Marketing Plan Strategy

So this week the strategy of my groups marketing plan was to research different markets to see which are the most penetrable. In our marketing goals there is an emphasis on exploring new markets. I think that it is important to innovate and broaden our company and marketing strategy in order to stay ahead of competition as well as keep our products fresh.

First we looked at the market attractiveness matrix to determine which markets were the most attractive to enter. The cold market, which we already have success in, has the most competitive advantage as well as a highly attractive market. With factors such as a large market size of 329.8 million and a market penetration percentage of 67%, we thought that it would be a good market to enter a new product.

The cough market was also looked at more closely because it was somewhat attractive with a market penetration of 62.9%, low price rivalry, only 2 barriers for entry and only one substitute.

Lastly, we chose children’s cold for all households because of the 675 score on the rubric. Even though there was a small market size, the growth rate is 74.6%. There is also no price rivalry and only one barrier for entry. At the same time the customer familiarity is almost 90%.

The whole point of entering one of these target markets would be to expand Allstar to generate more profit. However, it is also important that we have the same success that we attained with Allround as well as maintain effectiveness. This all comes down to how well we market our product. This may be by coupons or reminders but it is crucial to show the customer the value in our product and why we are better than all competitors.