Bayer Group’s Marketing Methodology Analysis Essay Help Writing

Abstract

Founded in 1863 and headquartered in Leverkusen, Germany, Bayer group is a well-known pharmaceutical and Life Science corporation. The company has successfully operated in numerous international regions, including the United States, Europe, and Asia. Agricultural science, veterinary studies, and healthcare items are the company's major business operations. The company has operated for more than 150 years, and its current position is incredibly solid. Their success has always been directly and indirectly tied to the enthusiasm of the researchers and the company's innovative strength. It is also well positioned internationally, since its 392 consolidated companies distribute in 87 nations worldwide (Bayer, 2020). In 2020, Bayer Group joined the list of thirty pharmaceutical businesses distinguished by their extensive developments and inventions (Idea Pharma, 2020). Furthermore, this strategy has led to the company's USD 48.02 billion in revenue, making it the fourth-largest pharmaceutical corporation in the world (BizVibe, 2020). Bayer remains one of the most successful companies in its industry in the twenty-first century.

Unbelievably, the corporation is also investing much in marketing initiatives to successfully reach customers and potential competitors. Without a doubt, these marketing activities cannot be accomplished until all 110,838 workers are aware of the business goal and the value they wish to give, along with an integrated marketing strategy that includes the deployment of marketing programs and processes. The goal of this research is to analyze the Bayer Group's present position in delivering value to its clients based on an analysis of its current condition and its marketing methodology based on a holistic marketing strategy. In addition, there is an evaluation of the level of integration between its activities and, more crucially, what may be implemented to exploit its skills inside its operations and ensure effective value delivery across global markets.

Holistic Advertising and the Bayer Case

A corporation may be termed a holistic marketing organization if its marketing operations include all stakeholders and components that directly or indirectly affect the business. The factors in question can be both internal and external, taking the form of employees, suppliers, stakeholders, customers, or the environment. Moreover, these components serve as the foundation for all marketing decisions.

As is evident in the example of Bayer Group, it is more effective when all of an organization's resources are going in the same direction toward a single aim. Regarding holistic marketing as a whole, there are four distinct advertising components: relational, integrated, internal, and societal (Kotler & Keller, 2016). According to Kotler and Keller (2016), the execution of a holistic marketing strategy begins with the establishment of strong internal relationships at all organizational levels. Internal, Integrated, Relationship, and Performance types of marketing components are distinguished in terms of holistic marketing. Based on the following study, Bayer is an excellent example of a corporation that employs the aforementioned strategy.

Internal Marketing

This component is dependent on internal procedures that ensure employee satisfaction. A company's ability to achieve its long- and short-term objectives depends on the level of pleasure of its customers. According to Kotler and Keller (2016), the objective of internal marketing is to ensure that staff are prepared to give the value that customers require. Therefore, internal marketing consists of recruiting, training, and motivating staff to increase customer service quality.

As stated previously, the Bayer Group exhibits cutting-edge innovations in healthcare, agriculture, and nutrition. The corporation has implemented the Bayer Societal Engagement Principles (BASE) to meet the needs of its consumers. The claimed purpose of the principles is "science for a better life," where "life" is an abbreviation for leadership, integrity, adaptability, and efficacy (Bayer, 2020). These ideals are quite distinctive, and not all organizations have adopted them. They enable greater employee retention and loyalty, resulting in an improvement of operations as a whole.

In addition, the organization has won multiple honors for its healthy work environment. Bayer has been recognized as the leader in diversity and inclusion, as well as gender equality (Bayer, 2020). The rankings were based on the percentage of women in management, wage equality, corporate culture, and anti-sexual harassment measures. Additionally, the organization has garnered a number of accolades for scientific research, personnel development, and inventions (Bayer, 2020). These awards show a healthy and motivating corporate climate, which is essential for long-term growth, credibility, and a happy work environment.

