Strategic Analysis for Pfizer Incorporated
Competition, typically the most powerful external force, is increased by the advent of globalization. The number of companies and the number of countries where these companies operate and the way governments are dealing with the impacts of globalization is accelerating. The interaction of changes in government policy and business innovation has actually made globalization even faster. If a company does not become a global, it would simply be shut out of new markets. The reasons for the turmoil are numerous: a sputtering economy, increased global competition, the implementation of new technologies that displace jobs, the deregulation of certain industries, and the general consolidation of other industries, such as banking and health care. Observers will see a continuing progression in the ruinous steps which have forced the industry into a socio-politico-economic corner. The industry is likewise linked closely to the policies of governments, the earnings of banks. The industry’s approach to dealing with political institutions has not always been brilliant. It tends to be good on technical issues, although it has not always fully presented the longer-term options, in order to make the choices and their implications clear. A competitive and complex make-up would thoroughly describe the structure of the pharmaceutical industry of today. Many companies are coming out of nowhere and are competing with some of the world’s oldest and most trusted pharmaceutical companies. The demand for high quality medicine never lessens. And so, competition is always an item. Industries strive hard to make medicine which is much more effective and cost-efficient than the rest. But how can one address and meet the demands of people? With the use of marketing strategies. A marketing strategy, as we can clearly understand, is a way of using all the resources you have in order to gain a better marketing opportunity. Though, a person may have limited financial, or whatever resources that he has limited supply of, he can still be able to pull off a great advantage in the marketing world through good marketing strategy. A great marketing strategy is the foundation of a great marketing plan. And just what is a marketing plan? It is an overall plan on how the producer is going to tackle the different components of selling his product. A marketing plan often entails the help of a great marketing strategy. For example, "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." (2007) Pfizer Inc. is in the verge of the 21st century, with it, a myriad of competition that is also out to please the clients with effective products but for less. Though Pfizer has outlasted more than a century of competition and major blows to its production, it may still be of great importance to assess the environment into which Pfizer is currently included. There are more than a hundred pharmaceutical companies in the United States alone, and over 42 large international pharmaceutical companies. Pfizer is one of the largest pharmaceutical companies in the world and has extended its reach to more than a hundred countries around the globe. It was a good move for Pfizer to establish international ties with many countries since it may strengthen their stronghold, not only in that country but globally as well, increasing its edge against other pharmaceutical giants. Also, establishing stronghold in other countries could potentially mean new breed of clients. Also, this could help in their move to create better and higher quality medicines. Furthermore, this can help establish and strengthen economic and...
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