Introduction
Pfizer Company has received a reputation for its credible outcome in discovering, developing, and manufacturing health care products. Some ethical issues are ensuring quality health care, for instance, deploying qualified personnel in the health institutions, proper treatment of the patients, correct prescriptions for the patients, and protecting the vicinity surrounding the people. The above disciplines have discoursed as the primary role of Pfizer Company, thus my motivation to research more about the company. The report aims to give insight into Pfizer’s leading products and services, geographical location, the management team, and the annual sales alongside other company dynamics.
In the last few years, Pfizer Company has received a reputation for its credible outcome in discovering, developing, and manufacturing health care products. Typically, ensuring quality healthcare for humankind considers several ethical issues, including deploying qualified personnel in the health institutions, proper treatment of the patients, correct prescriptions for the patients, and protecting the vicinity surrounding the people. Taking care of the environment, for instance, by limiting waste disposal, will improve the aesthetic value of an area and enhance quality health for the people. The above disciplines have discoursed as the primary role of Pfizer Company, thus my motivation to research more about the company. As part of the research, the report gives insight into Pfizer’s leading products and services, geographical location, the management team, and the annual sales alongside other company dynamics.
A Brief History
Before emerging in the limelight, Pfizer started as a chemical business founded by Charles Pfizer and Charles Erhart back in 1849. After that, the prelude of the American civil war in 1862 navigated a salient path to the industry’s growth. Typically, the aftermath of the war discoursed numerous casualties who raised the demand for the painkiller to relieve their irritation. This forced Pfizer to develop and manufacture more drugs to bridge the opportunistic demand gap, thus doubling its revenue as it grew drastically to a lucrative end (Lombardino, 2000). In its effort of profit maximization, the company’s top management saw it worthwhile to try on the production of industrial chemicals. The focus on industrial chemical production like medicine and citric AcidAcid later gave the brand an entry into the international market, making it thrive even after the war. The citric AcidAcid, for instance, served as a requisite in the beverage industries like Coca-Cola.
Location of Office and Other Facilities
Location is a particular position, point, or area in space. When starting a business, location is among the major elements to be considered that will rule the company’s success. Typically, the business location should be feasibly selected to reach the highest number of the target group. More importantly, the demand for the company’s primary products should be held at the fore to direct the most appropriate location. The above elements discourse as the primary guidelines used to position Pfizer Company. For instance, the demands of the healthcare products being a universal condition, it was preferable to position the brand across several countries. Thus, Pfizer has numerous offices situated in several countries, including Canada, the United States, Germany, and France, to mention a few. The headquarters of the appreciable company is in New York, which also acts as the home of the company’s top management team.
Top Management
Behind any successful company, there is a strong management team whose primary role is to coordinate the organization’s human resources and activities. Despite the employees being the most valuable resource, the absence of their control may result in the most devastating outcome for the company. Thus, the manager should oversee the performance of all the subordinates within various departments, such as the finance manager, sales manager, salesperson, and vendors, among others. Besides, the manager is obligated to create a conducive working environment for all the human resources within the company. The top management team responsible for steering the reputation of Pfizer are; Dr. Albert, the chief executive officer; Sally Susan, the chief corporate affairs and Payal Sahni, the principal people experience officer. The board of directors is also led by Dr. Albert and comprises James Quincey, Ronald E.Blaylock, SusanDesmond, Susan Hockfield, and Shantanu Narayen, the lead independent director, among others.
Major Products and Services
A product is a commodity offered for sale, while a service is an act of being of assistance to someone. Typically, it is the ambition of every buyer to get a quality product at a convenient service whenever purchasing a product. Convenient services may include reasonable prices and good communication skills when persuading the customers to buy products. The mentioned disciplines discourse as a baseline of Pfizer when featuring its products. The primary portfolio of Pfizer is medicine and vaccine alongside other health care products. Being an exceptional company in medicine, the significant services revolve around the treatment, prevention, and cure of the most vulnerable illness in the human body, which is offered according to human dignity. Among the products developed by the company include; Advil, Robitussin, Celebrex, and Lyrica, to mention a few.
Annual Sales
A critical endeavor to measure the company’s progress and success is by checking on the annual sales of a business. Annual revenue that does not meet the threshold of the desired return indicates a loss, while those that surpass the target dictate a profit within the company. Even though the strike the COVID 19 is believed to cause upheavals among the major sectors in the world, some firms confirmed to have made more significant profit out of the contemporary issue; Pfizer, for instance, has paid a fortune with its capacity to manufacture the corona vaccine which was the most valuable resource at the moment. Out of the enormous demand, the pharmaceutical giant recorded a net profit of $21.98 billion with a revenue of $81.3 Billion as of the end of 2021 (Alkhyeli et al., 2021). As the current year unfolds, more surplus is expected to drive the company further to greater heights.
