Product development: Offering Viagra in a nasal spray, rubbing ointment, and chewable form. Pros: Demonstrates that Pfizer is constantly at the cutting edge of technology. Cons: Expensive form of marketing. Customers may not perceive the chewable form as a serious medication alternative. A variety of products might confuse and discourage customers.
Market penetration: Positioning itself as the first pharmaceutical company to address and treat impotence. Pros: It is the most cost effective method in to maintain sales. Cons: Competition might enter other segments of market, while Pfizer is focusing on existing markets.
Market development: Expand demographics to attract the younger-aged men who are in relationships that are sexually active that use condoms and experience erectile dysfunction. Pros: Widens distribution channel and increases company exposure as the leading firm to treat impotence. Cons: Attracting the younger-aged population might give the public the perception that Pfizer is only interested in increasing profit.
Product diversification: Joint venture with the Impotence Association to abolish the social stigma of feeling embarrassed to discuss impotence. Pros: Synergistic partnership enhances credibility and is a cost effective form of marketing. Cons: Goals between firms might conflict.
Evaluation: In regards to product development many people might not feel comfortable or have problems taking pills for treatment, where they can now resort to different methods of treatment like the ointments, sprays, and chewable tablets. Even though it might cost Pfizer money in the early stages of these new product developments, it will surely increase revenue in the future.
Pfizer is known for its trademark (Viagra), which has totally given the company an edge over all other pharmaceutical companies and will maintain its sales even if other companies due enter the market. Pfizer will have the customer database which will not resort to other companies due to the great customer service and innovation Pfizer offers.