Chapter 8 - Marketing And Brand Management
Chapter 8 Second Ed. Marketing and Brand Management
- 1.
What is the Marketing function's primary directive?
- A.
To differentiate the company's products in the marketplace to maximize revenue.
- B.
To promote the company's message and presence in the industry
- C.
To promote each product in a similar fashion that aligns with the company's strategic aims.
- D.
To differentiate new formulations of a drug that is nearing the end of its patent life.
Correct Answer
A. To differentiate the company's products in the marketplace to maximize revenue.Explanation
The primary directive of the marketing function is to differentiate the company's products in the marketplace to maximize revenue. This means that the marketing team's main goal is to create a unique and appealing positioning for the company's products or services in order to stand out from competitors and attract customers. By effectively differentiating the products, the company can increase its market share and generate higher revenue. This involves various marketing strategies such as branding, advertising, pricing, and product differentiation to create a competitive advantage in the market.Rate this question:
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- 2.
In which stage of the product life cycle does marketing play its most pivotal role?
- A.
During discovery
- B.
During development
- C.
Pre launch/just after launch
- D.
When nearing patent expiration
Correct Answer
C. Pre launch/just after launchExplanation
Marketing plays its most pivotal role during the pre-launch/just after launch stage of the product life cycle. This is because during this stage, the company needs to create awareness and generate excitement about the new product among the target market. Effective marketing strategies are crucial in building anticipation, attracting customers, and driving initial sales. Additionally, this stage is also important for gathering customer feedback and making necessary adjustments to the product or marketing approach based on the market response. Therefore, marketing efforts during the pre-launch/just after launch stage are critical for the success of the product.Rate this question:
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- 3.
Which is NOT a major component that is included in the promotional strategy of a product?
- A.
Promotional Mix
- B.
Message Platform
- C.
Positioning
- D.
Portfolio evaluation
- E.
Techniques and channels
Correct Answer
D. Portfolio evaluationExplanation
Portfolio evaluation is not a major component included in the promotional strategy of a product. The promotional strategy focuses on creating awareness, generating interest, and persuading customers to purchase the product. It involves activities such as advertising, sales promotion, public relations, and personal selling. Portfolio evaluation, on the other hand, is a process of assessing the performance and profitability of a company's product portfolio to determine which products should be continued, discontinued, or modified. While important for overall business strategy, it is not directly related to the promotional strategy of a specific product.Rate this question:
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- 4.
For which of the following is marketing NOT responsible?
- A.
Sales forecasts
- B.
Projections of marketing and sales expenditures
- C.
Sales manpower planning
- D.
Profit and loss statements
Correct Answer
C. Sales manpower planningExplanation
Marketing is responsible for various aspects related to sales, such as sales forecasts, projections of marketing and sales expenditures, and profit and loss statements. However, marketing is not responsible for sales manpower planning. This task typically falls under the domain of human resources or sales management, as it involves determining the required number of sales personnel, their roles, responsibilities, and recruitment.Rate this question:
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- 5.
How does marketing contribute to the discovery and development phases?
- A.
Aligns the research efforts with the strategic aims of the company
- B.
Works with discovery and development to create a brand/promotional platform early
- C.
Assists with budgetary concerns of potential compounds
- D.
Helping to focus research investment on indications with the largest commercial potential/unmet needs
Correct Answer
D. Helping to focus research investment on indications with the largest commercial potential/unmet needsExplanation
Marketing contributes to the discovery and development phases by helping to focus research investment on indications with the largest commercial potential and unmet needs. This means that marketing plays a crucial role in identifying and prioritizing areas of research that have the greatest potential for success in the market. By analyzing market trends, customer needs, and competitive landscapes, marketing can guide the research efforts towards developing products that are most likely to succeed commercially. This helps to ensure that resources are allocated efficiently and that the company's strategic aims are aligned with the research efforts.Rate this question:
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- 6.
Please match the marketing objectives with their correct stages within the product life cycle: 1. Optimizing Profitability and Extending Brand Life 2. Layering a Foundation for Success 3. Accelerating Uptake 4. Maximize Commercial Potential 5. Maximizing Peak Sales
- A.
Maturity Growth Launch Pre-Launch Discovery and Development
- B.
Maturity Pre-Launch Launch Discovery and Development Growth
- C.
