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Marketing Plan1Allstar Brand Cashunda BucknerCapella University September 9, 20181Adapted from Kotler, P. T., & Keller, K. L. (2016). Framework for marketing management(6th ed.). Boston, MA: Pearson.1
Executive SummaryAllstar Brand specializes in package goods, making them the top production company of pharmaceuticals in the world. Allstar Brand All-round over the counter merchandise in cold and allergy treatment is the company’s prominent product in the market against its competitors. The American Marketing Association (AMA, 2007) states that marketing is an organizational function and a set of processes for creating, communicating, and delivering value to its customers and for managing customer’s relationships in ways that benefit the organization and its stakeholders. Allstar Brands ideal consumers are the key players for the success of such dominant production.The focus of Allstar is different brands of groups that will bring the potential customers and increase revenue. Allstar should be familiar with the customer needs and have the capacity to supply the market. The segments assessed by buyers behavioral, demographics, and psychographics. As an adaptive strategy, marketing segmentation divides the market into small groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing mixes, (Lamb, Fair, & McDaniel, 2003).Market segmentation derives from enabling Allstar to formulate their resources efficiently. The use of market segmentation will allow them to deliver high value to their customers. The product mix will focus on the needs and concerns of their consumers. Allstar Brand Corporation more than likely have a way of improving profits by using market segmentation with a marketing mix. Moreover, the corporation would be able to meet their customers’ needs, gain advantages and increase stock. The success of the company relies on a solid marketing strategy.2
“Segmentation is a marketing strategy which involves dividing a broad target market into subsets of consumers, business, or countries that have or are perceived to have common needs, interests, and properties and designing implementing strategies to target them” (Marketing Segmentation, 2016). Which means market segmentation is the process of aggregating buyers into segments who have a common need. Furthermore, allowing a company to target different consumers who perceive the value of products from others. Situation AnalysisThe All-round product leads the market in the over-the-counter medicine. However, the company’s performance and market share loss in the fourth quarter caused alarm with upper management. Brand awareness is the key to the market share growth in the market technique. Target Markets: Although All-round holds the market in cold medicine product but not in the market for allergies, nasal and cough medicine.