The location of a marketplace is an important move in determination of resource allocation and the expected outcome. To facilitate this there should be clear marketing plan to enhance effectiveness and this will involve the two components of a situation analysis and marketing strategies and tactics.
Situation Analysis. The company aims at meeting the tastes and preferences of its customers by offering safe pharmaceutical products while maximizing the shareholder’s value. The company believes in the talents and abilities of the employees and this gives room for them to carry out medical research and develop products. The company’s interest of improving the livelihoods of the customers is one of the strategies that keep it ahead of the competition. The company has a wide product line and its stock price has been on the increase over the past decade. Some of the main challenges that it faces include a saturated market with many competitors. Due to the strong client base and a talented workforce, the company can expand its market. However, the company has limited options to expand due to increased competition. The stock prices may also be affected by the economic downturns. The main collaborators who help the company deliver value to its clients are the employees because they are motivated to use their talents in product development. The primary target market for the company is clients suffering from common cold but who do not need the doctor’s prescription. The company ensures safety of the products to meet customer satisfaction. It seeks to increase the market share by ensuring good customer satisfaction. Majority of the customers are more concerned with their lifestyles and they need safe products thus the company is committed to provide exactly that. The competitors include other pharmaceutical companies. The industry is not able to set the retail and wholesale prices thus a set by the companies and this may affect the profitability of the companies.
Marketing Strategies and Tactics. One of the reasons for the company has increased sales volume over the years is marketing techniques. The cost of advertising is readjusted annually to be updated. It aims to raise the cost of advertising in line with the increased cost of production. The company aims at monitoring the customer satisfaction trends by carrying out purchase surveys regularly. The prices are also set to increase in line with the level of inflation in the economy.
POST-SIMULATION ADVICE TO THE NEW MANAGEMENT
To succeed in business, the management needs to pay keen interest in the promotion, pricing, distribution and product development. Due to the increased competition, the pricing of the company’s products should be competitive. They should be guided by factors such as the level of inflation and demand for the products. The management should adjust the prices of products that are new in the market according to the demand. The distribution channels that are more profitable should be maintained. The products should be reformulated regularly to suit consumer demands. Over the past ten years, the company products did not have high demand due to uncompetitive prices.
The major pillar of the company is the employees. The fact that they are allowed to develop their talents in the workplace has led to improved quality of the products. Customer satisfaction in the company is guarantee due to the commitment of the company to provide safe products. The shareholders are also delighted with the company due to the increased stock prices of the company over the years. Brand awareness is one of the factors that have led to increased market share for the company. Although the company has a large customer base it is still faced with competition from other companies.