Mumbai, Maharashtra, India
Pfizer India was conferred the Brand Development Strategy Leadership Award in the Indian Dietary Supplements market for Becosules at a recently held '2007 Frost & Sullivan India Chemicals Materials and Foods Awards Banquet' in Mumbai. The award was presented to Pfizer for excellence in brand development. It recognized Pfizer's ability to best perceive consumer needs and develop marketing strategies that elevate the brand's quality, style, and image to create an overall value perception.
Congratulating Pfizer on getting the Award in this category, Mamta Wadhwa, Director, Chemicals Material and Foods Practice, Frost & Sullivan, South Asia and Middle East said, "Pfizer has received the award for Becosules - one of its most successful brands in the "wellness segment." Pfizer's unique brand development strategy includes initiatives such as market expansion, engaging junior doctors through innovative campaigns and maintaining high SOV at doctor and retail level. A well-trained field force augments the above strategies of building the brand. Pfizer has completely understood the essential strategies required for building the brand as well as in expanding the market value for this segment."
On receiving the award, Kewal Handa, Managing Director, Pfizer India said, "We are very delighted to receive the award. Becosules has a strong legacy extending over four decades and is a household name in India. A market leader in the vitamin supplement category, Becosules has consistently ranked among the top 10 brands in the pharmaceutical industry. We are constantly working towards improving the product through innovation of the manufacturing process that ensures greater efficacy and by scientific detailing of the product. This award is an acknowledgement of these efforts and the trust doctors and patients have in Pfizer and Becosules."
EVALUATION PARAMETERS
The recipient of this award is evaluated on specific predefined criteria, which include tracking all the major participants in the industry, and paying close attention to their brand development efforts. This process includes interviews with the market participants, customers, and suppliers, along with extensive secondary and technology research. The companies' brand development efforts are then analyzed based on the number of participants, competing brands, commitment to the brand, and the brand's recognition amongst its peers and consumers. Industry participants are then ranked based on the predetermined measurement criteria. The Award is presented to the company that ranks number one in the industry.
In addition to the above methodology, specific criteria are used to determine final competitor rankings within the industry. These include improved market penetration and market share growth in existing market segments, development of unique brand strategies, competitor recognition and value of brand, participation in industry trade groups with goal of expanding market potential, establishment of programs that allow its customers to grow, thereby improving its own performance and finally Increases in customer loyalty.
About Frost and Sullivan
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About Pfizer:
Pfizer Limited (India) has a turnover of US $162 million (November 2007). Globally, one of the highest spenders in pharmaceutical R&D, Pfizer has made clinical research investments of US $15.75 million in India. Pfizer has won several awards including that for the most respected MNC and most trusted brand for one of its leading products. Globally, Pfizer discovers, develops, manufactures, and markets leading prescription medicines for humans and animals and many of the world's best-known consumer brands. Pfizer's innovative, value-added products improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. Pfizer has two business segments: human and animal healthcare and its products are available in more than 150 countries.
Source: Business Wire (Business Wire India)
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