Ch 7
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This document discusses various marketing strategies and competitive positions. It outlines strategies for expanding demand, protecting market share, and expanding market share. It also describes four main competitive positions: market leader, challenger, follower, and nicher. The document provides examples of companies that have adopted different competitive strategies, such as WD-40 innovating new product uses and Pepsi directly challenging market leaders. It also discusses organizing a company's marketing department through functional, geographic, product-based, market-based, and matrix structures.
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1) Products are developed and introduced to the market with low sales and high costs.
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3) In maturity, sales growth slows as most potential buyers have purchased, while marketing costs rise to fend off competition.
4) Finally, the decline stage begins as sales and profits fall off.
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What are the main stages in developing new products and services
The main stages in developing new products and services are:
1. Generating ideas through internal and external sources then screening concepts.
2. Concept testing by presenting concepts to target customers and getting feedback.
3. Developing a preliminary marketing strategy plan that includes the target market, pricing, distribution, and budget.
4. Creating product prototypes, testing them with customers, and further refining before commercialization and market launch.
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3) In maturity, sales growth slows as most potential buyers have purchased, while marketing costs rise to fend off competition.
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2. Concept testing by presenting concepts to target customers and getting feedback.
3. Developing a preliminary marketing strategy plan that includes the target market, pricing, distribution, and budget.
4. Creating product prototypes, testing them with customers, and further refining before commercialization and market launch.
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New-Product Development and Life-Cycle Strategies.ppt
New-Product Development and Life-Cycle Strategies.ppt
New product development and product life-cycle strategies
New product development and product life-cycle strategies
More from amitab2005
Marketing notes (1)
This document discusses strategic planning for small businesses. It explains that strategic planning involves defining a business strategy and allocating resources to pursue that strategy. For small businesses, strategic planning should focus on dominating niche markets rather than having a small share of broad markets. The strategic plan needs to be changed when warning signs emerge, such as declining sales from core customers or changes in the competitive landscape. The strategic planning process is important for small business success and survival.
Marketing notes (1)
This document discusses several marketing challenges faced by business organizations and ways to overcome them. The key marketing challenges mentioned are rapidly changing customer needs and expectations, increasing domestic and global competition, the rising popularity of the internet, and having too many options to choose from. The document recommends ways for organizations to overcome these challenges, including becoming a learning organization through training, conducting market research, reevaluating the traditional 4Ps marketing mix framework, and adopting a marketing concept focused on customer satisfaction rather than sales. It also discusses different marketing philosophies and concepts as well as an overview of services marketing.
Ch 14
CRM aims to understand customer needs to manage relationships and maximize lifetime value. It integrates marketing, sales, service, and support through people, processes, and technology. CRM focuses on retaining existing customers in addition to gaining new ones, shifting from traditional marketing. Maintaining long-term customer relationships is critical to business performance. The purpose of CRM is to create value for both customers and the company over time by providing quality service. This competitive advantage helps with customer retention and building relationships.
Ch 13
Pricing is a key decision for any business. Companies must carefully consider factors like costs, competition, perceived value and demand to determine the right price point. An optimal price balances making a profit with attracting customers and market share. Firms also adjust prices over time based on sales performance and changing market conditions.
Ch 12
The marketing environment consists of internal and external forces that influence a company's ability to transact business. The microenvironment includes forces close to the company like customers, suppliers, competitors, and publics. The macroenvironment comprises larger societal forces like demographic, economic, natural, technological, political, and cultural factors. Marketers must monitor these forces and take a proactive approach to managing the environments to create favorable conditions.
Ch 11
Organizational culture and controlling are important aspects of management. An organization's culture can either positively or negatively impact employee behavior and performance. Effective controlling measures are needed to help ensure employees' actions are aligned with the organization's goals and strategies.
Ch 10
Channel design is an important consideration for any streaming service. It involves determining the types of content to offer viewers, how to organize that content for easy navigation, and how to promote specific shows and movies to drive viewership. The goal is to make it simple for users to find something engaging to watch while also exposing them to new options.
Ch 9
This document discusses service marketing and defines key characteristics of services. It notes that the service sector has grown significantly and now accounts for 60-75% of output in developed economies. Services are defined as activities that are intangible and don't result in ownership. Services have unique characteristics compared to products, including intangibility, inseparability, variability, perishability, and lack of ownership. A service continuum is used to categorize different types of offerings based on their tangible and intangible components. The key is that for services, production and consumption occur simultaneously and quality may vary between instances.
Ch 8
Marketing programs require careful planning to be effective. A marketing plan outlines the target audience, goals, budget, timeline, and tactics. It guides the implementation of promotional activities, messaging, and campaigns to attract customers and drive sales.
