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среда, 25 мая 2022 г.

Marketing Decoded

 


In the book “Decoded. The Science Behind Why We Buy” by Phil Barden the author analyzes models of consumer behavior from a scientific point of view. The author talks about how people make decisions and what is behind their choice of a brand and also shows how you can use this scientific knowledge in your marketing activities.


Phil Barden’s book is based on the work of Daniel Kahneman, according to which there are two different systems of thinking and decision-making. Kahneman calls them system 1 and system 2.

System 1 (implicit system) playing the role of the autopilot, integrates perception and intuition and is designed for quick, intuitive decisions.

System 2 (explicit system), playing the role of the pilot, is slow and designed for reflection. The goal of good branding is to activate system 1 and lull the vigilance of system 2.

The implicit system affects our decisions through various elusive “effects”, such as:

The effect of the most beloved brand is based on the fact that people choose basically only the brand that they consider the number one for themselves.

Therefore, it would be more correct for marketers to strive for the maximum increase in the number of buyers for whom their brand is the first number in the list, and not just to get into the list of “suitable” brands

The framing effect is that a person draws different conclusions from the same information, depending on how the information is presented. The impact of the background is not recognized, although it indirectly affects the perception and thereby affects the decisions. A brand is a product frame.

Phil Barden gives an equation that describes the neurology of a purchase decision:

Pure value = pleasure – suffering

The higher the net value, the more likely the purchase. Because value and cost are relative, they can be influenced by the situational context.



There are different ways to increase the value:

  • Price can increase subjective value. There is an unspoken rule: the higher the quality, the higher the price.
  • The use of verbal techniques. It is important to make a distinction when describing the benefits of purchasing a product or avoiding losses.
  • Reducing the perceived price. Studies show that if you use promo signals on the price tag, even the increased price will be perceived by buyers as reduced. “Anchoring” – the price of the product is compared with other prices. The first price was an anchor, and the second was estimated in comparison with it.

For the brain, any object is a set of lines, faces, angles. Since the brain does not see complete pictures, it does not save them. A person’s ability to recognize familiar objects is based on signals carrying important diagnostic information.

Understanding what features of the brand help customers instantly recognize it, marketers can reasonably decide whether to change the background color and packaging or better to leave it unchanged. The main thing is to keep the key signals for diagnosis. Since people see products and brands primarily with blurred peripheral vision, signals that are effectively perceived even in blurred form should be used.

The perception of the product and the decision to purchase it depend not only on the offer itself but also on the way it is made. The interface influences the behavior of customers without having to change their beliefs in advance. This provides additional opportunities for marketers to influence customers outside the framework of the model in which they first have to change their attitude to the product or brand.

3 principles of creating convincing interfaces for decision making:

  • Tangibility: no signal no action. According to the research results, the more often a person touches the product, the higher the probability of buying.
  • Immediacy: I want it right now. The shorter the distance to the object, the higher the subjective value and fewer apparent barriers to possession.
  • Confidence is the ratio of the expected probability of success to the possible risk. In other words, it is a probability to get what you want and/or avoid costs.

To fully understand buying behavior, you need to figure out what motivates people to make decisions from the beginning.

Products and brands are the tools with which customers achieve their goals. Marketers should create a sense of their product performing the tasks that the buyer faces. To determine the market, create new products and develop marketing strategies, you need to start from the goals of buyers, not their qualities and categories. The instrumental value of the product is higher if in a particular situation it is better than other products to cope with the task corresponding to the goals of customers.

Goals and their value are determined by two attitudes: explicit (common to the whole category) and implicit (common psychological goals). In marketing a lot of attention is paid to explicit goals, they allow you to create categories of products, so all companies in the market must meet them.



Implicit goals are hidden from consciousness and people simply cannot formulate them, so when customers are interviewed about products and brands, they begin to talk about explicit goals: quality, materials, price.

The tasks of products and brands are explicit, that is common to the whole category, and implicit – contributing to the achievement of specific psychological goals. Trade offers to create the greatest value for the client when explicit goals are associated with implicit ones.

