CHAPEL HILL, N.C., Sept. 23, 2011 /PRNewswire/ -- A pharmaceutical company's marketing strategy must undergo many critical changes to avoid cannibalization when introducing a new brand in a space where the company already has an established brand. For more than two-thirds of companies, the most frequent changes require shifting resources and funds to support the new product through activities, such as professional relations, promotional literature, sampling, and advisory boards/thought leader development.
However, spending priorities for the legacy product must shift as well. On average, sampling, coupon-discount programs and direct mail become more important, while ad boards, class-building activities and speaker training become less important for the legacy brand's continued success, according to "Expanding a Product Portfolio without Cannibalizing an Established Brand," primary research conducted by Best Practices, LLC.
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SOURCE Best Practices, LLC