Bristol Myers Squibb Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Bristol Myers Squibb through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Bristol Myers Squibb Product Strategy:
Bristol Myers Squibb is a Bio-Pharma firm which aims to constantly innovate and develop medicines to treat patients suffering from serious diseases. It spends around $5 billion in its research and development. It provides various medicines as a part of its marketing mix product portfolio in the field of oncology, virology, cardiovascular diseases and immune-science. Also, Bristol Myers Squibb manufactures pharmaceuticals in areas like diabetes, rheumatoid arthritis, HIV/AIDS, cancer, hepatitis and psychiatric disorders.
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This concludes the product strategy in Bristol Myers Squibb marketing mix & strategy.
Bristol Myers Squibb Price/Pricing Strategy:
Below is the pricing strategy in Bristol Myers Squibb marketing mix strategy:
Considering the overall healthcare sector is expensive, many people are not able to afford the treatment/medicines of serious diseases. Bristol Myers Squibb seeks to reduce the costs so as to provide medical solutions for all, for every kind of disease to every income group.
It constantly tries to innovate and utilize the technology in the best possible way to make the medicines affordable and easily accessible. The lesser the amount to be paid, more number of people would be inclined towards the brand. This would add to the revenue streams.
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Bristol Myers Squibb Place & Distribution Strategy:
Following is the distribution strategy in the Bristol Myers Squibb marketing mix:
Bristol Myers Squibb does its Research and Development in various regions like New Jersey, Ireland, Belgium, Japan and India (in Bangalore). Since it is a firm of repute, it has a high credit rating and thus, a low borrowing cost. With extensive R&D and constant technological innovation, it has developed a strong brand portfolio with diverse applications. However, it still has to develop products in the biologics segment. Bristol Myers Squibb is overly dependent on a few of its high-selling products namely Eliquis, Sprycel, Yervoy, Opdivo Orencia and Baraclude which forms about 80% of the sales they make annually. Bristol Myers Squibb also has its foundation for the needy. Along with that, it has developed sustainability as its fundamental to carry out its operational activities. For backing up its people financially, it has Corporative Sponsorship Support.
All of these help build a reputation and position itself as an even better player in the market.
Bristol Myers Squibb Promotion & Advertising Strategy:
The promotional and advertising strategy in the Bristol Myers Squibb marketing mix is as follows:
Healthcare sector is one which doesn’t need to do active promotions to entice people for purchasing its products. Bristol Myers Squib, focusing on serious-disease treatment should ensure the product quality is maintained and communicated to the patients. Billboards, tie-ups with hospitals and other clinics is a way the firm can maintain its credibility and sell its products. People in this sector need to be informed well, instead of pushing. Bristol Myers Squibb adopts a pull strategy to bring the people when they need a particular medicine to cure a disease. Hence this completes the marketing mix of Bristol Myers Squibb.
About Bristol Myers Squibb:
Bristol Myers Squibb is a USA based pharmaceutical company which has a headquarter in New York City. The products are manufactured mainly in the U.S. and Puerto Rico and are sold all across the globe, with U.S. contributing to more than half of the total revenue.
Bristol Myers Squibb was formed by the merger of Squibb and Bristol Myers in 1989.They seek to achieve people’s health and harmony by treating several diseases. Its net global sales in the year 2016 was $19.4 billion.
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