Florida State College Customer Satisfaction SWOT Analysis Discussion • Provide a SWOT analysis in a 2X2 table format. I have already started on the S.W.O.T

Florida State College Customer Satisfaction SWOT Analysis Discussion • Provide a SWOT analysis in a 2X2 table format. I have already started on the S.W.O.T but I need help finishing it. If it is not the format that it should be please change it. I have provided several documents for reference. S.W.O.T Analysis
STRENGTHS
WEAKNESSES
1- Customer satisfaction is the highest at 60%.
2- High brand awareness for OTC brands.
3- Allround has the highest market share at 29.7%
for cold medicine.
4-Allround has the highest percent of actual
purchases 20.7%.
5-Allround is the most frequently purchased brand.
6- Allround brand perception of aches is the highest
among competitors.
7-Allround offers relief for the most common
ailments reported by customers which is aches,
nasal congestion, chest congestion, runny nose
and coughing.
OPPORTUNITIES
THREATS
Strengths
Weaknesses
•
Allround is the most purchased brand
•
Limited marketing budget
•
Allround products control shelf space
as compared to competitors
•
High cost of goods sold
•
•
Distributors allowance are high
High customer satisfaction
•
•
Allround has the highest brand
awareness of any other competitor.
Allstar’s current product offering only
focuses on the cold category, which is
a small portion of the total available
market.
•
Allround has the highest market share
based on sales revenue for OTC
medicine.
•
Allstar has a small sales force to
promote its product. Only 14% of total
marketing expenses allocated to sales
force.
•
Allround contains alcohol, which is a
side effect that consumers dislike.
•
Allstar has only one product on the
market.
•
Consumer preference is leading to
capsule form, and most competitors
already supplying in capsule form.
•
Allstar is the market leader in the cold
remedy market.
Opportunities
•
Products are heading toward the
removal of alcohol from formulation
•
There are no 12 hour multi-liquid
products on the market
•
A cheaper bargain product could be
beneficial to address price criteria
•
•
Allstar has the ability to tap into
another segment of the market by
offering a brand extension, such as the
cough or allergy segments.
Allstar has the ability to add brand
extensions that fit customer needs.
Threats
•
End dominates the cough market
•
Over saturated markets, many other
companies distribute similar products
•
Consumers perceive alcoholic content
in OTC medication negatively.
•
Other OTC competitors are receiving
higher doctor recommendations than
Allround.
•
Allround has a lower customer
retention rate compared to other
competitor brands.
•
Allstar can remove the alcohol from
its product line.
•
Product placement in stores not
optimal compared to competition.
•
Introduction of new products by
competitors can erode Allstar’s market
share.
PharmaSim
The Marketing Management Simulation
Thomas C. Kinnear, The University of Michigan
Stuart W. James, Interpretive Simulations
Michael Deighan, Interpretive Simulations
Charlottesville, Virginia, USA
ii
Copyright Notice
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iii
About the Authors
Thomas C. Kinnear is D. Maynard Phelps Professor of Business Administration, Professor
Emeritus of Marketing, and founding Executive Director of the Samuel Zell and Robert H. Lurie
Institute for Entrepreneurial Studies at the Ross School of Business at the University of Michigan.
He was formerly Eugene Applebaum Professor of Entrepreneurial Studies, Senior Associate Dean
of the Business School, and Vice President for Development and Executive Officer for the
University. He headed the $1.4 billion Campaign for Michigan in the 1990s. At Michigan, he has
received awards for teaching excellence and service to the University. He holds an undergraduate
degree and LLD (honoris causa) from Queen’s University at Kingston, Ontario; an MBA from
Harvard University; and a Ph.D. in Business Administration from the University of Michigan.