Launch Growth Discovery and Development Maturity Pre-Launch
- D.
Growth Discovery and Development Maturity Pre Launch Launch
Correct Answer
B. Maturity Pre-Launch Launch Discovery and Development GrowthExplanation
The correct answer matches the marketing objectives with their correct stages within the product life cycle. The objective of optimizing profitability and extending brand life is typically associated with the maturity stage, where the product has reached its peak sales and market saturation. Layering a foundation for success is usually done in the pre-launch stage, where the company establishes its marketing strategy and builds awareness for the upcoming product. Accelerating uptake is a goal during the launch stage, where the focus is on generating initial sales and gaining market share. Maximizing commercial potential is often pursued during the discovery and development stage, where the company explores new opportunities and evaluates the potential of the product. Maximizing peak sales is a priority during the growth stage, where the product experiences rapid sales growth and market expansion.Rate this question:
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- 7.
Upon what are Marketing's sales forecasts based?
- A.
Brand platform and extensive market research
- B.
Extensive market research and certain key assumptions
- C.
Product positioning and product portfolio
- D.
Product portfolio and brand platform
Correct Answer
B. Extensive market research and certain key assumptionsExplanation
Marketing's sales forecasts are based on extensive market research, which involves gathering and analyzing data about the target market, competitors, and industry trends. This research helps to identify potential customers, understand their needs and preferences, and estimate the demand for the product or service. Additionally, sales forecasts also rely on certain key assumptions, such as the effectiveness of marketing strategies, economic conditions, and consumer behavior. These assumptions are based on past data, market trends, and expert opinions, and they play a crucial role in predicting future sales performance.Rate this question:
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- 8.
In which stage in the life cycle is the initial commercial plan translated into a promotional strategy?
- A.
Discovery
- B.
Development
- C.
Pre Launch
- D.
Post Launch
- E.
Pre FDA patent expiration
Correct Answer
C. Pre LaunchExplanation
In the pre-launch stage of the life cycle, the initial commercial plan is translated into a promotional strategy. This is the phase where the company prepares for the launch of the product or service into the market. During this stage, the marketing team develops a comprehensive promotional strategy to create awareness, generate interest, and build anticipation among the target audience. The goal is to ensure a successful launch and maximize the product's potential in the market.Rate this question:
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- 9.
What are "unbranded messages"?
- A.
Messages that do not directly relate to a target age bracket
- B.
Messages that relate to a disease or condition and emphasize the need for treatment
- C.
Promotional efforts that do not have the company's label on them
- D.
Product-specific messages that form the core of the overall promotional strategy
Correct Answer
B. Messages that relate to a disease or condition and empHasize the need for treatmentExplanation
Unbranded messages are messages that relate to a disease or condition and emphasize the need for treatment. These messages do not directly promote a specific product or brand, but instead focus on raising awareness about a particular health issue and the importance of seeking medical help. They aim to educate and inform the target audience about the disease or condition, its symptoms, and available treatment options without explicitly promoting a specific product or company.Rate this question:
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- 10.
What are "branded messages"?
- A.
Messages designed to conceal the company logo in favor of promoting the product itself
- B.
Product-specific messages designed to increase uptake and maximize adoption
- C.
Company specific messages designed to increase awareness
- D.
Marketing tactics that promote off-label usages of a product that are not FDA approved but so widely accepted they can have the company's logo on them
Correct Answer
B. Product-specific messages designed to increase uptake and maximize adoptionExplanation
"Branded messages" refer to product-specific messages that are created with the intention of increasing the acceptance and adoption of the product. These messages are tailored to highlight the unique features and benefits of the product in order to attract potential customers and encourage them to choose the product over competitors. The goal of branded messages is to maximize the uptake of the product and ensure its successful adoption in the market.Rate this question:
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- 11.
What is a "Dear Doctor" Letter?
- A.
A form of marketing that targets physicians/prescribers in the industry to learn more about a specific product.
- B.
A formal retraction that notes when a company mis-promoted something and needs to undo the statement
- C.
A letter from a key opinion leader to his collegues promoting a new product
- D.
A letter from a patient to a doctor describing the side effects he is having from a certain product.
