· Situation
A major multi-national pharmaceutical company needed to create a more reliable market growth-forecasting model.
· Challenges
Several years of unanticipated growth caused management to become less comfortable with the accuracy of its forecasts for coming years. Reduced confidence in forecasting methods coupled with a transition to global (ex-US based) marketing management structure created a serious need for a more effective forecasting methodology.
· Assistance Provided
Working in close cooperation with the management team and the marketing research department, an in-depth market scan was conducted to identify the key market growth drivers. Over 125 market interviews across seven (7) different medical specialties, plus contacts with provider administrators and health plan managers, produced validated key market drivers combined with critical insights into “next” major movements likely to occur in the marketplace. A detailed management report, executive presentation, and recommended next actions conveyed information essential to management decision-making and model preparation.
· Outcome/Client Assessment
The management team overwhelmingly accepted the findings and endorsed the forecast modeling and “market sensing” next steps recommendations. The General Manager and the senior executive responsible for strategic marketing, in particular, regarded the results produced as superior and the best the company had experienced from a consulting engagement.