He has previously held a faculty appointment at the University of Western Ontario and visiting
appointments at Harvard University, Stanford University, and the European Management
Institute (INSEAD) at Fontainebleau, France. His teaching and research interests are in the areas
of entrepreneurial studies, strategic marketing planning, marketing and public policy, and
market-based management. His Ph.D. dissertation examined the economic concept of “market
failure” as it relates to ecological issues, especially pollution externalities. His research activity
has resulted in publications in numerous scholarly journals including: the Journal of Marketing,
the Journal of Marketing Research, the Journal of Consumer Research, the Journal of Public Policy
and Marketing, and the Journal of Business Research. He is former editor of the Journal of
Marketing and former founding editor of the Journal of Public Policy and Marketing. This latter
journal publishes scholarly articles related to public policy and the marketplace, including issues
of FTC and FDA regulations and environmental dynamics of consumption.
He is coauthor of several books including: Modern Marketing Research (Thomson), Principles of
Marketing (Harper Collins), Marketing Research: An Applied Approach (McGraw-Hill),
Promotional Strategy (Richard D. Irwin, Inc.), and Cases in Marketing Management (Richard D.
Irwin, Inc.).
Professor Kinnear has worked in marketing management, marketing research, and marketing
education consulting. His clients have included Aetna; American Electronics Association; AT&T;
Alcatel (France); Chrysler; Domino’s Pizza, Inc.; Eli Lilly, Inc.; Federal Trade Commission; General
Motors; General Electric; Helmac Products; Kodak; L’ Air Liquide (France); Machine Vision
International; TI Group (UK); and Travelers.
He is CEO and chair of the Board of Directors of the Venture Michigan Corporation, a $200 million
venture capital fund of funds. He is a director and past-chair of the Board of the American
Marketing Association and former chair of the Board of the American Marketing Association
Foundation. He has previously served as an Academic Trustee of the Marketing Science Institute,
as a director of the Association for Consumer Research, and as the Vice President for Academics
iv
and Vice President for Publication at the American Marketing Association. He also has served or
is serving as a member of the Board of Directors or Corporate Advisory Boards for several
companies and community organizations: Accuri Cytometers, Inc.; Ann Arbor Angels; Avail
Networks, Inc.; Bard Manufacturing, Inc.; BlueGill Technologies, Inc.; Center for Learning Through
Community Service; Domino’s Pizza, Inc.; Greenhills School; Helmac Products, Inc.; Ecliptic
Systems, Inc.; Interpretive Software, Inc.; Janeeva, Inc.; Mobius Microsystems, Inc.; Nanocerox,
Inc.; National Patent Development Corporation; Venture Michigan Fund; Network Express, Inc.;
Pennaflex Educational Resources, Inc.; and the University Musical Society.
He is active in the entrepreneurial community as a co-founder, advisor, angel investor, and board
member of start-up companies: Network Express, BlueGill Technologies, Accuri Cytometers, Avail
Networks, Avidimer Therapeutics, Mobius Microsystems, Janeeva, Nanocerox, and NanoBio. He
is also a limited partner in Apjohn Ventures, Arbor Partner Ventures, Arboretum Ventures, EDF
Ventures, and RPMVentures. He is a member of the investment committee for EDF Ventures and
serves as a special limited partner for Arboretum Ventures.
Stu James is the founder of Interpretive Simulations, one of the leading publishers and developers of
business simulations worldwide. Interpretive’s simulations are an integral part of the curriculum at
many of the world’s top business schools in the areas of marketing, strategy, management, and
international business. To date, over 400,000 people have experienced one of Interpretive’s
simulations, and many rave about how the simulation was one of the best learning tools they have
ever used.
On the academic front, Stu is currently Visiting Lecturer at the University of Michigan (EMBA), and at
the Colgate-Darden Graduate School of Business at the University of Virginia (MBA Core Marketing
and Custom Executive Programs). In addition, Stu has served at the Allen Center for Executive
Education at the Kellogg School of Business, the China Europe International Business School (CEIBS),
and the Cheung Kong Graduate School of Business (CKGSB).
