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  • Marketing Strategy: 7 Steps to Market Segmentation

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    Market segmentation is widely defined as being a complex process consisting in two main phases:

    – identification of broad, large markets

    – segmentation of these markets in order to select the most appropriate target markets and develop Marketing mixes accordingly.

    Everyone within the Marketing world knows and speaks of segmentation yet not many truly understand its underlying mechanics, thus failure is just around the corner. What causes this? It has been documented that most marketers fail the segmentation exam and start with a narrow mind and a bunch of misconceptions such as “all teenagers are rebels”, “all elderly women buy the same cosmetics brands” and so on. There are many dimensions to be considered, and uncovering them is certainly an exercise of creativity.

    The most widely employed model of market segmentation comprises 7 steps, each of them designed to encourage the marketer to come with a creative approach.

    STEP 1: Identify and name the broad market

    You have to have figured out by this moment what broad market your business aims at. If your company is already on a market, this can be a starting point; more options are available for a new business but resources would normally be a little limited.

    The biggest challenge is to find the right balance for your business: use your experience, knowledge and common sense to estimate if the market you have just identified earlier is not too narrow or too broad for you.

    STEP 2: Identify and make an inventory of potential customers’ needs

    This step pushes the creativity challenge even farther, since it can be compared to a brainstorming session.

    What you have to figure out is what needs the consumers from the broad market identified earlier might have. The more possible needs you can come up with, the better.

    Got yourself stuck in this stage of segmentation? Try to put yourself into the shoes of your potential customers: why would they buy your product, what could possibly trigger a buying decision? Answering these questions can help you list most needs of potential customers on a given product market.

    STEP 3: Formulate narrower markets

    McCarthy and Perreault suggest forming sub-markets around what you would call your “typical customer”, then aggregate similar people into this segment, on the condition to be able to satisfy their needs using the same Marketing mix.

    Start building a column with dimensions of the major need you try to cover: this will make it easier for you to decide if a given person should be included in the first segment or you should form a new segment. Also create a list of people-related features, demographics included, for each narrow market you form – a further step will ask you to name them.

    There is no exact formula on how to form narrow markets: use your best judgement and experience. Do not avoid asking opinions even from non-Marketing professionals, as different people can have different opinions and you can usually count on at least those items most people agree on.

    STEP 4: Identify the determining dimensions

    Carefully review the list resulted form the previous step. You should have by now a list of need dimensions for each market segment: try to identify those that carry a determining power.

    Reviewing the needs and attitudes of those you included within each market segment can help you figure out the determining dimensions.

    STEP 5: Name possible segment markets

    You have identified the determining dimensions of your market segments, now review them one by one and give them an appropriate name.

    A good way of naming these markets is to rely on the most important determining dimension.

    STEP 6: Evaluate the behavior of market segments

    Once you are done naming each market segment, allow time to consider what other aspects you know about them. It is important for a marketer to understand market behavior and what triggers it. You might notice that, while most segments have similar needs, they’re still different needs: understanding the difference and acting upon it is the key to achieve success using competitive offerings.

    STEP 7: Estimate the size of each market segment

    Each segment identified, named and studied during the previous stages should finally be given an estimate size, even if, for lack of data, it is only a rough estimate.

    Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, the easier further planning and strategy will be.

    These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.

    This 7 steps approach to market segmentation is very simple and practical and works for most marketers. However, if you are curious about other methods and want to experiment, you should take a look at computer-aided techniques, such as clustering and positioning.

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    Source by Otilia Otlacan

    Views: 0

  • MLM – In Unashamed Defense of Multi-Level and Network Marketing

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    One of the things that tells you are being successful in your online marketing efforts is an increasing number of emails from nay sayers, spoilers and people who are just down right rude.

    I recently received one from an IT expert who was independently well off thanks to stock options and profit sharing. He mocked MLM people as “bottom feeders” and said, “I mock MLM as a business model.” Probably very easy to do when you’re loaded thanks to stock options, etc – just hope his company doesn’t go the way of Enron!

