This week in Pharmasim the team progressed to period six. We followed our marketing strategy plan and it appears to be working well for us. Since our PharmaSim is a team competition, I cannot reveal too much infomation in this blog. (If you came here to find why we are so successful... begin at the first chalk talk and then proceed through week eight). What I can say is this... Our team is having a lot of fun in this simulation. We are enjoying the challenge of managing advertising, promotion, MSRP, special decisions and sales force. We began with a stock price of $11.14 and are current trading at $43.85. While this metric demostrates good progress it is the end result of many more important metrics.
For example, the below chart shows mfr sales. As the team continues to meet and exceed the customers needs and product values... our OTC products will continue to move off the shelves.
For example, the below chart shows mfr sales. As the team continues to meet and exceed the customers needs and product values... our OTC products will continue to move off the shelves.
Additionally, "free" market research is available through social media. It can require some translation but a good amount of customer value can be found.
A quick skim shows that we have work to do on Allround+. "Can be hard to find" indicates our shelf presence is weak and POP could be a quick solution. "More coupons, please!" indicates we are not enticing the customer base. The team will need to review our inputs and try to adjust to exceed the customer needs.
As I previously stated, I cannot go in to Allround strategy but I think the product volume is about to explode! C/S is chart busting and the value is one of the highest I have seen in my experience with PharmaSim.
There is another aspect that I find works well with PharmaSim- teamwork. Our team has a good blend of thristy greed and what Drucker calls "customer attention". Satisfying the customer's wants are the number one goal and profits are the results of fulfilling this goal.
Onward and Upward...
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