Marketing Strategy of Allstar Brands Medicine Group

With the increasing level of competition in the pharmaceutical industry, a manufacturer like the Allstar Brands Medicine Group is opting to pursue new opportunities emerging within the markets.Advertising We will write a custom essay sample on Marketing Strategy of Allstar Brands Medicine Group specifically for you for only $16.05 $11/page Learn More Managers at Allstar Brands Company have a responsibility of formulating effective marketing strategies in order to cope up with new competition within the industry. Competition in overcrowded industry does not efficiently sustain the higher performance of the Allstar Group. However, there is need of creating blue ocean opportunities in the uncontested market space (Kim and Mauborgne 2004, p. 79). Moreover, the company needs to shift from marketing strategies which aim at creating a competitive advantage environment to those strategies developing, exploiting, and protecting blue oceans strategies. Creating de mand for the product rather than fighting over demand In its marketing strategy, Allstar mainly focuses on how to increase the demand of its products in the market through advertisements and offering favourable prices. According to the company, creating awareness and lowering the prices of its products increase the demand of the product in the market. Other marketing strategies like promotional allowances are also important for gaining distribution. Nevertheless, offering products to retailers who in turn set the prices might exploit the consumers. Blue Ocean Strategy recommends creation of uncontested market space like investing in the online marketing methods, which most companies have not realised (Lee 2008).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This approach would help reach many customers, especially with the growing digital world rather than spend much on advertisement whil e creating a competitive advantage environment. Making competition irrelevant Allstar Company mainly focuses on the marketing strategies that allow it to fight and beat competition at a greater expense. The Blue Ocean strategies encourage representation of high product differentiation through concurrent pursuit and low cost. As a result, there is creation of irrelevant competition. While making the competition irrelevant, Allstar should focus its marketing strategies on alternatives method of coping with escalating levels of competition, customers, and how to attract new potential customers. The company experiences competition from five firms. To create an irrelevant competition, the company, therefore, should focus on development of a single product that has the ability of integrating all the curative functions of pharmaceutical products manufactured by the five rivals (Arline 2011). These combinations of manufacturing ingredients offer the customers the benefits of purchasing a si ngle product with an ability of curing several diseases. Creating and capturing new demand In every free and efficient market, economic factors like demand must exist. Allstar Company only fights for exploitation of the existing demand in the pharmaceutical industry rather than creation. The brand managers of the company should understand that very good might not be good enough. Therefore, while creating new demand for its products, creation of emotional connection like ergonomics and message with customers is crucial (McDonald and Meldrum 2007, p. 63). As one of the leading corporations, it is significant that Allstar Company creates and captures the emotional space in the market.Advertising We will write a custom essay sample on Marketing Strategy of Allstar Brands Medicine Group specifically for you for only $16.05 $11/page Learn More Advertisements and pricing allowances encourage the company to harvest the already generated demand as well as creati ng new demand through consumer awareness. Additionally, the marketing managers should integrate the views of all stakeholders instead of dwelling only on the suggestions of the brand managers and assistants. Besides, it is crucial to create hassle map and brand trajectory, which are relative to the competitors. Breaking the cost trade off Allstar mainly invests in the creation of greater value for its pharmaceutical products to customers at higher cost. In order to break the trade-off cost, it is important for the company to pursue simultaneously product differentiation at lower cost in order to create blue cost strategy. While trying to eliminate the value-cost trade off, the company must focus on the issues taken for granted that requires elimination and factors that require reduction below the standard of the industry (Frei 2006). Notably, cost saving is important to the company as it increases profit. However, it might cause reduction in the quality of advertising, thus creating an irreparable damage to company’s brand image. References Arline, K 2011, Blue Ocean Strategy: Creating Your Own Market. Web. Frei, F. X 2006, Breaking the Trade-Off Between Efficiency and Service. Web.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Kim, W. C., Mauborgne, R 2004, Blue ocean strategy: How to create uncontested market space and make the competition irrelevant, Harvard Business School Press, Boston, MA. Lee, K 2008, PPC Search: Create, Influence, Capture, and Harvest Demand. Web. McDonald, M., Meldrum, M 2007, Marketing in a nutshell: Key concepts for non-specialists, Butterworth-Heinemann, Oxford. This essay on Marketing Strategy of Allstar Brands Medicine Group was written and submitted by user Javon Rojas to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.