"All plans are great until the first shot is fired."
My group laid out a pretty intensive marketing plan for periods 3-7 a few weeks ago, and then went about implementing it. About 2 periods into the plan, we had basically abandoned the main points of the plan! The goals and objective didn't change, however, the methods did change. We didn't redirect our course on a whim or because we had a change of heart, we were basically forced to change our tactics because of unforeseen market forces directing our hand.
Our group came together this week and developed a new plan put our products back on course. we performed a SWOT analysis, identified key issues, did a strategy implementation assessment, stated our new marketing goals and objectives, and finally, developed a marketing revision strategy.
Jumping right to revision, our next plan will happen in two stages. The first stage has the actions that will occur in periods 7 and 8. The second stage consists of the strategy for periods 9 and 10, which are dependent upon the results from periods 9 and 10.
Often times, plans are abandoned too early. Sometimes leadership will abandon ship at the slights sign of concern, like a drop in share price, instead of analysing the true situation. The most important thing to us is that our Brand Awareness is still very high. Also, our consumers still believe that our brand is very effective. With those to metrics in mind, we decided that we would not abandon the Allright brand simply because its sales were not as high as we wanted them. We introduced the Allright brand to attract target market segments that analysis showed would result in big profits. Allright is a children's cold medicine that was promoted to target the young families cold market. We introduced this new line in period six and felt immediate negative affects. Our costs and expenses sky rocketed.
The reason we cannot give on Allright so soon is because much of our initial analysis holds true. There is room in the cold market for young families. Allright is improving at a very rapid rate. We believe that a lot of our problems with Allright are not because of their poor sales, but because we underestimated the expenses involved when introducing a new line, and because we under estimated how much time it takes for a new pharmaceutical drug to take ahold of the market.
Because Allright has only been in production for two periods, we decided to stick with it for 2 more periods. If Allright isn't competitive with some of our lesser competition by period 9, then we'll cut Allright from production and focus on getting the Allround brand back to past performance levels.
My group laid out a pretty intensive marketing plan for periods 3-7 a few weeks ago, and then went about implementing it. About 2 periods into the plan, we had basically abandoned the main points of the plan! The goals and objective didn't change, however, the methods did change. We didn't redirect our course on a whim or because we had a change of heart, we were basically forced to change our tactics because of unforeseen market forces directing our hand.
Our group came together this week and developed a new plan put our products back on course. we performed a SWOT analysis, identified key issues, did a strategy implementation assessment, stated our new marketing goals and objectives, and finally, developed a marketing revision strategy.
Jumping right to revision, our next plan will happen in two stages. The first stage has the actions that will occur in periods 7 and 8. The second stage consists of the strategy for periods 9 and 10, which are dependent upon the results from periods 9 and 10.
Often times, plans are abandoned too early. Sometimes leadership will abandon ship at the slights sign of concern, like a drop in share price, instead of analysing the true situation. The most important thing to us is that our Brand Awareness is still very high. Also, our consumers still believe that our brand is very effective. With those to metrics in mind, we decided that we would not abandon the Allright brand simply because its sales were not as high as we wanted them. We introduced the Allright brand to attract target market segments that analysis showed would result in big profits. Allright is a children's cold medicine that was promoted to target the young families cold market. We introduced this new line in period six and felt immediate negative affects. Our costs and expenses sky rocketed.
The reason we cannot give on Allright so soon is because much of our initial analysis holds true. There is room in the cold market for young families. Allright is improving at a very rapid rate. We believe that a lot of our problems with Allright are not because of their poor sales, but because we underestimated the expenses involved when introducing a new line, and because we under estimated how much time it takes for a new pharmaceutical drug to take ahold of the market.
Because Allright has only been in production for two periods, we decided to stick with it for 2 more periods. If Allright isn't competitive with some of our lesser competition by period 9, then we'll cut Allright from production and focus on getting the Allround brand back to past performance levels.
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