Correct Answer
B. A formal retraction that notes when a company mis-promoted something and needs to undo the statementExplanation
A "Dear Doctor" letter is a formal retraction that is sent by a company when they realize that they have mis-promoted something and need to undo the statement. This letter is specifically addressed to physicians or prescribers in the industry and serves as a way to correct any misinformation or misleading claims that may have been made about a certain product. It is a formal and professional way for the company to acknowledge their mistake and provide accurate information to healthcare professionals.Rate this question:
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- 12.
A ___________ is the means of communicating information to the universe of customers.
- A.
Communications channel
- B.
Message platform
- C.
Comprehensive commercial plan
- D.
Promotional channel
Correct Answer
D. Promotional channelExplanation
A promotional channel refers to the means or methods used to communicate information to a wide range of customers. It is a strategic approach that involves various promotional activities such as advertising, sales promotion, public relations, and direct marketing. By utilizing promotional channels effectively, businesses can reach their target audience and convey their message in a way that captures attention and generates interest. This allows them to effectively communicate their products or services to the universe of customers and ultimately drive sales and business growth.Rate this question:
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- 13.
How do pharma/biotech companies prefer to reach prescribers and payers with their promotions?
- A.
Through highly tailored mail campaigns
- B.
Through internet-based touch campaigns
- C.
Through person to person contact
- D.
Through call center marketing
Correct Answer
C. Through person to person contactExplanation
Pharma/biotech companies prefer to reach prescribers and payers with their promotions through person to person contact. This method allows for direct interaction and communication, enabling companies to provide detailed information, address any concerns or questions, and build relationships with prescribers and payers. It also allows for personalized and targeted messaging, ensuring that the promotions are tailored to the specific needs and preferences of the individuals being reached. Through person to person contact, companies can establish trust and credibility, ultimately increasing the likelihood of successful promotion and adoption of their products or services.Rate this question:
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- 14.
What is the primary promotion medium used to reach non professional groups?
- A.
Free trial sized samples
- B.
Direct to consumer advertising and other mass media
- C.
Product advertising in professional journals
- D.
Face to face product information and supplemental materials
Correct Answer
B. Direct to consumer advertising and other mass mediaExplanation
Direct to consumer advertising and other mass media are the primary promotion mediums used to reach non-professional groups. This is because these mediums have a wide reach and can effectively target and communicate with the general public. Free trial sized samples may also be used as a promotional tactic but they are not the primary medium. Product advertising in professional journals is more suitable for reaching professional groups rather than non-professional groups. Face to face product information and supplemental materials may be used for personalized communication but they are not as widely used or effective in reaching a large non-professional audience.Rate this question:
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- 15.
Prescribers are often segmented to allow Marketing to fine tune product messages. On what basis are prescribers usually segmented?
- A.
Prescribing behaviors
- B.
Pharmacology expertise
- C.
Volume of prescriptions
- D.
A and B
- E.
A and C
Correct Answer
E. A and CExplanation
Prescribers are usually segmented based on their prescribing behaviors and the volume of prescriptions they write. This segmentation allows marketing teams to tailor product messages to specific groups of prescribers, ensuring that the right message reaches the right audience. By understanding prescribers' behaviors and the volume of prescriptions they write, marketing teams can effectively target their promotional efforts and maximize the impact of their product messages.Rate this question:
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- 16.
Brand teams almost always supplement information from syndicated data sets by:
- A.
Performing a more comprehensive market analysis themselves
- B.
Hiring M Squared to do conduct a more in depth analysis
- C.
By commissioning primary market research
- D.
Syndicated data sets are generally enough information for a first round look at the market.
Correct Answer
C. By commissioning primary market researchExplanation
Brand teams almost always supplement information from syndicated data sets by commissioning primary market research. This allows them to gather more specific and tailored data about their target market, consumer preferences, and competitor analysis. Primary market research involves collecting data directly from the source through surveys, interviews, observations, or experiments. This additional research provides brand teams with a deeper understanding of the market and helps them make more informed decisions regarding their marketing strategies and product development.Rate this question:
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- 17.
Why is market research in support of segmentation a "highly iterative process"?
- A.
Because market research is inherently a slow process comprised of many steps
- B.
Because the results from one study lead to new insights and then new questions which require further investigation
- C.
Lather, rinse, repeat if necessary
- D.