    To be honest I mock most other business models as an inefficient and sometimes down right unethical way to do business. Example one:- Small family in china produces components for a larger company for a tiny margin, large company then sells products to a wholesaler, wholesale then sells it to a foreign wholesaler who then sells it to a retailer who sells it to the consumer. Now this is a basic model – sometimes the middle men can be much more numerous. Either way the original producer gets screwed and the consumer gets screwed thanks to the number of middle man. This is even worse in the agricultural industry. Go to a farmer and ask him how much he/she gets for a liter of milk, a ton of potatoes, etc – it will shock you! They get a pittance of the final shelf price. For farmers to continue to rely on the big multinationals to do the right thing by them is the seriously flawed business model as they continue to be driven to the wall. I MOCK TRADITIONAL BUSINESS MODELS.

    The worlds biggest MLM is the international illegal drug market – although they trade in evil and death they are a huge network of people from poppy fields in Afghanistan to street sellers in western cities – the high estimate is that the world wide industry is $500 billion. The a lot of money for what is an MLM. Should MLM still be mocked as a business model?!

    Multi-level marketing and network marketing is found throughout the business world. Real Estate agents, Dealerships, and many other ‘traditional’ business often have levels of reward depending on number of sales, sales people below you, etc. The internet abound with affiliate programs that are multi-leveled to reward affiliates not only for product sales, but also if they bring in new affiliates.

    Why is MLM so hated by the traditionalists? One it represents a threat. It means a load more competitors. It puts products profits into the hands of the consumers. It means less sales bonuses for them and less margins for the middle men. It means the wealthy can lose control of markets that they previously dominated. Who would you be more scared of – another multi-national with a sales team of 100 people, or a MLM with 100,000 non-professional sales people? Genuine people power has always frightened those in control of both the power and the purse strings. Why would you give the profits to the consumer instead of the share holders? Of course it rattles their cage – it threatens their very existence. Instead of a CEO earning millions for doing nothing, he/she would actually have to get out there and prove that they could sell a product to be successful. Hugely frightened for someone relying on their degrees and old tie network to get ahead.

    Multi-level marketing and network marketing is also hated by the traditionalist because it frees people from slavery to a forty hour working week. They love people to be in credit card debt. They love people to HAVE to go to work to survive. They love people having big mortgages. They love people being CONSUMERS. They don’t want consumers to turn into producers. It spoils there party. They don’t want people to be free to from the “traditional” working (slavery) model.

    At the end of the day it doesn’t matter what the naysayers say about MLM, the only thing that matters is can you succeed at MLM.

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    Source by Alastair Harris

    Views: 0

  • Risks in International Business

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    Just as there are reasons to get into global markets, and benefits from global markets, there are also risks involved in locating companies in certain countries. Each country may have its potentials; it also has its woes that are associated with doing business with major companies. Some of the rogue countries may have all the natural minerals but the risks involved in doing business in those countries exceed the benefits. Some of the risks in international business are:

    (1) Strategic Risk

    (2) Operational Risk

    (3) Political Risk

    (4) Country Risk

    (5) Technological Risk

    (6) Environmental Risk

    (7) Economic Risk

    (8) Financial Risk

    (9) Terrorism Risk

    Strategic Risk: The ability of a firm to make a strategic decision in order to respond to the forces that are a source of risk. These forces also impact the competitiveness of a firm. Porter defines them as: threat of new entrants in the industry, threat of substitute goods and services, intensity of competition within the industry, bargaining power of suppliers, and bargaining power of consumers.

    Operational Risk: This is caused by the assets and financial capital that aid in the day-to-day business operations. The breakdown of machineries, supply and demand of the resources and products, shortfall of the goods and services, lack of perfect logistic and inventory will lead to inefficiency of production. By controlling costs, unnecessary waste will be reduced, and the process improvement may enhance the lead-time, reduce variance and contribute to efficiency in globalization.

    Political Risk: The political actions and instability may make it difficult for companies to operate efficiently in these countries due to negative publicity and impact created by individuals in the top government. A firm cannot effectively operate to its full capacity in order to maximize profit in such an unstable country’s political turbulence. A new and hostile government may replace the friendly one, and hence expropriate foreign assets.

