Week 20 (30.8.07)

Learnt

Topic : The Marketing Mix - Big Picture

• Marketing 4P's - Product, Price, Place & Promotion
• Customer 4C's - Convenience, Customer solution, Communication & Costs

Customer-Product-Service Matrix

New Product-Service Matrix Existing Customer New Customer

Existing Product-Service Retention Acquisition

New Product-Service Penetration Diversification

Topic : Strategy

Aim of strategy - to create and maintain a Sustainable Competitive Advantage (SCA); meaning your company can leverage in the marketplace that cannot be easily duplicated by a competitor; ie Product Patent, Control of Raw Materials, Unique Brand Image etc.

Choose an unoccupied market rather than occupied market because all available resources can be focused on finding and growing a customer base, not engaging and fighting the competition.

4 various positions in the market place:

1. Leaders - strategies is Defend and Attack itself. Blocking moves is also another defensive strategy
2. Follower - strategy is Attack the leader. Must find a weakness in the leader's strength and attack at that point
3. Nicher - strategy is Flank into Uncontested Areas
4. Guerrilla - strategy is Redefine the Market; they put the customer first, break existing rules and disregard all policies that don't serve the customer; usually use hit-and-run attack

Unlearnt

Thought that being the market leader, the strategy is only "defending" it's market share. Not knowingly that "Attack itself" is also another strategy leaders take because if the company is going to be under attack, why not be in your own competition by innovating a new product in the market place.

Relearnt

Understanding better on this "Attack itself" could be one of Pfizer's strategy undertaken to promote Caduet (a new hypertensive drug combination of Norvasc & Lipitor) . There is a strong need to switch more current patients on Norvasc to Caduet. As Norvasc has lost it's product patent, it is therefore not in the sustainable competitive advantage, hence, our sales team need to focus more to grow Caduet as a new hypertensive treatment in order to sustain Pfizer's business and profits.

Week 19 (26.8.07)

Learnt

Marketing - The Big Picture

• Marketing is a total system of interacting business activities to plan, price, promote and place (through distribution) want-satisfying products and services to users that satisfy organizational goals.
• Why marketing is growing in Importance:

1. Demographic shifting
2. Psychographic changes
3. Geographic
4. Real growth is changing
5. Fragmented markets
6. Global market
7. Technology shifts
8. Product life cycles
9. Competition is increasing
10. Changing customers wants
11. Governmental regulation and deregulation
12. E-commerce

• Marketing is the "Epicenter of Strategy" - today, a company must have right product or service, at the right price and quality
• A marketer must know customer's exact needs; leverage their company's strengths against competition's weaknesses
• Successful company must be FOCUS - if lose focus, will lose customer and the market
• In an organization, centering the customer is MARKETING (customer-driven strategy) and SALES
• Marketing - to find, grow and retain customers, to generate profits and growth
• Estimated replacement cost for new replacement customer is 7 to 10 times more than customer retention. In addition, less time, less efforts and higher margin generated to keep a customer satisfied than to locate and convince a total stranger to start on business
• Core Issues Marketing Manages:

1. Establish plans, objectives and strategies
2. Develop research methods to identify customers' needs
3. Develop appropriate programs for uncovered needs
4. Identify industries, segments and target-customer groups for company to develop sustainable competitive advantage (SCA)
5. Identify industries, segments and customer groups for customer to develop SCA

Unlearnt

Often ignore the importance of doing analysis of keeping how many good customers with company. Usually concentrate more on converting new customers. Agree with the customer-satisfaction survey show that less effort and smaller investment to keep a customer satisfied, than to find a replacement for dissatisfied customer.

Relearn

Will discuss with my manager immediately on few important customers whom has purchased Norvasc for a long time (value the customer relationship); to propose for case to case basis on the request of special pricing. The generic competition is increasing in the market place which makes us to review our tactics and strategies in our individual purchasers.

Week 18 (18.8.07)

Learnt

Succession Planning and Talent Management

Succession planning is more than just replacement planning. Successful success management integrates talent management with organizational strategic planning and anticipates changes in management.

With the growing organization, it is now considered acceptable to change jobs for short term or superficial reasons, such as, exposure to project or secondment in other department or take more responsibilities in job roles.

