Mercer, K. (April 8, 2010). Essay

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The issue is now far more serious for Sigma as governmental scrutiny, coupled with consumer distrust, places its position as a market leader in jeopardy.

Sigma now has a major marketing and public relations problem that must be attacked using more than just positioning and pricing tools; in fact, their situation is so serious, that they will likely need to utilize every aspect of marketing to turn the company (and its image) into a positive paradigm.

Appendix a

Sigma's trading suspension was lifted on March 31, 2010, but stocks have continued to perform poorly:

Speculation regarding the extent of the company's problems will only intensify as more days pass without news - one certainty is that the auditors should be looking hard at the carrying value of $1.3 billion of intangible assets on the Sigma books, but that is unlikely to be the primary cause of the suspension. An information vacuum persists in relation to the company's profitability yet there is no shortage of advice being offered from high street pharmacists on Sigma's business practices.

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It seems that in a grab for market share, Sigma has sponsored the rapid growth of the MyChemist and Chemist Warehouse chains, offering them six-month payment terms - five months more than the 30-day payments that Sigma expects, and enforces, from smaller operators.

With about 180 pharmacies understood to be getting the benefit of the extended trading terms, and an average spend from each pharmacy of about $80,000 a month, if Sigma could see its way clear to bringing them back on to standard terms it would free up about.$70 million in working capital. Moves along these lines might not fix the company's earnings problems but would make for a better-looking balance sheet (Symons, 2010).

ADDITIONAL REFERENCES

Collins, M. (March 23, 2010). "Elmo's Fire a Flickering Flame: Sigma." Business with the

Wall Street Journal., from the Australian. Cited in:

http://www.theaustralian.com.au/business/elmos-fire-a-flickering-flame-sigma/story-e6frg8zx-1225844017671

Symons, D. (March 4, 2010). "Terms of Trade." The Sydney Morning Herald. Cited in:

http://www.smh.com.au/business/picture-looks-bleak-for-telstra-20100303-piza.html.....

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