    Country Risk: The culture or the instability of a country may create risks that may make it difficult for multinational companies to operate safely, effectively, and efficiently. Some of the country risks come from the governments’ policies, economic conditions, security factors, and political conditions. Solving one of these problems without all of the problems (aggregate) together will not be enough in mitigating the country risk.

    Technological Risk: Lack of security in electronic transactions, the cost of developing new technology, and the fact that these new technology may fail, and when all of these are coupled with the outdated existing technology, the result may create a dangerous effect in doing business in the international arena.

    Environmental Risk: Air, water, and environmental pollution may affect the health of the citizens, and lead to public outcry of the citizens. These problems may also lead to damaging the reputation of the companies that do business in that area.

    Economic Risk: This comes from the inability of a country to meet its financial obligations. The changing of foreign-investment or/and domestic fiscal or monetary policies. The effect of exchange-rate and interest rate make it difficult to conduct international business.

    Financial Risk: This area is affected by the currency exchange rate, government flexibility in allowing the firms to repatriate profits or funds outside the country. The devaluation and inflation will also impact the firm’s ability to operate at an efficient capacity and still be stable. Most countries make it difficult for foreign firms to repatriate funds thus forcing these firms to invest its funds at a less optimal level. Sometimes, firms’ assets are confiscated and that contributes to financial losses.

    Terrorism Risk: These are attacks that may stem from lack of hope; confidence; differences in culture and religious philosophy, and/or merely hate of companies by citizens of host countries. It leads to potential hostile attitudes, sabotage of foreign companies and/or kidnapping of the employers and employees. Such frustrating situations make it difficult to operate in these countries.

    Although the benefits in international business exceed the risks, firms should take a risk assessment of each country and to also include intellectual property, red tape and corruption, human resource restrictions, and ownership restrictions in the analysis, in order to consider all risks involved before venturing into any of the countries.

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    Source by Sidney Okolo

    Views: 0

  • Discover How to Become Rich, Famous & Successful With a Modeling Career

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    The road to becoming rich, famous and successful in modeling is not for everyone though. In the old days you had to be extra extra skinny in order to become a rich and famous model. Today however there are far more modeling avenues that entice many looks and body types.

    You may have looked at a fashion magazine and have a pretty good idea of what modeling is. To get a good look into the requirements of modeling you may want to catch an episode of Americas Next Top Model. Most of the models on the tv show are high fashion models, but you may be wanting to get into another type of modeling like plus size industry. Modeling is everywhere we go and look. Only you know what kind of model you could be but be truthful with you self.

    Before you jump into pursuing a modeling career you need to make sure your are doing it for the right reasons. If not you will misguide yourself and will not make it to where you want. If you think modeling is a good way to jump start your singing or acting career you best think about it again. People with this attitude rarely make it very far in modeling. All the top modeling professionals frown upon people like this everyday. To become rich, famous and successful in a modeling career you will need to have dedication and passion.

    If you are male you will need to step outside of your shell to succeed. You see more female models than you do male models. Do not let this get you down by thinking you have to display big muscles. Modeling has went through many changes since the early days. Over time new genres, styles and looks have been added with even more on the way. You just might have that new style consumers are trying to find. You just never know in our ever changing world.

    To be successful in a career of modeling you will need a high level of self confidence and ambition. No matter if you are female, male or what your body type is. When you enter into modeling you will have to work extra hard to be be transformed into a popular well known face. Be careful not to get ties up with an agency that does not treat or handle their clients honestly and respectfully. Every good agency will not need you to give them money. They will earn money once you land your first modeling gig.

    When you find open calls make sure you go and do not talk yourself into not going no matter what you are thinking. Just do it. You see an open call is just as good as open houses where interested models are invited to be interviewed. You need to dress in clothing that will exhibit your body type and features. You will also want to pick an outfit out that is fashionable. This is your chance to prove yourself to the representatives of the agency. You will not stand out to them if you just wear your normal everyday clothes. To become famous you have to act like your famous in order to become rich, famous and successful in modeling.

