As an intern with the local home builder’s association, you have been asked to analyze the state of the local housing market, which has suffered during a recent economic crisis…..
compare and contrast your team’s strategy with the other three groups’ and identify improvements for each (yours and theirs)
First read the reports of the three other teams that participated in PharmaSim (in Doc Sharing area). Then write a quick summary of each team’s strategy (INCLUDING your own). Finally, compare and contrast your team’s strategy with the other three groups’ and identify improvements for each (yours and theirs). I have attached the two douments needed TeamB is my team and the other document has all teams in succession
Note: Again, you must read the reports carefully here is example:
The strategy for Group B was to advance Allround’s brand by adding a line extension. Based on Allround’s great brand awareness and the belief that there was a market for a children’s cough liquid, Group B introduced Allround +. Group A had a similar thought process but arrived at a different conclusion. Although there is a market for medicine specifically targeted towards children, we could not ignore the cough and allergy market. Our long term strategy was to introduce the unique non-drowsy allergy capsule while our short term strategy was to capture some of the cough market. Group B marketed their line extension to compare to Coughcure. Group A chose not to go this route because we would not have any competitors when we introduced our unique allergy product, Allright. I do think it was it was a good idea for Group B to add a line extension and looking back on the simulation, Group A wishes they would have added one. However, I think it would have been more effective to introduce the 4-hour cough liquid instead of the children’s cough medicine.
Group A and B also had different advertising strategies. When Group B introduced their new line extension, the advertising budget was $6 million while Group A budgeted $15 million for the introduction of our new product. Since Group B was introducing a line extension and not a whole new product, it makes sense that the advertising budget was lower, however, I think Group B would have benefited from an increase in their advertising budget for at least the first period. Group B also put a lot of emphasis on advertising the benefits of their product messaging. Since their product did not have a unique benefit, I think it would have been more valuable to place more emphasis on comparison. Similar to Group A, Group B struggled with sales force in the beginning of the simulation and greatly benefited from purchasing the sales force report to compare their sales force numbers to the competition.