Marketing and Market Access Strategies
Expert-defined terms from the Professional Certificate in Medical Device Management course at London School of Planning and Management. Free to read, free to share, paired with a globally recognised certification pathway.
Marketing and Market Access Strategies Glossary #
Marketing and Market Access Strategies Glossary
A #
A
1. Access Strategy #
A plan or approach adopted by a company to ensure that its products or services are available to the target market. This strategy focuses on overcoming barriers to access and maximizing the reach of the product or service.
2. Adherence #
The extent to which a patient follows a prescribed treatment regimen. Adherence is an important factor in the success of medical devices and pharmaceutical products.
3. Adoption #
The process by which a new product or technology is accepted and used by customers. Adoption involves awareness, trial, and eventual regular usage of the product.
4. Advocacy #
The act of promoting or supporting a product, service, or cause. Advocacy can be done by healthcare professionals, patients, or other stakeholders to raise awareness and drive adoption.
5. Algorithm #
A step-by-step procedure or formula for solving a problem. Algorithms are often used in data analysis and decision-making in marketing and market access strategies.
B #
B
6. Brand #
A distinctive name, term, design, symbol, or any other feature that identifies one seller's product or service as distinct from those of other sellers. Building a strong brand is essential for successful marketing and market access strategies.
7. Business Model #
The framework a company uses to generate revenue and achieve profitability. A well-defined business model is crucial for developing effective marketing and market access strategies.
C #
C
8. Compliance #
The extent to which a product or service meets regulatory standards and requirements. Compliance is essential for market access and ensuring patient safety.
9. Customer Segmentation #
The process of dividing a market into distinct groups of customers with similar needs and characteristics. Customer segmentation helps companies tailor their marketing and market access strategies to specific target audiences.
10. Competitive Analysis #
The process of identifying and evaluating the strengths and weaknesses of competitors. Competitive analysis is crucial for developing effective marketing and market access strategies that differentiate a company's products or services.
11. Channel Strategy #
A plan for distributing products or services to target customers. Channel strategy includes decisions on distribution channels, logistics, and pricing to ensure optimal market access.
12. Consumer Behavior #
The study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences. Understanding consumer behavior is essential for developing effective marketing and market access strategies.
D #
D
13. Data Analytics #
The process of examining large data sets to uncover hidden patterns, correlations, and other insights. Data analytics is crucial for informing marketing and market access strategies with data-driven decisions.
14. Direct #
to-Consumer (DTC): A marketing strategy that targets consumers directly rather than through intermediaries. DTC marketing is becoming more popular in the healthcare industry, including medical devices.
15. Decision Support Tools #
Tools or resources that help healthcare professionals make informed decisions about patient care. Decision support tools can also be used in marketing and market access strategies to provide data-driven insights.
E #
E
16. Engagement #
The act of attracting and holding the attention of customers or stakeholders. Engagement is crucial for successful marketing and market access strategies.
17. Evidence #
Based Medicine (EBM): An approach to medical practice that emphasizes the use of the best available evidence to make clinical decisions. Evidence-based medicine is essential for developing market access strategies that demonstrate the value of medical devices.
F #
F
18. Forecasting #
The process of estimating future trends or outcomes based on historical data and other relevant factors. Forecasting is essential for developing effective marketing and market access strategies.
19. Formulary #
A list of prescription drugs or medical devices approved for use within a healthcare system. Inclusion on a formulary can impact market access and reimbursement for medical devices.
G #
G
20. Generic Competition #
Competition from generic versions of a branded product. Generic competition can impact market access and pricing strategies for medical devices.
21. Globalization #
The process of interacting and integrating with people, companies, and governments from different countries. Globalization affects marketing and market access strategies by expanding market reach and introducing new challenges.
H #
H
22. Health Economics #
The study of how healthcare resources are allocated and used. Health economics plays a crucial role in market access strategies by evaluating the cost-effectiveness of medical devices.
23. Health Technology Assessment (HTA) #
A multidisciplinary process that summarizes information about the medical, social, economic, and ethical issues related to the use of a health technology. HTA is used to inform market access decisions for medical devices.
I #
I
24. Innovation #
The introduction of new ideas, methods, or products. Innovation is essential for developing competitive marketing and market access strategies.
25. Intellectual Property (IP) #
Legal rights that protect creations of the mind, such as inventions, designs, and trademarks. Intellectual property is crucial for safeguarding innovations in marketing and market access strategies.
J #
J
26. Joint Commission #
An independent, nonprofit organization that accredits and certifies healthcare organizations and programs. Compliance with Joint Commission standards can impact market access for medical devices.
