There is a considerable increase in generic products. Hence, this company is operating in numerous countries and it is exposed to currency fluctuations. Focusing on generic products can improve competitive advantage (Baker and Geddes 2017).
Political: This company long-term profitability in certain countries but politically it may experience distress. However, risk of military invasion, legal framework for contract enforcement and power imbalance with political parties are common political impact (Kesselheim et al. 2019). The company also encountered high revenue due to regionally as well as internationally for global presence. Companies like Eli Lilly can take advantage of trade blocks and trade treaties because it provides them with a sense of safety (Okediji 2013).
Economic: A moderate interest rate will help businesses and high consumer loyalty currently improve economic revenue. The underlying reason is that high young consumer and health-conscious brands improve their inclination towards buying behaviour (Kesselheim et al. 2019).
Social: A higher awareness level also means that consumers will prefer quality and hence, health consciousness and trends of living improve inclination towards buying products of the company.
Technological: High penetration of the internet is used for personal and social lives can improve competitive advantages because of high the technological R&D in the country (Baker and Geddes 2017). However, high technology management cost as well as limited eco-friendly production may affect quality of the products.
Environmental : There is an increased focus on environmental sustainability and recycling and company is currently introducing recycled products. Currently company is focused on engaging regularly in environmentally friendly CSR activities (Tessema, Kesselheim and Sinha 2019).
Legal factors: There are strict regulations pertaining to the health and safety of the medications. Hence, company may experience issues in terms of legality of medications based on 2009 issue (Tessema, Kesselheim and Sinha 2019).. Each drug must be FDA approved in order to quality of the products.
Target Market Analysis
Demographic Characteristics of Market
This pharmaceutical firms mostly focused on biotechnological industry. Since the drugs focused on all kinds of medications, individuals having issues such as muscle joint, cancer, cardiovascular, diabetes are target population of the country.
Psychological Characteristics of the Market
Psychology is a fundamental part of buying behaviour among consumer. the individuals buying medications have one psychological goal such as improved wellbeing using medication with limited side effects. Hence, the company are more likely inclined towards medications with high shelf life as well as organic in nature
Behaviours of the Target Market
The individuals only buy medication which is easy to digest and requires a low dose to address the issue. To address such psychology, Eli Lilly is currently focusing on ecofriendly packaging as well as capsule-based packaging of the individuals (Richman et al. 2016).
Strategies Appealing to Market
Environmental based product is the major strategy appealing to the market. Focusing on eco-friendly packaging and innovation in every medication with genetic aspects are major appealing strategies of the company (Richman et al. 2016).
Marketing Mix of Eli Lilly & Co
Product Strategy (Product Mix):
They are largest manufacturer and distributor of medicines in United states and they also produced penicillin and other antibiotics. Psychiatric medication along with analgesics is also a specialty of the company because all over the country this company distributed more than 300 drugs in all these categories.
The company believes in value pricing because it aims to balance between biology and its economics in all aspects of company revenue. The market research models and drugs financing models enable them to decide their pricing strategy (Richman et al. 2016).
Promotional/ Advertising Plan:
The company is currently focusing on digital channels to reach doctors and changing its traditional sales force model