Report

• Product


  An item offered for sale, tangible or intangible, that fulfills a customer's need and offers a benefit in exchange for purchase
• Product line


  A group of related products that are all marketed under a single brand name by the company
• Product mix


  The total number of product lines that a company offers to its customers
• Product life cycle


  The stages and amount of time that a product goes from being introduced into the market until its declining stage

  
• Brand


  Any feature that determines one seller's good or service from those of other competitors
• Brand mark


  A symbol, element, art design or visual image that immediately recognizes a certain company
• Brand name


  The actual name of a product or brand
• Trademark

  A recognizable and legally protected symbol, phrase, or word that represents a specific product
• Product Line

  • A group of products that a company creates under a single brand
• Product Mix


  • Also known as product assortment, it is a combination of products manufactured by the same organization
• Product Mix Strategy


  A method by companies to effectively manage their product offerings in order to meet customer needs, maximize sales, and achieve business goals
• Product Mix Strategy


  • Product line extension, product line filling, and product line modernization
• Marketing Mix


  A set of controllable marketing variables that the firm blends to produce the response it wants in the target market
• Product Life Cycle


  The process a product goes through from when it is first introduced into the market until it declines or is removed from the market

  
• Phases of Product Life Cycle

  • Introduction
  • Growth
  • Maturity
  • Decline

  
• Introduction phase


  The initial stage where a new product is introduced to the market, with marketing efforts focused on creating awareness and generating interest
• Growth phase


  The product gains popularity, sales increase, and the company starts to make a profit, with marketing efforts focused on expanding the product's reach and increasing market share
• Maturity phase


  The product has reached its peak in terms of sales and market share, the market is saturated, and the competition is fierce
• Decline phase


  The product's sales start to decline, due to factors such as changing consumer preferences, new technology, or increased competition
• Product Portfolio


  The compilation of products and services offered by the company, including all products offered from the start of the company up until the current products launched
• Product Portfolio Analysis


  A strategic management tool used by businesses to evaluate and manage their product offerings, examining the full range of products or services to determine their individual performance, market position, and contribution to overall business objectives
• Importance of Product Portfolio and Product Portfolio Analysis

  • Effective allocation of resources
  • Proper selection of the target market
  • Innovation
  • Competitive advantage
• Product Positioning


  The process of determining new products' position in the minds of consumers, including analyzing the market and competitors' positions, defining the position of a new product among the existing ones, and communicating a particular brand's product image
• Product Positioning Strategies


  • Characteristics-based positioning
  • Pricing-based positioning
  • Use or application-based positioning
  • Quality or prestige-based positioning
  • Competitor-based positioning
• New Product Decision


  The company's deliberate choices about its product, including judgments on a product's quality, features, appearance, and other attributes to satisfy client demand and secure commercial success
• Product Branding


  Developing a unique brand for a product, giving it an identity of its own to stand out amongst other competitive brands, using a combination of designs, logos, or messaging
• Administrative Order No. 2005-0016 - "General Policies and Guidelines Governing Brand Names for Registration with the Bureau of Food and Drugs"
• Product Packaging


  The act of enclosing or protecting the product using a container to aid its distribution, identification, storage, promotion, and usage
• Types of Pharmaceutical Packaging

  • Primary Packaging
  • Secondary Packaging
  • Tertiary Packaging

  
• Primary Packaging


  The material that first envelops and holds the product, responsible for protecting the product from external factors, maintaining its integrity, and enhancing its presentation
• Secondary Packaging


  Used to bundle primarily packaged material together, providing protection to the primary packages and products during distribution, display, and branding
• Tertiary Packaging


  Used for bulk handling and shipping, such as barrels, containers, and edge protectors, for the protection and shipping of a product
• Product Labeling


  Designing and preparing labels for the outermost part of the product package which displays information and/or essential characteristics about the product
• Minimum Mandatory Information on Pharmaceutical Product Labels

  • Product Name
  • Dosage Form and Strength
  • Pharmacologic Category
  • Formulation/Composition
  • Indication(s)
  • Dosage and Mode of Administration
  • Contraindication(s), Precaution(s), Warning(s)
  • Interactions
  • Adverse Drug Reaction(s)
  • Overdose and Treatment
  • Storage Condition(s)
  • Net Content or Pack Size
  • Name and Address of MAH
  • Name and Address of Manufacturer
  • Rx Symbol and Caution Statement (for prescription drugs)
  • ADR Reporting Statement
  • Registration Number
  • Batch Number and Lot Number (if any)
  • Expiration Date and Date of Manufacture
• Importance of Labeling


  • To provide customers information about the product
  • To ensure appropriate and safe use of the product
  • To distinguish the product from competitors (establish a brand)
  • A legal requirement
• Product Management in Pharmaceutical Industry

  The strategic planning, development, and marketing of pharmaceutical products, involving overseeing the entire product lifecycle from research and development to manufacturing and post-marketing activities
• Stages of Pharmaceutical Product Development

  • Research and discovery
  • Preclinical testing
  • Clinical Trials
  • Regulatory approvals
  • Manufacturing and distribution
  • Product launch and post-marketing activities

  
• Types of goods


  • Consumer goods
  • Industrial goods
  • Durable goods
  • Non-durable goods
  • Services
• Consumer goods


  Products bought by households or consumers for personal, non-business use
• Consumer goods


  • Toothbrush
  • Mouthwash
  • Soap