Question

Please answer in microsoft word

For the pharmaceutical industry analyze the industry’s(pharmaceutical industry) choice and use of resources;

Answer 1

Answer :-

The pharmaceutical industry- those industries which are engaged in discovering, developing, manufacturing and marketing of drugs to use them as a medication for human and veterinary. These industries manufacture the drugs then do their testing to know how effective the drug is.

The demand for pharmaceutical drugs or industries is increasing now a days so does the number of industries in the market. With the increasing number of industries in the market the competition between industries has also increased due to which market share of industries in also decreasing. The market share of an industry tells about its strength in the market and to increase its strength and profits industries adopt different type of strategies to increase their market share.    

The industry’s market share enhancing strategies are as follows:

• Pricing of the product: industry decides the price of their products according to the demand for their products, price of their substitute products, competition in the market etc. so that they can attract more and more consumers.   
• Quality of the product: by making quality products industries try to increase their market share
• Advertising and promotion: it attracts more consumers and increases market share.
• Proper services: by providing by effective drugs and proper services. As it influences consumer’s decisions.
• Effective distribution of drugs: effective distribution according to the demand for the product and proper availability of the product as per the demand .

*hope the answer is clear to you . please give feedback