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Concerns over Pfizer original market segmentation and, where it still works for the company
In the context, Pfizer trusts that the industry should focus on items with lower prices. He also identifies that premium price or high quality price may be a liability in the downturn of the industry. Especially, it happens so when consumers decide to purchase competitors’ goods with a lowered cost regardless of lesser quality.
Pfizer may produce low price products for this group of consumers. In other cases, they offer promotional discounts to all the vets concerned. To increase their profits and lower chances of loss, the company can also involve various stakeholders to do promotion of its products. To boost the marketing strategy the company should promote a consumer-producer network and communication via the vets.
Furthermore, Pfizer should modify their marketing strategy so as to fit in with the current competition in the market. Lastly, marketing cost must be reduced so as to stabilize its position in the market. Thus, market segmentation must be done to fit the size of the company.
Pfizer’s needs to maintain market position though the industry is eventually changing.
The relationship market focus recognizes sustainable extent of consumer relationship and promotes communication beyond invasive advertisement and promotional sales messages. Currently its trade promotions to distributors and vets include programs on volume discounts. In the other cases, they offered a promotion on price on various products during busy seasons.
Pfizer must build a firm relationship with the suppliers. Normally, suppliers are supposed to offer livelihood to consumers to ensure sustainable relationship. Operational support is one of roles and responsibilities of suppliers. This is because they have a take and give relationship with consumers. Industrial decline eventually trims down all costs.
Since, Pfizer is already aware of the downturn industry. All marketing costs must be cut to maintain the market position. In addition, Pfizer may introduce an intense integrated marketing approach.
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