THOUGHT LEADERSHIP IN PHARMACEUTICAL INDUSTRY. Management Essay (Essay Sample)

THOUGHT LEADERSHIP IN PHARMACEUTICAL INDUSTRY
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Thought Leadership Definition and Literature
Thought leadership is believed to have no trace of records in any business and marketing books but it is of a point to note that the subject is widely used and studies have indicated that it has recorded some great influence on a variety of fields in everyday life. The 21st-century era experience a situation where the customer demands go far beyond product and service. As a result, companies across all sectors are running to develop strategies relevant to survive in the industry since the orthodox marketing strategies are no longer effective as the way they used to be in the past. This paper, therefore, is going to analyze thought leadership definition by literature and then tie it to the examples of thought leadership in the pharmaceutical industry, success stories where the subject has been useful and finalize with the practices of thought leadership in the aforementioned industry.
According to Brenner, (2018), thought leadership is a business mechanism composed of unique elements which deliberately produce ideas to aid businesses in meeting their set goals and objectives and to ensure the overall success of a business. Iddrisu, (2017), defines the concept as a section of content marketing geared to give a response to some deepest issues regarding the targeted market. He also defines it as a process of marketing by content on specific areas of the market to help in responding to the biggest questions of targeted customers by exploiting talent and experience in a business. While Fallon, (2018) defines thought leadership as a term for various activities a business engage to position itself as a giant expert on a given area. Barber, (2018), describes it as a process of promoting thought-provoking viewpoints with new solutions that help in revamping the way customers think about the company.