Because it is impossible to compile the results from one segmentation study and have them stand alone; numerous analyses are needed
Correct Answer
B. Because the results from one study lead to new insights and then new questions which require further investigationExplanation
Market research in support of segmentation is considered a "highly iterative process" because the results obtained from one study often lead to new insights and raise new questions that require further investigation. This means that the process of market research is not a linear one, but rather a continuous cycle of gathering data, analyzing it, and using the findings to generate new hypotheses or areas of exploration. This iterative nature of market research ensures that insights are continually refined and updated, allowing for a more accurate and comprehensive understanding of the target market.Rate this question:
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- 18.
Why is Marketing interested in identifying Key Opinion Leaders?
- A.
KOL's can assist with creating promotional platforms
- B.
KOL's influence the prescribing choices of other physicians
- C.
KOL's are not the interest of Marketing, but of Medical Affairs
- D.
Marketing supplies market research to KOL's to gain entrenched loyalty
Correct Answer
B. KOL's influence the prescribing choices of other pHysiciansExplanation
Identifying Key Opinion Leaders (KOLs) is important for marketing because they have the ability to influence the prescribing choices of other physicians. KOLs are respected and trusted by their peers, and their endorsement or recommendation of a product or treatment can carry significant weight. By identifying and partnering with KOLs, marketing can leverage their influence to promote their products and increase market share.Rate this question:
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- 19.
Why does Marketing also segment the patient population?
- A.
To break down the patient population into small enough segments to determine where marketing will be the most lucrative
- B.
To assess the highest risk patient group
- C.
To invest more money into specific segments depending on the financial status of each segment
- D.
To prioritize marketing outreach and identify high-impact outreach mechanisms
Correct Answer
D. To prioritize marketing outreach and identify high-impact outreach mechanismsExplanation
Marketing segments the patient population in order to prioritize marketing outreach and identify high-impact outreach mechanisms. By breaking down the patient population into smaller segments, marketers can determine which segments are most likely to respond to their marketing efforts and which outreach mechanisms will have the greatest impact on these segments. This allows marketers to allocate their resources effectively and focus their efforts on the segments that will yield the highest return on investment.Rate this question:
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- 20.
How do BioPharma companies deal with patient privacy laws to communicate directly with patients?
- A.
Companies have access to all the information obtained in the trials and map that data to patient records
- B.
Companies pay clinicians "sponsor fees" to unblind their trial to access confidential information
- C.
Companies get doctors to encourage patients to contact the companies for more information about a specific product. If the patient contacts the company and provides information, then there is no confidentiality breach
- D.
Companies get information from prescribers and pharmacies that do not conflict with privacy laws
Correct Answer
C. Companies get doctors to encourage patients to contact the companies for more information about a specific product. If the patient contacts the company and provides information, then there is no confidentiality breachExplanation
BioPharma companies deal with patient privacy laws by getting doctors to encourage patients to contact the companies for more information about a specific product. If the patient contacts the company and provides information voluntarily, then there is no breach of confidentiality. This approach ensures that the companies are not directly accessing patient information without consent, thus complying with privacy laws.Rate this question:
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- 21.
What is a primary responsibility of the Managed Markets group?
- A.
Segmenting the large corporate accounts in terms of mechanism of drug action for market research
- B.
Segmenting the large corporate accounts in terms of therapeutic area for competitive analysis
- C.
Segmenting the large corporate accounts in terms of their potential impact on the success of individual products
- D.
Segmenting the large corporate accounts in terms of product pipeline to identify future competition
Correct Answer
C. Segmenting the large corporate accounts in terms of their potential impact on the success of individual productsExplanation
The primary responsibility of the Managed Markets group is to segment the large corporate accounts based on their potential impact on the success of individual products. This means that the group focuses on identifying and analyzing the accounts that have the greatest potential to contribute to the success of specific products. This segmentation helps the group prioritize their efforts and resources towards the accounts that are most likely to generate positive outcomes for the products they are responsible for.Rate this question:
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- 22.
Along with formulating product sales forecasts and finalizing P&L statements, what else must marketing develop for the financial projections?
- A.
In-licensing negotiations
- B.
Messaging platform
- C.
Promotional budget
- D.