Ch 6
WD-40 has been successful in expanding total demand for its product through finding new users, promoting new product uses, and encouraging greater usage. The document discusses WD-40's competitive strategy of product development, which includes expanding total demand and market share to protect profits. It asks what other brands have similarly focused on developing new applications for their products like WD-40.
Ch 5
Developing and positioning your brand is crucial. You must define what makes your brand unique and how it can solve customer problems better than competitors. Researching target audiences and crafting a clear brand message that resonates with them will help you effectively position your brand in the marketplace.
Ch 4
This document discusses understanding the target market, which is an essential aspect of forecasting and demand measurement. It defines key market terms like potential market, available market, target market, and penetrated market. Understanding the target market involves analyzing the total market potential, current demand, and future demand for the area or segment the company wants to serve.
Ch 3
This document defines and discusses key concepts for conducting an internal analysis of an organization, including organizational resources, capabilities, core competencies, and distinctive capabilities. It explains that an internal analysis identifies an organization's strengths and weaknesses by evaluating its vision, missions, strategies, resources, capabilities, and competencies. Conducting an internal analysis enables a firm to better understand itself and make strategic decisions.
Ch 2
Consumer behavior refers to the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants. It analyzes how emotions, attitudes and preferences affect buying behavior. Understanding consumer behavior is crucial for businesses to develop effective marketing strategies.
Ch 1
The document discusses market opportunities in 1 paragraph. It likely focuses on identifying potential areas for business growth or new product lines based on current market conditions and trends. In a concise yet informative manner, it outlines some key opportunities the company could pursue to expand its customer base and increase profits.
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Ch 7
- 2. Competitive Strategy • Expanding the total demand – Finding new users – Discovering and promoting new product uses – Encouraging greater product usage • Protecting market share – Many considerations – Continuous innovation • Expanding market share – Profitability rises with market share Market Leader Market Challenger Market Follower Market Nicher Competitive Positions
- 3. 18- 3 Competitive Strategy WD-40 has a knack for developing new uses for its product. What other brands have adopted a similar strategy? WD40
- 4. 18- 4 Competitive Strategy • Option 1: challenge the market leader – High-risk but high-gain – Sustainable competitive advantage over the leader is key to success • Option 2: challenge firms of the same size, smaller size or challenge regional or local firms • Full frontal vs. indirect attacks Market Leader Market Challenger Market Follower Market Nicher Competitive Positions
- 5. Pepsi is an example of market challenger that has chosen to use a full frontal attack
- 6. Competitive Strategy • Follow the market leader – Focus is on improving profit instead of market share – Many advantages: • Learn from the market leader’s experience • Copy or improve on the leader’s offerings • Strong profitability Market Leader Market Challenger Market Follower Market Nicher Competitive Positions
- 7. Dial Corporation successfully uses a market follower strategy
- 8. Competitive Strategy • Serving market niches means targeting subsegments • Good strategy for small firms with limited resources • Offers high margins • Specialization is key – By market, customer, product, or marketing mix lines Market Leader Market Challenger Market Follower Market Nicher Competitive Positions
- 11. Stonyfield Farms Embraced Corporate Enlightenment
- 12. Trends in Marketing Practices • Reengineering • Outsourcing • Benchmarking • Supplier partnering • Customer partnering • Merging • Globalizing • Flattening • Focusing • Accelerating • Empowering
- 13. Organizing the Marketing Department • Functional Organization • Geographic Organization • Product- or Brand-Management Organization • Market-Management Organization • Matrix-Management Organization
- 14. Figure 22.1 Functional Organization
- 15. Tasks Performed by Brand Managers • Develop long-range and competitive strategy for each product • Prepare annual marketing plan and sales forecast • Work with advertising and merchandising agencies to develop campaigns • Increase support of the product among channel members • Gather continuous intelligence on product performance, customer attitudes • Initiate product improvements
- 16. Figure 22.2 The Product Manager’s Interactions
- 17. Figure 22.3 Vertical Product Team • PM = Product Manager • APM = Associate PM • PA = Product Assistant
- 18. Figure 22.3 Triangular Product Team • PM = Product Manager • R = Market Researcher • C = Communication Specialist
- 19. Figure 22.3 Horizontal Product Team • PM = Product Manager • R = Market Researcher • C = Communication Specialist • S = Sales Manager • D = Distribution Specialist • F = Finance Specialist • E = Engineer
- 21. Building a Creative Marketing Organization • Developing a company-wide passion for customers • Organizing around customer segments instead of products • Understanding customers through qualitative and quantitative research
- 22. How Can CEOs Create a Marketing-Focused Company? • Convince senior management of the need to become customer focused • Appoint a senior marketing officer and marketing task force • Get outside guidance • Change the company’s reward measurement and system • Hire strong marketing talent