Business Finance Homework Help

Hello Professor and Classmates:

How will you reach the necessary Channels to communicate with your prospective Customer Segments?

The new venture is a division of our company. The potential customers will be our existing customers and the rest of the pharma company sector that supplies products to the U.S. and currently utilizes non-U.S.-based manufacturing operations to benefit from lower costs in those countries. Once our offering gains traction in the marketplace, we will further target customers currently manufacturing in the U.S. and want to take advantage of the game-changing technology, reduce their costs, and improve supply quality and reliability. In addition to pharma company customers, we will court U.S. Federal, State, and local agencies to incentivize/redirect their pharma company contracts to switch to the new technology and repatriate offshored critical drug manufacturing. The government funding and ongoing supply contracts are the needed boost the get the ball rolling.

We will utilize our current marketing channels with pharma companies. We currently have little contract work with government entities, so we will need to establish new channels and engage specialist consultants to help us. We are B2B; our customers are the providers to the pharmacies, healthcare providers, and patients. We have no B2C business and do not plan to do so.

What type of relationship does each of your Customer Segments expect you to establish and maintain with them?

We built our company based on delivering on our commitments as our differentiator. We have walked in our customers’ shoes – we understand their needs and desires, and we build their trust through value-added delivery of products and services. Until we install the innovative technology, we have no special equipment not available from other CDMOs. Launching proprietary, innovative technology gives us something tangible that no one else can offer.

However, our business model will continue to be based on delivering on our commitments and providing an exceptional customer experience. As Leinwand and Mainardi discuss, the products do not make the company; instead, the differentiation is “the way that everything you do supports the product and gives it context. With truly differentiated companies, much of the distinction goes beyond the product itself” (2). Our new technology supplements but does not replace our base value offering.

Our special sauce in growing customers is building strong relationships through extraordinary dependability, exceptional rapport, and as a result, trust with our customers (JWI575, 1). We make it clear to everyone in our company that they are all salespeople – every contact/exchange with a customer is a moment of truth as the customer is constantly evaluating our performance and fit with their culture. We have grown our sales and number of customers by practicing the “Basic Principles of Sales” outlined in our Lecture Notes (1), especially as already noted, “Meeting Commitments.”

What questions or uncertainties do you have about the brand you would like to create?

The branding of our new division and offering (which I cannot share) will address both the short-term and long-term benefits our offering brings to securing the U.S. drug supply. First, the manufacturing cost benefits of the new technology overcome the immediate obstacle of offshore supply being significantly cheaper than current U.S. levels. Prompting an overall industry shift to a continuous manufacturing process approach enables more consistent quality, shorter lead times, and lower ongoing costs – all supporting the long-term drug supply security. The trick will be effectively connecting both short- and longer-term benefits to government agencies and customers.

Cheers,

Mark

References:

1. JWI575. Week 7. Lecture Notes: Branding and Sales
2. Paul Leinwand and Cesare Mainardi. May 19, 2016. Your Whole Company Needs to Be Distinctive, Not Just Your Product. https://blackboard.strayer.edu/bbcswebdav/institut…

Hello everyone,

Review the definitions below:

CHANNELS: Describes how a company communicates with and reaches its Customer Segments to deliver a Value Proposition.

CUSTOMER RELATIONSHIPS: Describes the types of relationships a company establishes with specific Customer Segments.

Think about branding in relation to your “big idea” and answer the prompts below:

• How will you reach the necessary Channels to communicate with your prospective Customer Segments?

Ans: P&R Services uses social media channels to reach and target our potential customers. We currently have a facebook, instagram and a tiktok page as well as our website. The great thing about using social media to advertise for business is that they keep track of data information. They let you know when your page has been viewed, liked or shared. We also have brochures and busness cards that we hand out as well as digital packets to email various businesses.

• What type of relationship does each of your Customer Segments expect you to establish and maintain with them?

Ans: Each of my customers segments expects us to establish and maintain soical media segmentation , geographic segmentation, long term which will eventually lead to dedicated personal relationship. We also want to establish and maintain a behavioural segmentation for marketing purposes so this will actually go along with social media segment kinda.

• What questions or uncertainties do you have about the brand you would like to create?

Ans: My uncertainties are not knowing which segment is going to actually work and reach my targeted audience. My question would be can I reach more people on social media , word of mouth or passing out P&R information the old fashion way?

Ref

Week 7 Lecture Notes: Branding and Sales

Wali