Portfolio analysis
Correct Answer
C. Promotional budgetExplanation
Marketing must develop a promotional budget for the financial projections. This is necessary because the promotional budget outlines the planned expenses for marketing activities such as advertising, promotions, and public relations. It helps in estimating the costs associated with marketing efforts and allows for better financial planning and forecasting. Without a promotional budget, marketing would not have a clear understanding of the financial resources required for their activities, which could lead to overspending or ineffective use of resources.Rate this question:
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- 23.
What key considerations are made in developing the right "promotional mix" for a product?
- A.
Raindrops on roses and whiskers on kittens
- B.
Full market saturation to reach as many consumers as possible
- C.
The optimal combination of promotional programs and channels for delivering the message
- D.
The optimal combination of professional and non professional marketing campaigns
- E.
The optimal segmentation of markets and prescribers
Correct Answer
C. The optimal combination of promotional programs and channels for delivering the messageExplanation
The key considerations in developing the right "promotional mix" for a product involve determining the optimal combination of promotional programs and channels for delivering the message. This means carefully selecting the most effective promotional strategies and platforms to reach the target audience and convey the product's value proposition. It requires analyzing the target market, understanding their preferences and behaviors, and selecting the appropriate mix of advertising, public relations, sales promotions, and other promotional tools. By finding the right combination, companies can maximize the impact of their promotional efforts and effectively communicate the benefits of their product to potential customers.Rate this question:
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- 24.
Upon what does the appropriate promotional mix depend?
- A.
On the nature of the product and the market in which it will compete
- B.
On the level of current competition that exists in the marketplace during the pre-launch phase.
- C.
The optimal blend of professional and non professional promotions
- D.
Walking the fine line between promoting the benefits of the product but adequately acknowledging the adverse effects
Correct Answer
A. On the nature of the product and the market in which it will competeExplanation
The appropriate promotional mix depends on the nature of the product and the market in which it will compete. This means that the type of product being promoted and the specific characteristics of the market will determine the most effective promotional strategies to be used. Different products may require different approaches, such as advertising, personal selling, public relations, or direct marketing. Similarly, the market conditions, target audience, and competition will also influence the choice of promotional activities. Therefore, understanding the product and the market is crucial in determining the appropriate promotional mix.Rate this question:
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- 25.
What role does marketing assume in preparation for product launch?
- A.
Marketing assumes no role: the sales force and managed markets take over.
- B.
Marketing takes the lead for determining logistics of program deployment and making sure everything goes off without a hitch.
- C.
Marketing assists the sales force in the product launch.
- D.
Marketing supports Manufacturing Operations and Trade and Distribution in the product launch.
Correct Answer
B. Marketing takes the lead for determining logistics of program deployment and making sure everything goes off without a hitch. -
- 26.
Why is a successful product launch considered a make or break factor for the product?
- A.
To showcase its benefits and lack of adverse effects to its target population
- B.
Because the product launch offers the greatest opportunity to differentiate the product from its competitors
- C.
In order to reach the harder-to-reach target populations for which the drug has been designed
- D.
It is not considered the make or break factor. With solid post launch marketing and strong sales force activities, the product easily reach forecasted sales levels.
Correct Answer
B. Because the product launch offers the greatest opportunity to differentiate the product from its competitorsExplanation
A successful product launch is considered a make or break factor for the product because it provides the greatest opportunity to differentiate the product from its competitors. During the launch, the product can be showcased to its target population, highlighting its benefits and lack of adverse effects. This helps to create a unique selling proposition and attract customers. If the launch is unsuccessful or fails to differentiate the product effectively, it may struggle to gain market share and face challenges in competing with other similar products. Therefore, a successful product launch is crucial in establishing the product's position in the market.Rate this question:
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- 27.
What are the two primary metrics that pharma companies use to measure sales performance?
- A.
Product revenue and market share
- B.
Market share and behavior
- C.
Behavior and compliance
- D.
Compliance and product revenue
Correct Answer
A. Product revenue and market shareExplanation
Pharma companies use product revenue and market share as the two primary metrics to measure their sales performance. Product revenue reflects the financial success of the company by measuring the total sales generated from their products. Market share indicates the company's competitiveness and market position by measuring the percentage of total sales or market size that the company holds. These metrics help pharma companies assess their sales effectiveness, identify areas for improvement, and make informed business decisions.Rate this question:
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- 28.
Why are real time insights from team members in the field critical to the marketing efforts of a company?
- A.
Because they can provide data for input into the communications plan
- B.
