Overall the VRIO analysis for Allstar Brands reveals that the company has

Overall the vrio analysis for allstar brands reveals

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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 Analysis Completing 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 between team 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. STRENGTHS Leader in brand awareness Low turnover Quality product Highest customer satisfaction rate High retention rate Highest market share by retail channel sales Increasing stock prices from Year 0 WEAKNESSES Lack of physician support Lower brand trial percentages Small budget allocated to digital advertising and promotion Poor sales support for some retailers Lower digital marketing budget set OPPORTUNITIES Introduction of new products Brand exposure through social media channels Addition manufacturing facilities Invest in new technology THREATS High competition (4 other firms) Power of buyers Power of suppliers Potential legal restrictions With 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 maximize on the technology, products, and even staff they employee to ensure further success. By retaining and training the top employees the salesforce will remain solid as new products are created.
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ALLSTAR MARKETING PLAN 13 Listed below are strategies that Allstar Brands must attack, reinforce, develop, and avoid to sustain a competitive advantage within the market. ATTACK – o Invest in advertising on social media channels, websites o Develop new products such as cold and cough capsule, 4-hr and 12-hr o Build additional manufacturing facilities o Invest in more brand trials, research REINFORCE – o Continue marketing efforts for brand awareness o Growth of salesforce for new product lines o Monitor product pricing among competitors o
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