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Marketing Plan For Allround: OTC Cold Medicine

670 Words3 Pages

PharmaSIM- Marketing Plan

MKTG 613: MARKETING MANAGEMENT
Professor Suresh Ramanathan

TEAM GAMMA SEVEN
Britton Eastburn
Temitope Kayode-Ojo
Brian Newbury
Harsha Srinivasan

Introduction:
The ALLSTAR brand is one of the leading manufacturers of packaged goods in the world. The company was started in 1924 and it now consists of a consumer product, an international and a pharmaceutical division.
The pharmaceutical division of the company produces and markets ethical and OTC medicine. Allround is an OTC cold medicine that is produced and marketed by the pharmaceutical division.
Situation Facing the Company:
Allround, currently the market leader of OTC cold and allergy remedy markets, is dealing with competition in the OTC cold market. Brand awareness for Allround is high at 74.1%. However, the retention ratio and sales comprise only 40.4% of the cold medicine market share, representing a 33.7% gap between brand recognition and market share. Even more troublesome, Allround has a 46.3% retention rate, meaning that less than half the people who try Allround remain loyal to it. Hence, the biggest problem facing Allround is not brand awareness but influencing potential customers’ purchasing decisions. …show more content…

This will accompany an increase in advertisements focusing on the primary, benefits and reminder messaging components. We will also tailor promotion sales to increase awareness by offering free trials of the newly formatted product as well as employ strategies to increase shelf space and in-store advertisements. We will continue to increase our sales force, while looking at possible price changes to increase market share. We will also diversify our product line and work to increase profits. To do this, we will look to add new products in both the allergy medicine and cough medicine

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