This week was a huge learning opportunity. Team 5 (my team) developed our Mini-Marketing Plan. We're charged with improving Allround's brand and that begins with a good mini-marketing plan.
Before we developed our mini-marketing plan, our team took a good look at the results of our decisions from periods 0, 1, and 2. Our Brand's awareness is still doing well, but our profitability and market share had decreased each of the three periods. We know that the Marketing plan must focus on maintaining our high brand awareness and improving our brand's profitability.
In our marketing plan, we identified three key issues that are related to our goals:
1. High share of the cold market
2. Reduce costs of Goods Sold
3. Reduce perception of Allround's price.
We developed three main goals that we felt would lead to accomplishing our objectives.
1. Increase Revenues/ Units Sold by 8% ea. period
2. Increase Mkt Share by 5%
3. Maintain high level of Brand Awareness
We felt that the path to accomplishing our goals and objectives would be through segmenting the market and then implementing a target Market Selection group.
We segmented the market and then targeted Young families and mature families that purchase cold medicine at grocery stores and chain drug stores. We felt that by advertising directly to these specific markets, we would maintain our high brand awareness.
In order to increase our profitability, all signs were pointing to hitting a new market that we aren't currently in because there is little room for improvement in our current markets. We want to introduce a Children's cold medicine to strike into a new market. We realize that this could cause some cannibalization of sales from our young family market, but overall, we think the move will be a good one.
Our Marketing plan was thorough and has lead to several decisions:
1. remove alcohol from our formula (survey showed a positive utility
2. produce new line: children's cold medicine
3. In the future, break into the cough market
4. target young and mature families that shop at grocery stores and chain drug stores for cold medicine.
See you next week!
Before we developed our mini-marketing plan, our team took a good look at the results of our decisions from periods 0, 1, and 2. Our Brand's awareness is still doing well, but our profitability and market share had decreased each of the three periods. We know that the Marketing plan must focus on maintaining our high brand awareness and improving our brand's profitability.
In our marketing plan, we identified three key issues that are related to our goals:
1. High share of the cold market
2. Reduce costs of Goods Sold
3. Reduce perception of Allround's price.
We developed three main goals that we felt would lead to accomplishing our objectives.
1. Increase Revenues/ Units Sold by 8% ea. period
2. Increase Mkt Share by 5%
3. Maintain high level of Brand AwarenessWe felt that the path to accomplishing our goals and objectives would be through segmenting the market and then implementing a target Market Selection group.
We segmented the market and then targeted Young families and mature families that purchase cold medicine at grocery stores and chain drug stores. We felt that by advertising directly to these specific markets, we would maintain our high brand awareness.
In order to increase our profitability, all signs were pointing to hitting a new market that we aren't currently in because there is little room for improvement in our current markets. We want to introduce a Children's cold medicine to strike into a new market. We realize that this could cause some cannibalization of sales from our young family market, but overall, we think the move will be a good one.
Our Marketing plan was thorough and has lead to several decisions:
1. remove alcohol from our formula (survey showed a positive utility
2. produce new line: children's cold medicine
3. In the future, break into the cough market
4. target young and mature families that shop at grocery stores and chain drug stores for cold medicine.
See you next week!
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