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Marketing Plan of AllStar1Marketing Plan of AllStarCapella University1
Marketing Plan1Executive Summary of AllStar BrandAllStar Brand is committed to helping customers achieve optimal health through the production of safe, effective, high quality and affordable over-the-counter (OTC) cold medicine. AllStar achieves this by focusing on the creation of work environments that allow its employees to utilize and express their given talents positively hence relieving customers in the process.AllStar Brand has been steadily acquiring and merging small companies that are specialized in packed goods. The focus of AllStar is different brands that will help bring potentialcustomers and increase the company’s revenue. AllStar Brand should be familiar with its customer needs and have the capability to satisfy the market. The market segment was assessed by demographics, behavioral, and psychographics. Market segmentation is the division of the target market into approachable groups by creating subsets of a market based on needs, priorities,common interest, demographics and other psychographic criteria that is used to better understandthe target audience (What is Market Segmentation? Different Types Explained, n.d.). Market segmentation makes it less difficult for marketers to personalize their market campaigns towards their targets. By arranging AllStar Brand’s target market into segmented groups, rather than customers being targeted individually. Marketers will be more efficient with their money, time, and other resources with the implementation of Market Segmentation rather than targeting customers individually. Grouping similar customers together enables for a cost effective way that marketers target specific audience. The success of AllStar Brand relies on a solid marketing strategy. 12
Situation AnalysisThe All-round product is the leader in the over-0the-counter medicine market. However, the company’s market share loss and performance in the fourth quarter caused worry with upper management. The key to the market share growth is brand awareness in the market technique. Target Market: All-round is the leader in cold medicine but not in the cough, allergies, and nasal medicine. Market Demographics: Demographics is broken down into the below categories:Geographical – Suburban, urban, and rural areas.Marital Status – Mature, young, young singles, and retired families.Behavioral Factors – Customers mostly take All-round product nightly because it causes drowsiness and it has the same antihistamines as allergy relief medicine. Market Needs: All-round provides excellent value products as well as meeting consumer needs. Providing customers with the best medicine to relief all their cold symptoms without side effects.