Marketing Plan
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Georgia Southwestern State University *
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Feb 20, 2024
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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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Related Questions
3. Describe marketing mix decisions (product, distribution, promotional, pricing) faced bythe marketer and apply the marketing mix decisions to a real-world product or service.
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Topic : Principle of Marketing
Please read and answer thoroughly with clear and appropriate examples to illustrate as well as provide accurate information that is not shared wth other students so we dont have the same thing, please
Each product will have a life cycle. Briefly explain each step in the Product Life Cycle (PLC), describing possible challenges and strategies which may be employed to sustain the sales and profitability of the product.
Use appropriate examples to illustrate.
arrow_forward
3. Describe the marketing mix decisions (product, distribution, promotional, pricing) that
marketers face. Choose a real-world product or service and apply the marketing mix
decisions to it, explaining your choices.
arrow_forward
PLEASE answer CLO #2
CLO #1 - Identify, define, and describe key marketing components, product life cycle, 3Cs and 4Ps and corresponding marketing strategies.
CLO #2 - Recommend solutions to marketing problems using appropriate concepts, principles, analytical techniques, and theories.
CLO #3 - Summarize the relevance and application of concepts, principles, and theories used in marketing to contemporary events and global markets and evaluate marketing decisions.
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4 strategies that Tropical Leisure can implement in the short-term to profitably increase sales and regain market share given its current production and financial constraints.
Four approaches to rise the short period profitability of the business:
Approach 1: Enhances the cross-sell & up-sell moderately than increasing the worth of the product•Approach 2: Implementing loyalty programs to attract the customers/distributors to buy again from the company.•Approach 3: Running Fear of missing out on campaigns to create the demand•Approach 4: Having dealt with the financial institutions to clear the debt and to make sure the financial operations are running smoothly.
For each of the strategies that you have outlined suggest how Mr. Grant mightproceed to evaluate these strategies.
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Explain the role of sustainability in marketing planning. pp. 81–83 SUSTainaBiliTy: MarkeTerS do well By doing good p. 81
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Ethics Some critics of marketing have suggested thatmarket segmentation and target marketing leadto an unnecessary proliferation of product choicesthat wastes valuable resources. These critics suggest that if marketers didn't create so many different product choices. there would be more resources 10 feed the hungry and house the homeless andprovide for the needs of people around the globe.Are the results of segmentation and target marketing harmful or beneficial to society as a whole?Should firms be concerned about these criticisms?Why or why not?
arrow_forward
Marketing concepts and marketing managers
article to support each of the
marketing concept:
1Product profitablility models
2Strategies to engage shareholders in new product
development
3Evaluate marketing mix alternatives
4Internal/External risks associated wiht new product
development
Provide a brief explanation of why each article was chosen
and what specific advice it offers to the Marketing Managers Can you do this
separately for each article as well as provide the full reference for the
article thanks
arrow_forward
1. Prepare a detailed e-commerce marketing plan for a “fictitious” product/service which is to be launched in the country.
2. Undertake a current situation analysis, including SWOT analysis, Porter’s Five Forces etc. for the product/service.
3. Identify your e-commerce company’s marketing objectives and goals for B2C and B2B target markets in the country.
4. Prepare an appropriate segmentation, targeting and positioning strategy for your product/service.
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Activity 2 Let's Do it!
Directions: Choose brands for each type of good, write the consumer buying
behavior for each type and its effect
Consumer Buying Behavior
Bases
Sardines, Milk, Pasta, Bottled Water, Rice
(Consumers buy many goods to use to satisfy personal or
|family needs.)
(Consumer buying behavior is affected by age, occupation,
income level, education, gender etc. of consumers.)
Types of Goods
Effect
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Step 3 - Choose the target
market
Activity: Which are potential
specific positive (+) and
negative (-) reasons that
could make the need you are
addressing commercially
viable or not?
• Report creating a summary
figure of your analysis
arrow_forward
Please explain the current market situation for Em Cosmetics.
arrow_forward
2. Marketing has often been defined in terms of satisfying customers' needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before. They feel marketers encourage consumers to spend more money than they should on goods and services they do not really need.
Take a position: Marketing shapes consumer needs and wants versus marketing merely reflects the needs and wants of customers.
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Answer this question
1. What is the Target Marketing of A transparent Solar Panel Company? What are the characteristics of the target market? Identify demographic (age, gender, education, income), geographic, psychographic (consumer-based interests and activities) and, behavioral (usage, buying habits) characteristics. How big is the market? Identify growth potential How will customers be identified?
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1 (a) From the perspective of the Marketing department and a Tactical assistant marketing manager, discuss the effect of the PESTLE.
Suggest ONE factor from three of the six external influences (PESTLE) that may be upsetting the business process(es) you have chosen and ONE factor from three of the six external influences (PESTLE) that may interrupt customers’ experiences.
Economic and social have already been use in the first solution. So the next 4 external factors please use 2 for business processes and 2 for customer experience
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1) Define each of the four PS. Does the four Ps framework do an adequate job of describing market responsibilities in preparing and managing marketing programs? why?
2) Do you see any issues with this framework in relation to service product? Explain.
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Essay : Discuss how environmental factors affect marketing activities.
Essay: Describe the factors involved in consumer decision making.
Essay: Segment markets and develop the profile of a target market.
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Please explain the different marketing management orientations in one paragraph.
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Ethics Some critics of marketing have suggested that
market segmentation and target marketing lead
to an unnecessary proliferation of product choices
that wastes valuable resources. These critics sug-
gest that if marketers didn't create so many differ-
ent product choices, there would be more resources
to feed the hungry and house the homeless and
provide for the needs of people around the globe.
Are the results of segmentation and target market-
ing harmful or beneficial to society as a whole?