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    Source by Dennis J. Cole

    Views: 0

  • How To Start Marketing Your Business

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    To new business owners, starting a business is often its own reward. They are thrilled to be able to be their own bosses, and to successfully get a business up and running. Often they are happy just to keep the dream alive.

    But every business needs to grow. That doesn’t mean you have to reach out to a larger market – it means working toward increasing your share of the one you are targeting. This will keep your business healthy enough to survive obstacles such as tough economic times.

    In order to keep moving forward, we need to market our businesses constantly. We need to dedicate a certain percentage of our resources to building our brand and reaching our target market. Here are some simple things you can do to help your business grow.

    Have a clear picture of your target market.

    Find out what types of people use the products and services you provide and respond to your business philosophies. If you’re not marketing to the right people, all will be lost.

    Research, research, research.

    Determine how to best reach your target market and what they expect out of your offerings. Study your competition carefully, and make note of what they’re doing right and wrong.

    Choose your marketing channels wisely.

    If your target market rarely reads, there’s no point in advertising in a magazine. Use what you’ve learned about them to find the best possible outlets for your message, and focus your marketing efforts there.

    Give your advertising a chance.

    Studies show that consumers require repeated exposure to a product before they will even consider buying. So don’t be surprised if one ad run doesn’t bring spectacular results. If you’ve done your homework and found a viable way to reach your market, run the ad at least two more times before you evaluate the results.

    Take advantage of free publicity.

    Sending out press releases and finding other ways to attract the media will give you high-quality exposure, and it won’t eat into your budget.

    Keep track of the effectiveness of your marketing efforts.

    If what you’re doing is working, you should be generating more revenue. Use some of that revenue to do more marketing. If it isn’t working, make adjustments and try again.

    Sometimes you’ll have to take a step back with your marketing plans. But that’s not a sign you’ve failed. It’s a sign that you’re a smart marketer. Sometimes the market changes, and it’s up to us to monitor those changes and adjust our marketing plans accordingly. No successful company markets the same way forever. By evolving with our target market, we can make our marketing work better.

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    Source by Jon Allo

    Views: 0

  • Customer Trust and Loyalty

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    Customer trust is a precondition for prosperity. Yet, most businesses…

    o Act as if customer trust develops because the business believes it is honest.

    o Build only a shallow type of trust that does not lead to profitable relationships and loyalty.

    o Have no strategy to build the type of trust where customers increasingly value the relationship.

    Now is an excellent time to aggressively and systematically work at building customer trust. Virtually all businesses have been tainted by the general rise in societal distrust of companies.

    o A recent Datamonitor study of consumers in the USA and Europe found that 86% are less trusting of companies than they were five years ago.

    o 80% of people stop buying products or services from companies when their trustworthiness comes into question (Edelman 2005 Trust Barometer)

    o People spread distrust to friends and associates, the people we trust most.

    o Over 33% who lose trust in a company, openly campaign against that company on the Internet.

    The Datamonitor and Edelman research demonstrates that it goes beyond a few isolated cases. Furthermore, according to a Yankelovich study, more than two-thirds of people don’t believe advertisers and marketing. They see it as self-serving distortions.

    Customers want to do business with companies they trust but, don’t know who to trust. Therefore, companies that proactively demonstrate trustworthiness stand to gain a tremendous source of competitive differentiation.

    What is trust and why is it important to customer relationships? Webster gives two definitions of trust that help separate the wheat from the chaff.

    1. firm belief or confidence in the honesty, integrity, reliability, justice of another person or thing.

    2. confident expectation, anticipation, or hope; as in trust in the future.

    Most companies believe they are trustworthy but only measure up to the first definition. They want to be known as a company that is honest, reliable and fair. They expect their products live up to expectations and when they don’t they think they treat customers equitably.

    Do you think your company measures up? If you say yes, ask yourself what you proactively do to build this trust. Many companies have no deliberate strategy.

