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Pharma Sim Project

Categories Brands, Business, Business Management, Company, Finance, Marketing

Project, Pages 5 (1027 words)

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Project, Pages 5 (1027 words)

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 retailers, keeping tracks on our marketing report and purchasing and analyzing the marketing research reports. With increasing budget Allstar has, high market share in cold category and leadership in this market are promised.

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Limitations on product line as Allstar does not manufacture any drugs in the area of cough, allergy and nasal category but cold in liquid form have a huge concern from end-user point of view.

As for the customers of Allstar, they have a great need in OTC cold remedy market. Consumers have negative attitude toward alcohol in the drug formulation and Customers think capsule is more convenient than liquid form.

Several options to react to the current situation including reformulation or line extensions in terms of formula, increasing sales forces, gaining more support from retailers to get better shelf space placement and promotional programs, issuing more coupons to motivate repurchases to improve our retention rate and adjusting sales force allocation and promotion strategy according to consumers’ shopping habits.

Promotional allowance, product turnover, sales force support, co-op advertising allowances, discount volume are effective ways to motivate collaborators to help us achieve our goals. Our direct channels are independent drugstores, chain drugstores, grocery stores, convenience stores, mass merchandisers and wholesalers, merchandisers, detailers are indirect channels.

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We are facing three options to move about product line extension: 4-hour cold liquid for children, 12-hour multi-symptom capsule and 4 hour cough liquid.

Customers notes

Have negative attitude toward alcohol in the drug formulas
Capsules are more convenient than liquid form

Competitors notes

Primary competitors B&B healthcare, Curall Pharma, Discol Corp and Ethik Inc Cold remedy market appears to be fastest growing market
We could react and respond with reformulation, line extension, sales force changes and or adjustments on pricing and promotion strategies

Channels notes

  • Independent drugstores
  • chain drugstores
  • grocery stores
  • convenience stores
  • mass merchandisers
  • wholesalers

Products notes

Allround- a cold medicine that cures most conditions, but is mainly targeted at cold sysmptoms Allround+- all the benefits of Allround product but in a twelve hour capsule. Targeted at those who cannot take the dose of liquid every four hours Allright- cold spray, for those who prefer over liquid or capsule form.

Possible Goals / Objectives

Increase market share of current market to a specific % by the end of a specific period Create a new product that is targeted toward children by a specific period Increase stock price to a specific figure by a specific period To increase net income by a certain figure over a specific period To increase brand awareness by a specific percentage

  • To increase customer satisfaction by a specific %
  • To keep promotional allowance above a certain %

Questions regarding assignments / strategies for completing project

  • How will we meet to discuss project
  • How and who will be responsible for making and entering decisions
  • Roslyn is currently responsible for entering final decisions
  • How and who will be responsible for analyzing each round of decisions
  • We should purchase research reports and assess if each report is helpful, so we can determine how to use the reports, how often we should purchase the reports.
  • Price of reports come out of your budgets

How and who will be responsible for determining strategy for each round of decisions How and who will be responsible for record keeping during the duration of the simulation Keeping track of not only what we did, but also why we did it, and what results we concluded from them How do we envision the written paper, what will it include

  • Decisions
  • Analyses
  • Results
  • Marketing activities
  • Lessons learned
  • Summary

Ideas for breaking up the project

  • Each team member will choose one marketing objective and handling everything for it
  • Price comparisons
  • Market demand
  • Channel anlsysis
  • Choosing one aspect of paper and focusing on all products and competitors so the material is available when the time comes to write the paper
  • Pricing
  • Maketing
  • Promotion
  • Focusing on certain competitors and handling everything
  • One handles Allround products and other team members divide up the competitors
  • Each team member keeps notes on performance and positioning of competitors

Ideas for organizing the power point presentation
Idea #1
One slide for strategies/decisions that we used that were effective and why
Describing what we believed were critical during the simulation
What information or research led you to make each decision

Explain why they were effective

  • Second slide for strategies/decisions that could have gone better and why
  • Describe one or two missteps we would like to go back and change
  • Describe why these decisions were not ideal
  • Describe their negative impact
  • Third slide to identify one marketing principle that the simulation reinforced
  • How the importance of this principle was highlighted by the simulation Fourth slide for reviewing our original marketing plan

How well we did overall

  • If we revised our plan during the simulation and what helped us do so Idea #2
  • One slide per marketing objective and would discuss various aspects of it Idea #3
  • Each team member defines what they would like to discuss and formulates one slide each.
  • The final slide from each team member would have to be agreed upon by each team member to avoid overlapping material

Ideas for organizing the final paper
What do we envision the paper to include
Marketing objectives
SWOT analysis
Marketing activities
Yearly Decisions
Yearly Results
Overall performance metrics
Lessons learned

Summary

SWOT

  • Strengths
  • Allround is the most purchased brand
  • Allround products control shelf space as compared to competitors
  • High customer satisfaction

Weaknesses

  • Limited marketing budget
  • High cost of goods sold
  • Distributors allowance are high

Opportunities

  • Products are heading toward the removal of alcohol from formulation
  • There are no 12 hour multi-liquid products on the market
  • A cheaper bargain product could be beneficial to address price criteria
  • Threats
  • End dominates the cough market
  • Over saturated markets, many other companies distribute similar products

Cite this essay

Pharma Sim Project. (2016, Aug 18). Retrieved from https://studymoose.com/pharmasim-project-essay

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