Assignment Example | Topics and Well Written Essays - 1500 words - 2

Assignment Example One of the main technological advancements that completely transformed the business world is the invention of the Social Media Networks such as Facebook, Skype and Twitter. Technology enables people to network easily, chat and meet friends over the internet. In addition, businesses take advantage of this platform provided by social media networks to advertise their products and services, i.e. through e marketing and e-commerce. Social media networks have millions of people converging on their sites at the same time. Businesses are looking for these customers. Therefore, it is mandatory for every business to have a presence in social media in order to keep adrift with business trends and transformation (Hair, Lamb and McDaniel 14). On the other hand, social media networks also brought about significant transformation in the social-cultural arena whereby it transformed how people interacted. Through social media networks, it is possible for people to meet and make friends with other fr om parts of the globe. Furthermore, social media sites also enable people to participate in online conversations, voice their opinions about certain issues, as well as contribute to both educational and motivational blogs. As such, social communication greatly advanced through social media networks. This greatly improved interpersonal skills and modes of communication across the globe. The world has become a more social place thanks to social media, and social media networks enabled people to marshal support and fight champion for a common course, e.g. social media sites was very fundamental in organizing the Arab Uprising in Egypt in 2011 (Hair, Lamb and McDaniel 14). A recent study by a consumer health organization, Families USA, reported that pharmaceutical drug companies spend over $57 billion per year on promotion. Direct-to-physician activities accounted for the bulk of spending, on a practice called, â€Å"detailing†Ã¢â‚¬â€visits to physicians by pharmaceutical sales representatives in order to promote their firm’s drugs. Free drug samples distributed during these visit represent another significant expense. It is estimated that in total pharmaceutical companies spend over $61,000 in â€Å"promotion per physician†. The other major piece of the marketing ‘pie’ is spent on consumer-direct marketing—ads that suggest consumers ‘ask the doctor† about drugs we may not even need for ailments we may not even have. The report also states that each of the top 10 pharmaceutical companies spend more than twice as much on marketing on research and development. The market for prescription drugs is unique in many ways. Prescription drug marketers must convince a third party-- a physician-- to prescribe their product to the ultimate consumer, the patient. The decider is the physician, and drug manufacturers' promotional efforts traditionally have been directed toward physicians. Furthermore, drug firms increasingly have to influence committees in hospitals and health management organizations who are determining which drugs their physicians can prescribe. (15) (About 250-300 words) If prescription drugs can only be ordered by a physician, what is the purpose of marketing directly