All-Star Marketing Plan - Case Study Example

prepared ALL STAR MARKETING PLAN I. Mission ment Allstar aims to achieve market leader status with its Allround brand being the most preferred over-the-counter cold remedy in the market today. Allround wishes to gain 75% overall share in this drug category by gaining popularity not only among the target consumers, but among medical professionals such as doctors and pharmacists as well. II. Marketing Objectives 1. Increase market share by 75% by the end on 2010. 2. Increase revenues by 50% by the first three months of implementation 3. Top the list of most recommended brands in its category among doctors, pharmacists and in hospitals. III. SWOT Analysis/ Target Market Allround Brand’s strength lies on brand equity. As one the key players in the market in terms of over the counter cold remedy, it is considered as a trusted brand, popular even among the older population. It is considered to have the highest trial level according to a survey. (Pharmasim Student Guide 2010).This indicates that the brand has a recall effect among the target market. One of its weaknesses however is its having a lower incident of retention or repeat usage compared to some of its main competitors. It might be because this product has a broad range of symptoms to address. Allround targets normal colds symptoms such as runny nose and headache, as much as it addresses manifestations of allergies such as sneezing. Compared to other brands which are more targeted in nature, Allround tends to be more general, providing remedy to a broader range of symptoms and illnesses. This is probably why customers may choose specialized cold remedies over Allround. Allround may still aim for further market expansion with the industry leaning towards creating more advertisements for over the counter drugs. Pharmaceutical industries are now spending considerable amounts on above-the-line advertising to promote their over the counter products. Over the counter drugs enjoyed increase in revenue during the later part of 2008 (USA Cold, Cough and Allergy Remedies Market Analysis 2010). Another opportunity would be the recent and continuous breakthroughs in medical care, prompting pharmaceutical companies to further develop their products to best serve the needs of the target market. There is a chance for Allround to further develop, even possibly into two or three sub products that offer options to the market. The Product Development team may also introduce other variants such as the no-drowse variant, among others. The emergence of new over the counter brands addressing colds-related symptoms, including anti histamines remains to be one of the threats for the Allround brand. These new brands have specific symptoms to address, and may be considered specialized compared to Allround. New brands that successfully capture the target market prove to be threats to old and existing brands due to the innovation that the new ones represent. IV. Marketing Activities Allstar Management will undertake the following action plans to ensure that the brand reaches its target sales for the quarter and for the rest of the implementation year: 1. Product Development Team New Allround variants will be introduced to the market: the non-drowse Allround capsule and Allround Anti-Histamine tablet variant. The Non-drowse Allround capsule targets individuals who are always on the go. These people need quick relief from cold symptoms, but do not have the luxury of time to rest or stop their activities. They have busy schedules and need the kind of medication that would not restrict them in their activities. The Allround Anti-Histamine tablet targets those who are suffering from allergy. This variant is targeted and must be used only by those who have the corresponding symptoms. The old variant will still be offered, but the price will be reduced. From $ 5.29 SRP -- there will be $ 0.50 off per liquid cold medicine. Volume discounts shall be restructured; the commission scheme will be tiered. Retailers who will purchase stocks up to 100 boxes will have 30% discount. For every 50 boxes added on the units ordered, there will 5% more discount. Additional incentives shall be provided to retailers on a quarterly, bi-annual and annual basis. 2. Consumer/ Trade Promos Partnerships with medical publications shall be utilized such that the discount coupons shall also be featured in these publications for the target market to see. Other publications/ magazines will also be partnered with for other print advertisement offers. Free trial size packages will be deployed in partner stores to encourage trial among the target market. These will be utilized together with point of purchase materials. The company will develop more practical but attractive merchandising materials such as wobblers and mobiles. These will be displayed in retail stores and pharmacies to communicate the new variants and the price drop for the old variant. Informational materials such as flyers, pamphlets and catalogues will also be produced to make the target market aware of the various sicknesses that Allround addresses. Other support materials such as banners and posters will also be made available depending on the location. Above the line advertising will be implemented, using the same methods being used by Allstar. There would be a series of TV/ Radio Ads depicting and establishing the need for Allround products. The message will be directed at people who are constantly on the go – students, parents, professionals, entrepreneurs and employees – who suffer the classic colds symptoms but just can’t stop with their daily activities. Then the new variants will be introduced to show that the needs of this particular market segment are being met. These advertising efforts will also showcase the benefits of the new products. To sustain the advertising efforts, there will be supporting ad materials that would aim to compare Allround variants to some of the popular market brands. This way, the target market may know and understand what the product can bring to them. Current Advertising agencies would also be evaluated to see if part of the job may be performed by the in house creative team. This way, advertising production costs may be lessened. Advertising agencies will be commissioned to suggest ad and campaign materials, but internally, a team of artists and copywriters will be enhanced to support the company with its below the line efforts. V. Lessons Learned Having been an employee of Allstar for the last one and a half decade, there have been so many experiences that contribute to my personal and career growth. The pharmaceutical industry is indeed one of the most dynamic ones, in such a way that continuous researches fuels the need for the company to always evaluate the current brands and innovate to make these products more competitive. The company’s thrust is to make the product more beneficial to the target market, while of course generating revenues. For a medicine brand, one of the key strategies is to build lasting relationships with dealers and retailers so that you two could work together towards achieving common business goals. Retailers are partners whom the company should take care of, and so several sales and marketing programs are being lined up annually just to ensure that they are happy conducting business with Allstar. As important as the consumer, the retailers open doors for the company and create market for the brand. Without them, distribution of the product targeted areas would be nearly impossible. Medical representatives building relationships with physicians and pharmacists are also one of the most important assets of the company. These account managers ensure that revenues are being generated by doing their best to market the products. As a whole, Allstar is set to become the leading medicine manufacturing business. The management sees a long term plan of seeing Allstar all through the way to the top. Works Cited “USA Cold, Cough and Allergy Remedies Market Analysis.” PR-Inside.com. May 6, 2010. http://www.pr-inside.com/usa-cough-cold-and-allergy-hay-r1871670.htm “Pharmasim Student Guide”. May 6, 2010. Read More