Combined Marketing

The subsequent part of holistic marketing includes items, delivery channels, and corresponding communication. The concept advises transitioning from single marketing initiatives to a comprehensive program that consolidates them. This element's purpose is to create, communicate, and produce consumer value while ensuring marketing operations are coordinated. It has been accomplished by Bayer Group, whose direction encompasses customers, suppliers, inventors, and even governments (Bayer, 2020). The method of communication is particularly efficient since it relies on direct and indirect communication and eliminates superfluous information. By utilizing campaigns and being upfront with their clients, partners, and all other key stakeholders, Bayer assures high levels of involvement, which leads to effective marketing and product development.

Relationship Promotion

This aspect focuses on developing connections and relationships with all business-related parties, including consumers, partners, government authorities, and competitors. In general, relationship marketing involves maintaining relationships with those who can affect the success of the business. The current business climate mandates that the level of connection between companies and clients must extend beyond the act of selling. To keep the brand identifiable, it is essential to develop and maintain a continual connection. This objective requires strong consumer-manufacturer relationships. In addition, relationship marketing implies that these relationships should be strengthened over time. Bayer Group has a global network of research and development in which almost 15,000 individuals work on global healthcare concerns (Bayer, 2020). According to Kotler and Keller (2016), marketing connections are characterized by the values that a firm seeks to convey to its customers. Positive and enduring relationships play a crucial role in the corporate activities of the present day.

Effective Marketing

This category is not restricted by the quantity of product purchasers or sales figures. The word incorporates society in general, as well as how the company's products effect society. When company actions are suggested and implemented, legislation, ethics, and the social landscape must be taken into account, according to performance marketing. According to Bayer Group's (2019) sustainability report, the company employs a cutting-edge approach that enables it to address key contemporary challenges and assure a good social impact. Sustainability for Bayer extends beyond risk mitigation, as the company aspires to share global progress with the populace while respecting the environment and the planet. This strategy is essential in the contemporary environment because it encourages sustainable growth on all levels.

Long-Term Factors Affecting Bayer Group

There will always be a variable that could have an effect on a company's standing if it operates well both domestically and internationally. This is a particularly timely argument, as there is an ongoing demand for innovative and technologically improved items. The list of relevant aspects may include three broad categories: economic, political, and social. These factors must be taken into account by any large organization, as they may have a significant impact on the firm, both positively and adversely.

Economic Aspects

In recent years, Bayer group has engaged in a number of mergers and acquisitions, maintaining its long history of substantial mergers and sales. Through extra internal research and development, the company was able to offer a full range of products as a result of these actions. The majority of Bayer's activities are financed by the sale of assets and shares, as well as bank loans and sales revenue. Simultaneously, the chemical and pharmaceutical industries of such large markets as the United States and the United Kingdom have expanded tremendously.

Political Aspects

Bayer's continual adaptation of political characteristics in other nations may have grave consequences. The variety of potential challenges includes variances in legislation and standards, which is why changing products initially designed to the needs of a different market incurs additional operating expenses. There will always be a need to develop a strategic plan for a huge corporation like Bayer, which operates in 87 markets worldwide. It encompasses not only marketing activities but also all company tasks.

Bayer Group adheres to specific criteria on legal aspect regulation. It is important to the corporation to combat corruption, and its Code of Conduct for Responsible Lobbying limits its participation in political processes (Bayer, 2020). In addition, the corporation participates in transparency programs sponsored by numerous European Union and American authorities. This attitude to political concerns and corruption enhances the company's reputation and enhances its image.

Social Aspects

Bayer has an incredibly significant impact on corporate social responsibility and research and development-related operations. This role has lately become apparent in the context of the global pandemic known as COVID-19. Bayer established a crop-relief program for two million farmers affected by the epidemic as part of the company's response to the force majeure. In addition, the corporation invests significant resources in research and development to create the necessary goods to reduce the effects of this calamity. According to their study, the company is contributing to the global fight against the coronavirus through their products and healthcare knowledge (Bayer, 2020). Regarding healthcare, Bayer has also increased the essential health-related output in these challenging circumstances. Therefore, Bayer highlights the necessity of quality healthcare in the 21st century, which is a distinguishing characteristic of the social policy of every sustainable business.

The above-mentioned three groups of factors should be considered by all large multinational corporations, particularly those in the pharmaceutical industry, as they encourage sustainable growth and development. It is essential to safeguard the business against potential legal and social ramifications that could result in severe financial and reputational damage. A corporation that has spent the past 150 years cultivating its reputation cannot afford to suffer such losses.

