Kent Pharmaceutical can be considered as one of the eminent medicinal drug manufacturers in UK. The company has the reputation of producing high quality generic over 30 years in UK. As a result of its grand reputation, Kent Pharmaceuticals has a huge client base across the world. The company also has a major partnership with NHS which is supposed to be highly beneficial for the company. The major consumers of Kent Pharmaceuticals include middle aged and elderly individuals. Considering the fact that the above mentioned consumer group is highly volatile to handle, Kent Pharmaceuticals needs to continuously research on innovation of new drugs and development of the already existing ones. In this reflective report, I, being the manager of the Company have analyzed the internal and external environment of the company in order to understand the strength, weakness and further opportunities of the companies. In this report critical analysis of the cycle of inquiry has been conducted. The cycle of inquiry used in the previous task include Internal and external audit, Macro and Micro environment analysis and internal marketing. Apart from that, in this report, I will analyze why and how the above mentioned cycle of inquiries have been used and finally the result of using the theories in the practice.
The first theory used for analyzing the external environment of Kent Pharmaceuticals is PESTEL Analysis.
The full form of PESTLE Analysis is Political, Economic, Social, Technological, Environmental and Legal Analysis. The chief purpose of executing PESTLE Analysis includes identification of the external factors stated above that can impose both positive and negative impact on the business of Kent Pharmaceuticals. Being a manager, by performing PESTLE Analysis, I will be able to assess the risks posed by the identified factors and use the obtained knowledge for evaluating the opportunities.
By analyzing the political factor of the Kent Pharmaceuticals in UK, I feel that since a stable and fair political environment prevails in UK, UK is able to provide various business opportunities to the Company. However, according to me, the issue of Brexit and various hidden corruptions within the country will impose a highly negative impact on the business of Kent Pharmaceuticals.
From Economic analysis, I found out that due to diverse economy and high GDP, UK has a really stable economic condition. Since the economy is diversified, Kent Pharmaceuticals will be able to gain more opportunity to invest in the business. In spite of the fact that UK is still recovering from the effect of recession, I think, being a developed country, UK will provide a good market to the above mentioned company due to its enhanced economical conditions.
While analyzing this factor, I found out, since several number of health services are provided to the citizens of UK, it may impose a negative impact on the overall revenue of Kent Pharmaceuticals. However, since UK is considered to be the country of Aging population, the company will be able to flourish in this country due to higher number of health care users.
After analyzing legal factors of UK, I found out that the work time of employees in UK is lesser than that of several underdeveloped countries. Besides that several issues like racism, inequality and gender discrimination are also prevalent in the country. According to me, these issues will definitely impose negative impact on the internal environment of the company.
Being a developed country, the technology of UK is highly developed. I think, this is going to be beneficial for Kent Pharmaceuticals Ltd., as being a health care service provider, the company will need highly advanced equipments and health care machines of latest technology, so that it can provide efficient service to its service users.
In order to abide by the environmental and ethical norms of the country, Kent Pharmaceuticals has adopted several CSR activities. According to me, this phenomenon will impose a positive impact on the business of the above mentioned company, since, adaptation of CSR for protection of the environment will enhance the reputation of the company along with its consumer loyalty.
By analyzing the micro environment of UK, I will be able to understand the small force within the organization which has the ability to serve its consumers. Like macro environmental analysis, analysis of micro environment of Kent Pharmaceuticals is done in order to create an effective marketing strategy for the company that will help it to increase its overall revenue. Being the manager of Kent Pharmaceuticals, my responsibility is to analyze an incorporate the theory of Micro environment analysis.
Considering the fact that UK has aging population, the chief target of my company will be middle aged and old aged service users. After analyzing the market of UK, I understood that in order to attract health care service users towards the company, I need to focus an effective consumer focused strategies. For this, I have to manage the resources of the company effectively and provide unique facilities to the consumers in order to enhance the consumer loyalty of the company.
