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Vol. 7, Issue 11 (2018)

Risk factors systematization and assessment in the marketing communication activities of pharmaceutical enterprises

Author(s):
Angela B Olkhovska and Volodymyr V Malyi
Abstract:
The aim of this paper: systematization of risk factors in the marketing communication activities of pharmaceutical enterprises in promoting new medicines in the market and justifying the negative effects of these factors, their impacts on the company's objectives.
Materials and Methods: The research has been based on the scientific publications in the professional and economical field, the results of interviews with experts involved in the pharmaceutical sector of the health industry, including the Directorate of Pharmaceutical Manufacturers, wholesale intermediary enterprises, pharmacy managers, regional medical (pharmaceutical) representatives of foreign pharmaceutical companies. For the implementation of the above tasks of the study, the methods of content analysis, logical analysis, grouping and generalization, structural analysis, hierarchical classification, “tree of objectives” have been applied, with due regard to the SMART requirements. To estimate the degree of consistency of expert opinions, the concordance ratio has been calculated.
Results and Discussions: A register of risk factors in the marketing communication activities of pharmaceutical enterprises that can critically affect the outcome of the promotion of new medicines in the market has been compiled, and suck risk factors have been ranked. It is reasonable for the entities involved in the pharmaceutical market to approve the formation of the objects of their activities and use the concept of management of such objectives with application of the SMART methodology. The indicative purposes of the marketing communication activity of the pharmaceutical manufacturing company have been demonstrated on the example with consideration of the SMART requirements, using the “tree of objectives” method. Possible conditions, negative consequences and impacts of risk factors on the purposes of the pharmaceutical enterprises in the marketing communication activity have been substantiated.
Conclusions: Detection of marketing risks in the marketing communication activities of pharmaceutical enterprises, their timely identification and assessment will contribute to ensuring the competitive advantages of the company in the domestic and foreign markets. Substantiated risk management will provide an opportunity for pharmaceutical companies to minimize investment costs in achieving the goals of a campaign promoting the use of new medicines through a variety of marketing communications tools. The compiled register of risk factors forms the basis of our mathematical analysis and risk assessment model in the marketing communication activity of pharmaceutical enterprises during the promotion of a new medicinal product in the market in terms of limiting and/or saving investment funds on marketing communications. The proposed model allows the senior management of the company to make informed decisions and to choose the best possible strategy of risk management in the marketing communication activities of pharmaceutical enterprises.
Pages: 46-51  |  195 Views  15 Downloads
How to cite this article:
Angela B Olkhovska and Volodymyr V Malyi. Risk factors systematization and assessment in the marketing communication activities of pharmaceutical enterprises. 2018; 7(11): 46-51.
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