Employees are important in the pharmaceutical industry and improving their

Employees are important in the pharmaceutical

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Employees are important in the pharmaceutical industry and improving their working conditions affects the companies’ outcomes (Nagle & Miller, 2017). Other areas Allstar should focus attention on is engagement with stakeholders such as the government as well as meeting the diverse requirements of the customers. Below are strategies that should be attacked, reinforced, developed, and avoided to stay competitive within the market place.Attack Strategies – Develop new products like a cold and cough capsule 4 hr and 24 hr.Build additional manufacturing facilitiesParticipate in government subsidiesInvest in Advertising on social media sitesReinforce Strategies – Continue to marketing efforts for brand awarenessGrow sales force to support new products/marketingPromote employee moralContinue to monitor pricing among the competitors
Marketing Plan9Develop Strategies – Develop additional relationships with suppliersGrow media presence in radio, television and internetInstitute legal and compliance departmentsGo Green campaignPatient ingredient blendsAvoid Strategies – Increasing price to go above competitorsLowering the number of sales forceDecreasing consumers surveysPESTLE AnalysisFigure 1: PESTLE Analysis
Marketing Plan10PESTLE analysis is a concept in marketing principles. Moreover, this concept is used as a tool by companies to track the environment they’re operating in or are planning to launch a new project/product/service (What is PESTLE, 2020). POLITICAL: Processes and government actions that influence the method a firm does business is considered a political external factor (Rothaermel, 2017). The government plays a major part in implementing regulations and rules. Politics are an opportunity and threat to Allstar brands. New laws regarding ingredients, dosage and health safety are raised often and must be followed by pharmaceutical companies.ECONOMICS: These factors are determinants of an economy’s performance that directly impacts a company and have resonating long term effects (What is PESTLE, 2020). Consumer pricing is affected by expenses, revenue and stock market which in turn is affected by recession, inflation and interest rates. When healthcare prices increase and people cannot access the right healthcare companies like Allstar are forced to decrease prices or adjust the price to reflect the economic position. Competition in the market means companies continually evaluate cost and prices of their products.SOCIAL: These factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, and population analytics (What is PESTLE, 2020). As the population grows it also ages and cost of living increases. Due to the environmental changes more medications are needed for the emerging diseases.

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