purchasers and only small expressions of increased performance in relation to

Purchasers and only small expressions of increased

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purchasers, and only small expressions of increased performance in relation to competitors created distress for upper level executives. A significant obstacle to overcome for the marketing team would not only include improving such drawbacks, but also addressing the decreased returncustomers as the retention ratio of Allround was calculated at 46.3% in comparison to Coughcures 63.6% (Table 7). Senior management communicated concern once the firm lost one full share point in a performing year. The loss stimulated fear of future decline with possible deficits in profitability. Expectations for future success depend heavily on implemented marketing strategies for upcoming years. Marketing ApproachAs strengths and weaknesses were more clearly defined, key components were better understood and techniques were able to be formulated in preparation for six years of approach application. The main factors of focus within the strategy will involve slight increases in product pricing, focused advertising efforts with the interest of increasing brand awareness and retention ratio, and introducing a second product to engage a larger scale of consumers. Small pricing shifts will be executed in hopes of gaining increased profits and further establishing value of the product to purchasers as it is the most preferred brand on the market. Due to lower retention rates in comparison to direct competitor, Coughcure, it is imperative that pricing is still left at a generous value, in anticipation for consumers to continue to associate the merchandise as a beneficial and reasonable investment. Small pricing increases will remove the opportunity to utilize cost leadership strategies as this approach operates within the framework ofoffering the lowest possible system costs to achieve the result of the highest market share and increase consideration for purchase (Kinnear et al., 2020). This seems unnecessary as Allstar Brands is reputable for its enhanced consumer satisfaction. As this method is valid, it may be more advantageous for the firm to exercise a differentiation strategy as year 0 has already expressed superior performance in a handful of categories. The differentiation method would permit the firm to flourish through investments into various portals which include advertising, pricing, new product presentations, and increasing brand recognition. Allstar Brand’s marketing approach should make use of the demographic segmentation data as this presents the opportunity to better understand the company’s buyers, launches better targeted advertisements, establish well-thought solutions to consumer or channel distributor issues and demands, and illuminates the motivations for purchases (infinitiResearch, n.d.). This can be accomplished with increased advertising budgets and promotional allowances.

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