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The scope of the report was based on the annual reports & web site, input from interviews of executives of the SQUARE Pharmaceuticals Limited. To analyze the situation in question, we worked on focusing on SQUARE Pharmaceuticals Limited and analyzing their objectives, market strategies, market situations, product mixes, etc. The analysis was based on the exposed and available information only. In-depth data were not always available on-demand due to some unavailable reasons. SWOT analysis of the company has been done.
Objective of the study: The specific objectives aimed for this report is to analyze the environmental factors that influence the marketing sector of SQUARE Pharmaceuticals Limited.
Methodology: Information used to prepare this report has been collected from both the primary and secondary sources which together provided more comprehensive information.
Collection of the data: An open discussion method was followed to gather primary information by informally interviewing the various executives of the company.
Participants were purposefully selected as they commonly engaged in marketing directly or indirectly.
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Observations were also used to collect primary data while working in different desks. The secondary data was accumulated from two sources- a. internal and b. external. The former sources were annual reports, periodicals, articles and brochures published by the company. So in later we use journals, research papers and articles from various online sources.
We confronted difficulties in getting appointment from the desired respondents as well as appropriate response from the selected respondents due to being confidential for the company
SQUARE Pharmaceuticals Limited is the largest pharmaceutical Company in Bangladesh and is leading the Pharmaceuticals sector from the very beginning. It has been continuously in the 1st position among all national and multinational companies since 1985. It was established in 1958 and converted into a public limited company in 1991. The sales turnover of SQUARE Pharmaceuticals Ltd was more than Taka 7.5 Billion (US$ 107.91 million) with about 16.92%market share (April 2006– March 2007) having a growth rate of about 23.17%. SQUARE Pharmaceuticals Limited is an organization with equal emphasis on Leadership, Technology, Quality and Passion.
SQUARE Pharmaceuticals Ltd. is the leading branded generic pharmaceutical manufacturer in Bangladesh producing essential and other ethical drugs and medicines by maintaining the quality. SQUARE today symbolizes a name - a state of mind. But its journey to the growth and prosperity has been no bed of roses. From the inception in 1958, it has today burgeoned into one of the top line conglomerates in Bangladesh.
SQUARE Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985and is now on its way to becoming a high performance global player. SQUARE Pharmaceuticals started as a Partnership Firm in 1958. It converted into a Private Limited Company in 1964. The company made its initial price offering in 1995. It has achieved MHRA certificate as the first pharmaceutical company of Bangladesh.
Environmental factors influencing the marketing activities of SQUARE pharmaceuticals Ltd:
Environmental factors and forces that exist in our outside marketing affect marketing management’s ability to build and maintain successful relationship with target customers. And successful companies like “SQUARE pharmaceuticals Ltd” know the vital importance of constantly watching and adapting to the changing environment.
Microenvironment of SQUARE pharmaceuticals Ltd:
TheCompany: In designing marketing plans marketing management takes other company groups into account-groups such as top management, finance, research and development, purchasing, operations and accounting. SQUARE strives for best compensation to all the employees who constitute the back-bone of the management and operational strength of the company through a pay-package composing salary/wages, allowances, bonuses, profit participation, leave salary and superannuation & retirement benefits.
Suppliers: Suppliers like as- different in regents of making pharmaceuticals products, packaging related products and others. They provide the resources needed by the company to produce its goods and services. Supplier’s problem can seriously affect marketing. SQUARE strives for the best co-operation of suppliers who offer them at the best prices at the opportune moments.
Marketing Intermediaries: Marketing intermediaries includes resellers, physical distribution firms, marketing services agencies and financial intermediaries. SQUARE pharmaceuticals Ltd do not have physical distribution firms or marketing services. But they influenced by reseller and financial intermediaries to market their goods and services.
Customers: The five types of customer markets are consumer, business, reseller, government and international market. Square strives, for top quality health care products at the least cost reaching the lowest rungs of the economic class of people in the country. Square values our social obligations. SQUARE pharmaceuticals Ltd have enough capturing power in all the customer markets. That is why they are in leading role in pharmaceuticals business in Bangladesh.