There are two obstacles on the way to successful marketing activities: a strategy based not on the goals of customers, and signals that are used to convey a value proposition but do not activate the right ideas in the mind of the customer.

Positioning products and brands with a goal, we get clear instructions for action, because the associative memory of people contains signals related to the goals of the brand. The strategy based on the objectives not only provide the significance of the product but also, thanks to the associations between signals and goals learned by the brain, give instructions on how to submit the necessary signals.

If a brand is associated with multiple goals, the power of associative links to each of them weakens. It is desirable for marketers to focus on one goal and present everything as if their brand is the best in this respect.

Phil Barden’s book explains why people buy a particular product, why some brands are successful and some are not. After reading it, you can discover something new not only about marketing but also about the work of our brain, our perception.

This book is full of examples, illustrations, explanations of complex things in simple language. After reading you begin to look closely at the surrounding goods, you notice how these or other products are trying to get into your brain and they do it.

The book will be interesting for the average person, it will help to understand what processes occur in our brain when deciding on the purchase of goods, what means can affect our choice. And for the marketer it is a kind of encyclopedia with examples of how to and can be done, and how not to do.

https://bit.ly/3PBAwXI



среда, 17 апреля 2019 г.

The World’s 100 Most Valuable Brands in 2018


According to Forbes, the world’s 100 most valuable brands are worth a staggering $2.15 trillion.
While that singular number is impressive, the publication’s 2018 rankings of global brands can be further broken down in other ways that are also quite intriguing. Let’s take a look at brands by individual brand value, as well as sorted by relevant industry.

Ranking the Most Valuable Brands in 2018

Today’s infographic comes to us from HowMuch.net and it showcases the 100 most valuable brands in the world, according to recent Forbes rankings.
Here are the brands with the most assessed value, along with their one-year change and industry.
RankBrandBrand Value ($B)1-Year ChangeIndustry
#1Apple$182.8+8%Technology
#2Google$132.1+30%Technology
#3Microsoft$104.9+21%Technology
#4Facebook$94.8+29%Technology
#5Amazon$70.9+31%Technology
#6Coca-Cola$57.3+2%Beverages
#7Samsung$47.6+25%Technology
#8Disney$47.5+8%Leisure
#9Toyota$44.7+9%Automotive
#10AT&T$41.9+14%Telecom
Apple remains the world’s most valuable brand at $182.8 billion, but there are four other tech companies hot on the iPhone maker’s heels – and each of them is growing brand value at a rapid pace.
Google (+30%), Microsoft (+21%), Facebook (+29%), and Amazon (31%) are all gaining at double-digit clips. At this point, each has lapped Coca-Cola, the highest ranked non-tech brand in the Top 10 at $57.3 billion.

Brands by Industry

The aforementioned top five brands are all focused on technology, but it’s important to recognize that this is also a part of a much wider trend.
Over the last decade, tech brands have gained consumer prominence to make the industry dominant both in terms of quantity of brands (20%) and total brand value (41%) on the Forbes 100 Most Valuable Brand list.
Industry# of BrandsTotal Brand Value ($B)
Total100$2,152.9
Technology20$872.6
Financial Services13$160.2
Automotive12$222.9
Consumer Goods11$124.7
Retail9$119.0
Luxury6$91.7
Beverages4$103.2
Diversified4$66.3
Telecom3$82.3
Restaurants3$65.0
Apparel3$49.0
Alcohol3$42.5
Leisure2$56.1
Media2$26.3
Transportation2$21.6
Tobacco1$26.6
Business Services1$14.8
Aerospace1$8.1
Only a handful of brands in consumer-facing industries like media, apparel, alcohol, and restaurants make the rankings.


Meanwhile, sectors that traditionally rely on heavy amounts of advertising – like consumer packaged goods and retail – have just 20 brands on the list between them. The highest ranked brand in either of those categories is Walmart at #26th with a brand value of $24.9 billion, which is about 1/3 of the brand value of online competitor Amazon.

вторник, 26 декабря 2017 г.