Marketing strategy at the product level

Bayer Group offers a variety of high-quality items, including some that have molded the brand as it is known today. Bepanthen is a 1944-introduced product that has been marketed by Bayer Group since 2005. (Bepanthen, 2020). It is well-known as a cream created for various uses, such as treating rashes and burns. Although this product is extraordinarily profitable and has had a global impact on families, there is still uncertainty in social media and blogs on the product's various varieties. Effective marketing efforts and raising awareness of the benefits and functions of the product can be used to address this issue.

Strategic Marketing Campaign for the product comprises incorporating consumer feedback and directing the product's many sorts and effects. It is essential to deliver this information through the proper channels, as advertising should target the intended population. Presented are the results of marketing research (Figure 1). In addition, holistic marketing is applied to this product's campaign by utilizing several social groups for a specific product type.

Figure 1 Marketing for Bepanthen

According to the results of the study, Bayer Group might refocus its marketing efforts for this product on more contemporary strategies employing social media as the conduit to its consumers. It may also be beneficial to cooperate with influencers to showcase the benefits of the product. Influencers are online celebrities who are compensated for endorsing things. Typically, modern corporations maximize earnings by cooperating with influencers. Some businesses even utilize the services of "micro-influencers" with a tiny following. Overall, social media presence is a crucial aspect of 21st-century marketing, and its significance cannot be ignored.

Organizational Level Recommendations

Depending on the probable issues that Bayer Group may encounter over the next five years, a variety of activities may be offered. The company's competitors may demonstrate a breakthrough in marketing innovations first. As the degree of competition increases, all market participants must continue to develop novel tactics and try to enhance the firm as a whole. According to Sappin (2016), three-quarters of company executives acknowledge the importance of innovation in the success and even survival of modern businesses. Bayer Group is an excellent example of a corporation that has effectively adopted a comprehensive marketing strategy, beginning at the corporate level and extending to its customers and other important stakeholders. It is recommended that the corporation continue working in this direction and maximize the use of its vast resources.

A second useful method would be to raise research and development expenditures. This is one of Bayer's greatest advantages, as the company's dedication to research has made it a global leader in pharmaceuticals. The organization is able to expand its capabilities in terms of giving the greatest value to customers as a result of its study. It is a crucial component of sustainable growth, as research and development methods unify several sectors to identify efficient answers to present and future problems. When conducted and performed appropriately, research and development raise the company's quality and revenue while reducing costs.

Thirdly, the organization should strive to implement cutting-edge technologies, such as artificial intelligence. The new technology offers numerous options for enhancing the quality of the sphere. A novel pharmaceutical can be produced and tested in less time, allowing for a rapid transition from development to use and profit. The business of the 21st century should become proactive rather than reactive. Concurrently, the corporation must be shielded from potential legal ramifications resulting from contemporary obstacles. It is essential to follow the evolution of laws in all markets where the organization operates. Before releasing new products and advertising in a certain region, it is vital to conduct research because laws and regulations may vary from market to market.

Human resources have become the most important and valued component of modern company infrastructures. It may be tricky to gather individuals of diverse origins and histories within a single company, and it is even more difficult to convince them to collaborate toward a shared purpose. However, businesses such as Bayer focus on enhancing the workplace atmosphere by making it more inclusive and welcoming. According to the results, this strategy is advantageous for all parties concerned, including employees, consumers, and the organization as a whole.

Bibliography

Bayer (2020). The commitment of Bayer during the coronavirus pandemic. Web.

2019 Bayer Sustainability report Web.

Top 10 Largest Pharmaceutical Companies by Revenue 2020, Pharmaceutical Industry Factsheet, BizVibe, 2020. BizVibe. Web.

Idea Pharma (2020) These pharmaceutical firms are the foremost innovators and inventors. Fortune, Web.

Kotler, P., and Keller, K. (2016). The 15th edition of Marketing Management. The publisher in London is Pearson.

Sappin, E. (2016). "Six Ways to Leverage Global Innovation for Business Growth," Entrepreneur.com.

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