Describe about the International Business for Pharmaceutical Companies.
Social media is the said to be the platform of the interaction for man of the people. Also the social media is very beneficial to the business entities for the purpose of marketing. As the social media acts as the source of interaction between the people through many types of creation, innovation and the exchange of information, so thinking of using this sector can be quite useful for the pharmaceutical companies. That is the reason the important and major rationale considered is the formation of a regulatory team that will control the one way interaction in the pharmaceutical sector (Ball et al., 2012). In usual condition there is always the one way interaction with the prevention of comments or sharing of the features which hinders the marketing process of the pharmaceutical industries. With the implementation of the social media marketing in the Asia-Pacific region will help the organisations in taking various strategic decisions as per the demand. Therefore the research proposal is prepared to focus on the efforts of the pharmaceutical industries to take out the benefits of the tools of social media in widening the customer base along with strengthening the customer relationship which will eventually enhance the market scenario of the pharmaceutical industries (Beamish, 2013).
Background of the Research
This research proposal is formulated to carry out the possibilities of enhancing the performances of the products of the pharmaceutical industries in the market of Asia-Pacific through social media implementation. With the use of the social media there is a very strong bond in between the organisation and the customer. The reason of carrying out the research is just because to get a two way interaction rather than one way interaction. The two way interaction will help in getting the comments and feedback from the customers (Cavusgil et al., 2014). Through the implementation of the social media tools in the marketing of pharmaceuticals in the Asia-Pacific will enable in sharing the features of the product of healthcare over the online market so that maximum population will be able to reach out to the product easily. Through this also there will have the solving the various queries regarding the product. In further situation there will have the incorporation of the consumer feedback in the process which will help the company in making strategic decisions that will help in the success of the company (Dunning, 2012). Therefore the idea of research formulated from the point to attain the strategic building for the organisation in Asia-Pacific region as well as in Singapore.
Many of the researches show that the pharmaceutical sector is implementing many focused efforts specifically to strengthen the relationship with the consumers and also to widen the customer base. It is because this will help in providing the enhancement in the performance of the brand of pharmaceutical through the use of the tools of social media. Through some instances it is also evident that through the implementation of the social media the pharmaceutical sector are getting the improvement of the corporate communication along with the customer service specifically at the corporate level. It is further certified by the FDA or the Food and Drug Administration to fulfil all the required requirements needed for the marketing of the interactive promotional media of the pharmaceutical products in the region of Asia-Pacific (Enderwick, 2013). Some of the previous research shows that the incorporation of consumer feedback helps in analysing the efficiency of the pharmaceutical products prevalent in the market. Also by knowing the experiences of the consumers the companies will get the idea for improvising the developmental process of the pharmaceutical products which will give further influence of taking the decisions for the crucial strategy building. Therefore in other words the literature can be proved as a proof for the ongoing research that the involvement of the social media in the marketing purpose of the pharmaceutical products is expected to make the increase in the sales of the companies in near future in the region of Asia-Pacific. It can also be said to be a strategy of the pharmaceutical company of being in touch with its clients personally, socially as well as emotionally (Folsom et al., 2012).
- Is it feasible to implement the social media tools for the marketing of pharmaceutical industries in Asia-Pacific?
- Does the implementation of the social media tools had any specific effects on the consumer behaviour in the pharmaceutical marketing?
The pharmaceutical industry made the usage of social media in the analysis of the market factor. This includes the analysis if the benefit along with the risk factor which will further help in formulating the decisions that will be fruitful for the organization. The extent of the use of the social media gives the idea of its usage as there are various types of social media prevalent in the market. Apart from that there is special impact of the social media on the stakeholders of the pharmaceutical companies which will help in coupling of the geographical landscape of the market with having focus towards the publicity of the tools. In the process of geographical landscape in this research there is only focus regarding the region of Asia-Pacific with having special preference upon the Singapore. The growth of the market of the pharmaceutical industry depends upon the amount of expenditure by the pharmaceutical industries involved in the online marketing or the advertisements in the social media (Griffin & Pustay, 2012). It is because the more will be the advertisement through online tool the more will be the increase in the customers. In some instances sources reveal the expenditure for the pharmaceutical companies is going on increasing up to 45% every year out which the companies are spending 6% on the online advertising to reach the customers. Therefore one of the main aims of the online marketing is getting the reach of the consumers. This is because by directly reaching the consumers there will have opportunities in handling the product as per the demand of the consumers. Apart from that through the use of online media each and every aspect of the consumers can be noticed which will help in attaining the desired products in the market (Jenkins, 2013). Therefore as per the sources it is also evident that these processes also have major disadvantages if not handled in a proper way. As it is known that there will have some sort of security and privacy issues in the online media of marketing which somehow raises a question of proper validation. This question of proper validation in some instances raises a question for the challenge regarding the growth in the market. That is the reason this report will make avail the possible reasons that will help in attaining the assessment of the market. It is fruitful because it includes all the possible insights and the facts relating to the pharmaceutical industries along with the statistical support and the historical data. It will also focus on the data that are industry validates with having a purposeful and suitable set of assumptions giving rise to perfect methodology. This methodology will further provide the information followed by the analysis of the segments of the market, regions, distribution channels and the product types of the pharmaceutical marketing in the Asia Pacific (Killing, 2012). Therefore the research proposal provides a report which includes some vital part that should be considered in the process of analysis of use of social media in the pharmaceutical marketing. This analysis will be the resultant of the proper methodology which includes the below mentioned criteria. The methodology part must include the analysis of the market segments along with the dynamics of the market. There also is the study of the historical actual market size of the pharmaceutical industries. Apart from that there must include the study of the market size and the forecast of the future era. Along with that there will have the details of the supply and the demand value chain and the current trends and the issues and challenges for the pharmaceutical marketing through the social media (Penrose, 2013). The methodology should further include the competition ongoing in the market which will provide the strategic analysis of the marketing structure. Further the desired technology must be selected as per the value chain of the market. After that the strategic implementation takes place through studying the market drivers and the restraints in the market. This methodology mentioned above is to be implemented upon the Asia-Pacific region performing a qualitative and quantitative assessment through an in-depth analysis of the very best possible factors (Wild, Wild & Han, 2014).
A research proposal has been formulated by going through the every possible factor to study the use of the social media tools for the Asia-Pacific region. From the proposal it must get clear regarding the implications of the market which will provide idea to carry out the research in the process so that its aim and objectives should be fulfilled. The proposal therefore provides a whole total neutral prospective towards the market performance that will clear the confusions regarding the strategies of the key players and the product offerings during the pharmaceutical marketing. Therefore the research proposal prepared taking into consideration each and every aspect of the market study will definitely provide a fruitful way for the research.
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