Utilizing Branding Strategy in Managing the Competitiveness of Local Pharmaceutical Enterprises
DOI:
https://doi.org/10.51699/ijbde.v4i1.334Keywords:
Pharmaceutical industry, public health, local pharmaceutical enterprises, multinational companies, branding strategies, market share, customer loyalty, corporate image, target marketsAbstract
The pharmaceutical industry is an essential pillar of public health, fulfilling the vital role of producing and distributing medications that alleviate various health conditions. Local pharmaceutical enterprises often find themselves at a disadvantage when competing against well-established multinational companies with vast resources, advanced technology, and extensive distribution channels. To thrive in this challenging environment, local pharmaceutical companies must adopt robust branding strategies that can enhance their competitiveness. This article explores the significance of branding strategies in the context of local pharmaceutical enterprises, elaborating on how successful branding can lead to increased market share, customer loyalty, and an improved corporate image. Through a detailed analysis of various branding tactics, including understanding target markets, building trust, promoting customer loyalty, differentiating from competitors, engaging in social responsibility, and leveraging digital branding, this article provides a comprehensive overview of how effective branding can position local pharmaceutical companies for success.
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