FierceBiotech’s top 10 stories of the year: Mergers, cuts and setbacks



We all love a top 10: It serves as a definitive "best of the best," and sometimes a look at the top of the chart can reflect the state of an industry.
Looking back at our most-read stories shows our readers certainly like a broad range of news and features: This year, for the first time I believe, a CRO story topped our charts. It's indicative of the kind of noise the contract research industry has been making over the past few years.
Our top story, by a clear margin, was the merger of INC Research and inVentiv Health, making the pair worth around $7.4 billion in May when the deal was announced. This came around a year after Quintiles and IMS Health came together in their massive $19 billion megamerger, and at a time when Big Pharma-biotech deals have been a little sparse, to say the least.
The second largest story is less surprising, as it’s all about cuts and reorgs, and it was Shire’s change up that saw readers come to the site in tens of thousands. The biopharma said it wasn’t expecting any major staffing cuts, but closure of some sites are in the cards. This all comes after some big buys for the company, and an attempt to bring closer together its R&D operations.
The third was something of a theme in 2017: R&D “consolidation”, or in this case, GlaxoSmithKline’s new chief Emma Walmsley looking to make a statement in research by wielding the ax to dozens of pipeline meds and putting its rare disease work in the crosshairs.
Then we come to our special features: FierceBiotech’s Fierce 15 2017, and the top pharma R&D budgets for last year. This year’s crop of Fierce 15 ranged across cancer, rare disease and neuroscience, with all vying to be big hitters in the race to be a next-gen biomedical company.
The top pharma R&D budgets, meanwhile, saw Roche and Novartis top the list of big spenders, with the average top 10 pharma seeing 17% of its total revenue going into R&D, with a combined $70 billion being spent across the top 10. Stay tuned for our top ten early next year, and we’re already on the look out for the next crop of early-stage biotechs for Fierce 15 2018.
Our sixth most read story of 2017 was AbbVie’s positive phase 3 psoriasis data on its potential blockbuster risankizumab, scoring a big win against its own major blockbuster Humira, as well as Johnson & Johnson’s Stelara. AbbVie is gunning for other inflammation indications as it looks to try and head off some of the losses it will rack up from Humira biosimilars, with revenue expected from 2019.
Number seven centered on President Donald Trump’s potential NIH director pick Dr. Patrick Soon-Shiong, CEO of I-O biotech NantKwest, who was rumored to have been the best paid CEO in the world. In the end, this didn’t happen of course. In fact, Soon-Shiong had a pretty bad year after a series of investigations from healthcare news site STAT alleged that he donated millions of dollars to philanthropic causes, which later circled back to his company. A promotional video for one its pipeline meds also drew ridicule on Twitter.
Meanwhile, STAT’s senior writer Adam Feuerstein, via the power of the poll, named Soon-Shiong the worst biopharma CEO of 2017.
In at number eight was an unusual story about biotech Acerta, bought up by AstraZeneca, which it turns out faked some early preclinical data for its drug acalabrutinib. AstraZeneca admitted the falsification in the fall, after a story from Retraction Watch, blaming a “former Acerta employee who acted alone.”
This got a lot of views, but did not upset the apple cart for AZ, as acalabrutinib was in fact approved by the FDA just a few weeks later as Calquence for certain blood cancers.
Number nine was related to the drawn-out saga of Elizabeth Holmes and her beleaguered Theranos. We ran many stories on this for FierceMedTech, but the most viewed was the fact that it turned out Holmes was $25 million in debt to her own company. This was found out by the Wall Street Journal, which has spent years investigating the company.
And finally, we have the tenth most viewed story of 2017: The FDA’s rejection of Amgen and UCB’s application for approval of osteoporosis candidate romosozumab, coming off of a safety scare, notably on potential cardiovascular adverse events.
Check out your top 10 below:
  1. INC Research and inVentiv Health merge in another major CRO deal
  2. Shire will cut U.S. locations and move HQ in consolidation push
  3. GlaxoSmithKline stops development of 30 pipeline prospects, mulls sale of rare disease unit as new CEO Walmsley makes her mark
  4. FierceBiotech's 2017 Fierce 15
  5. The top 10 pharma R&D budgets in 2016
  6. AbbVie’s risankizumab blows away aging rivals in phase 3
  7. Donald Trump considers NantKwest CEO for NIH chief
  8. AstraZeneca buy Acerta faked cancer drug data, company admits
  9. WSJ: In a twist, Holmes owes Theranos $25M
  10. Safety scare prompts FDA to reject Amgen’s romosozumab

суббота, 26 августа 2017 г.

