MBA-FPX5012_Skinner_Michelle_Assessment1-1.docx - Allstar Marketing Plan Michelle D Skinner MBA-FPX5012 Capella University 1 TABLE OF CONTENTS Product

MBA-FPX5012_Skinner_Michelle_Assessment1-1.docx - Allstar...

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Allstar Marketing Plan Michelle D Skinner MBA-FPX5012 Capella University 09/13/2019 1
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TABLE OF CONTENTS Product Concerns .................................................................................................................... 5 C ompetitors ............................................................................................................................. 5 Sales ........................................................................................................................................ 7 C hannels/Collaborators .......................................................................................................... 8 Reported Sales ........................................................................................................................ 9 5 Forces Model Analysis ....................................................................................................... 12 PESTEL Analysis .................................................................................................................. 13 O VERALL M ARKETING S TRATEGY ............................................................................................... 15 Executive Summary Allstar Brands founded in 1924, has continuously grown by acquiring or merging with small packaged good companies. “The company consists of three divisions: Consumer Products, International, and Pharmaceuticals” (Kinnear, James & Deighan, 2019). The pharmaceuticals division has tasked the marketing group with analyzing the firms marketing strategy for the past 6 years. This report will illustrate the situation analysis which includes several internal and external research methods, the marketing strategy, the marketing mix and the social media and technology strategies the company used during the time frame assessed. An in-depth analysis of Edelman Financial Engines’ internal and external environments to determine competitive advantage through strategic framework found in this report will break down the VRIO, “a theoretical framework that explains and predicts firm-level competitive advantage” (Rothaermel, 2017, pg. 113) PESTEL, “a framework that categorizes and analyzes an important set of external factors (political, economic, sociocultural, technological, ecological, and legal) that might impinge upon a firm” (Rothaermel, 2017, pg. 67) and Porter’s Five Force model, “a framework that identifies five forces that determine the profit potential of an industry and shape a firm’s competitive strategy” (Rothaermel, 2017, pg. 73). The findings revealed where the company stands in the financial industry compared to its competitors. Allstar Brands is the leader of brand awareness, increased retail sales, salesforce, sales by channel and income by the end of the assessed period. The stock price of the firm also increased by 125% by the end of Year 6. Discovered strengths and weaknesses through the VRIO analysis uncovered potential opportunities and threats related to the organization’s internal environment. Comparatively, the external environment was assessed through the frameworks of PESTEL and Porter’s Five Forces. The results were then evaluated against the core competencies of Allstar Brands. The analysis will include strategical recommendations 2
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the company should consider to obtain competitive advantage. Currently, Allstar Brands is considered in competitive parity. The STP method, segmentation, targeting and positioning was used in the Marketing Strategy. The evaluation uncovered gaps that the firm can close by reallocating funds to different avenues in technology, digital advertising and social media platforms. The 4 P’s, product, place, price and promotion make up the Marketing Mix. These areas are critical to the success of the firm’s product and brand. Financially, Allstar Brands increased their income, stock prices, retail sales and introduced two new products and opened a new manufacturing facility but serious discord lies in the wake of promotions, specifically in social media and technology advertising.
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