Marketing Plan for Pharmasim - 3854 Words

A) Executive Summary The management team at the over-the-counter cold medicine (OCM) group of Allstar Brands is looking to utilize revenue generated by Allround to help fund new opportunities in emerging markets. Therefore, it is critical that Allround maintain its market-leading position in terms of market share, profitability, and sales in order to fund these new initiatives. While Allround is a leader in brand awareness and brand most frequently purchased, there are direct competitors to Allround. These competitors offer various products from general cold medicine offerings to single-use medicines. It is likely that these companies will continue to develop new offerings in that arena to have greater coverage across different segments.†¦show more content†¦All competitors of Allstar’s are diversified into other categories of the OTC market and not dependent upon just the cold segment. This is one area where Allstar can potentially improve its sales and diversify its product lines. Although Allstar has the highest brand awareness, it also has the highest price amongst competitors. The fact that Allround has a strong reputation in the market place due to the product effectiveness allows Allround to maintain a higher price than its competition. All other competitors supply its OTC in capsule form, which is the preferred method of consum ption by consumers. Allstar must be aware of the various formulations of the competitors, be selective in considering new products to market, and pay attention to newly offered products and the markets the competitors are targeting. The Allstar team needs to reassess the strategy and approach each period based upon competitor information while maintaining the long-term strategic objectives. Economics Allstar must monitor the economic conditions when deciding the appropriate budget allocations to advertising, sales force, promotion, and discounts. Inflation is a major influential factor that can affect total pricing and the costs of goods sold, which will affect the company’s bottom line. InShow MoreRelatedManufacturessuggested Retail Price1418 Words   |  6 Pagesmore profits if the item is selling faster than initially foreseen. The MSRP for Allround suggested retail was $5.29, according to the PharmaSim case study, â€Å"The manufacturer’s suggested retail price (MSRP) for Allround is relatively high with volume discounts ranging from 25–40%, not including promotional allowances†. Our pricing decision for the PharmaSim simulation we felt was important because consumers have alternatives to choose from and are better informed. Our initial retail price ofRead MoreA Report On Thes Performance Indicators, Current Status Of Metrics1569 Words   |  7 PagesScorecard, which provides it for a period of time. It is an important tool for any business looking for departmental information. The information from this report comes from within the company and provides a snapshot of where the company stands. The PharmaSim dashboard shows a snapshot of the overview of the company that includes revenue, gross margin, net income, and stock price. It also has a bar chart based on the department’s metrics. In this case, Allround’s performance is shown (Performance SummaryRead MorePharmasim Essay1217 Words   |  5 PagesWhat Did We Learn From Pharmasim? In our experience with Pharmasim we learned that Marketing decision making must be very sensitive and responsive to everything going on in the industry which is very complex. Consumer responses to marketing tactics can be volatile and unpredictable and no idea is guaranteed to work well. Marketing is a matter of meticulous research, assumptions, planning, and volatility at times. Overall we took away two major points: 1) that it is important to consider the productRead MoreHigh Hopes at Miracle-Gro in The Medical Marijuana Field888 Words   |  4 Pagesinclude Scotts Miracle-Gro Co. who is venturing into the medical marijuana field with Miracle-Gro products. Centennial Seed Co. and General Cannabis Inc. are also mentioned as companies that support the medical marijuana field. These new niche marketing strategies are supported with data by See Change Strategy LLC’s and Rollitup.org. According to Jim Hagedorn, Scotts Chief Executive, the company is exploring medical marijuana as a potential market â€Å"to help boost sales† (Mattioli, 2011). Scotts’Read MorePharmasim Essays1302 Words   |  6 PagesAllstar Brands Over-The-Counter Cold Medicine Group May 15, 2014 PHARMASIM Simulation Initial Strategy Report Allstar Brands Over-The-Counter Cold Medicine Group May 15, 2014 PHARMASIM Simulation Initial Strategy Report PHARMASIM Simulation Initial Strategy Report Presented by Group D This report is Part 1 of assignment for Marketing MBA 565-MBOL1 to Dr. Stephen Baglione Table of Content Executive Summary...†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..2 Read MoreMegadeal Unites Drug Rivals Essay960 Words   |  4 PagesMedco Health Solutions Inc. Their PBM competitor companies include UnitedHealth Group Inc. with its OptumRx pharmacy unit, Walgreen Co., and CVS Caremark Corp. These PBM companies compete against each other for contracts with employers and health plans. Thomas Gryta defines Pharmacy Benefit Managers as companies who â€Å"process prescriptions for the groups that pay for drugs, usually insurance companies or corporations, and use their size to negotiate with drug makers and pharmacies.† (2011) PharmacyRead MorePharmasim Handbook3245 Words   |  13 PagesSECTION 1: THE PHARMASIM CASE ALLSTAR BRANDS OTC COLD MEDICINE GROUP: The Allround Brand ALLSTAR BRANDS CORPORATION. . . . . . is one of the leading manufacturers of packaged goods in the world. Since its founding in 1924, the company has acquired or merged with a number of smaller packaged goods companies. The management team at the over-the-counter cold medicine (OCM) group of Allstar Brands just completed its third presentation in the past month to the Pharmaceuticals Division managerRead MoreFacebook Adding Music Services Essay1171 Words   |  5 Pagesbrings buyers with similar interests together, to compare products and influence purchasing decisions (p.11). To support Facebook’s music service argument, marketing research can be compiled by analyzing Facebook’s demographic population, such as age mix, educational groups, or geographical population. Although there are several marketing research contact methods, such as questionnaires or phone and personal interviews, the most effective method will probably be a Facebook fan page. A fan pageRead MorePharmaSim Project1019 Words   |  5 Pagesï » ¿PharmaSim Project Notes / Tips / Questions / Ideas General Case Notes The objectives and goals of Allstar are to look for new opportunities in emerging market with support from healthy and growing cash flow, to introduce new product, to maintain leadership and to maintain long-term profitability and market share in an increasingly competitive and changing environment. Certain measurements are introduced to weight the success and progress of the objectives such as feedbacks from customers and retailersRead MorePharmasim Case818 Words   |  4 Pagesï » ¿PharmaSim Case Wednesday, May 14, 2014 11:15 AM    Introduction: Management team at the over-the-counter cold medicine (OCM) group of Allstar Brands just completed its third presentation in the past month to the Pharmaceuticals Division Manager regarding the status of the Allround cold medication.    Problem: Allround brand it manages is of strategic importance to the company. Unfortunately, the fourth quarter performance were not as positive as management expected.    Overview: Allround