Essays on To Grow the Sales of Viagra Case Study

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The paper "To Grow the Sales of Viagra" is a perfect example of a Marketing Case Study. The key aim of this report is to examine some of the growth strategies that can be employed to grow the sales of Viagra. This report will propose several marketing strategies that can be employed by the Pfizer pharmaceutical company in order to increase the sales of Viagra and maintain the competitive edge of the drug in the market. The findings depicted in this report have been established by reviewing secondary information from different textbooks, journals, and website sources. Through a review of various secondary sources, it was established in this report that, Pfizer is faced with challenges revolving around marketing Viagra due to increasing competition and extensive regulation in the marketing and distribution of prescription drugs.

Revatio and Caverject Impulse are among the drugs produced by Pfizer that present competition to Viagra. The company markets these drugs Pfizer in order to diversify its product portfolio and provide consumers with a variety of options to choose from depending on their personal preferences and needs. It is essential for the company to develop new and effective marketing strategies in order to grow the sales of Viagra and enhance the competitive edge of the product in the market. This report recommends that the company should tap into the global market by addressing the different needs of the global market.

The company should also identify and segment the global market into different market segments with similar consumer characteristics so as develop effective promotional strategies that will effectively appeal to each segment. Moreover, this report recommends that Pfizer should employ promotional strategies such as educational campaigns and celebrity endorsements in order to effectively sensitize the public how they can become proactive in addressing medical problems associated with sexual difficulties through the use of Viagra.

Pfizer should consider the strategies proposed in this report mainly because they are evidence-based and are bound to bring about positive results. Introduction Viagra is a well-known pharmaceutical brand name that is commonly recognized as a drug used for erectile dysfunction treatment. Sildenafil is the general term of the chemical compound incorporated in Viagra. Originally, this compound was developed to treat a heart condition known as angina pectoris.

However, following numerous clinical trials, it was established that Sildenafil has little effect on the treatment of angina pectoris but has a substantial impact on penile erections. This compound is a phosphodiesterase-5 (PDE-5) inhibitor that works by facilitating blood flow to the penis thus enabling the erection of the penis during intercourse (Boollel et al 1996; Vardi & Nini 2007). Consequently, it was brought to the market under the name “ Viagra” by a United States-based company known as Pfizer. Following its entrance to the market, the product realized an outstanding annual worldwide sales exceeding the US $1billion.

The exceptional sales performance realized by the product in only two years since its entry to the market can be attributed to the fact that the product more effectively addresses consumer’ s needs as compared to other existing products in the market (Conrad 2007). Nevertheless, Pfizer is faced with challenges revolving around market segmentation and targeting of Viagra due to the increasing regulation in the marketing and distribution of prescription drugs like Viagra. In addition to this, new competition has emerged over time (Salyer 2004).

It is therefore essential for the company to develop new and effective marketing strategies in order to grow the sales of Viagra and enhance the competitive edge of the product in the market.

References

Boolell, M., Allen, J., Ballard,A., Gepi-Attee, S., Muirhead, J., Naylor, M., Osterloh, H., Gingell C., 1996, Sildenafil: an orally active type 5 cyclic GMP-specific phosphodiesterase inhibitor for the treatment of penile erectile dysfunction, International Journal of Impotence Research 8 (2): 47–52.

Conrad, P., 2007, The medicalization of society: on the transformation of human conditions into treatable disorders, JHU Press, New York. pp. 41-45.

Drugs.com, 2011, Caverject Impulse, Retrieved on December 29, 2011 from

Drugs.com, 2011b, Revatio, Retrieved on December 29, 2011 from

Khatri, P., 2006, Celebrity Endorsement: A Strategic Promotion Perspective, Indian Media Studies Journal Vol.1 No.1. July-Dec. 2006.

McDonald, M. & Ian D., 2007, Market segmentation: how to do it, how to profit from it. Butterworth- Heinemann, New York.

Moschis, P., Euehun, L. & Mathur, A., 1997, Targeting the Mature Market: Opportunities and Challenges. Journal of Consumer Marketing, fall/winter 1997, p.282.

Pfizer Inc, 2006, Caverject Impulse, Retrieved on December 28, 2011 from

Pfizer Inc, 2009, Revatio, Retrieved on December 29, 2011 from

Salyer, D., 2004, The dangers of using and abusing Viagra. Retrieved on December 29, 2011 from

Taleja, N., 2010, Impact of Celebrity Endorsements on Overall Brand, Retrieved on December 29, 2011from 2011 from

Vardi, M. & Nini, A., 2007, Phosphodiesterase inhibitors for erectile dysfunction in patients with diabetes mellitus (Review), Cochrane Database of Systematic, Reviews 1, Issue 1,p.2.

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