Pharmasim
What Did We Learn From Pharmasim?
In our experience with Pharmasim we learned that Marketing decision making must be very sensitive and responsive to everything going on in the industry which is very complex. Consumer responses to marketing tactics can be volatile and unpredictable and no idea is guaranteed to work well. Marketing is a matter of meticulous research, assumptions, planning, and volatility at times. Overall we took away two major points: 1) that it is important to consider the product lifecycle in evaluating how to promote businesses and, 2) that the “Sweet Spot” as a competitive advantage should be the greatest point of consideration when evaluating how to best gain leverage to beat the competition in the minds of consumers.
Professor Yang constantly reminded us with every lecture that Marketing is dynamic and encompasses a deeper thought process than generally perceived as it requires constant consideration of infinite variables that affect consumers’ thought processes. The position of Chief Marketing Officer is generally fading across industries however; we find it to be a great necessity. Marketing plans are closely tied to stock prices and “the bottom line” of costs vs. profits for companies and need a CMO to closely monitor this. The slightest changes in sales tactics could mean immediate growth or likewise, immediate demise of a company.
Our Initial Strategy
Reviewing the segment, target and position of the company from the case we received, we decided that we would need a few focal points in order to boost our sales. Given the company’s initial competitive position as the brand of over-the-counter relief with the highest brand awareness at 74.1%, largest market share at 40.4%, and highest sales of liquid cold medicine at $355 million we agreed that our main focus should be to simply maintain Allround’s position as the leader with full market coverage including all demographics of adults. Allround’s formula was higher than their
In our experience with Pharmasim we learned that Marketing decision making must be very sensitive and responsive to everything going on in the industry which is very complex. Consumer responses to marketing tactics can be volatile and unpredictable and no idea is guaranteed to work well. Marketing is a matter of meticulous research, assumptions, planning, and volatility at times. Overall we took away two major points: 1) that it is important to consider the product lifecycle in evaluating how to promote businesses and, 2) that the “Sweet Spot” as a competitive advantage should be the greatest point of consideration when evaluating how to best gain leverage to beat the competition in the minds of consumers.
Professor Yang constantly reminded us with every lecture that Marketing is dynamic and encompasses a deeper thought process than generally perceived as it requires constant consideration of infinite variables that affect consumers’ thought processes. The position of Chief Marketing Officer is generally fading across industries however; we find it to be a great necessity. Marketing plans are closely tied to stock prices and “the bottom line” of costs vs. profits for companies and need a CMO to closely monitor this. The slightest changes in sales tactics could mean immediate growth or likewise, immediate demise of a company.
Our Initial Strategy
Reviewing the segment, target and position of the company from the case we received, we decided that we would need a few focal points in order to boost our sales. Given the company’s initial competitive position as the brand of over-the-counter relief with the highest brand awareness at 74.1%, largest market share at 40.4%, and highest sales of liquid cold medicine at $355 million we agreed that our main focus should be to simply maintain Allround’s position as the leader with full market coverage including all demographics of adults. Allround’s formula was higher than their