Some of the retention strategies include:

1. Innovative compensation and benefits packages
2. Effective rewards and recognition
3. Performance management, aligning employee goals with business goals
4. Strategies for increasing employee satisfaction
5. Measures of employee satisfaction
6. Career planning
7. Work/life strategy
8. Building new-hire commitment
9. Competency-based strategies
10. Employee needs
11. Mentoring programs
12. Defined role of corporate culture
13. Use of coaching for career development
14. An employee strategy to support growth and loyalty
15. Merger and acquisition retention strategy

Unlearnt

After this 5 weeks learning on HR management, I realize that Pfizer must focus on retention strategy. This is because it is one of the most critical business objectives in order to remain competitive. Earlier, I did not realize how important it was. As such, all of the above retention factors can actually be broken down further, for example, compensation and benefits packages could include stock options, work/life balance can encompass work-at-home options and other flexible work arrangements.

Relearn

I had coached 2 of my junior managers whom at currently has 3 SE vacancies (due to internal promotions) to carry out workforce planning for their sectors, such as, conduct pre-selection interview. This will assist better in strategic planning for recruitment.

Also, i had nominated 2 of my senior managers to attend Leaders training to support them for the career development (individual development plan) and at the same time, as a retention program for good employee with Pfizer.

Week 17 (12.8.07)

Learnt

Training and Development

• Personnel turnover is a main argument against company-financial training investment - according to Becker 1962.
• A study by d'Arcimoles 1997 indicates that training is associated with effects on both productivity and profitability.
• "One study showed the difference in productivity between below-average performers and superior performers is 70%. There are real dollar effects of not having top performers" - Keirn 2007

Unlearnt

Initial assumption by me is training relates to only self development to increase one's productivity in a company. Nevertheless, it actually creates more benefits to an organization because employees feel they are being recognized, appreciated and respected when firms are willing to provide training to them. Thus, not only reduce the turnover rates, but also, outweigh the cost of staff turnover.

Relearn

I had identify Presentation Skills training required for my division. Hospitals' sales executives regularly conduct video shows or talks in the hospital setting. Therefore, they must be armed with the skills and knowledge on how to effectively conduct a good presentation to their medical doctors. I strongly suggest for training department to implement and set as a compulsory training for all hospital's Sales Executive to be trained on this skill, which was supported by my superior.

Week 16 (5.8.07)

Learnt

Turn Your Organization into a "Talent Magnet" - article by David Lee

In Fortune magazine's "100 Best Companies to Work For" survey, not a single employee mentioned money as a reason why they loved the place they worked. If competitive salary and a generous compensation package aren't enough, what does make a company the kind of place that draws great people to it, and makes them to stay?

What are employees looking for?

• Pride in where they work and what they do - Compannies that offer the highest quality products and service are far more likely to attract and retain the "best of the best". Employee pride also comes from observing management making decisions that show a clear understanding of what is going on "in the trenches."
• Meaning and purpose - Meaningful work makes workers feel alive in a way a generous benefits package cannot

How do Talent Magnet organizations address this issue?

1. Embody a mission and vision that captures the hearts and souls of their work force
2. Continuously communicate their mission and vision to their people
3. Communicate the important role each employee has in making the vision a reality
4. Give employee the tools and freedom to make a difference in the company
5. Let employee hear "the voice of the customer" to help them stay connected to the bigger picture
6. Appreciation - one of the strongest employee motivator
7. Opportunities to learn and grow - do this not only through formal training but through cross-training and assigning employees projects and responsibilities that cause them to stretch
8. Respect - asking for employee input about the organization and its managment practises, and then responding to the feedback, is a sign of respect eg "What do your recommend we do about this situation?". Respect is also shown by recognizing that employees have a life outside of work. It's demonstrated by not piling on so much that work employees don't have a life and not requiring them to beg for flexible scheduling so the can meet their other life responsibilities.

It takes more than a generous benefits package and competitive salaries to attract and retain talented employees. By listening to the voices of their customers ie their employees and honestly engaging in self-examination, management can create an organization that is a magnet for the best and the brightest employees.

Unlearn

Prior to learning HR Management module, in my opinion, many employees left a company mainly due to poor compensation and benefits. After reading so many articles on talent retention and How to Turn Your Organization to Talent Magnet, I realized that management whom often focuses its attraction and retention efforts on financial factors are not enough to attract and retain the best of the best ie ineffective in reducing turnover. Therefore, the 9 points above are important for an organization to attract talents.

Relearn

1. In my recent recruiting process, I have taken diversity as continuous effort to balance job fit in filling up Sales Executive position.
2. I recognized the importance of management development ie how employee feel about their oraganization is profoundly influenced by how they feel about their immediate superior. I would like to model as a boss who is respectful, inspiring and appreciative in order to attract and retain the best of the best within Pfizer.