marketing strategy leverages the credibility of pharmacists to increase the sales of its vitamins supplement drugs. When consumers come to buy important medical products prescribed by their doctors, pharmacists recommend Blackmore products to complement their medication. Although the emerging marketing trend has become an issue with the Australian Medical Association up in arms against such a move to promote dietary supplements, the marketing theory makes for an interesting case. By spending a lot of time and money resources into training and capacity building for pharmacists, the Blackmore already understands the significance of such a partnership in marketing its products (Evans, 2016). The strategy not only drives sales, it improves the understanding and knowledge of the products through training the practitioners in the health care industry.

With more than 10,000 well trained health care professionals, pharmacists, nurses and doctors on the importance of prescription requirements, Blackmore is setting the trend in the marketing of elective healthcare products. In the end, the company will continue to enjoy free advertising and promotion of its products since the professionals have the capacity to sell them to consumers, resulting in more consumers appreciating the products and increased sales. However, this strategy borders on the controversial and has received significant backlash from certain professional bodies in the health care industry.

Although a considerable amount of research has been placed on the marketing of health-care products, it is evident that little attention has been given to a number of areas. In the marketing world, many professional marketers remain behind the scenes in the delivery of supplementary health-care products like vitamins. It is critical to note that continuous examination of consumer satisfactions with the different types of vitamin supplements Blackmore manufacturers and retails ultimately become insightful in the debate over the validity of pharmacists signing deals with manufacturers to promote products (Velissaris, 2015). While more consumers prefer to take complementary drugs not related in any way to their various illnesses like vitamin supplements, the sale of these products need to be examined from a marketing angle.

The elective prescriptions are more often associated with huge amounts of out-of-pocket expenditures for users yet the marketing strategies for these products are controversial. For instance when a patient turns up to buy prescription medicine for blood pressure complications a computer program automatically generates a recommendation of up to four Blackmore vitamin supplements. In the marketing strategy applied here, the consumer will most likely buy one or two dietary supplement, which empirically might not add value to them. The fact that the pharmacists might not be disclosing whether or not the dietary supplements have any significant differences is a controversial issue. It is the reason the Australian Medical Association is against the marketing strategy applied by Blackmore to promote its products (Blackmores, 2016). Such issues in the end have significant influence on public health policies on marketing of health care related products.

References

Blackmores. (2016). Homepage. Retrieved from https://www.blackmores.com.au/

Velissaris, H. (2015, October 9). Blackmores Expands Into Infant Formula. The Australian News. Retrieved from http://www.theaustralian.com.au/news/latest-news/chinese-demand-fuels-blackmores-profit/news-story/ab7554c50e197b36b087be5f9ceb9bba?=

Evans, S. (2016, February 25). China Boom Helps Blackmores More Than Double its Interim Profit. The Sydney Morning Herald. Retrieved from http://www.smh.com.au/business/china-boom-helps-blackmores-more-than-double-its-interim-profit-20160224-gn2y04.html