Question in: Pricing & Marketing Strategy in Pharmaceutical

Find Target Market

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What are the best demographics to be used to find, segment and select the target market for a specific product ?

Demographic Analysis
Niche Marketing
Target Marketing
Target Segmentation
Marketing Strategy
Selection
Product Management
Khalil Ahmed
1 month ago

2 answers

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For a product at launch, the best approach is to begin with secondary research to gain insight on hypothesized personas, their wants/needs and selection criteria. Once secondary research is complete, for a product at launch a primary market analysis should be conducted with a combination of surveying approximately 1000 people and surveying or conducting additional focus groups of about 20 people about product mix in detail to confirm the hypothesized personas with statistical significance. This would be for a larger consumer or broad b2b product launch.

If the product is in-line or an extension, then demographics of the existing customers, adjacent market customers and distributors would be the best demographic approach.

Fred Brown
1 month ago
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Thanks @Fred. Should we select industry experts for our focus group OR They can be our existing end customers ?

Khalil Ahmed
1 month ago

Have some input?