Effectiveness of Marketing Strategy Formulation in Biomedical Healthcare Industry

Abstract

Marketing strategies stimulate the firm to unearth areas that are being disturbed by several factors. This is adopted to determine the target market in order to achieve prosperity in the organization. An effective marketing strategy would perhaps help in captivating new customers as well as sustaining for the longer-term. Consequently, this can result in the following benefits such as products and services can be offered with exclusive components, effective department coordination, concentration on scarce resources, thereby building a better marketing plan, selection of target market for easy entry and accumulation of four marketing p's. As a result, the increase in sales can be achieved. The strategy should be effectively formulated to witness the performance outcome. This study focuses on the determinants of marketing strategy on performance outcomes. The data captured from 119 marketing professionals in the field of the biomedical healthcare industry by using a questionnaire. The questionnaire includes variables to measure the demographic profile of the professionals and three constructs of marketing strategy creativity, marketing strategy improvisation, and performance outcome. Collected data were analyzed through analysis of frequency, mean, variance, and regression. Results show that marketing professionals have similar viewpoints on marketing strategies. The findings of the regression analysis argue that the improvisation determines performance outcomes in the marketing strategy.