This document discusses strategies for new and growing markets. It describes six categories of new products based on their degree of newness. It also discusses whether it is better to be a pioneer or follower in a new market. Pioneers have potential advantages but also greater risks. Followers can learn from pioneers' mistakes. The document outlines strategies for pioneers and followers to gain or maintain market share as a market grows. These include mass market penetration, niche strategies, flanking attacks, and expanding or contracting based on competitive dynamics.
Chapter 4 Management of Sales Territories and QuotasNishant Agrawal
Management of Sales Territories and Quotas
Major Reasons / Benefits Of Sales Territories
Procedure for Designing Sales Territories
Sales Quotas
Type of Sales Quotas
New Product Development & Product Life Cycle Strategies - MarketingFaHaD .H. NooR
New-Product Development Strategy
New-Product Development Process
Managing New-Product Development
Product Life-Cycle Strategies
Additional Product and Service Considerations
Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product
New product development refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development
Chapter 4 Management of Sales Territories and QuotasNishant Agrawal
Management of Sales Territories and Quotas
Major Reasons / Benefits Of Sales Territories
Procedure for Designing Sales Territories
Sales Quotas
Type of Sales Quotas
New Product Development & Product Life Cycle Strategies - MarketingFaHaD .H. NooR
New-Product Development Strategy
New-Product Development Process
Managing New-Product Development
Product Life-Cycle Strategies
Additional Product and Service Considerations
Acquisition refers to the buying of a whole company, a patent, or a license to produce someone else’s product
New product development refers to original products, product improvements, product modifications, and new brands developed from the firm’s own research and development
Influencer marketing isn't just for big brands or consumer products anymore. In 2024, marketers face hurdles like escalating paid channel costs, diminishing organic reach, and building trust in their ideal customer accounts. This session offers practical ways to bring influencer marketing into your organization, to provide cost-effective access to niche audiences, countering budget constraints and rising CPMs. We'll discuss the impact of social algorithms on reach, the trust deficit in traditional advertising and how influencer partnerships offer genuine connections with audiences. Attendees will gain actionable insights to integrate influencer marketing into their strategies, leveraging influencers for impactful campaigns in both B2B and B2C environments. Join us to unlock the potential of influencers in navigating the evolving marketing landscape of 2024 and driving meaningful business growth.
Key Takeaways:
- Educate on the various types of influence we can use as marketers
- Establish the problems that make influencers a priority
- Walk through some practical tactics on HOW to run a program leveraging several of these influence channels
Monthly Social Media News Update May 2024Andy Lambert
TL;DR. These are the three themes that stood out to us over the course of last month.
1️⃣ Social media is becoming increasingly significant for brand discovery. Marketers are now understanding the impact of social and budgets are shifting accordingly.
2️⃣ Instagram’s new algorithm and latest guidance will help us maintain organic growth. Instagram continues to evolve, but Reels remains the most crucial tool for growth.
3️⃣ Collaboration will help us unlock growth. Who we work with will define how fast we grow. Meta continues to evolve their Creator Marketplace and now TikTok are beginning to push ‘collabs’ more too.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
For too many years marketing and sales have operated in silos...while in some forward thinking companies, the two organizations work together to drive new opportunity development and revenue. This session will explore the lessons learned in that beautiful dance that can occur when marketing and sales work together...to drive new opportunity development, account expansion and customer satisfaction.
No, this is not a conversation about MQLs and SQLs. Instead we will focus on a framework that allows the two organizations to drive company success together.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
The What, Why & How of 3D and AR in Digital CommercePushON Ltd
Vladimir Mulhem has over 20 years of experience in commercialising cutting edge creative technology across construction, marketing and retail.
Previously the founder and Tech and Innovation Director of Creative Content Works working with the likes of Next, John Lewis and JD Sport, he now helps retailers, brands and agencies solve challenges of applying the emerging technologies 3D, AR, VR and Gen AI to real-world problems.
In this webinar, Vladimir will be covering the following topics:
Applications of 3D and AR in Digital Commerce,
Benefits of 3D and AR,
Tools to create, manage and publish 3D and AR in Digital Commerce.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
First Things First: Building and Effective Marketing Strategy
Too many companies (and marketers) jump straight into activation planning without formalizing a marketing strategy. It may seem tedious, but analyzing the mindset of your targeted audiences and identifying the messaging points most likely to resonate with them is time well spent. That process is also a great opportunity for marketers to collaborate with sales leaders and account managers on a galvanized go-to-market approach. I’ll walk you through the methods and tools we use with our clients to ensure campaign success.