After analyzing the market of UK, I found out that Ratiopharm and Ranbaxy are two of the major competitors of Kent Pharmaceuticals Ltd. The service provided by the above mentioned companies are more or less similar. In order to gain competitive advantages, both the companies have incorporated highly advanced equipments to provide better service to the health care service users. I also found that these companies are providing high quality services at lower costs in order to attract consumers towards themselves. In order to cope up with the highly competitive market, I would suggest Kent Pharmaceuticals to reduce operational and manufacturing cost in order to cope up with the market. Another strategy suggested by me will be to incorporate advanced equipments in order to provide better heath care service to the healh care service users.
While analyzing the power of the suppliers in health care industry, I found that some of the major suppliers of Kent pharmaceuticals are Bio Pathica Ltd, Euro Medical and Ambe Ltd. While Active Pharmaceutical ingredients (API) are supplied to the above mentioned company by Ambe Ltd, Bio Pathica Ltd. provides raw products for the manufacturing of various products. According to me, since API is the chief component of medicinal drug, the company must ensure effective relationship with the suppliers.
Unlike its competitors in UK, Kent Pharmaceuticals has its own distribution channel. In order to ensure the enhancement of the overall revenue of a company, I think, distribution channel plays a major role. In spite of the fact that the distribution channel of our organization is really strong, I will suggest Kent Pharmaceuticals to use their distribution channel more effectively.
According to me, in order to enhance the number of consumers, Kent Pharmaceuticals should incorporate social media as a part of its promotional activities. Effective promotion is important to attract consumers and thus ensure enhancement of consumer loyalty and brand equity. While analyzing the importance of general public and media in the health care market of UK, I found that Kent pharmaceuticals has not involved social media as an effective way to communicate with the consumers. The chief reason behind this is the issue faced by the company due to health care problem. According to me, in spite of the issues faced by the company, Kent Pharmaceuticals Ltd. should incorporate social media in its promotional strategies. The reason for which I am suggesting social media for promotion is that the company will be able to communicate with its consumer directly thorough social media. Direct communication with the company will ensure enhancement in consumer loyalty. Another advantage of engaging social media platform for promotional purpose includes low or cost free promotion.
In order to ensure the enhancement of competitive advantage of Kent Pharmaceuticals Ltd., Marketing Mix analysis is highly crucial. This analysis will help me create effective tactics and marketing strategies for increasing the consumer loyalty of the company. The marketing mix analysis chiefly includes the analysis of the product, pricing, place and promotional tactics of Kent Pharmaceuticals.
Considering the fact that the target consumers of Kent Pharmaceuticals include middle aged and elderly health care service users of UK, the company’s chief products includes medicines for respiratory, cardiovascular and analgesics anti-infective issues. According to me, the product manufacturing strategy of Kent Pharmaceuticals is perfect since the above mentioned healthcare problems are highly common among the target consumers of UK. However, in order to cope up with the competitors, I will recommend the company to provide high quality medicines in a lower price range.
During analysis, I found that Kent Pharmaceutical Ltd. chiefly sells product in Ireland and Britain. Considering the fact that several other pharmaceutical organizations also sell their products in Britain, I will suggest the company to expand its business in other parts of UK as well. This will not only ensure enhancement in the global market but will also enhance the yealy revenue of the company.
I found the pricing strategies of Kent Pharmaceuticals Ltd. satisfying because of the following reason. Like majority of its competitors, Kent pharmaceutical Ltd. offers high quality products to the consumers following the premium pricing system. But unlike its consumers, the mentioned company offers discount to its permanent consumers in order to gain competitive advantages.
In today’s era of modernization, I will suggest Kent Pharmaceuticals Ltd. to promote it business through popular social media platform like Twitter, Instagram and Facebook. According to me, Social media marketing is the most cost effective way to communicate with the consumers and promote the business at the same time.
In order to improve the efficiency of the employees recruited by the company, I will suggest the management of the company to provide effective training to the employees. In spite of the fact that the company provides training to the employees for 15 days after recruitment, I will suggest enhancement of the training period for better performance of the employees.
I think that managing employees is highly crucial for the above mentioned organization since employees are considered to be the internal consumer of the organization. If employees are not happy with their job profile, they will not be able to relate to the ultimate goal of the organization. As a result, the company will face major employee retention issues. In order to cope up with this issue, I will suggest Kent Pharmaceuticals Ltd. to establish better communication of the employees with senior managers. This will ensure that the organization work as a single entity and provide high quality service to the ultimate consumers of the company.
