Describe how strategic planning can be used to inform marketing plans.
BCG Growth-Share Matrix and GE/McKinsey Nine Cell Matrix
The life cycle of any product or service is key in the development of a marketing strategy. As corporate goals or consumer interests change, so will products or services. Although they are external to an organization, technological advancements and regulatory changes can impact product and service development and the product life cycle.
Conduct an internet search for “BCG Growth-Share Matrix” and “GE/McKinsey Nine Cell Matrix” and learn how these tools are used to build strategic plans.
Explain how BCG Growth-Share Matrices and GE/McKinsey Nine Cell Matrices are used in the health care industry to build strategic plans. Consider the following questions:
How can marketers use them both in the creation of marketing plans and in their communication efforts to their audience about service and product lines?
How can you use this information in your career?
Collaboration by Big Pharma
Drug companies are pursuing collaborative efforts with other companies to manage the world of pharmacogenomics and individualized medicine.
Answer the following question:
What are some examples of these collaborative efforts being pursued by pharmaceutical companies?
Submit your reflection.
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