Competition
Pfizer has been denominated as a pharmaceutical giant for its credible outcome in discovering, developing, and manufacturing health care products. The above triumph can be attributed to its commitment to patients, the community, and quality product development. Its operating segment ranges from internal medicine, rare disease diagnosis, therapeutic areas, inflammation and immunology, and oncology has significantly promoted quality health care. However, Pfizer does not hold a monopoly of services and instead faces stiff competition from other reputable brands. Among the immediate competitors of Pfizer are Roche Holding AG, Eli Lilly and Co, Merck & Co, Novartis AG, and AbbVie Inc. The competition has pushed for greater efficiency and productivity while maintaining quality products and services at a reasonable price. To this end, Pfizer has adopted a critical approach to overcome competition over other pharma industries, i.e., ensuring low total cost, efficacy, fewer dosing for ease of administration, and being the first in the market.
Marketing Strategies
The real adoption of the marketing mix that incorporates the 4ps has surfaced as Pfizer’s major strategy to position itself competitively in the pharmaceutical industry. Besides the production of the vaccine, Pfizer features a range of other Quality medicines, including those for urology health issues and cardiovascular and respiratory issues. Also, the company has created a reputation for its major multivitamins, i.e., Corex and Becosules. Incorporating the people’s views and opinions has enabled Pfizer to set the best price for its products, hence widening the customer base. The market diversification of Pfizer products has played a primary role in its branding as a predominant firm. For instance, Pfizer has been able to extend its services across Russia, India, Spain, and Poland, to mention a few. Pfizer has deployed the media while holding regular seminars with the medical representative to sum up, the bit. The main goal is to communicate the values and benefits they feature in their products.
Market Share
Market share is a market segment controlled by a particular company or product. In other words, market share is the percent of the total sales in an industry generated by a particular firm. The market share segment is obtained by dividing the companys sales over a given period by the total sales of the industry within the same timeframe. The higher the lucrative company is, the larger the market share, hence the increased rival among the companies to appear at the top of the list. In the recent past, the sale of the vaccine by Pfizer Company marked considerable progress for the company, with an increment of the market share of about 5% as of 2019 (Statista,2022).
Financial Rating
Financial rating is the creditworthiness when ranked in an individual, a business, an organization, or a sovereign country level. Under this context, Pfizer’s financial rating is ranked among other rivals competing for the same services. Over the past few years, the credit rating of Pfizer Company has been ranked lowly, with little progress being made. However, in the recent past, the company’s financial rating has been termed valuable over the progress made following the sales of the COVID 19 vaccine.
Reputation of the Company
The reputation of the pharmaceutical giant can be traced back to the primitive ages when the American war had generated a path to its success with the increased demand for painkillers. With the increased globalization, the company was able to utilize the global resource and the technical mastery to fuel the brand’s growth. The incorporation of the media, i.e., the TV, radio, and print media, has served a critical role in promoting the brand products. As a result, the company could penetrate the international market, thus driving the company to a lucrative end. More fortune was realized with the shift from painkiller production as the primary focus to diversifying on medicine and citric production. The peak of the company’s growth was realized with the strike of the COVID 19, when the demand curve for the vaccine rose to the optimum level (Thomas, 2020). The money earned from the sale of the vaccine was vital to the company’s reputation.
Customers Feedback
The customers of the company act as the second valuable resource after the employees. The customers are the main reason why the company strives to execute the set activities. Ideally, a company cannot reach a lucrative end of the best services are not provided to the customers. Some approaches have been discoursed as credible strategies to enhance the customers’ motivation to purchase a product, for instance, portraying good communication skills, subsidized cost, and a quality product. The above elements have been the most repeated commentary among Pfizer’s customers. The low-budget products have enabled most people to save their money for other development purposes. In other words, for a company to achieve a credible milestone, the customers must be treated in their best interest, and this has surfaced as the main role of Pfizer Company.
Entry-Level Salaries
Human resource compensation is among the main activities to keep the organization moving. The employees are more motivated to execute the companys activities when timely compensation is observed, thus accounting for surplus production. In essence, entry salaries should persuade the performance and the personnel’s level of education to decide on the best salary to offer. Of all the job titles featured by Pfizer, the average compensation rate is $24.11 an hour. The compensation rate is a clear manifestation of a lucrative company.
