Pfizer stands to be one of the largest pharmaceutical companies in the world. It is an American-based multinational company founded in 1849 by Charles Pfizer and Charles Erhart. It based its foundations on the need to produce chemical compounds. For example, Pfizer engaged in the production of serotonin, an anti-parasitic and citric acid, which set its expansion in the early 1880s. Its mission drives Pfizer’s philosophy of operation to become the top valuable firm within the world by simplifying healthcare and enhancing lives and cultures (Pfizer, n.d.). Therefore, Pfizer is envisioned to solve developing issues related to healthcare and create a stream of revenue.
Since its formation, Pfizer has played a crucial role in offering health care services ranging from cardiology, oncology, and immunology to neurology. Pfizer has diversified on these services targeting different societal groups with medical problems. However, in helping people with medical conditions, they have set up different factories and labs that handle the production and distribution of vaccines and medicines (Pfizer, n.d.). This can be identified by the spread of their factories to overseas countries such as Singapore, China, India, Italy, Ireland, Netherlands, France, and Japan. Therefore, Pfizer operates over 50 factories in different countries, thus a globally recognized pharmaceutical company.
Currently, Pfizer has definite primary and secondary markets that it satisfies, including the emerging markets. However, with the outbreak of the Pandemic COVID-19, the company engaged in a unique marketing initiative given that the pandemic stroke fear and skeptic resentments from the target population. With its production of the COVID-19 vaccine, Pfizer’s marketing initiative plays a key role in its sales and COVID-19 vaccine (Pfizer, n.d.). This reciprocates to its necessity to increase revenue and, most importantly, contain the virus’s spreads by providing a preventive measure other than other protocols sanctioned by the center for disease control and prevention (CDC).
The COVID-19 vaccine is experiencing issues related to its administration that have led to patients compiling on its side effects. These effects are vile, affecting mainly children and the old population receiving the vaccine. Some of the common side effects include sporadic fever, vomiting, diarrhea, muscle and joint pains. Other than its health issues, the availability and accessibility of the vaccine are an issue (Pfizer, n.d.). With its urgency in its demand, there is a surge in scarcity with its production in the initial distribution stages, which faces shipping challenges. Because of the vaccine challenges and setbacks, the marketing initiative applies to create consumer awareness. Therefore, the emerging skeptic approach to the public is contained, giving hope to its preventive properties. Pfizer’s marketing initiative has promoted COVID-19 vaccine’s production and distribution.
For any marketing initiative to be in effect, it would be essential to understand the target groups’ needs, desires, and other relevant specifications. This applies to the marketing of healthcare products that Pfizer has implemented in their marketing campaign on the COVID-19 vaccine. Identifying and understanding the target group has facilitated Pfizer in various logistical operations such as marketing, finance, and distribution, setting up its structure for growth in healthcare products and services to its customers (Pfizer, n.d.). Primary consumers include state agencies responsible for health in the relevant geographical distributions, including healthcare facilities and retail drugstore industry.
Understanding customers is crucial in Pfizer fastening its development pipeline, sharpening its focus on major disease areas, including the production of COVID-19 vaccine. As a result, Pfizer increases its productivity in terms of quality and quantity to meet consumer needs through research and innovation. However, understanding customers enables Pfizer to seize opportunities for global growth to identify new markets for the COVID-19 vaccine (Pfizer, n.d.). As a result, there are an optimized patient-protected portfolio and growth opportunities in emerging markets. Knowing customers has enabled Pfizer to establish dedicated business units for their already developed vaccine.
The four P’s of marketing have been critical in the marketing of Pfizer’s COVID-19 vaccine. The four P’s of marketing are product, price, place, and promotion. Pfizer’s instrumentation of the four P’s of marketing has enabled it to identify the emergence of COVID-19 led to the necessity of the coronavirus vaccine considering its economic viability (Pfizer, n.d.). Marketing strategy has enabled the company to plan intelligent prices on the vaccine that would optimize its sales considering its affordability and competitors’ charges. The marketing strategy has made Pfizer establish a center of the vaccine production considering the shipping distance. It has established these centers close to its customers for effective accessibility. The marketing strategy has enabled the firm promote the vaccine by creating an awareness of its availability and combat against its competitors.
The disruption of demand for COVID-19 vaccine ushered Pfizer’s course of marketing. With the pandemic’s magnitude, there was a market gap in which it was an opportunity for organization to mobilize its assets and capital in producing the immunization. The vaccine’s desperation demanded a lot of innovation in logistics, whereby Pfizer’s management focused on developing a vaccine that would prevent the spread of COVID-19 (Pfizer, n.d.). The consumer relationship was a key target in understanding the needs of the affected persons, considering their financial and cultural practices. Therefore, the drivers of demand, which are the scarcity and the capability to produce the vaccine, were relevant in allowing Pfizer to make profits while being of service to its target group.
Reference
Pfizer (n.d.). All COVID-19 Updates. Web.