The size of the company has enabled it to enjoy huge profits The company also

The size of the company has enabled it to enjoy huge

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  • michaelndambuki
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The size of the company has enabled it to enjoy huge profits. The company also has ahigh budget for promotion and advertising which is responsible for the high level of brandawareness that is enjoyed by Allstar Brands. The composition of the products that Allstar Brandsoffers ensures effectiveness. In addition, the company carries extensive advertising to make surethat the consumer knows that its products are the most effective in the market. A high level ofcustomer satisfaction and brand awareness are important when customers are making purchasedecisions. This is the reason they have enabled Allstar Brands to excel in this industry.Consumers must know about the company to be able to trust it and they must be satisfied withwhat they buy.The company’s marketing strategy is to increase its consumer awareness, customersatisfaction, and market share through product development, brand penetration and marketpenetration.
MARKETING PLAN 13Product DevelopmentThe product penetration strategy is to introduce a cold product for children which willhelp to complete the cold product category. The new product for children will be named Allcure.It will be a 4hr cold liquid for children that will contain both a decongestant for nasal congestion,an analgesic, a cough suppressant and an antihistamine. The ingredients to be contained in thisnew product will be the same as those that are used in producing Allround. However, thequantities of the components will be reduced so that it can be used by children. This is the idealproject for development because Allround has already established itself as a leader in theindustry. In addition, for cold products, Coldcure, the only direct competitor, does not satisfycustomers. Allcure will be targeted towards both the younger families and the mature familieswhich are the largest market segments in the cold product category.Brand PenetrationBrand differentiation is another strategy for Allstar Brands. “In today’s increasinglycompetitive marketplace, a brand’s point of view must be distilled to the clearest messagepossible to gain the attention of its target market” (Paunovic, 2018). Brands have to stand out bybeing both authentic and different. When a brand individualizes itself from its competitors inways that are relevant to its target customers, it is able to establish credibility, customer loyaltyand a high status in the market (Paunovic, 2018). Allstar brand will have to explore ways inwhich it can make its brands outstanding. If the company carries out its marketing in a way thatit stands out, it is able to seize opportunities and attract more customers. Generally,differentiation is achieved through being relevant, authentic and proving that it can achieve thepurpose it is intended for (Paunovic, 2018). Allstar brands will achieve brand differentiationthrough the reformulation of the products it already offers and beginning new product offering soas to reap the benefits. The company will focus on the needs and wants of customers to makesure that the company succeeds.

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