The company should carryout an audit of all its activities. This activity analyses different marketing activities and suggest the bench mark for the company. This is a self supportive study as the marketing audit gives lot of avenues in streamlining the operations and cutting the cost. It also helps to remove unnecessary activities, which may be redundant for tomorrow. This gives also an insight to the future scenario. Sales Management Audit and Preparation of New Sales Strategy Sales Management plays a very important role in pharmaceutical industry. Medical Representative or Area Manager is the key person in improving the sales. Medical Representative and Manager, if are not happy, and not properly directed can lead to chaotic conditions. GJ-IMT,MOHALI ANUJ KUMAR SRIVASTAVA Page 86 of 91
GJ-IMT,MOHALI ANUJ KUMAR SRIVASTAVA Page 87 of 91
Training Reorientation of the field force and manager is a must. Training plays a very important role in motivating representatives as well as managers. It helps them to sharpen their tools and develop confidence. A series of refresher course should be organized in order to update managers on the medical skills and the selling skills. The net benefits of a training program may be summarized as under: i. Confidence level of the medical representatives goes up. They added lot of key customers whom they were not meeting earlier. Increase in customer base with also regular visit to key customers led to improvement in output. ii. Improvement in strike rate – converting Non Prescribing Potential Doctors to Irregular Prescribing Doctors Quicker. This leads to improvement in the productivity. iii. Training helps in accelerating productivity and overall growth in the Company. Morale of the people if kept high then anything can be achieved. Today as per the study conducted in India, majority of the people works at 40% of its energy level. A positive attitude with proper work culture will not come only through lectures but there should be adequate reward systems. Optimization of Resources Resources available today are becoming scarce. Therefore, for turning around the company, optimization of resources does play a very important role. The activities like rationalizing of tour programme, defining the head quarters working norms, proper planning of input plans like samples, gifts based on contribution, core doctors visit analysis, application of ACE approach and input-output model led to increase in profitability. GJ-IMT,MOHALI ANUJ KUMAR SRIVASTAVA Page 88 of 91
CONCLUSION The successful strategy for Ranbaxy Laboratories Ltd. in a post 2010 world will include: (a)Attain right product-mix (b) Augment skills (c)Use M&A options for either companies or products. (d) Building ‘Innovation’ Engine at R&D (e)Sustain growth momementum in USA. (f)Attain critical mass in Europe and Latin America.