Comprehensive Marketing Planning Analysis for GlaxoSmithKline (GSK)

This report provides a comprehensive analysis of marketing planning, focusing on GlaxoSmithKline (GSK). It begins with an introduction to marketing planning and its significance, followed by an overview of GSK's operations and its marketing department's role. The report delves into techniques for organizational auditing, including SWOT and PESTEL analyses, to evaluate internal and external factors influencing the marketing plan. It identifies key strengths, weaknesses, opportunities, and threats for GSK. The report also addresses barriers to effective marketing planning, such as communication issues and lack of coordination. It proposes solutions to overcome these barriers, emphasizing the importance of consumer insights and top management support. The report further outlines a marketing plan for launching a new vaccine product, detailing stages from internal and external analysis to product launch events and distribution strategies. The conclusion summarizes the significance of marketing planning in achieving organizational objectives.

MARKETING PLANNING
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TABLE OF CONTENTS
INTRODUCTION ...............................................................................................................................3
1.1....................................................................................................................................................3
1.2....................................................................................................................................................4
1.3....................................................................................................................................................4
1.4....................................................................................................................................................5
TASK 2 ................................................................................................................................................6
2.1....................................................................................................................................................6
2.2 ...................................................................................................................................................6
TASK 3 ................................................................................................................................................7
3.1....................................................................................................................................................7
3.2....................................................................................................................................................8
3.3....................................................................................................................................................8
3.4....................................................................................................................................................9
3.5....................................................................................................................................................9
TASK 4...............................................................................................................................................10
4.1..................................................................................................................................................10
4.2..................................................................................................................................................10
4.3..................................................................................................................................................11
CONCLUSION ..................................................................................................................................11
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INTRODUCTION
Marketing planning is defined as activity undertaken for achieving the desired
objectives of the organization. It is assertive that effective strategies should be formulated
for selling the commodities and services of the corporation (Majaro, 2013). Present report
is based on marketing planning and significance and requirement of it are also mentioned
in the report. Appropriate theories have been mentioned for understanding changing
perspective of marketing planning. In addition to this various techniques for doing
organizational auditing and for methods for analysing external factors are also described.
Furthermore main barriers that creates barrier in preparing marketing plan is also
described in the report. Significance of marketing planning in the strategic planning
process has also been mentioned.
1.1
Marketing planing done in a strategic manner aids in accomplishing desired
objectives of GlaxSmithKline (GSK) in an successful manner. External and internal
business factors continually changes and these factors also affects the working
environment of organizations. Perspectives for marketing planning changes on a
continuous basis and it is vital that effective strategies should be formulated for meeting
the challenges (Meissner, 2012). Generally perspective is defined as perception or outlook
for looking on a matter. Technology has changed the manufacturing processes and due to
it overall functioning of business is getting affected. New techniques are supporting the
production operations and due to it innovative and effective products are getting created.
4P's of marketing are as described :-
Product :- consumers are giving preferences for purchasing goods that are of superior
quality and are available at a reasonable price (Paliwoda and Thomas, 2013). Attributes
and features of goods play a significant role in attracting attention of consumer towards the
goods offered by the organization.
Price :- advancement in technology new and innovative methods have been adopted in
production operations due to which it is become possible for reducing the cost of
operations. Reasonable price products are available in market and consumers are also
giving preferences for purchasing high quality goods that are available at cheaper price.
Place :- it is vital that availability of goods should be ensured to consumers so that they
can purchase the products easily (Papadopoulos and Heslop, 2014). Marketing strategies
of the company should be designed in an efficient manner and buyers should be informed
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about stores, and other layouts where goods of the enterprise are available.
Production :- commodities should be designed in an effective manner and innovative
features are getting added in the goods for attracting large number of consumers. Majority
of firms are making changes in their manufacturing activities and also investing in research
and development for adding more values in the goods.
1.2
GlaxSmithKline (GSK) is a leading pharmaceutical company which offers superior
quality healthcare products for its consumers (GSK, 2016). It is ranked number one in UK
and it is at second position in the world. Manpower of the venture is highly efficient and
more than 98000 employees are working with the corporation (Shani and Chalasani,
2013). Marketing department of firm is consist of talented and highly experienced staff
members which supports in accomplishing desired objectives of venture in successful
mode. Initially mission and vision of organizations are defined properly and on the basis of
that long term and short term objectives are set for business.
