20. Defining Problems & Identifying Opportunities Problem = Any BARRIER to achieving an OBJECTIVE. Could be: - Past (Denny’s) - Present (BP) - Future (Facebook?)
21. Defining Problems & Identifying Opportunities Problem: Impact is usually on: - Sales - Market Share
22. Defining Problems & Identifying Opportunities Problem: Of the 4 P’s…… Promotion is the easiest to get wrong!!!!!!
29. Turning Problems into Opportunities Heinz Ketchup: Problem: Pours too slowly Opportunity: “Anticipation” Timex Watches: Problem: Cheap Image Opportunity: “Takes a lickin’ & keeps on tickin’
30. Turning Problems into Opportunities Smuckers: Problem: Funny Name Opportunity: “With a name like Smuckers, it HAS to be good!” Miller Lite: Problem: Not Macho Image Opportunity: “Everything you always wanted in a beer…& less!
31. Turning Problems into Opportunities Aflac: Problem: Name and product Opportunity: Duck/Quack for name; Clever ads for product TD Bank: Problem: ID conversion from Commerce Bank Opportunity: Regis & Kelly
33. Turning Problems into Opportunities Problem areas: External Geography Political Cultural
34. Turning Problems into Opportunities Problem areas: Internal Staff/Talent Financial Production Concept Engineering
35. Turning Problems into Opportunities Problem areas: Internal Marketing Broad vs. Myopic Needs of Company vs. Wants of Customer Transactions vs. Relationships
37. Turning Problems into Opportunities Retain Existing Customers Get Customers to use More Find New Uses Find New Users Competition New Domestic targets International
38. Turning Problems into Opportunities Product or Brand Advantages New & Improved to offset disadv. Service Technology Pricing Distribution Promotion – New Media
39. Turning Problems into Opportunities Types of TARGET MARKET Undifferentiated: Mass Market Differentiated: Segmented Primary Secondary Tertiary Demographics, Lifestyle Psychographics, Usage