Should firms be concerned about these criticisms?
Why or why not?
arrow_forward
3) If the Company have no marketing strategy, explain the following consequence that might affect to their goals, mission and objectives.
a) Losing out to competitors
b) Losing market share to existing and start-up competitors
c) Gaining and retaining fewer customers
d) Missing out on opportunities for better targeting
e) Lack of planning and discourage to execute good ideas.
f) Easily collapse
g) No direction in attaining the company’s goals and objectives
h) Lack of management
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GIVE THE FOLLOWING:
Coffee Shop Marketing Plan
1. Competition- this section identifies key competitors, describes their market positions, and provides an overview of their strategies.
2. Critical Issues
3. Strategies- product, price distribution (place), promotion
arrow_forward
Q2. How can B&D increase the probability that the consumer will buy its new small appliance products? What are the success-factors (activities) associated with effective marketing your group can think of. List & explain each. Pls Answer the Question from Below Context :
Black and Decker, a noted marketer of products for the do-it-yourself market, acquired the General Electric Company’s small home appliancebusiness in 1985 for $300 million. B&D had enjoyed a 50 percent market share in the worldwide market for power tools, but the recession of the early 1980s and competition, especially from the Japanese, forced changes in manufacturing and marketing at B&D and led to the GE acquisition. Makita of Japan, for instance, which offered competitive power tools at a lower price, and in a very short time its market share was nearly equal to B&D’s. Alongside emerged a host of other emerging brandsB&D executives realized that the company could not stand still, and ride on…
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Relationship marketing is
A the development by marketers of longer-term exchange relationships with customers, suppliers, and employees for mutual benefit
B selling to couples, organizations, or groups of related individuals
C a process by which customers are bound both contractually and personally to the business
D the initial process by which marketers can demographically and psychographically profile customers.
E the psychological theory behind the concepts of "bonding" and "stakeholding" by customers.
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Discuss the concept of relationship marketing in CRM how has relationship marketing affected the business of the Amazon?
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Case study below:
A new multi-media campaign by Discovery Bank launched today brings home a unique concept inbanking and the basis of Discovery Bank – that it is no ordinary bank, it is a shared-value bank.Firoze Bhorat, Chief Marketing Officer at Discovery, says, “Yes, while some services, such as banking,have been around for centuries and inherently still work, the models are outdated and ripe fordisruption. This is our philosophy with all Discovery businesses. Discovery Bank is revolutionisingbanking, essentially creating a new category of banking around shared-value to make a realdifference in our clients’ lives as well as in society; consistent with our core purpose of makingpeople healthier and enhancing and protecting their lives. This new campaign, with numerous connection points to audiences, aims to take shared-valuebanking to consumers in a visually enticing way while it highlights every aspect of how DiscoveryBank shares continual value with clients in meaningful ways.”The…
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COMMERCIAL & BUSINESS AWARENESS: What are the problemsfacing our industry at this time?
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SEE MORE QUESTIONS
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Related Questions
- 3. Describe marketing mix decisions (product, distribution, promotional, pricing) faced bythe marketer and apply the marketing mix decisions to a real-world product or service.arrow_forwardTopic : Principle of Marketing Please read and answer thoroughly with clear and appropriate examples to illustrate as well as provide accurate information that is not shared wth other students so we dont have the same thing, please Each product will have a life cycle. Briefly explain each step in the Product Life Cycle (PLC), describing possible challenges and strategies which may be employed to sustain the sales and profitability of the product. Use appropriate examples to illustrate.arrow_forward3. Describe the marketing mix decisions (product, distribution, promotional, pricing) that marketers face. Choose a real-world product or service and apply the marketing mix decisions to it, explaining your choices.arrow_forward
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- Ethics Some critics of marketing have suggested thatmarket segmentation and target marketing leadto an unnecessary proliferation of product choicesthat wastes valuable resources. These critics suggest that if marketers didn't create so many different product choices. there would be more resources 10 feed the hungry and house the homeless andprovide for the needs of people around the globe.Are the results of segmentation and target marketing harmful or beneficial to society as a whole?Should firms be concerned about these criticisms?Why or why not?arrow_forwardMarketing concepts and marketing managers article to support each of the marketing concept: 1Product profitablility models 2Strategies to engage shareholders in new product development 3Evaluate marketing mix alternatives 4Internal/External risks associated wiht new product development Provide a brief explanation of why each article was chosen and what specific advice it offers to the Marketing Managers Can you do this separately for each article as well as provide the full reference for the article thanksarrow_forward1. Prepare a detailed e-commerce marketing plan for a “fictitious” product/service which is to be launched in the country. 2. Undertake a current situation analysis, including SWOT analysis, Porter’s Five Forces etc. for the product/service. 3. Identify your e-commerce company’s marketing objectives and goals for B2C and B2B target markets in the country. 4. Prepare an appropriate segmentation, targeting and positioning strategy for your product/service.arrow_forward
- Activity 2 Let's Do it! Directions: Choose brands for each type of good, write the consumer buying behavior for each type and its effect Consumer Buying Behavior Bases Sardines, Milk, Pasta, Bottled Water, Rice (Consumers buy many goods to use to satisfy personal or |family needs.) (Consumer buying behavior is affected by age, occupation, income level, education, gender etc. of consumers.) Types of Goods Effectarrow_forwardStep 3 - Choose the target market Activity: Which are potential specific positive (+) and negative (-) reasons that could make the need you are addressing commercially viable or not? • Report creating a summary figure of your analysisarrow_forwardPlease explain the current market situation for Em Cosmetics.arrow_forward
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SEE MORE QUESTIONS
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Author:Roger A. Kerin, Steven W. Hartley
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Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
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ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
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Publisher:Cengage Learning