A STUDY ON BRAND MANAGEMENT WITH SPECIAL REFERENCE TO HINDUSTAN TRADING CORPORATION

A STUDY ON BRAND MANAGEMENT WITH SPECIAL REFERENCE TO HINDUSTAN TRADING CORPORATION

Pravin Kumar P, Dr.B.Bhavya

ABSTRACT

Hindustan Trading Corporation is a well-established entity in the consumer pharmaceutical sector, known for its dedication to delivering quality products and services across various market segments. Founded on principles of integrity and customer-centricity, Hindustan Trading Corporation has built a strong presence in the marketplace through its generic pharmaceutical products. The company's strategic focus on brand management is evident in its efforts to cultivate consumer loyalty and brand equity. Through continuous innovation and adaptation to market dynamics, the company maintains a competitive edge, ensuring relevance and effectiveness in its branding initiatives. Moreover, Hindustan Trading Corporation's approach to branding extends beyond product differentiation to encompass customer experience and perception, fostering long-term relationships with stakeholders. By leveraging valuable resources in brand development, Hindustan Trading Corporation aligns its branding efforts with overarching business objectives, maximizing returns on investment and enhancing market effectiveness. As a result, Hindustan Trading Corporation stands as a testament to effective brand management within the pharmaceutical industry, serving as a model for strategic branding. largest in terms of value. It contributes 3.5% of the total drugs and medicines exported globally. India supplied around 45 tons and 400 million tablets of hydroxychloroquine to around 114 countries globally. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand. In India, the pharmaceutical industry mostly confined to ethical promotion for getting prescription from doctors. The Indian Pharmaceutical Industry is one of the growing sectors of the Indian Economy. It has been noted that consumers are rarely able to link a pharmaceutical product to pharmaceutical company even though they might be highly involved in the product (medicine). For consumers, it is enough to know that their medication works well and has few side effects. In India, prescription drugs are not advertised, the sources of awareness are prescribers and chemists and stockiest in case of expensive life saving drugs. Online information has improved the awareness.

Consumers of drugs prescribed by doctors rarely deal with pharmaceutical industry. In addition, for the most part consumers have very little knowledge, or motivation to know more about them. One major factor that may influence consumers association for pharmaceutical companies is a general attitude towards all types of medications. When it comes to open-through-counter (OTC) medicines, that is the medicines that are sold without the prescription, the influencing factors are sensory attributes. There is an influence of product visual attributes on pharmaceutical OTC products and the consumption desire of consumers. So, pharmaceutical branding today is about expressing brand value that is valuable to the consumers. Building brand is a continuous process and is built by using different tools like sampling, making noise at clinic level through detailing, doctors meet, conference participation, gift, and other promotional materials.