Phase 1 Individual Project



Phase 2 IP

Javier Garza

Colorado Technical University Online

MKT350-1301B-02 Marketing Research Practices

Instructor: Jennifer Pyscher

Mar. 04, 2013

Biogen Idec target market

In the preparation to figure out more regarding the customers and the target market we have figured out very good information. Something that needs to be understood is that our mission as a company is to keep the customer and the only way to do this is by understanding what exactly it is that they want and need. So this is the reason that surveys are so important. Some surveys you can do online and some of these won’t cost a thing yet it will reach a lot of people. Now we must define what is known as the target market. Businesses need to use this to take advantages of everything possible especially now that the economy is doing so badly. This target market is very important to know from the get go because of not a lot of money will be spent focusing or researching the wrong thing. The customers that are interested in your product or products are in your target market.

One of the ways in which small businesses can optimize their performance is to determine a well-defined target market, as this enables them to focus their efforts and achieve a high rate of sales conversions. ("Investopedia," 2012) The target market for Biogen Idec is the people that are sick and there family’s that need the medication for treatment that will get the family member back in good health. Biogen Idec target market consists of unfortunate customers that need treatments for MS (Tysabri), (Avonex), Customers that need treatments of rheumatoid arthritis, granulomatosis with polyangiitis plus with microscopic polyangiitis (MPA) it will also help customers with cancer, including non-Hodgkin lymphoma (NHL) and chronic lymphocytic leukemia. (Rituxan) So remember, our customers are the hospitals that provide these medications to the person needing the therapy and the customers needing the therapy.

A general target audience without any specific demographics is less likely to increase sales because you fail to reach the people who will actually use your product or service. (Frost) So there is not really much difference in who is capable of using our products just ensuring the hospitals use the products for their customers. Ensuring the customer is being surveyed and asked what they like and what they dislike regarding the product that we provide for them. The interest of the hospitals is how fast you can provide the product to them and at what price. When providing the surveys with the customer you also want to provide some surveys to the hospitals to ensure that you keep the business with them going.

The customers we deal with are using our product to save their lives and or for therapy not for something that they want to look good doing or for any other reason. The customer will be extremely busy figuring out what medication is the best in the market and the best they can get. The families will also be involved in much of this since the life of a relative is priority for many family members not just in the United States but all across the world which makes the sales very important to be able to market across the world and not just in our back yard. The research of what are the hospitals that deal with each of the diseases that we medicate takes much research because we need to check every city in every state and across the United States and the world. As we say that our target market is the clients with the above issues or the hospitals we need to focus on the areas where the most people with these diseases are. We need to be patient and not try to sale to the whole world before we have started selling to a certain few cities. You must always remember to stay positive; Rome was not built in a day.

Online surveys can be of great assistance to us due to us being able to hit the world much faster this way than any other way we have. This is why we used this to receive the needed information from around the world in a faster and sometimes with less cost than other ways. You’ll want to have the ability to segment the data in such a way that you can narrow down which segment responds most positively to your concept. ("Market research," 2011) So besides the internet reaching the needed people another good method or resource that can be used is actual giving the people surveys that actually use our products and we can learn what is liked and what is not liked, plus what is hurting them or what is not working on the actual medication then we can focus on what culture of people, what ethnicity and what locations that the medication is not working for so our research team can use to try to figure out the problem or to better the product.

Identifying the target market will end up helping us develop the research design survey by allowing us to know the people we need to focus on when preparing and sending it to the customers. The purpose of all this is to keep us from getting more then the information needed to allow it to make it faster and cost less money to figure out. Figuring out what helps our customer decide to use our product because this alone will help us tremendously in advertise to them. Many different people decide to believe or follow different ways on what to believe when it comes to purchasing certain items especially dealing with medication for them and or their families. Learning this will allow us to use what we learn to get them more knowledge and information that might win more people over or to better what they are not liking from our product.

References:

Frost, S. (n.d.). Houston chronicle. Retrieved from

Investopedia. (2012, November 30). Retrieved from

Market research. (2011, April 26). Retrieved from

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