Written documents are prepared in which marketing plan is mentioned and
necessary actions and strategies adopted for meeting those goals are mentioned in the
records. Marketing action plans are formulated for a specific medical product, service and
a targeted product line and on the basis of that priorities are set. For making marketing
plan goals are set for the company and external and internal analysis is conducted for
identifying strengths and weak performing areas of business (Akturan and Tezcan, 2012).
Managers in marketing department includes various elements while making marketing
plan and it includes budget allocation, monitoring and control, threats and opportunity
analysis and strategies adopted for making action plan.
1.3
effective techniques are needed to be adopted for conducting organizational
auditing and analysing external factors that affect marketing plan of the enterprise. SWOT
analysis, PESTEL analysis and benchmarking process are some effective techniques
which supports in doing internal auditing of the environment that can be used by
GlaxSmithKline (GSK). SWOT analysis can be conducted for doing organizational audit
and identifying strong and weak performing areas of the company. It will support in
assessing influence of various elements that gives impact on operational activity of the
company (Claycomb and Martin, 2013.). Various external environmental factors affects the
functioning of business and it is vital that impact of these elements should be included
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while making policies for corporation. Various external factors that affects the functions of
venture are as follows :-
Political :- Government of nation intervenes in operations of venture by making policies
and guidelines which are mandatory to follow for all the business firms. Changes occurring
in political situations of a nation creates problem in working of the enterprise also as
business also needs to make necessary modifications as per the changes made by
government in policies and other rules.
Economical :- Profitability and financial revenues of enterprise gets affected by alterations
happening in economy and due to it overall growth of venture is also influenced (Tsimonis
and Dimitriadis, 2014). Inflation and deflation, foreign exchange rates and purchasing
power of individuals gets impacted by changes occurring in economical environment.
Social :- lifestyle, culture, trends, demography are some elements which gives impact on
purchasing decisions of consumers. Nowadays individuals are becoming more health
conscious due to which demand for medical products have been increased and it is
positive opportunity for companies dealing in pharma sector.
Technological :- new and advance methods for manufacturing medical products are
coming by innovations happening in pharma sector (Albayrak Aksoy and Caber, 2013).
Effective methodologies have been created for making improvements in distributional
channel and it is supporting in selling the commodities of enterprise to large number of
consumers.
Environmental :- Health care industry gets affected by changes occurring in climate and
temperature conditions. Manufacturing, distributing and marketing activities of the
business gets affected due to it.
Legal :- laws and legal framework formed by government of a state affects the overall
functioning of the enterprise and it is vital that all the organizations working in the industry
should company with the policies formed by government.
1.4
Organizational audit is conducted for assessing the strength and weak performing
areas of business. SWOT analysis for GSK enterprise is as follows :-
STRENGTH :- GlaxSmithKline (GSK) is a pharmaceutical company that offers
superior quality drugs and it operates its business in health care sector. It is UK's largest
pharma company and it is ranked at second position in the world i9n pharma sector. It
offers consumer healthcare products, vaccines and medicines and large market area has
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been covered by the organization which supports in enhancing growth and financial
revenues of the enterprise (Li and Li, 2013). Research and development department of
the organization try their best possible efforts for adding innovative features in the
products. More than 98000 employees works with the organization and they are biggest
asset for the firm which supports in accomplishing desired objectives of the corporation.
WEAKNESS :- various medicine products of the company are facing troubles due to
patent expiry and it has created problems in effectively executing desired functions of
business in successful mode.
OPPORTUNITY :- pharma operations of company can be expanded in large market
areas of the world. Due to increasing demand for healthcare solutions in world venture has
opportunity for expanding its operations in larger market area. People are becoming aware
about healthcare needs due to which demand for commodities have increased in world.
THREATS :- competitor firms including Amgen, Merck, Novartis are offering superior
quality medical products in market area due to which challenges have been imposed for
meeting the challenges that have been created by rivals.
TASK 2
2.1
Marketing planning procedure gets affected by various elements and they create
barriers in forming action plans for accomplishing desired goals of GlaxSmithKline (GSK)
venture. Lack of proper communication among members who are involved in formulation
of strategies is biggest barrier which hampers the overall process of formulation of
marketing plan (Persaud and Azhar, 2012). Harold Dwight Lasswell has described that it
is vital that proper communication should be maintained while taking decisions for
business. According to model given by him it it has been described that communicator
should properly describe the message by making use of simple words and sentences so
that receiver should properly understand the meaning behind the message which is said.
