Among several industry sectors in Jordan, the pharmaceutical industry is amongst the biggest. Market research Jordan indicates that pharmaceutical industry places the third rank of the export industry in Jordan. Despite this fact, strict competition among the pharmaceutical company is inevitable. Thus, it is considered important to figure out whether company marketing is effective in improving product sales of each company.
Pharmaceutical Product Research
The high pharmaceutical demand is influenced by various factors, one of which is progressively increasing awareness about health among Jordanians. The industry itself began back then in 1962. Since then, more and more pharmaceutical companies were established until 1990 where remarkable development is more pronounced.
In one hand, it brings advantages for the government because it contributes to the nation’s economy. On the other hand, market research Jordan shows that with the increase in number on the pharmaceutical company, the competitiveness among them increases, too. More marketing strategies are employed, with a hope that it brings benefits for the country. Is it really effective?
According to a study conducted by Mustafa S. Al-Shaikh et al concerning the relationship between pharmaceutical product quality with the competitiveness of companies, it shows that consumers prioritize the drug quality without considering where it comes from. Besides, the price also takes a significant part in making certain drug product preferable for consumers.
In addition to research findings, Jordanian consumers also consider perceived value when choosing specific pharmaceutical products. Rather than trusting word-of-mouth, they rely on perceived value and physician’s comment about the product. In other words, there is a significant relationship between perception and competitiveness.
The Effectiveness of Marketing for Pharmaceutical Company
Based on the aforementioned market research Jordan, is it really effective for the company to apply various marketing strategies? It cannot be denied that marketing plays a great role in pharmaceutical company competition. With the right strategy and method, they are able to reach the local target market and expand their business.
However, marketing is not the only aspect a company should take into account. According to the research findings by Mustafa S. Al-Shaikh, there are some other aspects that significantly correlate with company competitiveness, which are quality, price, and value perception. How to deal with those three aspects to win the competition?
When it comes to product quality, the company should continue to analyze and review the quality of their product to ensure consumer’s satisfaction. Furthermore, the specified price should also meet the affordability of target market, without neglecting cost analysis and product quality. Last but not least, value perception can be examined to find out if the product is worth paying.
A pharmaceutical company in Jordan is, however, playing a great role in the nation’s economy. However, it is uneasy to thrive in the midst of strict competition among many other companies in the same field. Marketing is one of the ways to make sure the business run and answer the challenge of competitiveness. However, it is not the only one the company should take into account.
Research showed that there are more important aspects of being a consumer’s consideration when it comes to choosing the right pharmaceutical products. They are product quality, price, and value perception. The company should be able to manage those aspects if they want to survive in this industry.
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