Allstar Brands Corporation, Allround Brand introduction
Allstar Brands Corporation has become one of the leading manufacturers of packaged goods in the world, founded in 1924, the Allstar Brands Medicine Group has obtained or merged with many smaller companies. As a leader of over the counter (OTC) cold and allergy remedy, the company’s history of success consists on its Pharmaceuticals Division’s critical long-term strategic plan which helps maintain its cash flow from different periods of time allowing the company to pursue new opportunities in emerging markets (James, Kinnear, & Deighan, 2014). Allstar Brands Divisions
Allstar Brands Corporation is divided into three divisions: Consumer Products, International, and Pharmaceuticals. The …show more content…
Thus, it is important for company to take care its customers first and then profit. This performance objective will not only benefit its customers, but also increase the Allstar’s revenue and reputation. It is because its customers will give it back. Although Allstar has the highest awareness in the industry, once Allstar does not put customers first and its customers realize that, the revenue of Allsatr might be dropped. Therefore, the customer-focused objectives will be critical key for Allstar to plan its performance goals. Of course, the final performance goal will be cumulative net income and stock price. We expect its cumulative net income can be above 800 million and its stock price can be above 100. Therefore, if Allstar provides the best quality customer service, it will increase its reputation and loyalty. Once its reputation and loyalty has increased, the Allstar will be able to increase its net income and stock …show more content…
According to Winer and Dhar (2016), marketing research plays a critical to developing a marketing plan (p. 85). Secondly, after collecting all of competitor’s data, we may use some tools, such as EFE and CPM matrixes, to analyze our own strengths and weakness and competitor’s strengths and weakness. These two tools will be very helpful for us to utility because the External Factor Evaluation (EFE) allows us “to evaluate and summarize economic, social, culture, demographic, environmental, political, governmental, legal, technological, and competitive information” (David, 2015, p. 84). Whereas, the competitive profile matrix (CPM) can “identify a company’s major competitors and its strengths and weakness in relation to a sample company’s strategic position” (David, 2015, p. 87). Thirdly, we might set a low price first so that Allstar can gain more market share. Also, we might give some promotion for wholesalers. Even though Allstar has a high awareness, it does not mean that Allstar has a big market share. Furthermore, we might reduce some expenditures of adverting first due to having a high awareness. Fourthly, once Allstar has more market share, we will try to increase our customer’s loyalty. The higher market share, the more consumers will have. Therefore, we can provide a quality customer
Allstar Brands Corporation has become one of the leading manufacturers of packaged goods in the world, founded in 1924, the Allstar Brands Medicine Group has obtained or merged with many smaller companies. As a leader of over the counter (OTC) cold and allergy remedy, the company’s history of success consists on its Pharmaceuticals Division’s critical long-term strategic plan which helps maintain its cash flow from different periods of time allowing the company to pursue new opportunities in emerging markets (James, Kinnear, & Deighan, 2014). Allstar Brands Divisions
Allstar Brands Corporation is divided into three divisions: Consumer Products, International, and Pharmaceuticals. The …show more content…
Thus, it is important for company to take care its customers first and then profit. This performance objective will not only benefit its customers, but also increase the Allstar’s revenue and reputation. It is because its customers will give it back. Although Allstar has the highest awareness in the industry, once Allstar does not put customers first and its customers realize that, the revenue of Allsatr might be dropped. Therefore, the customer-focused objectives will be critical key for Allstar to plan its performance goals. Of course, the final performance goal will be cumulative net income and stock price. We expect its cumulative net income can be above 800 million and its stock price can be above 100. Therefore, if Allstar provides the best quality customer service, it will increase its reputation and loyalty. Once its reputation and loyalty has increased, the Allstar will be able to increase its net income and stock …show more content…
According to Winer and Dhar (2016), marketing research plays a critical to developing a marketing plan (p. 85). Secondly, after collecting all of competitor’s data, we may use some tools, such as EFE and CPM matrixes, to analyze our own strengths and weakness and competitor’s strengths and weakness. These two tools will be very helpful for us to utility because the External Factor Evaluation (EFE) allows us “to evaluate and summarize economic, social, culture, demographic, environmental, political, governmental, legal, technological, and competitive information” (David, 2015, p. 84). Whereas, the competitive profile matrix (CPM) can “identify a company’s major competitors and its strengths and weakness in relation to a sample company’s strategic position” (David, 2015, p. 87). Thirdly, we might set a low price first so that Allstar can gain more market share. Also, we might give some promotion for wholesalers. Even though Allstar has a high awareness, it does not mean that Allstar has a big market share. Furthermore, we might reduce some expenditures of adverting first due to having a high awareness. Fourthly, once Allstar has more market share, we will try to increase our customer’s loyalty. The higher market share, the more consumers will have. Therefore, we can provide a quality customer