Key Takeaways:
-Recognize the critical role of strategy in marketing
-Learn our approach for building an actionable, effective marketing strategy
-Receive templates and guides for developing a marketing strategy
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
AI-Powered Personalization: Principles, Use Cases, and Its Impact on CROVWO
In today’s era of AI, personalization is more than just a trend—it’s a fundamental strategy that unlocks numerous opportunities.
When done effectively, personalization builds trust, loyalty, and satisfaction among your users—key factors for business success. However, relying solely on AI capabilities isn’t enough. You need to anchor your approach in solid principles, understand your users’ context, and master the art of persuasion.
Join us as Sarjak Patel and Naitry Saggu from 3rd Eye Consulting unveil a transformative framework. This approach seamlessly integrates your unique context, consumer insights, and conversion goals, paving the way for unparalleled success in personalization.
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
A.I. (artificial intelligence) platforms are popping up all the time, and many of them can and should be used to help grow your brand, increase your sales and decrease your marketing costs.In this presentation:We will review some of the best AI platforms that are available for you to use.We will interact with some of the platforms in real-time, so attendees can see how they work.We will also look at some current brands that are using AI to help them create marketing messages, saving them time and money in the process. Lastly, we will discuss the pros and cons of using AI in marketing & branding and have a lively conversation that includes comments from the audience.
Key Takeaways:
Attendees will learn about LLM platforms, like ChatGPT, and how they work, with preset examples and real time interactions with the platform. Attendees will learn about other AI platforms that are creating graphic design elements at the push of a button...pre-set examples and real-time interactions.Attendees will discuss the pros & cons of AI in marketing + branding and share their perspectives with one another. Attendees will learn about the cost savings and the time savings associated with using AI, should they choose to.
2. 15-2
How New is New?
• Six categories of new products based on
their degree of newness:
– New-to-the-world products
– New product lines
– Additions to existing product lines
– Improvements in or revisions of existing
products
– Repositionings
– Cost reductions
3. 15-3
Categories of New Products Defined According to Their
Degree of Newness to the Company and Customers
in the Target Market
4. 15-4
How New is New?
• Introducing a product that is new to both
the firm and target customers requires the
greatest expenditure of effort and
resources.
• It also involves the greatest amount of
uncertainty and risk of failure.
• Products new to target customers but not
new to the firm are often not very
innovative in design or operations, but
they may present a great deal of
marketing uncertainty.
5. 15-5
How New is New?
• The marketing challenge is to build
primary demand, making target customers
aware of the product and convincing them
to adopt it.
• Products new to the company but not to
the market often present fewer challenges
for R&D and product engineering.
6. 15-6
Market Entry Strategies: Is it Better to
Be a Pioneer or a Follower?
• Pioneer strategy
• Potential sources of competitive
advantage available to pioneers are:
– First choice of market segments and
positions.
– The pioneer defines the rules of the game.
– Distribution advantages.
– Economies of scale and experience.
7. 15-7
Market Entry Strategies: Is it Better to
Be a Pioneer or a Follower?
• Not all pioneers capitalize on their
potential advantages
– Some pioneers fail.
– Some pioneers abandon the product
category, go out of business, or get acquired
before their industry matures.
8. 15-8
Market Entry Strategies: Is it Better to
Be a Pioneer or a Follower?
• Follower strategy
• The ability to take advantage of the:
– Pioneer’s positioning mistakes.
– Pioneer’s product mistakes.
– Pioneer’s marketing mistakes.
– Latest technology.
– Pioneer’s limited resources
9. 15-9
Market Entry Strategies: Is it Better to
Be a Pioneer or a Follower?
• A pioneering firm stands the best chance
for long-term success in market-share
leadership and profitability when:
– The new product-market is insulated from the
entry of competitors; or
– The firm has sufficient size, resources, and
competencies to take full advantage of its
pioneering position and preserve it in the face
of later competitive entries.
10. 15-10
Market Entry Strategies: Is it Better to
Be a Pioneer or a Follower?
