100%(43)43 out of 43 people found this document helpful
This preview shows page 11 - 14 out of 21 pages.
drugs also points to the expensive and demanding nature of the industry. Furthermore, the manufacturers have to content with unforeseen side effects of a drug, which piles pressures to the11
drug industry. It implies that companies such as Allstar have to review its production processes and ensure the laws and legal framework are integrated into the management of the enterprise. Marketing StrategyAllstar’s marketing strategy focus on future, marketing intelligence and environmental scanning. Environmental scanning refers to the microenvironment factors that include competitors, clients, companies, markets and industries. It enables integrating the various components that affects the business including technological, social, economic, and political events on a business. Marketing intelligence is seeking information on understanding company’s market and other factors that affects the activities of an establishment (Ahearne, Lam & Kraus, 2014). Understanding the future is also an important component that boosts business activities through understanding the market. It implies that Allstar employs these various components in gaining advantage of the market. The outcome is to understand the current market demands and creating avenues and means that integrates the futures. Therefore, each marketing phase incorporates these fundamentals in ensuring the decisions and aspirations of the establishment are achieved. Social Media and Modern Technologies The advancement in technology provides Allstar with alternative approaches towards developingits marketing strategy. Understanding the market and acknowledging the role of competitive position and advantage are crucial for any establishment but appreciating the dynamics of social media is important. For example, the use of social media goes beyond the limited geographic conditions and costs associated with using traditional media. Digital marketing has more influence than traditional methods such as television and radio because of easiness in creating messages lack of requirement to engage with various stakeholders and the possibility of 12
receiving immediate feedback from the customers. The outcome is reduced marketing strategy costs and overall effectiveness of marketing strategy. Competitive Positioning The competitive advantage is based on the 7Ps. The 7Ps incorporates product, place, price, promotion, people, processes and physical evidence. The product is the medicine while theplaces are the numerous convincing shores and locations that the product can be acquired. The price is the monetary value of the medicine and the willingness of the customers to purchase the product rather than acquiring a competing product (Strauss & Frost, 2016). Promotion integrates processes such as personal selling, sales promotion, public relations, and advertising. Social media currently plays an important role, but the advancement of technology means that Allstar can utilize various technologies in reaching and engaging with the customers.