Study On Marketing Strategy For Vietnamese Market Of G Pharmaceutical Company

Vietnamese pharmaceutical market has maintained a double-digit growth in thepast five years, which is an attractive market. And the country imports around50%ofthe total medicines demand. With Vietnamese economic development and thecontinuous improvement of people’s living standards, the future opportunities in thedevelopment of Vietnamese pharmaceutical market will be greater. In addition to theearly market entering pharmaceutical giants from Europe and the Americas, recently,more and more generic drug manufacturer from China, India, Argentina, South Koreaand other are entering the market. As the leading company in Chinesebiopharmaceutical industry, with the prosperous and developed domestic market, GPharmaceutical Company is also expanding and emerging its presence in emergingmarkets.G Pharmaceutical Company has been fully aware of the important position andmarket opportunity of Vietnamese market in Southeast Asia, and listed Vietnamesemarket as one of the most important markets in ASEAN. It is necessary andsupportive for products launching to analyze the competitive strengths andweaknesses, opportunities and threats of G Pharmaceutical Company, and to studyVietnamese pharmaceutical market characteristics and market environment, and thento develop a targeted marketing strategy.Under the guidance of the marketing theory, this paper analyzes the marketingstrategy of G Pharmaceutical Company for Vietnamese market development fromfour aspects. Firstly, make an analysis on the marketing environment, and analyze the macroeconomic environment of the market based on PEST theory, further Analyzethe competitive environment of the industry. Greater demand has been brought duringVietnam’s economic development, but the product registration is more difficult, withthe policy support the local manufacturer. The technology in pharmaceutical industryis never-ending changes and improvement, with lots of competitors. And furtheranalyze G Pharmaceutical Company’s competitive environment with SWOT analysismatrix, based on G Pharmaceutical Company’s practical situation, and got thefollowing issues: G Pharmaceutical Company’s brands are unfamiliar for doctors, themarket is full of competitors and G Pharmaceutical Company is lack of experience inpromotion and market response, weak in agency training, and unfamiliar of marketregulations. So, opportunities and threats co-exist. Secondly, analyze the capacity,demand, structure and operational characteristics of the Vietnamese pharmaceuticalmarket, analyze the behavioral characteristics and influencing factors of the main‘consumer’ of prescription medicine, the doctor. Provide valuable analysis foragency’s policy-making. Again, make an analysis of the market segmentation, marketselection and market positioning according to the STP theoretical analysis. At last,According to the4Ps marketing mix theory, proposed the marketing strategy forVietnamese market development from four aspects: product, price, place andpromotion. According to the4Ps marketing mix theory, proposed the marketingstrategy for Vietnamese market development from four aspects: product, price, placeand promotion. The conclusion of the paper is:(1) Brand is an important part ofcorporate marketing tool, which will bring continued to benefit from sales. GPharmaceutical Company can construct the brand through the convening of thehospital’s departments and in the form of sponsorship related medicine academic toenhance brand influence.(2) Implement different price strategy according to theproduct’s characters and the market response.(3) Select the best market entry modefor G Pharmaceutical Company, strengthen the management to agencies.(4) Take a combination of a variety of promotional strategies appropriate to meet local demand.This paper provides the suggestive marketing strategy that can be used for GPharmaceutical Company in Vietnamese market. It is meaningful to promote itsinternational marketing strategy and the company’s strategy. Meanwhile, this papercould also be taken as the reference information for any companies with the similarproblems.