Finally Allround currently has a 741 see below brand awareness which is 14

Finally allround currently has a 741 see below brand

This preview shows page 14 - 16 out of 16 pages.

better shelving positioning in various retail outlets. Finally, Allround currently has a 74.1% (see below) brand awareness which is 14 percentage points higher than the next competitor. This number can increase with greater efforts of honing in on point of purchase acknowledgment and customer satisfaction. Consumer surveys through market research should be conducted frequently to properly measure this control and to make appropriate brand changes for better results. Conducting these surveys is nominal to the overall promotional budget. Market Survey—Awareness, Trials, Repurchase Brand Brand Awareness Brand Trials Most Frequently Purchased Conversion Ratio Retention Ratio Allround 74.1% 47.1% 21.8% 63.6% 46.3% Believe 18.9% 9.2% 3.8% 48.5% 41.9% Besthelp 56.6% 30.0% 13.0% 53.1% 43.2% Coughcure 49.0% 29.0% 18.4% 59.1% 63.6% Defogg 24.1% 13.0% 4.1% 53.9% 31.8% Dripstop 20.2% 11.3% 3.6% 56.1% 31.4% Dryup 23.2% 10.9% 7.2% 47.0% 65.6% Effective 22.0% 12.0% 3.1% 54.5% 26.2% End 46.9% 30.6% 15.6% 65.3% 50.8% Extra 60.1% 31.8% 9.5% 52.8% 29.9% 14
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ALLROUND MARKETING PLAN Fortunately, the measures above will not add substantial cost to the company because they will be performed by the current workforce. It will be the marketing department's duties to continually monitor the success of these controls. S UMMARY In summary, the task of the Allround brand management team is to maintain long-term profitability and market share in an increasingly competitive and changing environment. With the market strategy above the Allround brand will experience a substantial increase from Year 0 to Year 1 allowing the company the cash needed to invest in additional product line extensions. In later years the net income will experience slight growth but become flat due to management’s decision to not drastically increase the sale price of the product because the main goal is to stabilize brand awareness focuses on providing greater trade allowances to larger distribution channels which in turn will afford us with more favorable shelf positioning and continued growth in later years. Compared to other industry brands, Allround has the highest number of brand awareness and its conversion ratio in the market is strong. With a highly efficient brand, Allround has consistently generated profits with less salesforce than its competitors. Also, Allround has the largest total market share for over-the-counter cold medicine. Allround’s brand stability has allowed it to transition into a cash cow position on the brand’s portfolio graph. Measuring the success of Allround will involve monitoring the products’ capacity, unit sales, net income, brand awareness, customer satisfaction, and market share. Using the market strategies above the OCM group will establish Allstar Brands as the leader in both profitability and market share in OTC cold medication. 15
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ALLROUND MARKETING PLAN R EFERENCES Bush, T. (2019, June 26) PESTLE Analysis of the Pharmaceutical Industry. Retrieved from Kinnear, T. C., James, S. W., & Deighan, J. (2017). PharmaSim: The marketing management simulation . Charlottesville, VA: Interpretive Simulations. Porter, M. (1980) Competitive Strategy: Techniques for Analyzing Industries and Competitors , NY, Free Press. Rothaermel, F. (2019). Strategic management concepts (4th ed.). New York, NY: McGraw-Hill. 16
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