Allstar Marketing Activities
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Marketing Activities:
In order to achieve the first marketing objective of raising and maintaining a high stock price, Allstar followed the product life cycle and expended the appropriate amount of the budget to advertising and promotions of that product. For example, the first few years of the products life, the product was in the Introduction period and because of this most of the promotions and advertising budget went towards the Primary stage. The second stage of the products life was the Growth stage and so the budget was shifted in this stage to Benefit advertising in order to reflect growth. Hence, very little of the budget was placed in the Comparison portion, as well as the Reminder stage we had not yet reached. The third stage was the Maturity stage and during this stage all money was taken from the Primary part of promotion as well as a sharp decrease from Benefit advertising. The majority of the budget was focused on Comparison during the most profitable stage, and thus the firm continued to place no extra fund towards Reminder. The final stage of the product life cycle is the Decline stage. During the eighth year the firm shifted to build up the Reminder portion of advertising and eventually had all of the funds within that category. The branding team shifted funds this way so that our many competitors would not distract consumers away from the Allround product.
In order to achieve marketing objective 2, to increase customer loyalty, Allstar maintained a high quality product at an affordable price in the introduction period. The consultants then priced the product according to the market and inflation rates to ensure that the customers were getting the best product for a fair price. By adhering to the customer first, and looking out the firms their best interest, Allstar gained loyal customers and continued to gain new customers as well.
In order to achieve marketing objective 3, to increase sales by focusing on growth of a diversified consumer base, Allstar had planned on changing advertising agencies. However, considering that Allround was in the top three in stock pricing the first seven years of operation, Allrounds management decided that the current marketing agency was doing a superb job in reaching a diversified crowd of consumers. Therefore, it was formulated that by remaining a loyal customer of Brewster Advertising Agency, the public would remain loyal customers of Allstar. This being said, the company expanded on its own due to strong and continuous customer support in sales.
In order to achieve marketing objective 4, to control the greatest portion of market share, as previously stated Allstar remained a strong leader by minimizing risks. The firm did not make any rash decisions which would cause consumers to feel that they have been neglected. There were no moves to hikes prices simply because the market was suffering overall. There