MBA Assignment “Relationship Marketing“
Topic:
The importance of Trust in Maintaining Customers` Business Relationships at ICON
1.Introduction
1.1. Analysis of the core relationship marketing strategy at ICON
ICON is a Global Contract Research Organisation (CRO) with more than 34 000 employees globally, specialised in the strategic development and management of clinical trials that support Product Development – from compound level to Phase I-IV clinical studies.
In March 2021 it has been announced that ICON has entered into a definitive agreement to acquire PRA HS CRO, where the author of this report has been working for the past 6 years, in order to bring together two innovative CROs with similar clan oriented culture and values into a world leader CRO. The deal was closed at the beginning of July 2021.
ICON`s clients and customers range from large pharmaceutical companies to small, mid-sized and biotech pharma producers with which we work in close collaboration, in order to monitor clinical trials, while protecting patients safety and supporting development of new medicines and healthcare services. Collaborating fluently requires mutual trust in everyday business activities and trust is the foundation for further business continuity and smooth processes execution.
ICON`s global team of experts has extensive experience in broad range of therapeutic areas like oncology, immunology and vaccines development, central nervous system, cardiology, internal medicine…etc. One of the core services provided is medical monitoring of the clinical trials that can help ICON`s clients expedite the time it takes to bring a drug to the market while guarantee patients` safety. Trust is the beneficial factor that encourages teamwork, progress and innovation both from employees perspective and from the corporate financial side.
Medical monitoring of clinical trials at PRA HS is delegated to a team of medical experts at the department of Medical Affairs where the author is currently working. Main responsibilities include review of patients` safety parameters, reviewing and interpreting study efficacy results, inclusion and exclusion criteria, assessing laboratory parameters…etc.
Activities performed at ICON help customers to accelerate the development of drugs and devices that save lives and improve patients` quality of life.
As stated by B. Schmitt (1999) “The purpose of marketing is: to create a valuable customer experience…your customers will thank you for it, stay loyal…, and pay a premium.”
Quite often lack of communication and misunderstanding internally and externally, lead to inability of ICON to meet Clients` expectations resulting in loss of revenue and business.
To enhance ICON Customers` satisfaction and achieve competitive advantage we started addressing key relationship marketing questions:
●Do we manage to establish the level of trust in the daily business relationships with our customers?
●What are ICON`s strengths, weaknesses, opportunities and threats in the current customers relationships?
●What kind of relationship strategy is to be implemented for the future?
ICON`s important stakeholders are the customers, the employees, shareholders and investors, patients and whole society. The importance of trust between all the stakeholders is crucial in their daily collaborations.