– A follower will most likely succeed when:
• There are few legal, technological, or financial
barriers to inhibit entry and
• When it has sufficient resources or competencies
to overwhelm the pioneer’s early advantage.
– A study found that the most successful fast
followers had the resources to enter the new
market on a larger scale than the pioneer.
11. 15-11
Strategic Marketing Programs for
Pioneers
• A pioneer might choose from one of three
different types of marketing strategies:
– Mass-market penetration
– Niche penetration
– Skimming and early withdrawal
12. 15-12
Strategic Marketing Programs for
Pioneers
• Mass-market penetration
– The objective is to capture and maintain a
commanding share of the total market for the
new product.
– Tends to be most successful when entry
barriers inhibit or delay the appearance of
competitors, or when the pioneer has unique
competencies or resources.
13. 15-13
Strategic Marketing Programs for
Pioneers
• Niche penetration
– Can help the smaller pioneer gain the biggest
bang for its limited bucks and avoid direct
confrontations with bigger competitors.
– Instead of pursuing the objective of capturing
and sustaining a leading share of the entire
market, it may make more sense for such
firms to focus their efforts on a single market
segment.
14. 15-14
Strategic Marketing Programs for
Pioneers
• Skimming and early withdrawal
– Involves setting a high price and engaging in
only limited advertising and promotion to
maximize per-unit profits and recover the
product’s development costs quickly.
– The firm may also work to develop new
applications for its technology or the next
generation of more advanced technology.
15. 15-15
Strategic Marketing Programs for
Pioneers
• Marketing program components for a
mass-market penetration strategy
– Maximizing the number of customers adopting
the firm’s new product as quickly as possible
with a marketing program focused on:
• Aggressively building product awareness and
motivation to buy among a broad cross-section of
potential customers and
• Making it easy for those customers to try the new
product, on the assumption that they will try it, like
it, develop loyalty, and make repeat purchases.
16. 15-16
Strategic Marketing Programs for
Pioneers
• Marketing program components for a
mass-market penetration strategy (cont.)
– Increasing customers’ awareness and
willingness to buy
– Increasing customers’ ability to buy
– Additional considerations when pioneering
global markets
17. 15-17
Strategic Marketing Programs for
Pioneers
• Marketing program components for a
niche penetration strategy
– The marketing program elements are likely to
be similar to that of mass-market strategies.
– The niche penetrator should keep its
marketing efforts clearly focused on the target
segment to gain as much impact as possible
from its limited resources.
18. 15-18
Strategic Marketing Programs for
Pioneers
• Marketing program components for a
skimming strategy
– A relatively high price is appropriate for a
skimming strategy to increase margins and
revenues.
– Introductory promotional programs might best
focus on customer groups who are least
sensitive to price and most likely to be early
adopters of the new product.
19. 15-19
Growth-Market Strategies for Market
Leaders
• Two important facts must be kept in mind.
– The dynamics of a growth market make
maintaining an early lead in relative market
share very difficult.
– A firm can maintain its current share position
in a growth market only if its sales volume
continues to grow at a rate equal to that of the
overall market, enabling the firm to stay even
in absolute market share.
20. 15-20
Growth-Market Strategies for Market
Leaders
• Marketing objectives for share leaders
– Retaining current customers.
– Stimulating selective demand among later
adopters to ensure that it captures a large
share of the continuing growth in industry
sales.
– Stimulating primary demand to help speed up
overall market growth.
– Expanding total demand is often more critical
near the end of the growth stage and early in
the maturity stage of a product’s life cycle.
22. 15-22
Growth-Market Strategies for Market
Leaders
• Fortress, or position defense, strategy
– The most basic defensive strategy is to
continually strengthen a strongly held current
position.
– Actions to improve customer satisfaction and
loyalty.
– Actions to encourage and simplify repeat
purchasing.
23. 15-23
Growth-Market Strategies for Market
Leaders
• Flanker Strategy
– One shortcoming is that a challenger might
simply choose to bypass the leader’s fortress
and try to capture territory where the leader
has not yet established a strong presence.
– To defend against an attack directed at a
weakness in its current offering, a leader
might develop a second brand to compete
directly against the challenger’s offering.