Along with his academic work at the above business schools, Stu has also worked with American
Honda, CIGNA, The Davidson Institute, General Electric, Genworth Financial, Harvard Business School,
Navy Federal Credit Union, Pearson Prentice Hall, and McKinsey & Company. He is co-author of a
number of leading simulation products including StratSimManagement, StratSimMarketing,
StratSimChina, CountryManager, PharmaSim, HRSimSelection, MarketShare, BizCafe, and
ServiceSim, all used at leading universities worldwide. Stu has extensive experience in facilitating
simulation events, having directly worked with thousands of executive and MBA participants over the
past 25 years.
Currently, Stu’s primary focus is running Management by the Numbers, Inc. (MBTN), a new venture
that he co-founded with Paul Farris of the Darden School of Business. MBTN provides a self-paced,
on-line environment where students and executives can master the numbers side of marketing and
business metrics.
Stu and his family reside in Afton, Virginia at the foot of the Blue Ridge Mountains. In his spare time,
Stu enjoys playing and teaching Irish traditional music and competing in triathlons.
v
Michael Deighan is a coauthor on the web-based editions of Airline, Corporation, Entrepreneur, and
HRManagement. His expertise, insight, and creativity proved invaluable and made it possible to
convert these models to their current web-based versions. Michael joined Interpretive Simulations in
1989 as lead software developer and has served as manager of technology and content development.
He is coauthor on a number of Interpretive simulations: PharmaSim, BizCafe, StratSimMarketing,
StratSimManagement, StratSimChina, CountryManager, and MarketShare. In addition to developing
software, he has been teaching computer programming classes at Piedmont Virginia Community
College in Charlottesville, Virginia, since 1990. Michael received his B.A. in German and Economics
from Washington and Lee University, and an M.A. in German from the University of Virginia.
vi
Acknowledgements
A moment of appreciation…
The authors wish to thank many people for their support in the development of this simulation.
Mary Juraco and Kathleen Simroth of Interpretive Simulations were a great help with the editing
process for the initial version of this manual. Melissa Rosati, Jim Boyd, and Jim Sitlington at Scott,
Foresman and Company all played an important role in getting PharmaSim off the ground. Steve
and Kathleen Simroth and Karen James collected data in retail outlets long before the first line of
code was written. We also are grateful to the many students who tested all the versions of
PharmaSim over its development. A special thanks is due to Eric Anderson, Craig Ehrnst, Matt
Hausmann, Nadine Lindley, Jim Pack, Louise Bedard, and Joanne Novak at the University of
Michigan Business School for their help in the alpha and beta test phases of PharmaSim.
Over the years, a number of people contributed to improvements in the manual and software.
We especially appreciate the contributions of Julie Koh, Gabriel Buddenbrock, Susan Christmas,
Marjorie Adams, Del Kolberg, Erin Simpson, Clayton Shumate, Tony Naidu, and Anne Louque of
Interpretive Simulations; Anne Smith of HarperCollins; and Melissa Sabella and Melissa Pellerano
of Pearson Education. We also owe a huge debt of gratitude to faculty who have worked with us,
including Jose Rosa, Gene Anderson, Harlan Spotts, Ann Root, Marian Moore, Lori Feldman and
Hugh Daubek. We also appreciate being invited into the classrooms and meetings by the firstyear marketing faculty at the Harvard and Darden Business Schools.
The latest release of PharmaSim incorporates the feedback of the 200,000+ users of the
simulation since its initial release. We want to acknowledge the hard work and dedication of a
number of Interpretive employees—especially Clayton Shumate, Patrick Neeley, Matt Travis,
Steve Messing, Laura Chappell Arnold, Erin Simpson, Caleb Sancken, Rachel Hill, Tim Melson, Tim
Sams, and David Luzader.
