Marketing Strategy and SWOT Analysis of Pfizer
After the CoronaVirus chaos, people have started giving extra appreciation to the health care system. It is crazy to realize that we paid little attention to many simple things like sanitizing our hands. The biggest lesson this virus gave us is to take care of ourselves while we can. Whether it is taking daily vitamins for precautions or a medicine for a headache, it wouldn’t be possible without pharmaceutical corporations. One of those companies is Pfizer which specializes in creating medicines and vaccines. In this blog, we are going to focus on the marketing strategies of Pfizer to unravel how it gets its reputation.
To begin with, we are going to introduce and analyze the Mission and Vision statements of Pfizer.
The mission statement of the company is as follows.
“At Pfizer, we innovate every day to make the world a healthier place. It was the vision of Charles Pfizer at the very beginning and it holds true today in everything we do. From scientific discovery to breakthrough products to our essential partnerships around the world, we’re committed to quality healthcare for everyone. Because every individual matters.”
As a business, it always makes sense that companies come up with missions to attract as many customers as possible. However, for companies like this, it is incredibly different. When a corporation has to do a lot with people’s well-being, the concentration on their satisfaction is the first priority.
And that is exactly what the beginning of their mission statement suggests. Making the world a healthier place is the biggest goal which was the company’s co-founder’s wish. It is also incredibly valuable to keep the legacy going of the person that envisioned a company’s future.
We are all born equal and thus we should all be treated fairly, and to the same degree. When complications arise, it does not matter whether a person is a billionaire or a college student with a part-time job.
In situations like that, every human being is the same and is likely to receive the same treatment. That is another important issue that this mission statement puts out there.
Then, let’s see the vision statement written below.
“Innovate to bring therapies to patients that significantly improve their lives.”
This is very closely associated with the mission. The advancement of people’s lives, their welfare, comfort, and happiness are highly regarded by Pfizer. Their way of contributing to that interest in mind is innovation.
Pfizer constantly develops different techniques and methods in a complex system that has a lot to offer.
Now let’s talk about the positioning strategy of Pfizer
To follow up, we are going to review one of Pfizer’s Instagram posts. That is going to make it possible for us to find out more about the positioning strategy that Pfizer uses.
Even just going outside, the contact between the air and the body is a big stimulus for bacteria to come about. Superbugs, in specific, are immune to antibiotics and different other medications.
However, there are a few tips and tricks of avoiding them, one of which is the washing of hands. And that is exactly what the caption of this post suggests. It mentions how important it is to have good hand hygiene, in particular, because it can prevent many complications.
Now, this post is hinting at a few things. Obviously, we all know to wash our hands when arriving at our destinations. But, this post is sort of more serious and brings about a more dangerous and eye-opening topic, which is Superbugs. So, in a way, this is a wake-up call to the consumers of the company.
Then, the surprisingly fascinating use of words to convey the message gives a deeper understanding and more focused attention to the post. And lastly, the simple yet important discovery of the solution to the problem leaves us with only one conclusion. The archetype that Pfizer belongs to is the Sage.
So, what do we know about the Sage archetype?
Desire: the discovery of truth
Aim: the use of intelligence and analysis to understand the world
Strategy: seek out information and knowledge, become self-reflective, and understand thinking processes.
And these are the messaging levels of the archetype.
Level One: confusion, doubt, deep desire to find the truth.
Level Two: search for absolute truth, desire for objectivity, looking to experts.
Level Three: skepticism, critical and innovative thinking, becoming an expert.
Level Four: wisdom, confidence, mastery.
The Sage archetype might provide a suitable identity for your brand if:
- It provides expertise or information to your customers
- It encourages customers or clients to think
- The brand is based on a new scientific breakthrough or esoteric knowledge
- The quality of the brand is supported by hard data
- You are differentiating the product from others whose quality of performance is questionable.
Next in order, is the SWOT analysis of Pfizer.
Strengths
Market Leadership: As of 2020, this company’s income levels have been so high, that by the revenue it is the second-largest public company in the globe.
Other than that, it is also the world’s 49th largest public company. According to the data of February of this year, the market capitalization of Pfizer is 196 billion dollars.
Research and Development: As already mentioned earlier in this blog, this company pays special attention to innovations. Thus, it spends a good amount of money, 8 billion dollars to be exact, on researching and developing new resources.
Pfizer is not focused on one area only. It comes up with vaccines and other kinds of medications for numerous medical fields. Among those are immunology, oncology, cardiology, and neurology.
Historical Background: Initially Pfizer was a one-stop-shop. It was founded by two German-American industrialists in 1849. Which makes it that as of now, this company has had over 170 years’ worth of experience. As a result, the chain has grown so much that it is a multinational corporation.
Brand Recognition: A lot of brands such as Advil, Viagra, Xanax, EpiPen, and Nexium24HR are pretty well-known around the world. What is more is that Pfizer is a manufacturer of some, and a marketer of most of those brands.
COVID-19 Response: Pfizer has done an exceptional performance in trying to develop and introduce a vaccine for the CoronaVirus. That process has been so noteworthy.
On top of that, according to analysts in the field, it has been the most rapid case where a vaccine has been approved, rolled out, and mass-administered to the public. Also, in recent years, this has been the fastest reaction to a pandemic.
Weaknesses
Drug Lawsuits: Allegedly, a lot of people faced health complications after consuming some of Pfizer’s most famous products. That has caused a lot of difficulties for the company. Because of all of those lawsuits, Pfizer holds first place in the largest fine paid for healthcare fraud.
