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performance of the overall company. Overall, the VRIO analysis for Allstar Brands reveals that the company has reached a state of competitive parity. Resources for the OTC products are not rare and are easily imitable by other firms thus creating a challenge for the company to sustain a competitive advantage. If the company were to create an exclusive blend of ingredients solely for the use of their own products, then a competitive advantage could be maintained as rarity would increase.SWOT AnalysisCompleting a SWOT analysis allows for a firm to assess the internal and external factors that are inherently linked to the company (SWOT Analysis, 2018). The acronym stands for strengths, weaknesses, opportunities and threats. It is beneficial to utilize the SWOT matrix as it can be used for essentially any organizational level of the company including a department, specific team, or the whole business. In addition, the analysis allows for communication betweenteam members which reveals insights and strategies going forward to maintain the company’s success. The table below indicates the strengths, weaknesses, opportunities, and threats for Allstar Brands.STRENGTHSLeader in brand awarenessLow turnoverQuality productHighest customer satisfaction rateHigh retention rateHighest market share by retail channelsalesIncreasing stock prices from Year 0WEAKNESSESLack of physician supportLower brand trial percentagesSmall budget allocated to digital advertising and promotion Poor sales support for some retailers Lower digital marketing budget setOPPORTUNITIESIntroduction of new productsBrand exposure through social media channelsAddition manufacturing facilitiesInvest in new technologyTHREATSHigh competition (4 other firms)Power of buyersPower of suppliersPotential legal restrictionsWith consistent threat and competition from four other OTC firms, Allstar Brands must develop a strategy to exploits their strengths and opportunities while reducing weaknesses and avoiding threats. For example, Allstar must consistently invest a higher budget for digital advertising in order to remain the leader in brand awareness. Since the company has a strong customer base established with the highest customer satisfaction rate, the company can maximizeon the technology, products, and even staff they employee to ensure further success. By retainingand training the top employees the salesforce will remain solid as new products are created.
ALLSTAR MARKETING PLAN13Listed below are strategies that Allstar Brands must attack, reinforce, develop, and avoid to sustain a competitive advantage within the market.ATTACK –oInvest in advertising on social media channels, websitesoDevelop new products such as cold and cough capsule, 4-hr and 12-hroBuild additional manufacturing facilitiesoInvest in more brand trials, research REINFORCE –oContinue marketing efforts for brand awarenessoGrowth of salesforce for new product linesoMonitor product pricing among competitorso