PharmaSim Report OCM Group Allstar Brands Lab Example | Topics and Well Written Essays - 1250 words

PharmaSim OCM Group Allstar Brands - Lab Report Example Marketing plan or strategy must describe the key or augmented product characteristics and the kind of benefits they provide to the customer, the pivotal price that bounds company profitability yet providing value for money for the customer, tempting promotions that wil attract people to buy the product and a sound distribution and placement strategy to create access for the customers. Our target market segments was basically the retired segment where Allround had the most penetration and the largest (30%) market share. The prime reason for the selection of this market was the fact that they are most prone to body aches due to ageing. Since Allround product had the most amount of Analgesic, it was more suitable for aches and fever than cold symptoms. The brand is the clear market leader in this market segment. Most consumers use this product for nighttime relief because of the strength of the medication and because the alcohol and antihistamine help the patient rest. How you adjusted your pricing, channel, and promotions in response to the changes in: a) Macroenvironment of the Industry: Macro-economic environment changes such as change in government regulations; taxes, demographic changes and political environment highly affect the performance of the brand. For example, decline in industry growth and rise in infaltion negatively affected all the companies (including Allround brands) in the market. The cost of goods sold became higher than the previous period and hence our bottom line took a hit. After a consistent decline in the industry profits and growth, because of the competitive nature of the industry or changes in government policies for OTC, the macroeconomic environment changed in Period 8 when it increased by almost 12% period-over-period growth. Due to anticipatory high growth, the prices of the product were marginally increased ($1) in the respective period in order to leverage the benefits of market boom. b) Consumer Behaviors: Generally speaking, m arketing revolves around people. In the words of Peter Drucker, â€Å"Marketing is the entirety of the business from the perspective of the customer.† Hence, it is imperative to understand consumer behavior in order to gain customer insights and apply it to one’s brand strategy. In PharmaSim, consumer behavior was studies through market research reports and analysing shopping trends of the customers. The following insights were gained about our target market segments: Majority of the customer bought their over-the-counter medicines from grocery stores Majority of the physicians and pharmacists recommended brands Coughcure and End c) Competitors’ moves: Similar to the real world, one cannot play in insolation in PharmaSim, hence competitors’ reactive and aggressive moves affect your Dripstopperformances and strategies. For example, Besthelp, Coughcure and End