How to Improve Coat's Market Share and Increase Demand?
In order to improve upon the buying criteria and potentially increase demand without sacrificing contribution margin, the Coat product manager can increase the promotion budget to gain greater awareness.
Coat's product manager has been performing well in the market, but a competing product is gaining traction and looking to become the market share leader in the segment. In order to stay competitive and attract more customers, it is important for the Coat product manager to focus on improving the buying criteria and increasing demand for their product.
Increasing the Promotion Budget
One effective strategy for improving buying criteria and boosting demand is to increase the promotion budget. By allocating more resources towards marketing and promoting the Coat product, the manager can communicate with customers and target prospective buyers more effectively. This increased awareness can lead to higher demand for the product.
Benefits of Increasing Promotion Budget:- Attracting new customers
- Creating brand awareness
- Staying competitive in the market
- Boosting sales and revenue
In conclusion, by investing more in marketing and promotion efforts, the Coat product manager can enhance the buying criteria for their product and potentially increase demand without compromising on contribution margin. This proactive approach can help maintain their market position and drive growth in sales.