PHAR 746 Pharmacy Management Stacy Ramirez, Pharm.D. Clinical Assistant Professor Department of Pharmacy Practice

Marketing Telemarketers Telemarketers Used car salespeople Used car salespeople Cosmetic counter ladies Cosmetic counter ladies Insurance salespeople Insurance salespeople Recruiters Recruiters

Marketing Definition: Definition: –“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizations objectives.”

Marketing Process Process Ideas Ideas Goods and Services Goods and Services Exchange Exchange Broad applications Broad applications

Universal Functions Buying Buying Selling Selling Transporting Transporting Storing Storing Standardizing; grading Standardizing; grading Financing Financing Risk Taking Risk Taking Information gathering Information gathering

Marketing Mix Product Product –Includes tangible and intangible good Price Price –Actual vs. perceived Place Place –Site

Marketing Mix Promotion Promotion –Sales, PR, DTC, Personal selling Positioning Positioning –Distinct place

Branding Instant Recognition Instant Recognition Broad appeal Broad appeal Simple Simple Brand=Noun Brand=Noun –To “Fed-ex”

SWOT Strengths Strengths Weaknesses Weaknesses Opportunities Opportunities Threats Threats

Strengths Current or future assets Current or future assets Abilities Abilities Unique characteristics Unique characteristics Meets a need Meets a need

Weaknesses Lack of abilities Lack of abilities Physical plant Physical plant Same as everyone else Same as everyone else Undefined need Undefined need

Opportunities Matched with Strengths Matched with Strengths Ways to capitalize on strengths Ways to capitalize on strengths –Should take general concepts (strengths) and reduce them to actual ideas

Threats Matched with weaknesses Matched with weaknesses Ways to minimize or fix weaknesses Ways to minimize or fix weaknesses –Should take general concepts (weaknesses) and list ideas to combating

Healthcare Marketing Goods and services Goods and services Perceptions Perceptions Consumer mix Consumer mix Regulatory factors Regulatory factors ROI ROI Physical plant Physical plant