Top 20 Drugs in the World 2017




The global prescription drug market is expected to grow by 6% from 2016 to 2022 to reach nearly USD 1.05 trillion by 2022. The top 20 drugs are manufactured by 14 companies and account for a total 10% of global prescription drug market in 2016. The total revenue generated by top 20 products was estimated to be USD 0.128 trillion. A large number of the drugs in the list are primarily for the treatment and management of cancer, diabetes, inflammatory disorders, and HIV or HCV infections. A report by Reuters predicts an average of 45 new drug launches each year henceforth, and suggests that the rising costs will be partially offset by a higher level of drugs going off patent, including the anticipated effect of biosimilars entering the market.



  1. Humira (Adalimumab): Indicated in the treatment of autoimmune diseases and moderate to severely active rheumatoid arthritis. It tops the prescription-drug list of 2016 with an annual growth of 15% accounting for USD 16 billion sales globally. Humira is manufactured by AbbVie Inc. (U.S.). The patent for this product expired in 2016 in the U.S. and will expire by 2018 in Europe creating competitive opportunities for biosimilars market.
  2. Harvoni (Ledipasvir/sofosbuvir): this product from Gilead Sciences is indicated in treating HCV/HIV infection. It is the second most prescribed drug in the market accounting for revenue of USD 9 billion. Wide patent range will aid the company’s overall growth which may be partially offset by the declining growth of -34% of this product from 2015-2016.  
  3. Enbrel (Etanercept): It is another drug indicated for autoimmune diseases including rheumatoid arthritis, psoriasis and other inflammatory conditions. It is co-marketed by Amgen Inc. in the U.S. and Pfizer Inc. in Europe. Pfizer also has a co-promotion agreement with Takeda Pharmaceutical Company Ltd. to market Enbrel in Japan. The product holds 3rd position in the prescription drug list.
  4. Rituxan (Rituximab, MabThera): Biogen and Roche co-markets the product indicated in the treatment of cancer. The patent for this product expired in 2015 which may result in significant decrease in sales. The product currently holds 4th position in the prescription drug market due to high revenues and growth of nearly 3%.
  5. Remicade (Infliximab): indicated for autoimmune diseases and produced by J&J and Merck, Remicade sales decline by 11% in 2016 compared to 2015 sales. In February 2015, the Company lost market exclusivity for Remicade in major European markets and no longer has market exclusivity in any of its marketing territories. The Company is experiencing pricing and volume declines in these markets as a result of biosimilars competition and expects the declines to continue.
  6. Revlimid (Lenalidomide): This is produced by Celgene and the revenues have increased by over 20%, from 2015. The product is indicated for the treatment of multiple myloma and will go off patented in 2027, which makes it an extremely important product in the company’s portfolio. The product holds 6th position in the prescription drug market.
  7. Avastin (Bevacizumab): manufactured by Roche Avastin is used for advanced colorectal, breast, lung, kidney, cervical and ovarian cancer, and relapsed glioblastoma. Sales continued to grow strongly in the International region (+18%), especially China, following the approval of the lung cancer indication.
  8. Herceptin (Trastuzumab): Another product manufactured by Roche, used for treating cancer mainly breast and gastric. Herceptin sales were up 4%, helped by additional reimbursement approvals in China and continued growth in the US due to longer duration of treatment in combination with Perjeta.
  9. Januvia/Janumet (Sitagliptin): This product is used for the treatment of type 2 diabetes. Merck manufactures the product and the worldwide sales were estimated to be USD 6.1 billion in 2016, an increase of 2% compared with 2015. Sales growth was driven primarily by higher volumes in the United States, Europe and Canada, partially offset by pricing pressures in the United States and Europe, and lower sales in Venezuela due to the Company’s reduced operations in that country.
