# Substantiation for the optimal strategy of risk management in marketing communicative activities of pharmaceutical enterprises based on mathematical model approach

## Authors

• Anzhela Olkhovska National University of Pharmacy Pushkinska str., 53, Kharkiv, Ukraine, 61002, Ukraine
• Volodymyr Malyi National University of Pharmacy Pushkinska str., 53, Kharkiv, Ukraine, 61002, Ukraine
• Ihor Storozhenko National University of Pharmacy Pushkinska str., 53, Kharkiv, Ukraine, 61002, Ukraine

## Keywords:

risk factors, risk management strategies, marketing communicative activity, pharmaceutical enterprises, mathematical model

## Abstract

Aim. To develop a mathematical model of risk analysis and evaluation in the marketing communication activity of pharmaceutical manufacturing enterprises in promoting a new medicine product under limiting and (or) saving investment funds for marketing communications. The obtained results allowed to make reasonable decisions as for choosing the optimal risk management strategy in marketing communication activities of pharmaceutical enterprises.

Methods. The implementation of the above tasks predetermined the choice of the following methods: content analysis, logical analysis, grouping and generalization, mathematical model methods, etc.

Results. The research resulted into introduction of the method of analysis and risk assessment in the marketing communication activity of pharmaceutical manufacturing enterprises in the promotion of a new medicine product using fuzzy modeling theory Fuzzy TECH.

The developed mathematical model allows the subjects of the pharmaceutical market to reasonably and timely evaluate the impact of certain risk factors on the results of the marketing communications program's implementation when promoting a new medicine product under limiting and (or) saving investment funds for marketing communications. Taking into account the obtained results allows to make a managerial decision on choosing an optimal risk management strategy in marketing communication activities of enterprises: risk avoidance, risk transfer, risk reduction, risk taking.

Conclusions. The given mathematical model is of practical value for the subjects of the pharmaceutical market, since it is not vulnerable to the number of input variables – higher or lower number of risk factors leads to higher or lower number of decision rules, with the model logic remaining unchanged

## Author Biographies

### Anzhela Olkhovska, National University of Pharmacy Pushkinska str., 53, Kharkiv, Ukraine, 61002

PhD, Associate Professor

Department of Pharmaceutical Marketing and Management

### Volodymyr Malyi, National University of Pharmacy Pushkinska str., 53, Kharkiv, Ukraine, 61002

Doctor of Pharmacy, Professor, Head of the Department

Department of Pharmaceutical Marketing and Management

### Ihor Storozhenko, National University of Pharmacy Pushkinska str., 53, Kharkiv, Ukraine, 61002

Doctor of Physical and Mathematical, Professor

Department of Physics

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2018-11-05

## How to Cite

Olkhovska, A., Malyi, V., & Storozhenko, I. (2018). Substantiation for the optimal strategy of risk management in marketing communicative activities of pharmaceutical enterprises based on mathematical model approach. ScienceRise: Pharmaceutical Science, (5 (15), 24–31. https://doi.org/10.15587/2519-4852.2018.146479

## Section

Pharmaceutical Science