    If you have a deliberate strategy, now might be a good time to question how well it is working. As mentioned above, Yankelovich’s research shows that most customers don’t believe your marketing and advertising. And, the Edelman Trust Barometer concluded that when looking for a credible source of information on a company or product, CEO’s, employees, public relations people and celebrities rank in the bottom half.

    Measuring up to the first definition of trust is essential to sustainable and profitable customer relationships. However, even if customers believe your company is honest, reliable and fair, this is no guarantee they will be loyal and profitable. To garner commitment, profitability and high lifetime value, a company must measure up to Webster’s second definition as well.

    Businesses that meet the first definition but not the second, run into the Satisficing Trust Barrier. Satisficing trust is the trust that allows a customer to feel comfortable in buying products or services from a company. It is a sense of confidence that the company will stand behind the product. It is sufficient trust to purchase a well-defined product, a commodity. In a world of abundance and overwhelming choice, satisficing trust does not insure repeat business. Customers buy commodities that offer the best trade-off between satisficing trust, price and convenience. Some companies become complacent because they feel they offer the best combination of the three. Unfortunately for them, all it takes to lose customers is for a competitor to create the perception of a better deal. No real relationship value has been accrued by the company who wins business this way.

    The operative words in the second definition of trust are “hope” and “trust in the future.” Many purchases these days are not commodities; they are not well defined and may not have a track record. To make these types of purchases the customer must take a “leap-of-faith,” and this requires trust. In this type of trust the customer must believe that the vendor company is truly interested in a win-win relationship. That is, they are interested a long-term relationship where both parties benefit. This type of trust grows out of experience with a company demonstrating a real commitment to win-win. Since virtually all customers have been “burned,” companies often have to subjugate their short-term interests to stimulate the development of faithful trust.

    Customer want to build relationships that help them more confidently make “leap-of-faith” decisions. Being able to rely on this trust helps them simplify things in an increasingly complex world. When this happens, trust in the relationship becomes more important to customers than price and convenience. It starts with “hopeful trust.” Customers want the best for themselves. They want to adapt and to embrace change, and they will place extremely high value in relationships that help. Customers are on the lookout for signs from companies that their “hopeful trust” will be well placed. But this “hopeful trust” is just a test. If experience demonstrates that trust in the relationships is justified, faithful trust will emerge.

    When trust morphs from “hopeful” to “faithful,” a very significant twist occurs. The main concern of customers shifts from price and utility to the seeking of advice and guidance. When price is an issue, customers withhold information. When they seek guidance, they openly share. “Faithful trust” enables this openness. It also enables both parties to prosper and builds a basis for co-adaptation, now and in the future.

    The trustworthy company gets the immediate sale, but they get much more. Snafus or mistakes that might have once terminated a relationship are now overlooked for the sake of the relationship. Customers become turbocharged advocates. They don’t merely tell others what you sell; they vouch for you and the relationship value you deliver. They come to depend on your business and, as a consequence, they want you to thrive.

    The real-life story of Billy Blue, a men’s clothier in San Francisco illustrates the power of fully trusting relationships. Billy Blue’s thriving business took a nose dive during the dot.com crash. The downturn was so severe its owner, Billy Bragman, considered closing his doors. Instead, he wrote his customers a letter explaining the situation and asked them to buy more clothes. Even though many of his customers had their own business “trial and tribulations,” they increased their clothes purchases. One guy sent a check for $2,500 with a note saying, “You know what I like; just send me some new clothes.” Billy Blue customers could easily have turned to other men’s stores but they chose to support Billy Blue. They valued their relationship with Billy Blue and didn’t want it to go out of business.

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    Source by John Todor

    Views: 0

  • How To Make The Best Of Affiliate Marketing

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    Affiliate marketing is a terrific way to start making money from the internet. You don’t need to develop your own products or services, keep any stock, deal with payment systems or organize deliveries. You promote products on behalf of another business and when you make a sale, you get paid a commission.

    The problem is that a lot of people already know this. That means there’s a lot of affiliates out there who are most likely seeking to sell the same products as you.

    Choose Your Niche Carefully

    It’s important that you put some thought and homework into your niche before you start trying to sell affiliate products. To start with, do you have a real interest for your chosen niche or industry? If you’re trying to sell something that holds very little interest for you, you’re in a negative position before you even get started and it’s unlikely that you’ll keep with it for very long.

