No matter the product or service or the country in which a company wants to market, there are a number of components in the plan that will specifically address the local market. However, there are also a few basic elements to the marketing plan than are huge to the ultimate success of the plan. Not every product appeals to every person, in fact, it may be a challenge to market funeral and prearrangement services to someone just completing high school. On the other hand, someone enjoying a well-deserved retirement will probably not be considering going into substantial debt to purchase new home. Knowing the audience, understanding true need and a well executed marketing plan will maximize the impact of the marketing and increase the chances for a better return on investment.
Therefore, knowing the target audience for the product or service is a critical element to the marketing plan however, it is more than merely cost and procedures. It begins with culture acclimation. A product’s success in the United States for instance does not mean success is automatic in Denmark. Market penetration in and of itself can be huge undertaking, although challenging; with the right approach it can be done. An effective audience targeting strategy in Denmark involves understanding the foundation of their culture, in other words their sensitivities, traditions, discourses and humor. Some protocols are stubbornly unchanging, (Startupoverseas).
Once the target market is recognized, the next consideration is to determine market demand. To understand market demand for vitamins or pharmaceuticals I would suggest to research competitors and utilize the results of marketing research to determine the potential of your vitamins or pharmaceuticals succeeding in the Danish market. It would be necessary to understand the laws and know the ethical implications behind marketing pharmaceuticals in the country of Denmark. According to the ICLG (International comparative legal guides), companies desiring to advertise in Denmark must adhere to such restrictions as, documenting how the advertising has been used by identifying the advertisement target group and the method of distribution. In addition, to identify the media in which the advertisement has been shown, and the dates the advertisement was shown, (International Comparative Legal Guides, Bach, and Hertz).
As in any worthwhile endeavor in business, and despite careful planning, marketing pharmaceutical products in Denmark will not be without challenges. The ability to recognize a true market need, and moving past the tendency to assume consumers in Denmark are just like the consumers in the United States with the same tastes and desire. Often marketers will use humor in an advertising campaign, what may be extremely funny in one culture may be confusing and perhaps insulting in another. An alternative to attempting to take on the project with little or no assistance would be to collaborate with a local firm. I recommend doing some research to find a trustworthy company with a good reputation. The time zone difference may interfere with team collaboration and strategy sessions may be difficult to plan and execute, (Hill).
Although the economy is strong because of low unemployment and moderate inflation, each step of the marketing plan should be meticulously carried out in an effort to maximize on the aesthetics of marketing, (Startupoverseas). There is a natural attraction to new products and word of mouth advertising is the most effective. Everyone enjoys sharing a good experience with a product; it becomes an extra benefit when the endorsement is from someone who is well known and respected. There are several options for advertising, mostly determined by the target audience, and maximum impact for the best return on investment.
The internet is the fastest growing medium of advertising in Denmark therefore I would recommend spending 60% of the marketing budget on internet advertising, using banner ads, promotional newsletters and affiliate-blog partnerships. Because channel 2 is the only television channel that shows commercials, I would say 10% of the budget would be spent there. There are two free popular newspapers, and the main newspapers Berlingske, Tindende and Poltiken are strong in Copenhagen, Jyllandsposten and Jutland, therefore the remaining 20% of the marketing budget will be spent in print advertising. English is the international language and most Danish people speak it, however after an initial introduction in English, standard practice after a relationship is established, print materials are expected to be in their native language, (Startupoverseas).
The pharmaceutical industry has been a benefit to everyone, regardless of health, everyone has in one way or another benefited from the results of their research and development. From vitamins to something as crucial as treatment for cancer, entering Denmark with the goal of marketing pharmaceuticals can be a challenging and yet rewarding experience. With a strong focus on market penetration, understanding the culture to determine the target audience, mitigating risks and expecting challenges marketing pharmaceuticals in Denmark can be successful.
HillB WhatAreSomeChallengesThatFirmsFaceforInternationalMarketing 2015Hill, B. "What Are Some Challenges That Firms Face for International Marketing?" N.p., 2015. Web. 20 Apr. 2015. <http://smallbusiness.chron.com/challenges-firms-face-international-marketing-3356.html>.
InternationalComparativeLegalGuidesJBBachandLHertz Denmark-PharmaceuticalAdvertising2014International Comparative Legal Guides, J. B. Bach, and L. Hertz. "Denmark - Pharmaceutical Advertising 2014." N.p., n.d. Web. 20 Apr. 2015. <http://www.iclg.co.uk/practice-areas/pharmaceutical-advertising/pharmaceutical-advertising-2014/denmark>.
StartupOverseas MarketingaBusinessinDenmarkStartupoverseas. "Marketing a Business in Denmark." N.p., n.d. Web. 20 Apr. 2015. <http://www.startupoverseas.co.uk/expanding-a-business-in-denmark/markting-a-business.html>.