Marketing HW 1
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Apr 3, 2024
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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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