Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac Marketing Strategy Analysis & Solution

Marketing & Sales Case Study Analysis and Solution

At Fern Fort University, we use Harvard Business Review (HBR) marketing principles and framework to analyze Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac case study. Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac is a Harvard Business Review case study written by Margaret L. Eaton, Mark Xufor the students of Sales & Marketing. The case study also include other relevant topics and learning material on – Marketing, Product development

Strategic Marketing Analysis of Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac case study written by Margaret L. Eaton, Mark Xu will comprise following sections –

• Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac Case Description
• Marketing Definition
• Market Potential Analysis of Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac
• Market Share Potential Analysis
• Segmentation and Segment Attractiveness Analysis
• Competition and Competitiveness Analysis of Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac
• Customer Value Analysis of Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac case study

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Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac Marketing Case Description

Sales & Marketing Case Study | Authors :: Margaret L. Eaton, Mark Xu

In 1987, Eli Lilly began to market Prozac, the first available drug in a new class of psychotropic drugs called selective serotonin reuptake inhibitors (SSRIs). Prozac, and other SSRIs that followed it, revolutionized the treatment of depression and changed the philosophy and practice of psychiatry. It allowed depression to be treated by nonpsychiatrist physicians, substantially increased the number of depressed patients who had access to treatment, and lowered the cost of treating depression and other mental illnesses. Prozac quickly became the biggest selling drug in the history of the pharmaceutical industry. Explores the history of Prozac and the factors that combined to make it the best-selling drug of all time. Provides a brief history of depression and the theories that led some scientists to pursue SSRIs. Covers Lilly's uncertain development of Prozac, the thoughtful marketing that went into the launch, and the company's post-launch marketing strategies as the drug became widely used. Emphasizes the management difficulties, including product lawsuits and patent expirations, generated by blockbuster drugs.

Marketing, Product development

Marketing Definition

According to American Marketing Association – Marketing is a set of activities that a firm undertakes for creating, communicating, delivering, & exchanging offerings that have value for customers, clients, partners, and society at large.

Kotler explains - Marketing is a process by which organizations can create value for its potential and current customers and build strong customer relationships in order to capture value in return.

Market Potential Analysis of Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac

Market potential analysis comprises evaluating the overall market size of the related product that the firm is planning to launch. This will involve defining – Why the target market segment needs the product and how it will provide a solution to full its consumers’ needs. Market potential of Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac products various on factors such as –

• Maturity of the market. In mature markets the profitability is often stable but the market potential is less as most of the players have already taken market share based on the segment they are serving. New players have to go for market share strategies in marketing.
• Technological competence of the existing players and culture of innovation and development in the industry.
• Untapped market sizes and barriers to both enter the market and serving the customers. Often companies can easily see the unfulfilled needs in the markets but they are difficult to serve as there are costly barriers.
• Define the core need that your product is serving and list out all the direct and indirect competitors in the market place. This will help not only in positioning of the product but also in defining or creating a segment better.
• Uncovering the current and untapped market sizes and barriers to serving the larger market. Analyze the areas that you need to sort out while launching the products to wider market and what are the challenges the firm will face in market place.
• Estimate the current stage in product life cycle and its implications for marketing decisions for the product.

Market Share Potential Analysis

• Understanding the buyer behavior model for Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozacindustry.
• Identifying the market share drivers relevant to Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac market.
• Segment Attractiveness Analysis – Our analysis will work out which are the most attractive segments and which are the one the firm should go ahead and target. We point out in great detail which segments will be most lucrative for the company to enter.
• Understanding the different needs and relative value of your offering by segment.
• Developing segment priorities and positioning the product based on the product need fit developed by the firm.

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Competition & Competitive Position Analysis

• Uncovering customer-based competitive positions for key rivals and firm’s offering. This will not only help in assessing the strengths and weaknesses of the competitors but also help in defining and positioning of the product.
• Developing a positioning and launching strategy. It will require not only distribution channel analysis but also promotion mix for the product.
• Strategic Marketing Planning — the process of developing and maintaining a strategic fit between the organization’s objectives and capabilities and the ever evolving marketing opportunities for its products.

Developing and Marketing a Blockbuster Drug: Lessons from Eli Lilly's Experience with Prozac - Customer Value Analysis

Capturing customer value is essential to marketing efforts as it results in higher return in the form of both current & future sales, greater market share, and higher profits. By creating superior customer value, the organization can create highly satisfied customers who stay loyal and buy more. This, in turn, means greater long-run returns for the firm.

• The crucial role of customer perceived value in acquiring and retaining profitable customers. Product differentiation is often based on building on a value niche that a firm believes that is very important to the customer. This niche contributes to perceived value. If the perceived value is high then customer stay loyal to the product if not then she can switch to the competitor’s product.
• Graphically displaying value differences for deeper understanding and better internal communication. This helps is building a narrative that a customer can identify with. The better the insight more are the chances of connecting with the potential customers.
• Identifying and selecting actionable value creation options. This can help in increasing the customer lifetime value. Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage.

NOTE: Every marketing case study solution varies based on the details and data provided in the case. We write unique marketing strategy case solution for each HBR case study with no plagiarism. The specific case dictate the exact format for the case study analysis.

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