Because it is the sales force, not marketing, that understands how to best reach consumers
- C.
Because team members in the field have more contact with Key Opinion Leaders and can learn from them how their product is being received
- D.
Because they can see first hand how the promotional outreach is being received in the marketplace
Correct Answer
D. Because they can see first hand how the promotional outreach is being received in the marketplaceExplanation
Real-time insights from team members in the field are critical to the marketing efforts of a company because they can provide firsthand information on how the promotional outreach is being received in the marketplace. This allows the marketing team to gather valuable feedback and make necessary adjustments to their strategies in real-time. By understanding how their promotional efforts are being received, the marketing team can optimize their communication plan and improve their overall marketing effectiveness.Rate this question:
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- 29.
What is an example of a reason why a successful and effective promotional strategy would have to be altered after launch?
- A.
Entry of a new competitor
- B.
Changing reimbursement policies
- C.
Brand confusion
- D.
A and B
- E.
B and C
Correct Answer
D. A and BExplanation
A successful and effective promotional strategy may need to be altered after launch due to the entry of a new competitor. The presence of a new competitor can significantly impact the market dynamics and customer preferences, requiring adjustments to the promotional strategy to maintain a competitive edge. Additionally, changing reimbursement policies can also necessitate alterations to the promotional strategy, as it may affect the pricing, distribution, or messaging of the product or service. Both factors A and B can contribute to the need for altering a promotional strategy after launch.Rate this question:
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- 30.
True or false: As a brand reaches maturity and patent expiration looms, Marketing usually increases its promotional investment in that product.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
As a brand reaches maturity and patent expiration looms, marketing usually decreases its promotional investment in that product. This is because as a product matures, its market becomes more saturated and competition increases. Additionally, with the impending expiration of the patent, other companies can enter the market with similar products, leading to a decrease in market share for the original brand. Therefore, it is not necessary for the brand to increase its promotional investment at this stage.Rate this question:
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- 31.
Marketing operates at which two levels?
- A.
Industry and Regional
- B.
Global and Industry
- C.
Therapeutic area and Global
- D.
Global and Regional
Correct Answer
D. Global and RegionalExplanation
Marketing operates at both the global and regional levels. Global marketing involves creating a marketing strategy that can be applied across multiple countries and regions. It focuses on creating a consistent brand image and message that resonates with a global audience. On the other hand, regional marketing takes into account the specific needs and preferences of a particular region or market. It adapts the global marketing strategy to suit the local market conditions and cultural nuances. By operating at both levels, marketing can effectively reach a wide range of audiences and tailor its approach to different markets.Rate this question:
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- 32.
Within a global company, after the product is submitted for regulatory approval in a particular market, who assumes primary responsibility?
- A.
Global marketing
- B.
Local Marketing
- C.
Head of Marketing
- D.
Director of Marketing
Correct Answer
B. Local MarketingExplanation
After a product is submitted for regulatory approval in a particular market within a global company, the primary responsibility falls on the local marketing team. This is because they have the necessary knowledge and understanding of the local market regulations, consumer preferences, and cultural nuances. They are best equipped to navigate the regulatory landscape and ensure compliance while also tailoring the marketing strategies to effectively reach and engage the target audience in that specific market.Rate this question:
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- 33.
Why are many companies adopting the model in which company functions are organized by therapeutic area?
- A.
This model helps them stand stronger against their competitors
- B.
This model encourages greater cross-functional cooperation and greater depth of therapeutic expertise
- C.
This model allows for greater flexibility in the research and discovery phase
- D.
This model is an FDA mandated change to prevent companies from controlling too big of a share of the market
Correct Answer
B. This model encourages greater cross-functional cooperation and greater depth of therapeutic expertiseExplanation
This model encourages greater cross-functional cooperation and greater depth of therapeutic expertise. By organizing company functions by therapeutic area, employees from different departments and disciplines are brought together to collaborate on projects related to a specific therapeutic area. This promotes knowledge sharing, innovation, and a deeper understanding of the therapeutic area, which can lead to more effective and efficient research, development, and commercialization of products. It also allows employees to specialize and become experts in their respective therapeutic areas, leading to better decision-making and outcomes.Rate this question:
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- 34.
What is considered the most reliable source of market share/demand data?
- A.
Primary market research conducted on behalf on the pharma company
- B.
