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Running head: ALLSTAR MARKETING PLAN1Allstar Marketing PlanMBA-FPX 5012Amanda DiurnoCapella University
ALLSTAR MARKETING PLAN2Executive SummaryAllstar Brands Corporation, founded in 1924, has remained one of the leading manufacturers of packaged goods globally. Since then, the company has acquired or merged withnumerous packaged goods companies smaller in size (Kinnear, James & Deighan, 2020). Allstar Brands consists of three separate divisions: Consumer Products, International, and Pharmaceuticals, each responsible for different operations of company. The pharmaceuticals division has tasked the marketing group in analyzing the firms marketing strategies. The following analysis will include internal and external research methods, discussion of overall marketing strategy, marketing tactics, financial projections, and controls.Performing an in-depth analysis of the corporation’s internal and external environments will allow for determination of a competitive advantage through various business strategy frameworks. These include the VIRO, PESTEL, and SWOT which will give the company an idea of what strategies will be most effective going forward considering external factors and forces that effect profit potential. Over the span of the assessed period of Year 1 – Year 2, Allstar Brands remains the leader in brand awareness, customer satisfaction, and increased retail sales by channel. The stock price of the firm also increased slightly by the end of Year 2 and cumulative net income reached $237 million, nearly 3.5 times the cumulative net income at the start of the assessed period.The organization’s internal environment was assessed using the theoretical VRIO framework which emphasized threats and opportunities that Allstar can draw upon when formulating and implementing a marketing strategy. In addition, factors of the external environment were assessed through both PESTEL framework and Porter’s Five Forces. The analysis will include recommendations for Allstar Brands to consider in order to sustain a competitive advantage within the pharmaceutical market. Through analysis, Allstar Brands is currently considered a competitive parity, not maintaining rarity within the OTC, or over the counter, medication market. A marketing strategy used in determining the value proposition for Allstar Brands was theSTP method. This method involves segmentation, targeting, and positioning to ensure proper allocation of funds within the company to target the appropriate customers. The analysis revealedthat the company should be placing more emphasis on marketing through social media, use of digital advertising, and overall modes of technology. By reallocating funds to these divisions, Allstar Brands will be able to identify their most valuable types of customer, develop products and marketing messages that are centered around them, and ideally sell more product (STP Model).