  10. Lantus (Insulin glargine): A long-acting human insulin analog produced by Sanofi. The revenues from Lantus stood at USD 6.05 billion in 2016, a decline of 11% from the previous year. The U.S. patent for the product expired in August 2014. It was once one of the top-selling diabetes product in the world.
  11. Prevnar 13/ Prevener (Pneumococcal 13-valent Conjugate Vaccine): the decline in Prevnar 13/Prevenar 13 revenues, primarily driven by an expected decline in revenues for the adult indication in the U.S. due to a high initial capture rate of the eligible population following its successful fourth-quarter 2014 launch, which resulted in a smaller remaining opportunity window compared to the prior-year, as well as the unfavorable impact of the timing of government purchases for the pediatric indication (down approximately USD 450 million).
  12. Xarelto (Rivaroxaban): This anti-coagulant from Bayer and J&J has the highest growth rate within the top-20 prescription drug list of around 27%. It aids in the reduction of the risk of stroke and systemic embolism in patients with nonvalvular atrial fibrillation; deep vein thrombosis (DVT) and pulmonary embolism (PE), and reduction in the risk of recurrence of DVT and of PE.
  13. Eylea (Aflibercept): It is produced by Regeneron Pharmaceuticals and Bayer. It was approved by the U.S. Food and Drug Administration (FDA) for use in retinal indications, delivered U.S. net sales growth of 24.2% over 2015, and continues to be the market-leading branded anti-VEGF therapy in the United States. The global growth rate was estimated by 27% from 2015-16.
  14. Lyrica (Pregabalin): It is an anti-epileptic from Pfizer Inc. The product grew by 3% from 2015-2016 reaching USD 5 billion. The patent for Lyrica is set to expire in 2018, which will very likely ensure high sales figures for the product till the end of that period. It is mostly indicated in neuropathic pain associated with diabetic peripheral neuropathy; postherpetic neuralgia; fibromyalgia; and pain associated with spinal cord injury.
  15. Neulasta/ Peglasta and Neupogen / Gran (Pegfilgrastim and Filgrastim): Neulasta is a recombinant human granulocyte-colony stimulating factor (G-CSF) from Amgen and Kyowa Hakko Kirin. It is used to decrease the incidence of infection during cancer treatment. The U.S. patent for the product expired in June 2015. The revenues of the product stood at USD 4.7 billion in 2016, reduced by 1% from the previous year.
  16. Advair /Seretide (Fluticasone and Salmeterol): Advair is indicated for asthma and maintenance treatment of COPD. The product’s revenues stood at USD 4.3 billion in 2016. The sales of the product declined by 5% between 2015 and 2016 and 13% between 2014 and 2015. The sales are expected to decline further after the U.S. patent expiry in 2016.
  17. Copaxone (Glatiramer acetate): It is a subcutaneous injection formulation for the treatment of multiple sclerosis. The product’s patent expired in 2014. Copaxone accounted for USD 4.2 billion (including $3.5 billion in the U.S.), or 19% of Teva Pharmaceuticals revenues in 2016, and contributed a significantly higher percentage to profits and cash flow from operations during the period.
  18. Sovaldi (Sofosbuvir): It is an oral formulation, dosed once a day for the treatment of HCV as a component of a combination antiviral treatment. Sovaldi sales accounted for 14%, 17% and 45% of our total antiviral product sales for 2016, 2015 and 2014, respectively. In 2016, product sales were USD 1.9 billion in the United States, USD 891 million in Europe, USD 635 million in Japan and USD 580 million in other international locations.
  19. Tecfidera (Dimethyl fumarate): Manufactured by Biogen, this drug is used for treating multiple sclerosis. The product shows growth of 9% over the previous year, primarily due to price increases and higher sales volume in U.S. and expansion of the product launch in emerging markets across the globe.
  20. Opdivo (Nivolumab): It represents the major part of Bristol-Myers Squibb’s immune-oncology portfolio, accounting for USD 3.8 billion out of USD 5 billion of the segmental revenues. It is a fully human monoclonal antibody that has been approved and continues to be investigated as an anti-cancer treatment. U.S. and international revenues increased in both periods due to higher demand resulting from the rapid commercial acceptance for several indications including melanoma, head and neck, lung, kidney and blood cancer.