Compare Contrast PharmaSim Mktg Team Reports against my Team B Reportcasnod
First read the reports of the three other teams that participated in PharmaSim (in Doc Sharing area). Then write a quick summary of each team's strategy (INCLUDING your own). Finally, compare and contrast your team’s strategy with the other three groups' and identify improvements for each (yours and theirs). I have attached the two douments needed TeamB is my team and the other document has all teams in succession
Note: Again, you must read the reports carefully here is example: The strategy for Group B was to advance Allround’s brand by adding a line extension. Based on Allround’s great brand awareness and the belief that there was a market for a children’s cough liquid, Group B introduced Allround +. Group A had a similar thought process but arrived at a different conclusion. Although there is a market for medicine specifically targeted towards children, we could not ignore the cough and allergy market. Our long term strategy was to introduce the unique non-drowsy allergy capsule while our short term strategy was to capture some of the cough market. Group B marketed their line extension to compare to Coughcure. Group A chose not to go this route because we would not have any competitors when we introduced our unique allergy product, Allright. I do think it was it was a good idea for Group B to add a line extension and looking back on the simulation, Group A wishes they would have added one. However, I think it would have been more effective to introduce the 4-hour cough liquid instead of the children’s cough medicine.
Group A and B also had different advertising strategies. When Group B introduced their new line extension, the advertising budget was $6 million while Group A budgeted $15 million for the introduction of our new product. Since Group B was introducing a line extension and not a whole new product, it makes sense that the advertising budget was lower, however, I think Group B would have benefited from an increase in their advertising budget for at least the first period. Group B also put a lot of emphasis on advertising the benefits of their product messaging. Since their product did not have a unique benefit, I think it would have been more valuable to place more emphasis on comparison. Similar to Group A, Group B struggled with sales force in the beginning of the simulation and greatly benefited from purchasing the sales force report to compare their sales force numbers to the competition.
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First read the reports of the three other teams that participated in PharmaSim (in Doc Sharing area). Then write a quick summary of each team's strategy (INCLUDING your own). Finally, compare and …4 years ago