This final exam essay should contain 250-500 words and cover issues relative to the launch of this new product and how it should be marketed, if you agree that it should come to market and identify the challenges/rationale, if you disagree. You may wish to use course’s weekly assignment headings as a way to develop your response and again, keep in mind the requirements of the grading rubric. The total value of the exam is 24 points and submission is due by the end of the day
Pharmaceutical firms invest heavily in the research and development of products targeting specific aspects of their market. Through research, trials, and various levels of approval, the firms struggle until a final product is produced. However, this is not usually the end of the road, as further efforts have to be put to market the product appropriately to the customers (Brody & Light, 2011). A successful marketing campaign ensures that the health product is warmly accepted, customers have a positive perception about the product, its use, and are actively seeking to utilize the product for their health benefits, leading to substantial growth in a company’s sales revenue. According to McKinsey & Company (2014), approximately two-thirds of new drugs do not achieve their sales target and never recover in their first year after launch and subsequent years, respectively. The expectation for pharmaceutical companies is to derive optimal revenue through launches of new products (Natanek, Schlegel, Retterath, & Eliades, 2017; Arco, 2020). In the case of Ydnar Drugs, launching the “Sniurb 13” drug is an opportunity for the company to make revenue, but there are doubts with Brad Marchand about the timing and the name of the drug. To successfully launch a new drug to the market, it is vital to differentiate the product with others in the market, offer excellent customer experience, and work on continuous feedback from the customers.
Differentiating a new product in the market is vital for its success. Differentiation can be done via messaging, initiatives, and campaigns. Getting the name of a drug right, such that it is memorable and is appropriate in meaning in another language, is vital for the success of a drug (Targum & Milbauer, 2008). A correct name also allows the business to gain or retain a significant share of the market…..