K #
K
27. Key Opinion Leader (KOL) #
An influential individual within a specific industry or field who is recognized as an expert. KOLs play a crucial role in shaping market access strategies by influencing decision-makers and stakeholders.
L #
L
28. Life Cycle Management #
The process of managing a product through its entire life cycle, from development to decline. Life cycle management is essential for sustaining market access for medical devices.
29. Market Access #
The process of ensuring that a product or service is available to the target market. Market access strategies focus on overcoming barriers to access and maximizing the reach of the product or service.
30. Market Entry Strategy #
A plan for entering a new market or expanding within an existing market. Market entry strategies are crucial for successful marketing and market access strategies.
M #
M
31. Market Research #
The process of gathering, analyzing, and interpreting information about a market. Market research is essential for developing effective marketing and market access strategies.
32. Marketing Mix #
The set of tactics a company uses to promote its products or services. The marketing mix includes the four Ps: product, price, place, and promotion.
33. Medical Device Regulation #
Laws and regulations that govern the development, manufacturing, and distribution of medical devices. Compliance with medical device regulation is essential for market access.
34. Multi #
Stakeholder Engagement: Involving a diverse group of stakeholders in decision-making processes. Multi-stakeholder engagement is crucial for developing inclusive market access strategies.
N #
N
35. Needs Assessment #
The process of identifying and prioritizing the needs of a target population. Needs assessment is essential for developing market access strategies that address specific customer needs.
O #
O
36. Obsolescence #
The process of becoming outdated or no longer usable. Obsolescence can impact market access for medical devices as newer technologies become available.
P #
P
37. Patient #
Centered Care: An approach to healthcare that considers patients' preferences, values, and beliefs. Patient-centered care is essential for developing market access strategies that meet patient needs.
38. Pricing Strategy #
A plan for setting the price of a product or service. Pricing strategy is crucial for market access and profitability.
39. Product Development #
The process of creating or improving a product or service. Product development is essential for maintaining competitiveness in marketing and market access strategies.
40. Public Relations (PR) #
The practice of managing communication between an organization and its stakeholders. Public relations play a crucial role in shaping public perception and supporting market access strategies.
Q #
Q
41. Quality Assurance #
The process of ensuring that products or services meet specified requirements. Quality assurance is essential for maintaining market access and patient safety.
R #
R
42. Reimbursement #
The process by which healthcare providers receive payment for services or products. Reimbursement is a key factor in market access for medical devices.
43. Regulatory Affairs #
The function within an organization that is responsible for ensuring compliance with laws and regulations. Regulatory affairs play a crucial role in market access for medical devices.
44. Risk Management #
The process of identifying, assessing, and prioritizing risks. Risk management is essential for developing marketing and market access strategies that mitigate potential threats.
S #
S
45. Segmentation #
The process of dividing a market into distinct groups of customers with similar needs and characteristics. Segmentation is essential for developing targeted marketing and market access strategies.
46. Stakeholder Engagement #
Involving individuals or groups who have an interest in or are affected by a decision. Stakeholder engagement is crucial for developing inclusive market access strategies.
47. SWOT Analysis #
An evaluation of a company's strengths, weaknesses, opportunities, and threats. SWOT analysis is essential for developing effective marketing and market access strategies.
T #
T
48. Target Market #
A specific group of customers that a company aims to reach with its products or services. Understanding the target market is essential for developing successful marketing and market access strategies.
49. Technology Assessment #
The evaluation of the potential benefits, risks, and costs of a new technology. Technology assessment is crucial for informing market access decisions for medical devices.
50. Trade Show #
An event where companies in a specific industry showcase their products and services. Trade shows are important for networking and promoting market access strategies.
U #
U
51. Usability Testing #
The process of evaluating a product or service by testing it with representative users. Usability testing is essential for ensuring that medical devices meet user needs and preferences.
V #
V
52. Value Proposition #
The unique benefits a product or service offers to customers. Developing a strong value proposition is essential for successful marketing and market access strategies.
W #
W
53. Workflow #
The sequence of steps involved in completing a task or process. Understanding workflow is essential for developing market access strategies that integrate seamlessly into healthcare settings.
X #
X
54. Experience #
The knowledge or skill acquired through practical exposure to situations or events. Experience plays a crucial role in developing effective marketing and market access strategies.
Y #
Y
55. Yield Management #
The process of optimizing revenue by adjusting prices based on demand. Yield management is essential for developing pricing strategies that maximize market access and profitability.
Z #
Z
56. Zoning #
The process of dividing a geographic area into zones for specific uses. Zoning regulations can impact market access for medical devices by restricting where products can be sold or used.