Essay about Marketing Management : Executive Summary- Allround

Essay about Marketing Management : Executive Summary- Allround

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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. Research Investment
Learning Innovation- Product development

Each objective is going to be follow-up period by period with key measures and initiatives. Further details have been elaborated in the Balance scorecard and Mission statement section.

Allround Segment, Targeting, and Positioning (STP) is mainly targeted to attract interest from young singles and families as well as mature families. 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 Resea...

... middle of paper ...

... 20-32% of the budget, changes will be according to product life cycle and trade off statistics. Allowances will be mostly steady around 15% with a maximum increase up to 20% when products reach maturity or sales start to decline. Promotional allocation could change among those channels that don’t show growth regardless sales force support investments.

There will be more experiential marketing towards the beginning of a new line extension/product, to promote brand switching from the competition products while creating brand awareness at the same time based on the value creation of each new line/product. The reduction in advertising budget due to high brand awareness of Allround will help us allocate more financial resources towards experiential marketing. As a team, we agreed that this was the best way to draw in more customers with heavily affecting the bottom line.

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