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TECHNOLOGICAL: “Technological factorscapture the application of knowledge to create new processes and products” (Rothaermel, 2017, pg. 70). Resistance has been shown by the older population to mobile technology due to ill faith and trust in the security of information over the internet. On the contrary, younger individuals seem to prefer these methods due to their busy lifestyles and support mobileapplications, digital advertising and social media exposure. ECOLOGICAL: “Ecological factors involve broad environmental issues such as the natural environment, global warming, and sustainable economic growth” (Rothaermel, 2017, pg. 70). Allstar Brands implemented an environmentally friendly packaging that fared well with consumers. Continuing efforts to eliminate waste and reduce pollution in manufacturing facilities will support the firm’s campaign to become environmentally friendly. 13
LEGAL: “Legal factors include the official outcomes of political processes as manifested in laws, mandates, regulations, and court decisions—all of which can have a direct bearing on a firm’s profit potential” (Rothaermel, 2019, pg. 72). Health and Safety laws could impede on an individual’s income should the cost of healthcare increase. Lawsuits against the firm will cause damaging public relations anddecrease the reputation of Allstar Brands. Marketing StrategyAllstar Brands determines their marketing strategy by using the STP method, or segmentation, targeting and positioning. An article in Forbes Agency Council describes marketing strategies as “to truly meet rising consumer expectations, marketers now have to narrow their targets, particularly with customer experience (CX) set to overtake price and product as key brand differentiators in 2020” (Grossman, J., 2019).SegmentationSimply put, segmentation is the process of dividing a large consumer market into identifiable groups who have similar needs, wants or demands (Market Segmentation, 2019). Allstar Brands considers behavioral segments, symptoms the medications are treating and for who they are treating or the demographics, young singles and families, mature singles and families, empty nesters and retirees. Allstar Brands invest in consumer market surveys that inform the marketing team what the consumer is interested in, what keeps them buying our products and how happy they are with shelf placement, promotions or coupons and how often Allstar Brands products are intentionally and repeatedly purchased. Analyzing the behaviors of the buying criteria, influences and habits (Grossman, J. 2019) assists in the marketing strategy to promote consumer needs. TargetingAllstar Brands competes in an innovative society that is changing quickly. Targeting the segmented demographics through different channels is a task that must encompass a wide array of consumers. A subset of baby boomers, known as digital boomers, are a group of consumers born between 1946 and 1964 (Andrick, S., 2019) that increase the target audience when combining them with millennials who have grown up using the internet. While targeting specific segments of consumers is important, so are the