Critical Evaluation of Marketing Strategy

MARKET REPORT
Student's Name
Code + Course Name
Professor's Name
University Name
City, State
Date
Introduction
Rainbow is a company dedicated to providing quality products that make people's lives easier and more enjoyable. Our mission is to make the world a better place through innovative products that inspire and empower our customers. Over the years, the company has diversified its product portfolio to include a wide range of products: ROCK, ROSE, and ROAD. Our products are designed to meet the needs of a wide range of customers across all our market segments. We offer competitive prices and discounts to ensure our products are accessible to all. We also provide customer support to ensure our customers receive the help they need when using our products. Our customer testimonials demonstrate our commitment to customer satisfaction and the effectiveness of our products. Our target markets for our products include explorers, shoppers, professionals, high earners, and savers. The explorers are customers who are open to trying new products and exploring different options. They are also willing to take risks and try new things and tend to be price-conscious. Shoppers are customers looking for the best deals and value for their money. They are often bargain hunters who look for sales and discounts.
On the other hand, Savers are customers who prioritize saving money over spending it. They are often focused on getting the most for their money and may be more likely to purchase items on sale. Finally, High earners are customers with the financial means to buy luxury items and high-end products. They are willing to pay more for quality and may be more likely to purchase the latest trends. Our product portfolio has undergone tremendous changes over the years of our operations. We started with ROCK and ROLL products in period zero through period 4, when we introduced the ROAD brand. In addition, in phase 5, we dropped ROLL and at the same time introduced ROAD2. We maintained the three products until period 8 when we dropped ROAD2 and introduced the ROSE brand. Therefore we are currently dealing with ROAD, ROSE, and ROCK.
Regarding pricing development, the products have been experiencing various price changes. The ROCK price ranges from $380 to $550 but is the lowest in the current period. ROAD, however, ranges from $180 to $230, with the lowest initial price. Finally, the ROSE price over the 10 period ranges from $230 to 240, with the lowest current cost. Moreover, our firm has acquired brand positioning through developing new products by investing in consumer surveys, competitive commercial teams, and market forecasts. My team and I also allocated resources toward product promotion through advertising and distribution panels over the ten periods.
Critical Evaluation of Marketing Strategy
My main product of focus in this section and the rest of the work is the ROAD brand which has been part of our company's growth over the years. Therefore, we had to have an effective marketing strategy to make our product successful. For instance, when introducing the product in period four, we increased resource allocation for the competitive commercial team from $16,250 in period 3 to $17,250 in period 4. Similarly, we incre...