Published by MBA Skool Team, Last Updated: February 11, 2019
Marketing Strategy of Teva Pharmaceuticals analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Teva Pharmaceuticals marketing mix, help the brand succeed.
Teva Pharmaceuticals marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Teva Pharmaceuticals Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Teva Pharmaceuticals Product Strategy:
The product strategy and mix in Teva Pharmaceuticals marketing strategy can be explained as follows:
Teva Pharmaceuticals is one of the world’s leading pharma companies based out of Israel. There different segments in the medicines prepared as a part of its marketing mix product portfolio. They are generic (56%), branded (35%) and others (9%). With purchase of the brand Cephalon, Teva Pharmaceuticals has entered into branded section of pharmaceuticals. 80 percent of revenue comes from sale of generic medicines. The company also focuses on innovation by patented new and new medications.
Teva Pharmaceuticals Price/Pricing Strategy:
Below is the pricing strategy in Teva Pharmaceuticals marketing strategy:
Teva Pharmaceuticals has a wide product offering and hence a diverse pricing strategy.
In generic category the company focuses on cost leadership model. So, it seeks to maximise the quantity and hence the company keeps lower prices than the branded versions. This in turns helps company to contemplate with the help of selling in huge scale. The strategy is completely opposite for branded medicines. Here there is a greater cost given to production with premium packing and more pricing. Even the low numbers in sales brings a reasonable amount of profit for Teva Pharmaceuticals.
Teva Pharmaceuticals Place & Distribution Strategy:
Following is the distribution strategy in the Teva Pharmaceuticals marketing mix:
Apart from Israel, Teva pharmaceuticals has their units located almost across all continents namely North America, South America, Europe and Australia. Teva has around 18 percent of generic medicine market in the United states. Apart from America and Europe, its products have strong presence in Japan, Russia and Latin America. Its products are available through several medical stores, OTC shops etc.
With the increase in online platforms, certain products are also available online and are delivered to a customer.
The promotional and advertising strategy in the Teva Pharmaceuticals marketing strategy is as follows:
Teva Pharmaceuticals is an influential brand in the pharma industry. In pharmaceutical industries, the only way to reach more and more customers is to get recommended by physicians and chemists. Teva has gained a lot of popularity among the pharmacists as it has a huge variety of medicines and has almost every solution to generic cure. Moreover, due to its low cost, it becomes the choice of a number of customers as the branded sections in the medicine categories are very costly. This completes the marketing mix of Teva Pharmaceuticals.
About Teva Pharmaceuticals:
Teva Pharmaceuticals is a multinational company dealing with pharmaceuticals and has its base in Israel. It was founded in 1901 and has its headquarters in Petah Tikva, Israel. Its mainstream business deals with generic medicines and its other subsidiary business also deals with making pharmaceutical ingredients.
Teva Pharmaceuticals is well known to be the largest generic medicine manufacturer and one of the 15 biggest pharmaceuticals all over the world. It is one of the members of PhRMA, the Pharmaceutical Research & Manufacturers of America.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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