Competitors: The marketing concept states that to be successful, a company must provide greater customers value and satisfaction than its competitors do. A team of scientific pharmaceutical experts who continuously conduct research & development programs for improving quality of products, reduction of cost, adaptation of products that are free of intellectual property rights and innovative products. These efforts have enabled the company to add new products to its product lines every year to the benefit of the common men of the country and the shareholders. The success in this field has secured the leading position for the company in the pharmaceutical sector.
Publics: Any group has an actual or potential interest in or impact on an organizational ability to achieve its objectives. They are financial, media, government, citizen action, local, general and internal publics. SQUARE strives for best compensation to all the employees who constitute the back-bone of the management and operational strength of the company through a pay-package composing salary/wages, allowances, bonuses, profit participation, leave salary and superannuation & retirement benefits.
Square strives for practicing good-governance in every sphere of activities covering inter alia not being limited to, disclosure & reporting to shareholders, holding AGM in time, distribution of dividends and other benefits to shareholders, reporting/dissemination of price sensitive information, acquisition of shares by insiders, recruitment & promotion of staff, procurement & supplies, sale of assets etc. all that directly and indirectly affect the interest of concerned groups - the shareholders, the creditors, suppliers, employees, government and the public in general.
Macro environment of SQUARE pharmaceuticals Ltd:
Demographic environment: Demography is the study of human, populations in terms of age, density, location, gender, race, occupation and other. SQUARE pharmaceuticals Ltd is the pioneer of pharmaceuticals business in our country. So they our countries overall population and gradually they are capturing the international market. Square strives for equality between sexes, races, religions and regions in all spheres of our operation without any discriminatory treatment.
Economic environment: This environment consists of buying and selling pattern, spending power, income, saving patterns of a group and this environment can discussed in two ways – (1) Subsistence and (2) Industrial economics. Square owes their shareholders and strive for protection of their capital as well as ensure highest return and growth of their assets. SQUARE pharmaceutical is influenced by the economic environment of our country directly. Economic conditions influence the growth and continuation of their entire business operations.
Natural environment: Marketers take natural resources as input. Considerations of marketers in case of their awareness about natural resources are (1) Shortage in supply of raw materials (2) Increased population (3) Government interventions, SQUARE pharmaceuticals Ltd produce and distributes their product by their own. So they are aware of above and considerations for their betterment. Square strives for an environment free from pollution and poisoning.
Technological environment: Incase of capture the following and need markets, marketers should consider the facts and they are (1) Accelerating pace of technological change, (2) New markets and opportunities, (3) Innovational oppurtunities.The international market become more competitive due to globalization. So technological environment and it’s considering factors are a matter of concern of importer and their marketing. SQUARE pharmaceuticals Ltd is endeavoring to upgrade and adopt new technology in production, quality control, distribution and administration of its products to patients. During the year (2007-2008) the company invested an amount of Tk. 36,424,234 in improving its Laboratory.
Political environment: The considerations of political environment are- (1) Legislation regulation of business, (2) Changing government agency enforcement, (3) Increased emphasis on ethics and society, (4) Political situation. The political condition of our country is not so stable. So SQUARE pharmaceuticals Ltd faced many damage due to change in political condition of our country. Square strives for fulfillment the responsibility to the government through payment of entire range of due taxes, duties and claims by various public agencies like municipalities etc.
Cultural environment: Incase of cultural environment, a company should think about following considerations (1) People views of themselves, (2) People views of society,(3) People views of organization (4) People views of nature,(5) People views of universe. Square strives for the achievement of millennium development goals for the human civilization. Square strives for an environment free from pollution and poisoning. Square strives, as responsible citizen, for a social order devoid of malpractices, anti-environmental behaviors, unethical and immoral activities and corruptive dealings.
Marketing Analysis of SQUARE Pharmaceuticals Limited: A SWOT Approach. (2017, Feb 02). Retrieved from https://studymoose.com/square-pharma-essay
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