    On the other hand, it’s also important to test that your chosen niche is profitable. Are people buying the type of product that you want to promote. Before you start to promote products and services as an affiliate, check out its conversion rates. This means how many potential consumers actually turn into buyers.

    Use Reputable Affiliate Programs

    As an affiliate marketer, you’re promoting another the products or services of another business. But, with regards to your prospective customers, they will think that they are buying from you. Therefore, make sure that you’re associating yourself with reputable affiliate companies that have integrity stand behind their products and support their affiliates.

    Use The Right Kind Of Affiliate Links

    Your objective is to get someone to click through on your affiliate link. This is the unique URL link that an affiliate program will use to keep track of your sales. There are all kinds of links you can use to get someone to visit a product’s sales page. These include embedded text, banners, search boxes and other less common methods.

    If you want to actually sell products or find clients, you need to research all the choices and make the right decision for what you’re trying to do.

    Have Your Own Website And Email List

    You can start marketing affiliate without having your own website. You basically send prospects directly to a product owner’s sales page. Having said that, if that prospect doesn’t buy anything, you’ve lost them forever. On the other hand, if your prospects are associated to your website and have signed up with your email list, if they don’t buy a specific offer today, you can tempt them with something else in the future.

    Creating your own affiliate marketing website isn’t as difficult as you might think, and there are several easy to use website platforms that can get you online quickly and efficiently.

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    Source by Jon Allo

    Views: 0

  • Addiction Marketing

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    “Addiction Marketing” is a phrase I coined a few years back while waiting in line for my drink at Starbucks. I was observing the mass of people who like lost explorers in the desert rushing for an oasis seemed to be desperate for their daily (if not more frequent) fix of caffeine. It was at that moment that I realized that one of Starbucks key business drivers, if not their most critical business driver, was that Starbucks sells products that cater to peoples addictive tendencies. What Starbucks has done better than many other addictive marketers is that they also make it cool and trendy to succumb to your addiction. In today’s blog post I’ll examine addiction as a key success factor in business.

    When I was in school economics professors would lecture on using supply and demand drivers to create a business advantage…business professors would evangelize the strengths of the recurring value and stability of consumable products…marketing professors would espouse the benefits of relationship marketing, but nowhere do I recall being able to register for a class on addiction. However if you think about “Addiction Marketing” you’ll quickly realize what the “media pushers” on Madison Avenue and the product development and marketing gurus in the corporate world have known for years…all people have their unique set of vulnerabilities that if creatively and effectively exploited will lead to strong sales and powerful brands.

    If you read the business news over the weekend you’ll have noticed that the Indian government is attempting to force Coca Cola and Pepsi to divulge the formulas to their popular beverage products. One of the charges being upheld in the Indian High Court is that Coke and Pepsi products are addictive and unhealthy…Hmmm…Examine the following representative list of successful businesses and/or industries and come to your own conclusions as to whether these businesses or industries prey on the addictions of consumers world-wide to generate their revenue:

    Las Vegas – The tagline “What happens in Vegas stays in Vegas” caters to virtually every possible addiction under the sun…Sin City lives up to its reputation.

    Tag Body Spray – Tag’s recent commercial campaign has taken the phrase “Sex Sells” to a whole new level…In this campaign all an adolescent male needs to do is to spray himself with the Tag product and he finds himself instantly being attacked by hordes of attractive young women…If you have a teenage son, it would be a safe bet that Tag is his cologne of choice.

    The Beer and Alcohol Industry – You will be hard pressed to find a beer or alcohol company that doesn’t portray consumption of their beverage as the key ingredient to a lifestyle of fast cars, beautiful women, successful careers, etc.

    The Tobacco Industry – The tobacco industry has been publicly hammered for selling products that leverage the addictive effects of Nicotine and even with all the known health hazards smokers face, in many instances the addictive nature of the product is greater than peoples ability to make a logical decision.

