Advances in Consumer Research
Issue 6 : 103-110
Original Article
Impact of Marketing Strategies in Shaping Consumer Preferences for Generic Medicines
 ,
1
Ph D. Scholar MET's Institute of Management, (Affiliated to Savitribai Phule Pune University, Pune) Nashik, Maharashtra, India
2
Director & Research Guide,MET's Institute of Management, (Affiliated to Savitribai Phule Pune University, Pune) Nashik, Maharashtra, India
Abstract

Purpose : This study aims to evaluate the role of marketing strategies in shaping consumer preferences for generic medicines. Generic medications have several benefits over branded medicines since they are less costly while still fulfilling safety and efficacy standards. Given that they make critical therapies more accessible to a greater population, they help to reduce healthcare costs. This study was motivated by the growing need to understand how consumers' preference of generic medicines is impacted by marketing strategies, especially given the fierce rivalry in the pharmaceutical sector. The purpose of this study is to evaluate the impact of marketing strategies on consumer preference of generic medicines. The outcome of this study indicated that Increases awareness, Increases trust, Improved accessibility, Improved availability, Incentives and Discounts, Builds customer engagement, Product packaging, Elimination of Misconception that generic medicines are ineffective, shift in consumer perception, helps in Highlighting the long Term Financial savings, quality service and customer service.

Methodology : The research employs a one sample t-test to evaluate the relationship between marketing strategies leading to consumer preferences of generic medicines. One sample t-test technique was used for the purpose of analysing the collected data. The study utilized a non-probability purposive sampling method.

Findings: This research reveals that there is a significant impact of marketing strategies on consumer preference of generic medicines

Practical Implications: The outcome of this research can give pharmaceutical companies, who are selling generic medicines as well as wholesales & retailers a roadmap to form effective marketing strategies for generic medicines which will increase the usage of it. Originality: The research is unique in showing impact of marketing strategies in shaping a key role on consumer preference for generic medicines

Keywords
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