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executive summary
executive summary
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Executive Summary- Allround is the leading medical product for cold in the OTC market. It is the most frequent purchase with a high conversation ratio, though the retention ratio has been decreasing, along with market share. Some competitors have introduced new products, and Allround is slowly waning having reached maturity. Therefore, the OCM Marketing team has developed a long term Marketing mix strategy until 10th period. Our team mission is to improve Allround performance. At the end of the 10th period, Allround must quadruple the accumulative net income. To accomplish that mission, our team set the next objectives: Financial -Increase Sales Revenue Customer Increase Retention Rate/Customer Satisfaction Internal Business Process. …show more content…
While listening to costumers needs, and benchmarking, we decided to reformulate Allround formula by dropping alcohol. Moreover, we observed an opportunity to enter the cough market as it was the second largest market with just two competitors, and one the of most common symptoms reported. This Line extension, Allround Cough is targeted towards retired and empty nesters. At the end of the 10th period, Allround will have another new product, its target market will be evaluated with a market sizing exercise, as we also take into consideration Market surveys, feedback from our customers and Internal …show more content…
The multi-symptom cold liquid was allowed to run as the market leader. However, it was clear that we needed to get a new product in the market soon to avoid our market share declining. Before deciding on the product, we conducted an estimate of the market to recognize the sizes of potential markets (Table 2 and 3). We divided the market into 2 bases- demographics and symptoms. We tried to estimate the different demographics through a market sizing exercise. The conclusion of the market sizing exercise was that there were 2 large markets- (i) children and (ii) retired and empty nesters. We saw the potential of growth in these 2 markets. However, the former market was not tested, with only Coldcure in the market. Since population growth was relatively flat at s needs throughout development and research. The initial focus for advertisement messages line extension and new product would be to focus on entry and benefits, with very low stress on comparison and reminders. This was done to generate unaided demand and make people aware of the benefits of new products. As the product reached towards maturity, messages will be focused more on comparison and repurchase compared to benefits and awareness. A sample plan is explained below for easier understanding:
The advertising budget was increased 0.5 million to convince them Allround is the best. “Chest congestion” was removed as it was perceived by customers as ineffective. We added “minimize side effects” to target families. We increased benefits and reminder to emphasize the changes to benefits, and remind customers of our brand. We chose Dryup as the comparison because it has the best brand perception for effectiveness. We increased the Point of Purchase to attract customers, so we decreased Newspaper Coupons. We created a logo and advertisement for Allround, and chose Facebook and Twitter for the Special section.
Cateora, P., Gilly, M., & Graham, J. (2013). International Marketing 16th edition: New York, N.Y: Mc Graw-Hill Irwin companies, Inc.
We propose a branding strategy which takes into account the brands capabilities and competencies, strategies of competition brands and the outlook of consumers experience in their respective societies. As an international brand there is the challenge of staying connected with local customers. We will overcome this by adapting marketing strategy to local needs using a variance of standardized marketing mix and an adapted marketing mix.
Colgate-Palmolive has been a strong force in the oral hygiene industry. The company has many strengths that have contributed to the company’s success. The company has become a global leader with seventy five percent of sales coming from international operations (Colgate, 2011). The company has built strong brand recognition over the years. According to Sekar and Thomas (2008) “brand differentiation is now becoming an important tactic for combating competition in the hostile marketplace.” While price is important, brand is also an important influence for consumers (Chain Drug Review, 2010). Another influence is product positioning. Colgate-Palmolive has been successful in positioning their products in stores and displaying more skus than other brands.
Every company seeks to create its own brand - a unique and effective image. Purpose of brand is attracting and retaining customers in its market share. Branding in marketing is a complex technology, aimed at making advantageous position a brand from the competition. Facilitating the search for the necessary goods to the buyer, branding in marketing becomes more effective if the consumer product features meet market requirements. It is especially necessary to identify the goods, for a case of unprepared buyer which can not assess the competitive characteristics (for example, high-tech products). The development of technology has had a huge impact on human society. It is reflected in the fact that we are surrounded by complex technical devices that we use every day and sometimes we have no idea of how this thing is located within. Here the brand comes to help the consumer that stands out from all those product characteristics that are important to the consumer and facilitates the understanding of the product.
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Price strategy: This strategy includes the total costs that the audience will pay for adopting the desired behavior which will lead to potential
We will sell our products throughout well-known hyper markets and online retailers. Since hyper markets are expanding rapidly we are confident that our product will reach out many potential returning customers. During the first year, we will provide samples and brochures informing customers of the nutritional facts of our products. We will also demonstrate the importance of getting enough vitamins and minerals to have a healthy life.
A product is a service or item that is offered to the customer to fulfilled their requirements and needs. A brand portfolio is used to include all entities when a large organisation run under various and numerous brands, services and company. Typically, each of the brands possesses a separate trademark and manage as a single business entities. Samsung is a huge company and produce various products with creative and interesting design and sizes, therefore customer has numerous choices. Samsung brand portfolios is Samsung Electronics Co.Ltd, SDI Co.Ltd, Electro-Mechanics Co.Ltd, Techwin Co.Ltd, Heavy Industries Co.Ltd and Security Co.Ltd. All those products had been offered to the multinational company and the world. Every Samsung brand is regulated
The main objective of this report is to develop and provide a sales and marketing plan for which the company will help to generate more profit and acquire more customers to patronize the product. This report will cover the period of 2016 to 2017 which will serve as guidelines that needs to follow of the employees, managers and management team to reach the desired goals and target for the company.
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
Place. The next step is place. It involves creating or finding distribution channels through which the product would be sold. Therefore, this step in 4Ps marketing involves delivering product to the points where customers can buy it.
The SWOT analysis is a useful tool for identifying our personal strengths, weaknesses, opportunities, and threats to our plans and goals. According to a “Fuel My Motivation” article (2010), this analysis considers internal influences that can positively or negatively affect our ability to achieve our goals. The internal factors are our strengths and weaknesses. Also considered are opportunities and threats, which are external influences that can have a positive or negative impact on the ability to achieve our goals. I will share how the self-assessment instruments and self-exercises in this course have contributed to assessing and understanding my strengths and weaknesses. I will also discuss techniques I will use to leverage my strengths and understand my weaknesses. In addition, I will consider opportunities that I can take advantage of and the threats that can possibly impede my progress.
test whatever it's a bad effect or not. So when it used on humans, we