    I don’t think anyone will dispute the examples noted in the above list as obviously preying on consumer’s addictive tendencies. However what about the more subtle side of the addiction business? Isn’t Starbucks using the same addictive business tactics as those industries listed above? What about companies in the luxury products sector? Companies that sell high end products and services cater to the elitist attitudes of this segment allowing consumers to make statements about their socioeconomic status based on the products they purchase. Is this not also catering to addictive tendencies?

    OK, now I’ll hit a little closer to home…What about my company’s value proposition? We sell success…Is it not possible to look at success as being an addiction? How about the social networking industry? Are social networkers and bloggers addicted to the interaction, attention, etc. that the new media platform affords? While I could go on, I think my point has been made…I’m certainly not implying that all consumers are addicts, nor am I implying that all companies are “pushers”, but I am pointing out that addiction marketing sells and that many companies use this as a strategic advantage. In fact, I believe the evidence is clear that a business can create a strong strategic advantage in sustainability if they find no ethical flaw in what I’ve coined as “Addiction Marketing”.

    The bottom line is that I love to travel and watch movies and I don’t think it makes me an escapist…I have a penchant for Starbucks (venti caramel frappacinos in particular) and I don’t think I’m a caffeine addict, I appreciate the fine clothes and quality automobiles and I don’t believe that makes me a social elitist. However I have also come to realize that my perceived addictive tendencies are clearly attempting to be preyed upon by creative and intelligent marketing and product development efforts. I’ll leave you with the following questions to ponder:

    What is the difference between pleasure and addiction?

    Do you feel “Addiction Marketing” is ethical?

    Does your company partake in addictive marketing strategies and tactics?

    And, when was the last time you made a purchase based upon your addiction?

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    Source by Mike Myatt

    Views: 0

  • Irrational Use of Medicines – A Threat to Patient Community

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    More than 50% all medicines worldwide are prescribed,dispensed or sold inappropriately. 50% of patients

    fail to take them correctly. Conversely, about one-third of the world population lacks access to essential medicines. Treatment with medicines is one of the most cost-effective medical interventions known and the proportion of national health budget spent on medicines ranges between 10% and 20% in developed countries and between 20 and 40% in developing countries. Thus, it is extremely serious that so much medicine is being used in an inappropriate and irrational way.

    Irrational use

    Common types of irrational use of medicine are:

    1. The use of too many medicines per patient

    2. Inappropriate use of antibiotics, often in inadequate dosage, for viral infections

    3. Over-use of injections when oral formulations would be more appropriate;

    4. Failure to prescribe in accordance with clinical guidelines;

    5. Inappropriate self-medication, often of prescription-only medicines.

    Poor communication between professionals and consumers

    Communication between professionals and consumers is fundamental to the improvement of rational use of medicines by consumers. Professionals should provide the following information to the consumers: the name of the medicine, the purpose for which the medicine is being taken, dose, frequency of use, and duration of use. The prescribed and dispensed medicines should also be properly labeled indicating the above information. The shortage of qualified health personnel in public health facilities has resulted in inadequate labeling of medications , and in insufficient time spent by them to inform the consumers on how to take the medicine. Also important are the possible drug and food interactions that might occur after taking the medicines. In cases of medicines for chronic diseases such as anti cancer drugs, the adverse effects such as memory loss, depression and many others should be explained to the consumer.

    All this communication requires adequate time between the professionals and consumers which is not always available due to the enormous workload of the health professionals in the developing countries. The situations has been made worse by the increase in the spread of HIV/AIDS and the attendant treatment issues which have placed further burden on both the health professionals and consumers.

    The influence of the company towards prescribing its product specially when new product introduced into the market. A study conducted by German Government on new medicines showed that 300000 doctors were prescribing a new type of insulin (analogue insulin) which has no added advantage over existing insulin. As a result of this finding the German Ministry of health decided to exclude new drugs form the list of medications paid for the national health insurance system as long as they are more expensive than existing approved drugs. This is an important step into the right direction but many of such types of steps taken in future to protect patients from this serious and widespread public health problem

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    Source by Imran Asif

    Views: 0