In addition to this sometimes it becomes difficult to identify expectations of
consumers which creates problems in forming strategies. In addition to this lack of proper
coordination between various marketing functions also creates problem. Various
organizational barriers are also faced and it hampers the overall planning process of the
company. Lack of proper support from the side of top management and other departments
working in the company also creates barriers in marketing planning formulation.
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2.2
Management of GlaxSmithKline (GSK) can take significant initiatives for overcoming
the marketing barrier which are arising due to various elements. It is vital that all the
members who are involved in strategy formulation process should make proper interaction
with each other so that data and information for making the action plan can be analysed in
an efficient manner (Challagalla, Murtha and Jaworski, 2014). Management games and
role playing sessions can be organized for them which will support in enhancing
coordination among them they will work in more supportive manner towards each other.
Effective leadership needs to be provided by marketing manager to all the group
members so that they can give valuable suggestions and take part in plan formulation
process in enthusiastic manner. In addition to this expectations of consumers can be
identified by organizing marketing survey through online and offline mode. Questionnaire
can be prepared and sent to consumers through E-mails and in addition to this assistance
from external survey agency can be taken for conducting offline survey. All the methods
will support in assessing exact needs of consumers and on the basis of that effective
marketing strategies can be formed (Işık, Jones and Sidorova, 2013). Top management
should provide appropriate support for carrying out marketing plan formulation process. In
addition to this it can also be ensured that necessary resources should be allocated to
marketing department so that they can properly form marketing plan.
TASK 3
3.1
GlaxSmithKline (GSK) is planning to launch new vaccine product in market and it is
vital that effective marketing plans should be formulated for selling the product in large
consumer market area. The plan will be formulated in such a manner that it will support in
achieving the desired marketing objectives of business (Niffenegger, 2013). The stages
involved in marketing plan are as follows-
Initially external and internal analysis of business factors will be done for assessing the
capability of firm and identifying market conditions.
Strategies adopted by competitor firms will be analysed and it will support in identifying
techniques adopted by rival firms for gaining their marketing goals.
Strategies will be formulated for accomplishing the long term and short term objectives of
marketing plan.
Product launch event will be organized under which information will be provided about
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attributes and medical features of vaccine.
Media people will be invited in product launch event and they will be asked to do press
review of product offered by the enterprise. It will support in informing large number of
consumers about the healthcare product offered by the venture.
Distributional channel will be made more effective and new retailers and sales persons will
be aided in that so that reach of the company should be increased.
Customers service executives of the organization will be provided proper training so that
they should provide proper directions and instructions to clients about vaccine product.
3.2
Marketing plan is essential for strategic planning process of GlaxSmithKline (GSK)
organization as it will support in achieving overall short term and long term targets of
business. Allocation of resources, business decisions and strategies are formulated under
strategic planning procedure. The major motto of the company is to earn huge profits and
revenues and due to it overall functioning of business gets affected (McDonald, 2013).
Strategic plans of venture are formulated with an objective for enhancing the financial
revenues of company.
Marketing plans of the venture are formed with the objective to maximize the sales
activities of the organization. For example marketing department designs social media
advertisements that helps in creating brand awareness about new product launched by the
enterprise (Slowikowski, and Jarratt, 2013.). It will support in making consumers aware
about product and sales growth of the organization will be enhanced. It will aid in
enhancing profitability and financial revenues of business. Strategic objectives of venture
are for increasing profitability and marketing plans aids in accomplishing this target.
3.3
GlaxSmithKline (GSK) can make use of innovative methods and techniques for
developing new products. It is vital that appropriate strategies should be formulated and
required resources should be allocated so that products can be developed in more
innovative and effective way. Research and development department of the organization
should be allocated proper funds so that they can carry out innovations for making
modification in attributes of existing health care products and new products can also be
developed by them. Use of Ansoff's matrix can be taken for developing new products in
more effective and better way (Brooksbank, 2013). Survey can be conducted for assessing
the requirement of consumers so that products can be developed for meeting the needs of
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consumers. Risks are associated with selling new products and risks in existing and new
market areas and for diversifying the risk effective strategies needs to be formulated. Data
collected from survey needs to be provided to research and development department so
that they can take initiates for developing the products as per the needs of consumers.
3.4
GlaxSmithKline (GSK) is launching new vaccine product in market and it is essential
that pricing policy, distribution and communication mix should be decided in appropriate
way. Porter's cost leadership strategy can be adopted for determining the cost of vaccine
product which company is going to launch in market. In this technique price of the product
is kept lower so that more number of consumers can take advantage of new product
(Kotler and Armstrong, 2015). In this technique goods are sold at reasonable price and it
supports in gaining competitive advantage.