Actual prescription data which can be bought from third party vendors
- C.
Supply chain data from pharma company MRP systems
- D.
Market share extrapolation from company sales figures
Correct Answer
B. Actual prescription data which can be bought from third party vendorsExplanation
Actual prescription data which can be bought from third party vendors is considered the most reliable source of market share/demand data. This data provides direct information on the number of prescriptions filled for a particular product, giving an accurate representation of the demand in the market. It is obtained from independent vendors who collect data from various pharmacies and healthcare providers, ensuring its reliability and accuracy. This data is valuable for pharmaceutical companies as it allows them to track market trends, identify potential opportunities, and make informed business decisions.Rate this question:
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- 35.
What is the approximate split of Pharma Industry promotional efforts between Direct-to-Consumer spending and Professional spending?
- A.
10% DTC / 90% Professional
- B.
40% DTC / 60% Professional
- C.
60% DTC / 40% Professional
- D.
90% DTC / 10% Professional
Correct Answer
B. 40% DTC / 60% ProfessionalExplanation
The approximate split of Pharma Industry promotional efforts is 40% Direct-to-Consumer spending and 60% Professional spending.Rate this question:
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- 36.
What would usually be the best promotional channel to reach Consumers and Patients?
- A.
Media
- B.
Sales Representatives
- C.
Managed Markets Account Managers
- D.
A and B
- E.
B and C
Correct Answer
A. MediaExplanation
Media would usually be the best promotional channel to reach consumers and patients because it allows for a wide reach and can target specific demographics. Through media channels such as television, radio, print, and online platforms, companies can effectively communicate their message and promote their products or services to a large audience. This can help create awareness, generate interest, and ultimately drive consumer and patient engagement. Sales representatives and managed markets account managers may also play a role in promoting products, but they are more focused on direct interactions and may not have the same reach as media channels.Rate this question:
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- 37.
What would usually be the best promotional channel to reach Government Payers?
- A.
Media
- B.
Sales Representatives
- C.
Managed Markets Account Managers
- D.
A and B
- E.
B and C
Correct Answer
C. Managed Markets Account ManagersExplanation
Managed Markets Account Managers would usually be the best promotional channel to reach Government Payers. This is because Managed Markets Account Managers have specialized knowledge and expertise in navigating the complex landscape of government payers. They understand the specific requirements and regulations of government payers and can effectively communicate the value and benefits of a product or service to them. Sales Representatives may be effective in reaching government payers to some extent, but they may not have the same level of expertise and understanding as Managed Markets Account Managers. Media, on the other hand, may not be as effective in reaching government payers directly as they may not be the primary target audience for promotional messages.Rate this question:
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- 38.
What would usually be the best promotional channel to reach Physicians?
- A.
Media
- B.
Sales Representatives
- C.
Managed Markets Account Managers
- D.
A and B
- E.
B and C
Correct Answer
D. A and BExplanation
The best promotional channels to reach physicians would usually be media and sales representatives. Media channels such as television, radio, and online platforms can help reach a wide audience of physicians. Sales representatives, on the other hand, can provide personalized information and build relationships with physicians, which can be highly effective in promoting products or services. Combining both media and sales representatives would allow for a comprehensive and targeted promotional approach. Managed Markets Account Managers, although important in certain contexts, may not be the primary channel for reaching physicians in general.Rate this question:
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- 39.
As patents expire and a brand reaches maturity, what would NOT be an typical approach to extending the life of a brand?
- A.
Obtaining FDA approval for a new indication
- B.
Launching a branded generic version of the drug
- C.
Increase Direct-to-Consumer promotional activities
- D.
Develop a new formulation
- E.
Find out-licensing opportunities
Correct Answer
C. Increase Direct-to-Consumer promotional activitiesExplanation
Increasing direct-to-consumer promotional activities would not be a typical approach to extending the life of a brand as patents expire and the brand reaches maturity. While promotional activities are important for brand awareness and growth, they alone cannot extend the life of a brand. Other options such as obtaining FDA approval for a new indication, launching a branded generic version, developing a new formulation, or finding out-licensing opportunities can help to extend the brand's life by expanding its reach, market share, and profitability.Rate this question:
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Mar 21, 2023Quiz Edited by
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Feb 23, 2009Quiz Created by
Msquared
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