This was the final presentation in an MBA Marketing class I took in which myself and 3 other classmates met on a weekly basis to make all marketing decisions for a pharmaceutical company. The data was adjusted each week based on our decision making. Each week we could see data regarding sales, volume, discounts redeemed, and all other marketing related metrics. We made decisions regarding new product launches, promotional budgets, advertising budgets, and discontinuation of products. We placed 2nd of 8 groups, with market share and net income being the most important metrics for performance evaluation.
Strengths: High brand awareness, market share and sales volume Weaknesses: One size fits all product, low doctor recommendations, highest priced product on the market Besthelp: had higher doctor recommendations, and Dryup:was the product most similar to our own. To maintain brand awareness, we planned to develop new products
Collaborators: Cooperative advertisers, our sales force, and doctors. We planned to increase coop expenditures, and increase our sales force, especially the detailers who encourage doctors and pharmacists to recommend our product . Context: Inflation, increasing costs, and changing consumer demographics and population
Demographics: We chose to target young singles, young families and empty nesters since we did not dominate the market for these segments. Markets: Cold
Product – We planned to target young families by introducing a 4 hour children’s liquid Price – We chose to price sensitive to inflation and competitors’ prices. We also planned to offer coupons to stimulate consumers to try our products. Promotion – We chose to pursue a pull strategy, advertising based on benefits, and promotion of new product offerings Place – Grocery stores and chain drug stores are priority. Coop advertising, promotional expenditures, and indirect sales support would help increase sales in these channels.
Initially Successful due to our consistent marketing mix Possible cannibalization between
Maturity Stage – as can be seen by the above graph of sales and production contribution by product line, each of Allstar’s products are in the maturity stage. 1.) Market Modification – expanding uses – Allright as more than allergy but also benefits as decongestant. Continued focus on taking market share from competitors. Look at segments where we are not strong. 2.) Product Modification – Two options – Differentiate between Allround/Allround + (e.g. reformulation)+ vs. focusing on Allround/Allright (diverting Allround + costs) 3.) Marketing Modification – Primary focus has been on the consumer which falls in line with the pull strategy we expected to focus on per roadmap. Work more with channels to include them more as partners in presenting and marketing our product.
Existing – Symptoms reported, market update – where growth is (where are people shopping) , industry outlook - industry growth/population Purchase survey – Purchase/awareness/satisfaction as well as decision criteria. Other– Channel sales/pricing/promotion/advertising/sales force.
Distribution - where are there sales coming from Advertising – who is their company, what is the message they are focusing on Product lines – what do they have to offer the consumer as a potential tradeoff
Quality – staying on top of awareness / satisfactionInnovation – taking risks with new products/ taking the first step – Allright Pricing traps – do not play into games that competitors play. Be aware but stay focused. Price above the rest for perceived quality – offer discounts/allowance/coupons to allow affordability to consumers
