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Situation AnalysisTargeted Market SegmentsAllroundWhen it was first produced, the target market for Allround was both young and maturefamilies. As the 6thperiod started, the retired segment was added to the target market forAllround as it was found out that the product had the potential to be a market leader in thiscategory (Bronczyk, Latham, O’Dell & Sorensen, 2019). Allround+The targeted market segment for Allround+ was determined through the assumed appealof the new product to various segments and the desire to target the new segments that were notyet targeted. The targeted market was empty nesters, young singles and mature families. This isbecause it was felt they would prefer the 12 hour capsule to avoid having to repeat medicationseveral times a day (Bronczyk, Latham, O’Dell & Sorensen, 2019). AllrightAllstar brands wanted to remain in the cold product category. It introduced Allright as acold nasal product. This helped in filling out the cold product category and in establishingAllround as a market leader in the category (Bronczyk, Latham, O’Dell & Sorensen, 2019).
MARKETING PLAN 4Table 1: Targeted SegmentsAllroundAllround+AllrightYoung SinglesXXYoung FamiliesXMature FamiliesXXEmpty NestersXXRetiredXXCompetitionThe company has few competitors because of the formula of its products. The companymainly competes with Coldcure, Besthelp+ and Dyrup. However, there are 12 companies in thisindustry. Every company has a unique formula that distinguishes it from the rest. The table belowshows the brand formulations for the four companies. It shows the maximum amount of eachingredient allowed.Table 2: Brand Formulations
MARKETING PLAN 5AllroundThe closest competitors of the Allround product is Besthelp+. Allround has a competitiveadvantage against Besthelp+ because while it contains an antihistamine and a cough depressant,Besthelp+ does not contain these. The maximum amount of cough depressant allows is 30 mg(Table 2) and for antihistamine 4 mg. In Allround, Allstar Brands has placed the maximumamount of ingredients allowed for both antihistamine and cough depressant. This gives them acompetitive edge. Comparing the prices for the two products, Allround is more pocket friendly tothe consumer than Besthelp+ because there is a price difference of $0.30 between the two withBesthelp+ products costing $5.29 and Allround products costing $4.99. Allround+Allround+’s closest competitor is Dyrup. Allround+ products contain 1300mg ofanalgesics while Dyrup products have 1000 mg. There is also a difference in the amount ofantihistamines used. Whereas Allround+ uses 8mg of antihistamine in their product, Dyrup usesonly 4mg. Allround products are priced at about $5.50 while a Dyrup product costs $5.19.Although the Dyrup product is cheaper than the Allround+ product, the price of the Allround+product can be said to be fair because the amount of ingredients in the products of Allround+ ishigher.