Marketing Plan

.docx

School

Georgia Southwestern State University *

*We aren’t endorsed by this school

Course

6120

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

3

Uploaded by ProfRoseRaccoon29

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Marketing Plan Team 2 Meghan’s Rough Draft
Situation Analysis & SWOT Analysis Situation Analysis Context: PharmaSim's commercial framework includes pharmaceutical sector competition, regulation, technology, and customer preferences. The OTC cold and allergy drug business is very competitive ( James et al., n.d) . Product composition, labeling, and marketing must comply with strict regulatory rules to preserve market access. Online pharmacy and telemedicine are also changing healthcare product purchases. Competitors: PharmaSim competes with pharmaceutical giants and OTC medication startups. Competitive strategies include product differentiation, price, marketing, and distribution methods to acquire market share and consumer loyalty. PharmaSim must understand rivals' strengths and weaknesses to find competitive advantages. Customers: PharmaSim's consumers have moderate to severe cold and allergy symptoms. Customers vary in age, gender, income, and region. As health knowledge, brand image, product effectiveness, and cost change, so do customer preferences. After analyzing client requirements, preferences, and buying patterns, PharmaSim can modify its marketing and product offers to changing demands. Collaborators: PharmaSim promotes and distributes its goods with healthcare experts, merchants, distributors, and advertising agencies. Strong partner connections boost brand awareness, market reach, and product availability ( James et al., n.d) . Marketing strategies, including physician endorsements, retail promotions, and supply partnerships, benefit from teamwork. Company: Several inherent features provide PharmaSim an edge in the OTC drug business. These include a strong brand, significant market share, minimal fixed expenses, and a diverse product selection ( James et al., n.d) . Pricing pressure, product sector reliance, and the need for ongoing innovation to retain market leadership are issues for the organization. SWOT Analysis Strength: PharmaSim has a strong reputation in OTC cold and allergy treatment ( James et al., n.d) . Marketing and branding provide the firm with an advantage and establish customer loyalty. Weakness: PharmaSim's products cost more, so their pricing strategy hurts the firm. This pricing strategy can decrease competition and price-sensitive customers. Opportunity: PharmaSim's capacity to go beyond cold and allergy drugs is a plus. Additional consumer categories or products can increase a business's sales and income. Threat: OTC pharmaceutical regulatory amendments, product development, and marketing regulations endanger PharmaSim. New restrictions can require large expenditures and hurt profitability. Marketing Objectives and Competitive Strategy Key Marketing Objectives Implement focused marketing initiatives, product promotions, and distribution methods to raise sales revenue by 15% in the following fiscal year. Gain Market Share: Increase OTC cold and allergy medication market share by 5% in 12 months via brand positioning, affordable prices, and product innovation. Increase Profitability: Cost minimization, efficiency enhancements, and revenue maximization initiatives increase net income by 10%.
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