Q1: Write Preliminary Allround Marketing Plan
It helps you prepare to compete in the weekly PharmaSim team decision-making competition. Using the preliminary marketing plan template embedded in Topic 2, your team will create a preliminary marketing plan and upload it here by midnight Sunday. A completed template earns 20 points for each participating team member. The first section is already done for you (but feel free to change it if you desire). There is no absolutely correct strategy. Different marketing plans based on either "push" or "pull" marketing strategies will work if executed properly. (Use the textbook appendix to look up "push" and "pull" strategies. It is critical to your game success that you choose ONE of the two strategies and devote 70-80% of your marketing budget to the marketing tactics associated with the chosen strategy and the remainder to the tactics associated with the opposite strategy.
Develop your plan using the data provided in the PharmaSim game menu or the PharmaSim Student Manual. Once the preliminary marketing plan is completed, your team should use it to guide its weekly PharmaSim decision-making throughout the 8 periods of competition beginning next week.
P1. IDENTIFY THE 5C’s SITUATION ANALYSIS
a. Company: Goals, metrics, strengths/weaknesses
b. Customers: Customer needs, benefits sought, trends
c. Competitors: Primary competitors and their anticipated strategies; how Allround will defend their strategies
d. Collaborators: Which distribution channels or professionals will you collaborate with and how will you motivate them?
e. Context: Environmental factors that could affect your marketing plan
P2. CREATE YOUR PRODUCT MARKETING STRATEGY
a. Segmentation: Consumer segments available in PharmaSim
b. Targeting: Segments you will target and why
c. Positioning: The value proposition you will promote by target market and the implications to the 4P’s
P3. CREATE YOUR PRELIMINARY MARKETING PLAN
a. Product: Allround product formulation decision; decision advantages
b. Price: Price sensitivity and purchase decision drivers by segment; Allround’s selected competitive pricing position (high/med/low) and Allround profit margin goal (5%, 10%, 15%)
c. Promotion: Use a push or pull strategy? Message focus; ad agency selection, advertising budget allocation
d. Place: Highest priority distribution channels and what drives self-space allocation in each channel. the attachment is given below:
Attachment:- Preliminay allround market plan.rar