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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.
Strengths for Duquesne University would be that it is nationally ranked number 115. This is a number that can beat many competitors and creates benefits for those that attend. Classes that have fewer than twenty students is 40.9% and classes that have fifty or more students is only at 9%.. (http://colleges.usnews.rankingsandreviews.com/best-colleges/duquesne-university-3258/rankings). Duquesne is located in Pittsburgh Pennsylvania and is known to be one of the top places to live in the country. Pittsburgh is considered the most livable and resilient. There is a young crowd that could be an interest for young adults, also this city is considered to be the third safest cities in the states (https://fitt.co/pittsburgh/pittsburgh-best-city/). Religious values are what many people look for to keep that connect they have with their beliefs, having these values instilled in the curriculum could be a benefit view for parents and students.
Allstar brands currently does not have a children’s cough medicine and releasing one may result in many positive possibilities for the company. Our target market is young and mature families, and this target market very likely has small children that could use a cold medicine specifically for their age group. We could introduce a cough medicine for children all while maintaining focus on the same market segmentation. Price: Do not alter price too much and maintain an edge over the competition.
However, Allstar brand management took care in targeting advertising message and promotions. Advertising message was based on symptoms and relevant market segment. E.g. Allright was targeted only for ‘Allergy’, Allround+ was targeted only on Cold, young Singles and family. Additionally promotion of benefits was very specific. Experience and lessons learnt from the previous periods allowed the team to further optimize the message and utilize promotional dollar wisely. Co-op dollars were only spent on relevant channels. Product display discounts was taken off from the convenience
A line extension or a new product line will require additional investment for product development and marketing activities.
Other: Sometimes just by watching advertisements don’t attract the costumer. Until and unless they don’t taste it they would not trust the product, and buying a product of 3 dollars sometime feels risky. For this the most amazing solution for customers and for the company is to give this product with the other product of the same company in free, or in 10% discount. It will feel like a loss but if we see in the long run process it is kind of a profit only. To buy this product and taste it people will buy the existing product of the company. As the product becomes popular in our target market we can stop this process and start selling it in a normal
Grady improves the health of the community by providing quality, comprehensive healthcare in a compassionate, culturally competent, ethical and fiscally responsible manner. Grady maintains its commitment to the underserved of Fulton and DeKalb counties, while also providing care for residents of metro Atlanta and Georgia. Grady leads through its clinical excellence, innovative research and progressive medical education and training.
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.
Lamb, C. W., Hair, J. F., McDaniel, C. D., & Wardlow, D. L. (2009). Essentials of marketing (6th ed.). Cincinnati, Ohio: South-Western College Pub..
Price strategy: This strategy includes the total costs that the audience will pay for adopting the desired behavior which will lead to potential
Cateora, P., Gilly, M., & Graham, J. (2013). International Marketing 16th edition: New York, N.Y: Mc Graw-Hill Irwin companies, Inc.
Marketing is a essential part of a business because it helps to control the way that goods or services are sold. When marketing a specific product or service it is crucial to be well informed in all aspects of marketing, which include the marketing mix, marketing strategy, target market in which you will offer your product and the environmental factors that could effect how your product is received, including social and cultural difference, competition, economic and technological aspects. In this paper I will explain how I will market the product which I have chosen. An Herbal Shampoo brand called "Herbalize."
The pricing strategy will start out rather high for this product upon its release in order to draw a more selective crowd such as the upper class members of the urban society. Once the product has succeeded within this market there will be a development of additional variations of the product which will allow for certain models, with less features, to be sold at a lower price point in order to attract the members of society who are less willing to pay the high asking price for the top of the line version of the
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.
· The Right Marketing Mix – Is the product right?, Is it sold in the