After implementing the PESTLE theory in my practice, I have got positive results that have ensured the increment of overall revenue of the company. Since UK has stable political condition, Kent Pharmaceutical has the opportunity to gain various kinds of business facilities. Besides that, being a developed country, the economic condition of the citizens in UK is stable enough to invest a good amount of money for their own health care. Another advantage of establishing business in UK is the highly advanced technology of the country. Kent Pharmaceuticals Ltd. has enhanced its service by implementing advanced machines for operational purposes. Besides that, since the population of UK is considered to be an aging population, I think, the health care market of UK can be considered as a huge opportunity for the above mentioned company. By analyzing the Micro environment of the company, I am able to gather necessary information about the suppliers, competitors, market and promotional methods of the company which in turn, helped me to implement effective measures for the betterment of Kent Pharmacy.
The main result of using these theories help to determine the whole structure of the company’s internal and external environment and also help to determine the strength and weaknesses of the company. The marketing mix theory reflects the marketing strategy of the Kent Pharmaceutical Ltd where they used the four components of the marketing price, product, place and promotion. Their products are basically focused on the generic medicine which helps to collect profit from the old and middle-aged people. Place is also important for the company as they operated their business in the Britain and Ireland market to get the success. Price of their product is higher than their competitors as they offer high quality products but various discounts attract and satisfy their permanent customers. The term promotion is done basically using the social media as this is the best promotional platform for the Kent Pharmaceutical Ltd. This marketing mix theory precipitated their strategy in the market and how they incorporated into the market and competitors. As a result, whole marketing policy and analysis of their marketing techniques have been analyzed by the theory. The main purpose of using theory is to reveal the strategy in more specific manner, which will help to understand the marketing and also help me to understand the steps that I can use in my business marketing context. This theory also helps me to understand the marketing environment and how to adjust to it. Using theories to understand the whole concept is very systematic and proper and marketing mix theory resulted in the entire strategy of Kent Pharmaceutical Ltd from which I can also judge my concept with this. Using this theory in the reflection helps me to understand how products, price, promotion, place are important for establishing the business in the oligopoly market. Also, this theory is used by the Kent Pharmaceutical Ltd to beat their competitors and gain in the business.
Conclusion
From the above discussion, it can be concluded that the political and economical situation is fair enough for the Kent Pharmaceutical Ltd to do the business. UK government also supports the company in many ways, but legal factors sometimes create some problems for the company as a high labor rate and many other rules. the socio-environmental situation is also suitable for the company as helping the patients is a culture UK and this help the company to facilitate their business in the market.Technological advancement also helps the company to provide smooth and flexible service to their customers. Competitors of the company are high in the market, and Kent Pharmaceutical Ltd must need to find out the innovation to stay healthy in UK medicine market. Sales revenue of the company is also high for the company, and the profit margin is also favourable. For the above discussion, it can also be concluded that using marketing mix in a sustainable manner help to get the brand image and profit. Also, a reflection on the above evaluation is also described in this paper which will help me to understand all the theories and use of the theories in the business context.
Reference List
Armstrong, Gary, Philip Kotler, Michael Harker, and Ross Brennan. Marketing: an introduction. Pearson Education, 2015.
Hans, Erwin W., Mark Van Houdenhoven, and Peter JH Hulshof. “A framework for healthcare planning and control.” In Handbook of healthcare system scheduling, pp. 303-320. Springer, Boston, MA, 2012.
Hollands, G.J., Shemilt, I., Marteau, T.M., Jebb, S.A., Kelly, M.P., Nakamura, R., Suhrcke, M. and Ogilvie, D., 2013. Altering micro-environments to change population health behaviour: towards an evidence base for choice architecture interventions. BMC public health, 13(1), p.1218.
van Wijngaarden, Jeroen DH, Gerard RM Scholten, and Kees P. van Wijk. “Strategic analysis for health care organizations: the suitability of the SWOT?analysis.” The International journal of health planning and management 27, no. 1 (2012): 34-49.
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