Abstract
The importance of branding as a tool for differentiation in the highly competitive pharmaceutical industry in Ghana has come to the fore due to competition and the influx of fake drugs. The purpose of this study was to assess the perception of managers about the strategic role branding plays in the marketing of pharmaceutical products in Ghana. Sixty respondents were sampled from three pharmaceutical companies. A structured questionnaire was used to collect data from respondents. Data was analysed using descriptive and inferential statistic using Statistical Package for the Social Sciences (SPSS) software. The findings of the study indicate respondents perceive that branding plays a significant role in the sale of pharmaceutical products, helps consumers to easily identify with the brand and helps pharmaceutical companies in communicating tangible differences of their brands to differentiate them from competing brands. The study further revealed that there exists a significant relationship between perceived roles of branding and marketing of pharmaceutical products. Finally, the study clearly shows that the major challenge confronting pharmaceutical companies in Ghana is the sale of imitated pharmaceutical products on the market. The study recommends that management of pharmaceutical companies seek government support in terms of stricter enforcement of laws governing imitation of pharmaceutical products and also improve upon their quality and packaging. Key words: Branding; consumer decision making, pharmaceutical industry, Ghana.
Highlights
Business organisations the world over whether service or manufacturing, have by and large, recognised the critical role branding plays in business progress
The findings of the study indicate respondents perceive that branding plays a significant role in the sale of pharmaceutical products, helps consumers to identify with the brand and helps pharmaceutical companies in communicating tangible differences of their brands to differentiate them from competing brands
The results indicate that 36.36% strongly agree and 63.64% agree that branding plays significant role in the sale of pharmaceutical products
Summary
Business organisations the world over whether service or manufacturing, have by and large, recognised the critical role branding plays in business progress. A cross tabulation was carried out to test if there is a significant relationship between perceived role of branding and consumer purchase decision (Table 4). There exist significant relationship between the perception of the respondents on the role of branding and purchase decision of consumers and sales of pharmaceutical product. This implies that companies would continue to strive to brand their products as they perceive that it influence purchase decision of their customers
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