pfizer essays

pfizer essays Competitive Advantage is the condition that enables a company to operate in a more efficient or in a higher-quality manner than the companies that it competes with, which results in benefits to that specific company. This is usually achieved by offering consumers greater value, either by means of lower prices or by providing greater benefits and services that justify for higher prices. One of the key strategies in achieving a competitive advantage is product differentiation. Product differentiation is the idea that certain features make one product appear different from competing products in the same market. Pfizer achieves this strategy through brand loyalty and advertising. Pfizer is a very well respected company; which makes them strongly trusted amongst their consumers. The way Pfizer achieves this trust is through their advertising and brand loyalty. Advertising and brand loyalty are very important in the pharmaceutical market due to the large interchangeability of its products. This basically means that there are a lot of products out there, in the Pharmaceutical industry, which are close substitutes to that of Pfizers and other companies. One way of avoiding such interchangeability is with the use of patents. A patent grants sole rights of a particular product to a specific company, making it illegal for other companies to make similar substitutable products. (www.pfizer.com) On the other hand Pfizer also competes with firms when there are no patents on their products. This is where Pfizers prestigious brand name and loyalty come into play. As earlier mentioned, many consumers trust Pfizer and its products to have a higher quality than any other pharmaceutical company. So when they need to purchase these products they look for the brand they can trust, Pfizer! The reason Pfizer is such a well-trusted company again comes from their advertising. Pfizer prides itself on its advert ...