Perception and Reality are often the same thing. But in marketing illusions are created. We all are governed by our perceptions of what we think we know, rather than what is. Most doctors will irrevocably form an opinion if the prescription they write “bounce” back, even if only once. This could happen because the chemist, feigning unavailability, substitutes the brand but the deed is done and doctor will carry a life-long impression about the unavailability of the product which he/she will communicate to the company Medical Representative (MR) time and again. What an interplay of perception and reality.
No sane business traveler would travel without proper business arrangements such as confirmed hotel bookings and a fixed appointment to meet clients (or Prospects). Yet companies regularly waist fortunes by launching or upgrading products in complete ignorance of climate and size of the target market. The companies which create brands by the MRs and promotion and creating an equity. On the other hand companies do not even bother about their MRs perception and yet launch new products. They fail miserably with each entry.
Pharmaceutical companies increasingly face the dual challenge of launching new brands and managing the existing ones in large markets. Question of market satiation and potential sales keep coming up in strategy meetings. Often these products struggle to demonstrate differences in terms of clinical benefits.
There are many companies launching molecules just by following others they are missing basic work to determine market potential, size and clinical benefits mainly because of perception that if a company “A” launches it may be good.
Even there are strategical decisions based on perception they lack reality e.g. in a strategical meeting the main suggestion to retail HR was to increase salary and other benefits. While the ground reality was that people were leaving that organization was due to mismanagement.
The products which are eye catching having beautiful label and clear message addressing the need of the customers often perceived high in price. Even they get surprised if the product is launched in low price. similarly if a product in high in customer need but is less in packing/brand image may be considered as low in quality so marketers spent time and efforts for better brand image so that the perception to be on higher side of the consumer.