The Market Research Event 2010 is taking place this November 8-10, 2010 in San Diego, California. Every Friday leading up to the event, we’ll be recapping one session from The Market Research Event 2009.
For Pharma, key metrics are adoption (will a physician prescribe this product), patient adherence and compliance, intent to fill and prescribe, brand perception and brand loyalty. Many drugs will go off patent, and the patients will still want to continue takig the name brand product.
Decision pathway modeling is structural equation modeling at the practice level.
The structural model, using It combines factor analysis and regression analysis, shows new strategy. It shows how constructs interrelate, such as quality service price value satisfaction and loyalty. What strategies can you put together to make the best product?
1. Identify brand/business objectives ‘ entire team must be on same page for results
2. Build a hypothesized brand model ‘ they started small to find out ‘the big idea,’ created a hypnotized patient model: ad awareness, condition awareness, information seeking, symptom severity, impact on activities, diagnosed with co-morbid condition, pill burden, length of relationship with physician ‘ these lead to the intent to consult with a doctor (which is not the end point, jus the first step)
3. Drafting the survey ‘ critical, best price is validated multi-item scales
4. Data Collection and Model Building ‘ sample should match business objectives
5. Model interpretation and result read-out ‘ larger than the path coefficient, the stronger the relationship
‘ Can be used on a wade rage of models
‘ Allows brand teams to leverage existing knowledge in drafting the hypothesized models
‘ Caputured indirect effects
‘ Permits simple or complex models
-Maps your customers entire journey, from the beginning to the end how you can influence customer behaviors
-Helps your prioritize resources,
- Revels impact on key marketing elements
-Help you understand the impact of early events in the decision pathway impact on eventual actions and outcomes