So far a lot has been happening in the seven periods of Pharmasim that we have been playing as a team. The team has been working together around the busy schedules that we have and the tight timeline for advancing the simulations. Our plan of attack was thrown off the first day when we had our special decisions. The special decisions did not have a large impact on our marketing plan but did take special consideration. The reaction to the bad marketing feedback was important as we knew that if we did not respond timely and correctly it could effect our brands name and image. Another special decision was certain retailers wanting additional channel discounts. This decision was tough as we knew that our sales could be affected because the product would not be sold.
Also through the first seven periods, the most important thing learned so far was the need to review the necessary data to make the decisions. I know this sounds cliche coming from the engineer but knowing what surveys to purchase with our limited budget was really important. To see the pricing of our competitors or reviewing the brands purchased survey were key to making sure our marketing plan was functioning.
The most important decision that we made so far was the introduction of the children's cold medicine. It was important because we had to decide if we could recoup more sales than what would be cannibalized by the new product. Also we had to segment our market from Allround the cold remedy for everybody to the young and mature families for just cold medicine.
Going through the SWOT analysis and the market attractiveness activity helped developed the marketing plan. The market attractiveness showed that the creation of the children's cold medicine was the highest was a total of 625 and the second was cough with 500. This helped to show there was an attractive market for both of the children cold and everyone cough. This also should have employed with the decision to add allergy to the Allstar brand products.
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