This company had to pay fines, penalties, and settlements for illegal marketing claims. You can already guess how high of a number it is. 2.3 billion dollars to be more precise.
Vaccine supply issues: At the end of 2020 was when Covid-19 vaccines started appearing. Pfizer, being one of its manufacturers, failed to put enough proportions out there.
Because of that, Congress had to second guess its plans regarding vaccine development and delivery. What makes it even more problematic is that Pfizer was given billions of dollars from federal funding to produce the vaccine. It was expected to be in large quantities right after the approval.
Opportunities
CoronaVirus Vaccine Development: In collaboration with BioNTech, Pfizer decided to develop a vaccine in response to the pandemic. That was back in April of 2020. Then, in December 2020, these companies were permitted in the UK.
A week later, the vaccine was approved in different parts of the US as well. By the way, their vaccine is called BNT162b2.
Vaccine Approval: There are some criteria that a safe vaccine has to match with. The World Health Organization’s Strategic Group of Experts on Immunizations (SAGE), has verified that the vaccine is both trustworthy and effective.
Vaccine Effectivity: According to reliable research, a single dose of Pfizer vaccine gives a four-fold decline in the amount of asymptomatic COVID-19 infections. That study was led by The University of Cambridge and the Cambridge University Hospitals NHS Foundation Trust. They are still waiting for further results.
New Merger: Pfizer had a recent implementation with Mylan M.V. which was followed up with a loss of diversification for the company. However, if we look at it from the perspective of the long run, it may actually be beneficial.
Threats
Revenue Erosion: One of Pfizer’s most successful products was Lyrica. The latter is a medication for fibromyalgia. Throughout time, other companies invented generic versions of this drug. Those were surprisingly approved by the FDA. Predictably enough, Lyrica’s sales dropped afterward.
Vaccine Patent Infringement Allegations: Pfizer faced a lawsuit back in 2020. The reason for it was an alleged claim. It argued that the provision of the vaccine by Pfizer wouldn’t have been possible without Allele Biotechnology’s mNeonGreen fluorescent protein. It is believed though, that Pfizer and BioNTech (Pfizer’s partner), never even asked for a license.
Allergy Trigger: A number of people underwent allergic reactions after receiving the Covid vaccine. Here is where it gets questionable. So, one of this vaccine’s ingredients is the compound polyethylene glycol. The latter is an ingredient that has never been contained in an approved vaccine.
The last topic that we will be touching on today is the segment that Pfizer has chosen to target.
We suggest watching this video first.
This video acts sort of as a light at the end of a tunnel regarding the most recent widespread pandemic. It first begins by showing a few scenes that have become the new normal. Things such as empty streets, or bare racks at supermarkets.
Then it goes on to mention that even though at times people are hopeless, there is always a solution to every problem. And that solution can be found through science. It allows specialists to continually ask questions until they find answers.
The video ends with thanking all the scientists that spend their days and nights working on a cure to bring wellness to the people.
The whole scientific aspect and the focus on it is one thing. The value and appreciation of health is another hint. And, lastly, the ambition to strive for one goal, a cure, leads to only one conclusion. The segment that Pfizer has chosen to target is Actualizers.
Now, let’s lay out the information that we have about this segment.
Lifestyle and values:
Actualizers are perfectionists. They plan out their goals which make working towards them incredibly effective.
This segment pays special attention to pursuing a career, always looking for new opportunities. Obviously, earning money is important, however, it is not the main motivation.
This segment prefers work-life and personal life to be separate. After work, they get home and spend quality time with their loved ones.
Most Actualizers end up deciding to bring up children because they have such deep care towards the concept of family.
Health is another vital area of attention for this segment. They go out of their way both physically and financially to work out and eat healthy.
Different sectors such as arts, science, and technology are appealing to Actualizers.
Actualizers pay special attention to environmental issues. They help with small things, such as recycling, limiting the use of plastic, and so on.
Attitude to shopping:
After reading all of this you would think that this segment wastes a good deal of money. However, it is actually the exact opposite.
Their use of money is pretty wise, made possible with the purchasing of goods that are necessary only. Of course, some products can get a bit too expensive, but again, if needed, Acualizers will get a hold of them.
As soon as new products launch, this segment is on its way to buying them.
Also, they have strong time-management skills. Thus, their shopping trips are planned ahead, so that time is spent productively, and successfully.
Other interesting facts about Actualizers:
They
- Feel good at home with family and friends
- Like hanging out with family
- Prefer a quiet evening at home or in the garden
- Enjoy having weekend dinners with family
- Care about the meaningfulness of their chosen activities
- Love reading books, watching movies, admiring arts
- Are drawn to films about nature and arts
- Feel like for their kids to be provided with interesting activities, they need to often go outside to places like theaters, cinemas, exhibitions, concerts, walks, and why not even restaurants
- Do not typically go in for sports but watch them and read about them
- Read local and international news to stay informed about what is happening in their surroundings and the world
- Are interested in politics, economics, environment, finance, business, and real estate
- Really care about the development of their kids. And they will go out of their way to try fun ways of upbringing the children.
- Are very comfortable with using the internet
- Watch TV only for rare occasions when looking for specific programs.
- Are above-average radio listeners.
So, what did we find out? We began by introducing the mission and vision statements of Pfizer, a pharmaceutical company. Then, with the help of an Instagram post, we learned about the archetype that it belongs to.
Next, we analyzed the company’s strengths, weaknesses, threats, and opportunities coming from a marketing perspective. And we finished things off by unraveling the segment that the mentioned company has chosen to target.
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