Q: How are we in "Pharmasim land" measuring our Marketing success?
A: By whatever grade the professor give us!
Each business and company are different and require their own metrics to measure their marketing successes. A great place to start in Pharmasim when developing a metrics is to develop a marketing strategy. Once, a marketing strategy is in place a metrics to measure the strategies success can be developed and also set into place.
One of our current marketing strategy for Pharmasim is to maintain the market share for Allround. The marketing strategy is set into motion by the advertising , sales and promotion decisions that are made for Allround.
Making sure the marketing goals are in line with the marketing decisions the metrics portfolio can be developed. Measuring market share can have several measurements that can make up a metrics such as: overall units sold, units sold per channel, customer satisfaction, and recommendations from physicians and pharmasits.
Now that the metrics has been established, data should be collected and reviewed. The data will tell if the marketing strategy was successful or not. Adjustments to how the product is sold, promoted and advertised can be made to align your product with the marketing strategy .
Sooooooooooo How'd we do?
Taking a look at my classmates blog's
Marty's Blog- In the last few posts I found to be interesting. There were personal stories and achievements in Marty's topics. I felt a change in his writing as the reader I got to know a little about who he is. As for his earlier posts I found them to be a hard read, fact filled and to the point. This is just a personal preference on what I like to read. I am looking forward to see how his Pharmasim does and the end of the simulation as Marty has the inside track on number crunching and graph making! I think you should do the PH.D program!!!
Marcin's Blog- This is a fun read. Front is small which makes it hard to see. I'm no critic so I'll say no more about it. Once again I wish that pharmasim groups blogged about there experiences and thought process. I think Marcin's use of illustrations keeps the heavy academic discussion light. I enjoy reading his blog.
Justin's Blog- Can you say sports fan!! What a refreshing twist to the marketing world. You can always count on Junstin to use sports to explain a topic. I confess, if I'm struggling with a topic I skim this blog to maybe find a relative point made in sports language. He makes tough and sometimes thick topics fun. Thanks Justin for thinking outside the box!!
Do these ring a bell? I bet they do. Now that we have turned in our Situational Analysis we are all familiar with these key words.
How are my fellow pharmasim teams doing?
Meeting again with my team after our personal situational analysis projects were turned in was a fun filled meeting. The high stress we were feeling before we turned in our assignments was gone and it was time to focus on our next project the MINI MARKETING PLAN. Was this really "mini"? Hmmmmm, maybe not.
In this meeting we began to pool our ideas and come up with our marketing strategy. Working off of the outline we quickly came up with our strategy. I believe we all had the same thoughts. Because all great minds think alike.
After a few days of working on the plan via email we finally were able to skype and hash out our thoughts and finalize our paper. Turned it in with time to spare. GO TEAM!
With the mini marketing plan on its way to be judged, evaluated and hopefully loved by the professor we decided to keep on keeping on. We fired that bad boy called Pharmasim up and began to make our moves. I may sound like I have confidence now but believe me when we are making these moves my heart is racing.
Mindy, Christein and I all agreed that this part of the course is our favorite. Instant gratification. We introduced a new product and moved/re allocated some money here and there. I guess I don't want to say too much. Long story short we worked well again as a team working through every aspect of the plan.
Our biggest triumph to date is that our utilization capacity is 100% . YAY for the new building!! Well maybe this isn't the biggest triumph but it sure did make us scream!!!
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