Mission Statement of Allstars
As members of the Branding Team of the pharmaceutical division of Allstars, it is our duty to form brand equity and value-laden relationships with our customers. It is highly important for us to make sure that our products fill the void in the lives of the customers of the target market. Keeping our customers happy hence reducing customer turnover is what Allstars is all about. Apart from this, we make sure that our products are available, efficient and affordable, while at the same time profitable.
The main idea of our marketing plan is to retain the existing customers with the existing goods and services and tap new markets by providing products of superior value in order to increase the market share. With these targets being achieved on an everyday basis, our company will be able to perform better and hence increase profits. Allstar Brands tries its level best to meet its targets through strategic planning and feasibility studies of the launch of new products in various markets.
This allows us to develop customer relationship management before the product is launched hence being more aware of the needs, wants and purchasing power of the customers. This is done through data mining and data
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Strengths: Allstar is a well-reputed company and is known through out the nation for its pharmaceutical drugs. There are various drugs available for all kinds of age groups, including children and adults. Most of its drugs are best known for quick action, whether it is for pain-relief or is a cough syrup.
It is very beneficial for a company to have a large market share since it can then hit its competitors hard. The large market share of Allstar is strength to the company, its long established roots and great customer satisfaction has helped the company prosper. Greater market share and higher customer satisfaction is achieved through good planning of the formation of marketing mix of various products. The company focuses not on sudden rise in price of the drugs which would be a risk on losing our customers.
Hence, Allstar gradually increases its prices as needed; however, keeping in mind the fact that unwarranted price raises conflict with corporate social responsibility objectives. And so the company has remained the first preference of a lot of its customers. Our customer driven strategies, which have been practiced for a long time owing to their effectiveness, help us attain these goals.
Weaknesses: As you are aware that the new branding team came in some time back and took time to settle in as any other team would.
Mean while, the competition rose, and hence Allstar could not cope up with the fast paced competition and hence slowed down. But Allstar did not give up and continuously strived to come up to the level its competitors. The time that Allstar lost while the branding team settled in the company was a major weakness. In that time our competitors tried to tap the markets that were purely pro-Allstar. There was a lot fluctuation in the stock market and the team did its level best to keep the company’s profits stable.
After extensive research it came to our knowledge that the prices of some of our products were higher than that of the other companies offering the same products. Although the higher prices aided in having a profitable income statement each year, however, the increase in price heated the competition further. Allstar’s management made a bad move by quickly making changes in the product life cycle which made it difficult for us to cope. (Williamson et al. 10-15) Apart from that, the distribution plan of the company lacked efficiency.
The core focus of the management was the grocery store sales which were not a bad idea; however, if the management could have shifted to wholesalers or keep a balance between the two, then in our opinion, the company could have shown a far better performance. Although this looks like a bad move made by the branding team, however a launch of a new product could have easily solved the problem of Allstar. The mistakes made are no comparison to the successes that Allstar has had.