Marketing HW 1

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Rutgers University *

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301

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Marketing

Date

Apr 3, 2024

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pdf

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1

Uploaded by benkum2007

HOMEWORK - Product/Market Expansion Grid You are the newly hired consultant for Hot Foot Consulting and have been assigned to the Mastercraft account. You might want to become familiar with Mastercraft by looking at their website: www.mastercraft.com . Mastercraft wants some new thinking about where and how to profitably grow. Use the product/market expansion grid to give Mastercraft some new strategy ideas. Explain what each quadrant represents and give Mastercraft a suggested strategy for each quadrant. Existing Product New Product Existing Market This quadrant stands for market penetration as it means that the existing / current product needs to increase in sales to customers. Suggested Strategy: For Mastercraft, since it is primarily a manufacturer of luxury, high-performing boats, I would advise them to reduce some of the additions / upgrades such as the stereo upgrade so that current customers can purchase them and increase profit. This quadrant stands for product development, which means that a new product is Suggested Strategy: On the website, instead of just mainly advertising the boats, I would also include a section for their jet skis as well. As this would not only interest current customers as it fits in with the interests in boats and can be used together to optimize the customers’ experiences using Mastercraft products. There might even be a way to form a package deal. New Market This quadrant stands for market development, which means that the current products are being sold in a new market, expanding its outreach and potentially gaining new customers. Suggested Strategy: For Mastercraft, since it is rather pricey, to prompt consumers into making purchases, I would include pictures of families and / or friends using products and enjoying them to attract more consumers so that products do not come across as so far fetched. This quadrant stands for diversification as it means that the company is expanding by essentially using new products and selling it to markets outside of the current one. Suggested Strategy: I would suggest that Mastercraft work with known Tik Tokers / Instagram influencers like Charlie D’Amelio who have a large following and show them having a good time with their family and / or friends that promote that this luxurious experience can be shared and be life changing. Submit through the Turnitin link.
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