24. 15-24
Growth-Market Strategies for Market
Leaders
• Confrontation Strategy
– If the leader’s competitive intelligence is good,
it may decide to move proactively and change
its marketing program before a suspected
competitive challenge occurs.
– A confrontational strategy is more commonly
reactive.
25. 15-25
Growth-Market Strategies for Market
Leaders
• Market Expansion
– A more aggressive and proactive version of
the flanker strategy.
– The most obvious way a leader can
implement a market expansion strategy is to
develop line extensions, new brands, or even
alternative product forms utilizing similar
technologies to appeal to multiple market
segments.
26. 15-26
Growth-Market Strategies for Market
Leaders
• Contraction or strategic withdrawal
– In some highly fragmented markets, a leader
may be unable to defend itself adequately in
all segments.
– The firm may then have to reduce or abandon
its efforts in some segments to focus on areas
where it enjoys the greatest relative
advantages or that have the greatest potential
for future growth.
27. 15-27
Share-Growth Strategies for Followers
• Marketing objectives for followers
– Some competitors may seek to build a small
but profitable business within a specialized
segment of the larger market that earlier
entrants have overlooked.
– Many followers often seek to displace the
leader or at least to become a powerful
competitor within the total market.
29. 15-29
Share-Growth Strategies for Followers
• Frontal attack strategy
– A follower wanting to capture an increased
market share may use this strategy:
• Where the market for a product category is
relatively homogeneous,
• Has few untapped segments, and
• At least one well-established competitor.
30. 15-30
Share-Growth Strategies for Followers
• Frontal attack strategy is most likely to
succeed when:
– Most existing customers do not have strong
brand preferences or loyalties,
– The target competitor’s product does not
benefit from positive network effects, and
– When the challenger’s resources and
competencies—particularly in marketing—are
greater than the target competitor’s.
31. 15-31
Share-Growth Strategies for Followers
• Leapfrog strategy
– Attracting repeat or replacement purchases
from a competitor’s current customers by
offering a product that is attractively
differentiated from the competitor’s offerings.
– The odds of success might be even greater if
the challenger can offer a far superior product
based on advanced technology or a more
sophisticated design.
32. 15-32
Share-Growth Strategies for Followers
• Flanking and encirclement strategies
– A flank attack is appropriate:
• When the market can be broken into two or more
large segments
• When the leader and/or other major competitors
hold a strong position in the primary segment, and
• When no existing brand fully satisfies the needs of
customers in at least one other segment.
– In some cases, a successful flank attack need
not involve unique product features.
33. 15-33
Share-Growth Strategies for Followers
• Flanking and encirclement strategies
– Encirclement
• Involves targeting several smaller untapped or
underdeveloped segments in the market
simultaneously.
• It usually involves developing a varied line of
products with features tailored to the needs of
different segments
34. 15-34
Share-Growth Strategies for Followers
• Supporting evidence
– Businesses that increased the quality of their
products relative to those of competitors
achieved greater share increases than
businesses whose product quality remained
constant or declined.
– Share-gaining businesses typically developed
and added more new products, line
extensions, or product modifications to their
line than share-losing businesses.
35. 15-35
Share-Growth Strategies for Followers
• Supporting evidence
– Share-gaining businesses tended to increase
their marketing expenditures faster than the
rate of market growth.
– Surprisingly, there was little difference in the
relative prices charged between firms that
gained and those that lost market share.
36. 15-36
Take-Aways
• Being the pioneer in a new product or
service category gains a firm a number of
potential advantages. But not all pioneers
are able to sustain a leading position in
the market as it grows.
37. 15-37
Take-Aways
• Some pioneers attempt to penetrate the
mass market and remain the share leader
as that market grows.
– The appropriate strategy to adopt depends on
the firm’s resources and competencies, the
strength of likely competitors, and the
characteristics of the product and its target
market.
38. 15-38
Take-Aways
• If a market leader wishes to maintain its
number one share position as the product
category moves through rapid growth, it
must focus on two important objectives:
– Retaining its current customers, and
– Stimulating selective demand among later
adopters.
39. 15-39
Take-Aways
• For a challenger to increase its market
share relative to the leader, it must
differentiate its offering by delivering
superior product benefits, better service,
or a lower price than the leader.
Challenging a leader solely on the basis of
price is a highway to disaster, however,
unless the challenger has a sustainable
cost advantage.