Distribution and communication mix should be designed in an appropriate manner
for promoting and selling healthcare product of enterprise to large number of consumers.
Use of internet and social networking platform can be taken for doing advertising in cost
effective manner. Personal selling method can be used in which sales people will be given
training for selling product of the company to medical professionals and care homes
(Sigala, Christou and Gretzel, 2012). Effective communication mix will be used and more
focus will be given on maintaining public relation in positive way. Advertisements can be
given on television and newspapers so that people can be made aware about health care
product launched by the company.
3.5
Marketing plan has been formulated for selling vaccine product launched by
GlaxSmithKline (GSK). There are various factors which affect implementation of marketing
plan and it is vital that actions should be taken for minimizing the effect of these factors.
Lack of proper budget allocation :- Marketing activities such as advertisements, training
for sales people and hiring new customer executives requires funds (Majaro, 2013). If
budget will not be allocated than it will become difficult for implementing the marketing plan
in effective mode.
Competition in market :- rival firms adopts various strategies for selling their products in
market in effective way. Sometimes effective advertising and promotional schemes used
by competitors grabs attention of consumers due to which client shifts towards products
offered by them.
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Economical and environmental condition of market :- At the time of inflation
purchasing power of people reduces due to which more preference is given for purchasing
products that are available at lower price (Meissner, 2012). Temperature and climate
change affects the environment and it influences the health care industry.
TASK 4
4.1
There are various ethical issues that influence the marketing planning process and
overall operational activities of venture gets affected by it. It is assertive that consumers
should not be provided ant mislead information about features and quality of products
(Paliwoda and Thomas, 2013). Advertisements and promotional activities needs to be
planned in proper manner and no sensitive and false data needs to be mentioned in
advertisement. In addition to this product information which is mentioned on packaging
needs to be authentic and reliable.
GlaxSmithKline (GSK) company deals in health care industry and misleading
information provided to consumers can be dangerous for health of clients. Any
inappropriate action take can lead to serious consequences and legal punishments are
also imposed by government for such criminal offence. Price and other details which are
mentioned on outside packaging of product needs to be proper and commodities should
be sold at price which are described in advertisements and promotional strategy.
4.2
GlaxSmithKline (GSK) manages ethical issues by using a effective and organized
approach. Management has given clear instructions to marketing people that all the
marketing activities should be done in an appropriate manner and no unlawful
methodologies should be adopted for gaining attention of consumers.
Advertisements which are published in newspapers and in television commercials
are designed in proper manner and no misleading details are given in that for gaining
attention of consumers. In addition to this authentic and reliable information is provided on
product packaging and it supports in providing trustworthy details to consumers
(Papadopoulos and Heslop, 2014). Customer service executives and sales people render
appropriate details about products and it supports in gaining loyalty of consumers towards
healthcare product offered by the enterprise. Expiry date of all the healthcare products is
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mentioned properly and other manufacturing details are also mentioned which is ethical
responsibility played by the organization. Products of enterprise are not tested on animals
while manufacturing process.
4.3
Consumer ethics is defined as social, environmental, legal and human
responsibilities of consumers towards using a product and service offered by an
enterprise. Marketing planning and other marketing activities of business gets affected due
to consumer ethics. Some ethical responsibilities are associated with buying behaviour of
consumers and it is vital clients should properly follow their ethical accountability (Shani
and Chalasani, 2013). It is assertive that any product which is harmful for environment and
causes harm for health of people or affect the natural environment in negative way.
Consumers should not get mislead by unreliable information provided by companies and
should use their own sense for selecting any product for purchasing. Consumers are
nowadays demanding for ethical trade and due to it fair and transparent processes are
used by organizations in manufacturing their products. It is also responsibility of buyers to
pay fair prices for products which they are purchasing.
CONCLUSION
Summing up the present report it can be concluded that effective marketing
planning can be done by GlaxSmithKline (GSK) for accomplishing desired targets of
business. It is assertive that external and internal analysis should be done for assessing
opportunities and threats that are available for business. Swot analysis can be used by the
firm for identifying its strength and weaknesses and PESTEL analysis can be done for
assessing influence of external environmental factors. Marketing planning done in an
effective and strategical manner supports in accomplishing required goals of business in
successful mode.
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