Thomas C. Kinnear
Stuart W. James
Michael Deighan
This simulation is dedicated to Connie, Maggie, and Jamie;
Karen and Katherine;
Mary, Justin, Mikaela, Kathleen, and Sean.
vii
Contents
Introduction
1
Case
5
PharmaSim Quick Start Guide
PharmaSim Manual
The Company
The OTC Medicine Industry
OTC Medicine Marketing
Internal Product Development
Financial Situation for the OCM Group
The Marketing Task
Sample Market Survey Questionnaire
3
4
7
9
14
19
21
22
23
Marketing Management Process
25
Appendix
45
Situation Analysis
Marketing Strategy
Marketing Mix
Conclusion
Using PharmaSim in a Group
Market Segment Descriptions
Glossary
Image Attribution
Index
28
35
38
44
46
47
51
57
58
Printed April 9, 2020
PHARMASIM
Introduction
2
PharmaSim is a marketing management simulation based on the over-the-counter cold medicine
industry. While it focuses on brand management, the issues raised apply to marketers in any
industry. In PharmaSim you will learn the importance of understanding customer needs, creating
awareness for your products, finding the best distribution model, and deriving an appropriate
pricing structure.
As a member of a marketing management team, you will make decisions regarding product mix,
pricing, distribution, advertising, and promotion for Allstar Brands, one of five firms in the
market. The four computer-simulated competitors will respond to your decisions and execute
their own strategies. All the teams in your section compete within the same environment,
allowing your instructor to compare results. PharmaSim covers a timespan of up to 10 simulated
years, so you can observe both the short-term and long-term effects of your decisions.
PharmaSim offers three playing levels with varying degrees of complexity. “Brand Assistant” has
the fewest decisions and least number of reports available. “Assistant Brand Manager” is
moderately complex. “Brand Manager” is the most complex, offering the greatest detail in the
decisions and reports. Your instructor may choose to use one or more of the levels. In addition,
you may have to respond to special decisions that arise from incidents, and you may be asked to
complete supplemental assignments chosen by your instructor.
Competing in the PharmaSim marketplace will require complex analysis and decision-making.
Therefore, take some time to familiarize yourself with the case before beginning the simulation.
While working through your decisions you will find it helpful to refer to the manual for
information and strategy tips.
To get the most out of the PharmaSim experience, we recommend the approach outlined on the
following page.
3
PharmaSim Quick Start Guide
1. READ THE CASE
• Industry background
• Company starting situation
2. START-UP
• Access simulation from the course website.
3.
•
•
•
•
•
PERIOD DECISIONS
Sales Force
Pricing (for each product)
Advertising (for each product)
Promotion (for each product)
Special
4. DECISION ANALYSIS
• Budget Allocation
• What If…
• Pricing Analysis
Go back to Step 10 until satisfied with decisions
5. TEAM LEADER ADVANCES SIMULATION
• Check schedule for times
• Complete decisions before deadline
If the simulation is over, skip to Step 14
6. EVALUATE RESULTS
• Company reports
• Market research
• Survey
Go back to Step 10
7. SIMULATION ENDS
• Evaluate team performance
• Review what you have learned
Your instructor may require incident decisions and additional assignments during the simulation. Check
the schedule and messages on your course website for details.
4
PharmaSim Manual
The remainder of this manual is divided into the sections described below. Your understanding
and success in PharmaSim will be greatly enhanced by reading this manual before you begin
the simulation. The manual will answer most of the questions students typically have during the
simulation experience, and reading it has the added benefit of improving your competitiveness.
Contextual help within the simulation interface and Frequently Asked Questions, “FAQs,” on your
course site provide more information.
The Case contains background on the over-the-counter (OTC) cold and allergy remedy market,
and it describes the current situation of your firm, Allstar Brands. It also provides an overview of
the decisions you will make and information on the reports and research available. A timeline of
the product decisions you will face is also included.
Marketing Management Process presents a general discussion of marketing management:
situation analysis, the 5 C’s, SWOT analysis, marketing strategy, and the 4 P’s. It serves as a guide
in developing and executing your marketing plan.
The Appendix provides supplemental materials to help you with the simulation experience.
There are tips on using the simulation as part of a group. A description of the market segments
and distribution channels in the PharmaSim environment may help guide you in segmenting the
market and positioning your products. The glossary contains marketing terms that are used in
the simulation. An index concludes the appendix.
PHARMASIM
Case
6
The management team at the Over-the-counter Cold Medicine (OCM) Group of Allstar Brands
just completed its third presentation in the past month to the Pharmaceuticals Division manager
regarding the status…
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