Pfizer Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Pfizer through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Pfizer Product Strategy:
Pfizer produce prescription and over the counter medicines. Pfizer sell range of many medicines and multivitamins products as a part of its marketing mix. Pfizer also cover medicines for cardiovascular, neurological, respiratory, urology health issues. Becosules (multivitamin) and Corex (cough formulation) are one of the most trusted brands of Pfizer. Pfizer’s innovative products have been recognized time to time, Pfizer has been honored with Golden peacock innovative product for Magnex (Sulperazon). The packaging of the medicines is of very high quality. The medicines come in different sizes and units which depends upon specific products. Lipitor was one of the most popular medicines of Pfizer, it was the largest selling pharmaceutical in 2011. Chantix which is a smoking cessation medicine, Bextra (a painkiller), Chapstick have also been very successful products of Pfizer in the past. During the 2020 pandemic, the company invested more than $2 billion for creating vaccines. The vaccinations have also been distributed globally to fight the virus.
Image: Wikimedia
This concludes the product strategy in Pfizer marketing mix & strategy.
Pfizer Price/Pricing Strategy:
Below is the pricing strategy in Pfizer marketing mix strategy:
Pfizer has a wide product portfolio and it has a varying pricing as well. Usually pharmaceutical companies are known and scrutinized over raising the cost of their established and well known medicines and then slowly raising the prices of the new ones too.
This way the companies motivate the customer to buy new medicines by increasing the price of old medicines and ensures sales of their medicines in the future too. Pfizer follows a multistep pricing procedure in its marketing mix which is based on in depth cost and benefits analysis, market analysis and risk analysis. Extensive interviews are done to gauge interests in a particular medicine and to know about comparable treatments. External market research companies are hired too to do in-depth interviews. Being in a competitive industry, Pfizer has to calibrate their prices close to their competitors. The aim for setting the pricing policy is to maximize revenues while also making sure that the medicine is accessible to those who need it. Due to extensive R&D done by Pfizer, they launch new products in the market but since R&D costs are high so are their products. Therefore, some of them are relatively costlier but they guarantee high quality and safety. The company has an average annual revenue of about $40 billion.
Read more about Pfizer
Pfizer Place & Distribution Strategy:
Following is the distribution strategy in the Pfizer marketing mix:
Pfizer operates in many countries like Russia, India, New Zealand, Brazil, Sweden, Spain, Norway, Poland to name a few. In 2000, Pfizer merged with Warner-Lambert and expanded its reach and products. Pfizer has an elaborate terms of sale and trade policies specifying who can or cannot be a Pfizer distributor and wholesaler. Pfizer holds the right to withdraw the licenses of their distributors at any time. Their wholesale customers can order the products online through their website. Pfizer believes in maintaining good relationship with their clients and therefore they want their wholesalers and distributers to have the best of facilities. Thus the physical distribution in the marketing mix place strategy of Pfizer is extensive. The Pfizer Pharmacy Web site provides information about the product, its packaging and availability. The vendors can even track their invoices through the website. To manage their global supply chain, Pfizer has a EHS (environment, health and safety) Supplier review program which reviews and assess the performance of their suppliers. To see the environmental impact of the services and products they provide, Pfizer conducts environmental footprint surveys.
Also they constantly intend to find opportunities to reduce their carbon footprint.
Pfizer Promotion & Advertising Strategy:
The promotional and advertising strategy in the Pfizer marketing mix is as follows:
Pfizer, being a pharma company, can no directly advertise its products. Usually marketing pharmaceutical medicines involves dealing with Medical representatives, arranging meetings and seminars with the doctors and other professionals in the healthcare industry to help in promotion of the medicines. Medical representatives advertise and explain the product and hand out free samples and other promotional materials. Due to intensive use of internet these days, people are directly buying medicines from online stores. This has given rise to direct consumer advertising in Pfizer. Advertising of OTC medicines like is done through newspaper, television and social media. Advertising helps them to communicate the value and benefits they give in their product which in turn helps them create a loyal customer base. Pfizer was one of the big spenders in advertising in the pharmaceutical industry. Pfizer’s advertisement highlighting the science behind their products was acknowledged by the marketers and the consumers. Pfizer also released mini documentaries featuring their scientists to connect with their consumers. This covers the marketing strategy and marketing mix of Pfizer.
About Pfizer:
Pfizer, is one of the highly reputed biopharmaceutical companies of the world. It was founded by Charles Pfizer and Charles Erhart. With a deep and long term commitment to global health, Pfizer has used its global resources and technical know-how to deliver the best products. Pfizer is a very transparent organization, it promotes its product responsibly and is known for adhering to the highest standards. Pfizer has a team of highly motivated individuals who are committed to improve healthcare around the world by making world class medicines. They take their ideas and inspirations and mold them into realities after endless research and clinical trials.
Pfizer has a wide range of products not only for the cure and treatment of diseases but also for prevention of diseases and for general wellbeing of people. The New York based company has collaborations with government, non-government organizations, healthcare professionals and other managed organizations with the vision to transform the healthcare industry and provide good quality medicines to everyone.
Browse marketing strategy and 4Ps analysis of more brands similar to Pfizer. The Marketing Mix & Strategy section covers 4Ps and 7Ps of more than 800 brands in 2 categories.
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