Author

Aisha Iqtadar

Degree

Master of Business Administration Executive

Faculty / School

Faculty of Business Administration (FBA)

Year of Award

2015

Project Type

MBA Executive Research Project

Access Type

Restricted Access

Executive Summary

Objective of the study aimed to explore Is branding differentiating factor for pharmaceuticals? Is branding have role in purchasing of medicines, are consumers feel influenced by branding of pharmaceutical products? &if branding can work for pharmaceuticals and can develops brand association that Is built on tangibles or intangible attributes of products. Schilling and Moss (2004),A brand is a name that will register the product in the consumers mind as a set of tangible and intangible benefits. As a marketing too!, branding is just not a case of placing a symbol or name on to products to identify the manufacturer, a brand is a set of attributes that have a meaning an image, and produce associations with the product when a person is considering that brand. Awareness and product identification are considered as a soul of branding strategy. Brand Effects are more pronounced where the relationship between seller and buyer is more direct and open. Differentiation of pharmaceutical products can be on the basis of delivery system such as immediate release, delayed release, modification in formulation such as Controlled release, modified release or Component combination/ multi -ingredient in a single dosage form, other Factors include flavor, formula. Packaging, type of dosage form. Despite the fact that branding is a resource consuming practice, Klien and leffler looks at branding as a guarantee of quality, and risk reducing factor. Most of the marketing activities practiced by pharmaceuticals are centered towards competing on basis of producing clinical data i.e. more product oriented, these activities are to be made as a patient oriented by creating synchronized branding strategies that will be helpful in making connections with consumers at an emotional level. Success of a company in pharmaceutical industry Is highly dependent on type of branding strategy adopted. Kapferer (2001) commented that a product gives a certain efficacy while a brand gives more trust; brand adds value to product which helps to differentiate itfrom competition. At First, Details of project were brought in writing, followed by secondary research and then Primary research. Data analysis was done on qualitative as well as on quantitative basis, by utilizing statistical tools and measures to reach to final conclusion and recommendations.

Findings of the study showed that 77 % consumers acknowledged that branding is a differentiating factor for pharmaceuticals, i.e. brand name , image, functional attributes distinguishes one product from another, 32% strongly agree , while 58 % of respondents have agreed that branding influence their decision making process in purchasing and selecting medications. Branding is an effective and appealing way for value addition and for maximizing life time of pharmaceutical products. Therefore, Strong needs to create and implement branding strategies that builds strong brand name with clear brand identity of pharmaceutical Products.

Pages

90

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