What are the key elements in the work of the marketing team to develop a marketing plan for a new product in the market?

Agree with Mrs Ghada and Nadjib

Thanks for invitation.

In domain of Pharma industry, the marketing plan constitutes the marketing department's agenda, forming the basis for all their activities. Therefore, for the marketing team to know that a good marketing plan should define the goals and clearly indicate the direction of the company. However, individual product plans are governed by the company's overall strategy, and conversely, the overall strategy will depend upon product mix and potential of individual products. The actual process of preparing the marketing plan as a document can proceed only after obtaining and analyzing relevant data, and perhaps after brainstorming sessions to arrive at the most appropriate strategy.

Key elements contained in a pharmaceutical marketing plan include :

1. Executive Summary

This may be the last to be prepared, but it appears at the beginning. The executive summary contains the salient features of the plan, for the busy boss who must have it all at a glance. Get it all into not more than one page.

2. The Pharma Product

At the outset, let's have key information about the product - its formulations, composition, price and a brief clinical profile.

3. SWOT Analysis

Evaluate for the product and its market the Strengths, Weaknesses, Opportunities and Threats. Make a list of points for each. Such a study will help to better understand the product and its market.

4. The Market

Your marketing plan must contain relevant market data. An analysis of the market will involve evaluating sales volumes and trends, doctors' prescribing patterns, trade-related activities, competition and future prospects. Market research can provide much of the necessary information. Essentially, market research involves :

(a) Sales audit :  Usually involves data related to the country where the company operating in for instances, Pfizer Kuwait or its agent Al-humazi , also the team should prepare regional sales / market share and growth of the categories and of individual products. In Kuwait, market research data is regularly generated byPharma audit or audit of orders or salers invoices.

(b) Prescription Audit : Analysis of doctors' prescribing patterns, in terms of products prescribed and indications for which they are prescribed.

(c) Others :  - Occasional Studies : From time to time, a report may be generated on a relevant subject, eg., Medical Promotion Index .

-Customised Studies : A study may be commissioned if desired to obtain information on a specific subject.  -Informal Study : Pharmaceutical companies deploy a large number of field staff or medical reps , who can be a constant source of market information who must be trained to provide regular feedback.

5. Market Projections

Average of three to five year projections for the category, the product and its main competitors will help to put the future in perspective. This will indicate where you expect your product to go.

6. Promotional Plan

This section should contain the positioning, target audience, product strategy, promotional message  and sales promotion methodology. Try to make your plan purposeful and unique.

7. Sales vs Expenses

The marketing team should plan - sales expectations, gross margin, marketing activities and their expenses, and contribution from the product. Prepare three statements, one for each of three years.

8. Production Requirements

Prepare a statement of three-monthly requirements of sales packs and samples for production and materials management.

9. Follow up and Control

Design appropriate reporting systems to ensure proper implementation of the plan and to obtain feedback. Include specimen forms, if relevant, in your marketing plan document.

On sum, marketing team might need to create an appendix containing all the statements and forms provided with a marking plan by doing so, readability of the main points in the plan can progress smoothly.

1. For starters, define Who your market is.
2. Test your assumptions
3. Once you've verified your assumptions see which platforms compliment your strategy.
4. Find the right tools and partnerships to execute the marketing plan.

Thanks

Totally agree with Mrs. Ghada

Thanks for the invite .............. studying the market and its needs

A marketing plan provides details on how a company plans to achieve its marketing objectives. Marketing plans are used to promote an entire brand or product line and individual products or services. A good marketing plan is vital to the economic success of new products.

Conduct market research. Learn who is using the product, who will buy it and to whom is it beneficial?

Investigate the competition. Evaluate how your product differs or compares to current product offerings and determine the ways in which your product/company excels. Identify the reasons customers purchase elsewhere and the ways that you can entice them to purchase your new product instead

Determine your marketing strategy and test it with focus groups to determine their response to your promotions. Most successful product launches involve marketing of many types. Online promotions, radio/television spots, and email solicitations can all lead a visitor to your website to learn more about the new product and other product offerings.

Create a public relations program. Ideas include allowing the press to review your product, writing articles to send to public media, giving interviews, and holding a launch event. The more opportunities you have to present your product to the target market, the more people will know the product and become interested in purchasing it.

Evaluate the readiness of the launch to make sure the overall timing is coordinated and the product is absolutely ready when it is announced.

Create a timeline in the marketing plan and follow up regularly to ensure that everyone involved is on schedule.

Train your customer service department fully so that employees can effectively sell the product. The minute the product is available for purchase, your sales staff should be fully knowledgeable about the product and ready to sell it.

product change idea ( cover - quality - adv. - price - consumer slides )

The company must necessarily know and analyze consumer expectations before developing its products and determine the conditions of their marketing.

Team marketing must:

- Study the market

- Determine the needs

- Select a target

- Determine the marketing mix: Product - Price - Distribution - Communication

- Evaluate the results.

The starting point is the study of potential customers needs and expectations. Next, the team is bringing to divide - or segmenting the market to select the most accurate cilbes.

The evaluation of the results obtained allows subsequently to correct errors observed at different levels of the demarche.

1. SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) > for more information on this analysis method, please look at SHRM websites.

2. Financial Pro Forma (this needs to be a 3- to 5-year outlook)

3. Contingency Plans (come up with as many plans as possible and make sure that the outcomes are realistic and can be resolved in a manner that will not shake the other areas of the organization)

4. Style Guides (for use in all marketing campaigns; these needs to be consistent, appealing, and follow guidelines of the company)

5. Organizational Outlook (make sure that the organizational structure is in place and that all backups are aligned in the case that someone leaves)

Those are the top five most important elements that need to be tended to before anything else when it comes to marketing. 

I leave the answer to experts specialists

Fully agree with Sidrah Nadeem answer.