As a newly appointed CEO of Minnesota Micromotors, Inc., I am responsible for designing the company’s marketing strategy, “This includes determining all aspects of the company’s go-to-market approach and associated elements of product policy, including pricing and market positioning of the company’s orthopedic motor line. ”(Harvard Business Publishing, 2014). MM is a member of a mature, saturated and highly competitive Orthopedic Motor market, such that every decision needs to be deliberate and appropriate, carefully assess the organisation’s competitive position that of its competitors and to get sustainable competitive advantage and provide superior customer value. This paper will use one quarter of marketing decision as example, providing the detailed reallocation of resources and analysing the result.…
One method of assessing the potential risks and rewards of a particular marketing strategy is to use Ansoff’s Matrix. This identifies 4 major strategies including market penetration, market development, market penetration and diversification. In the case of Burkinshaw, diversification is the new strategy being considered. The company’s marketing director argues the company should be developing new products for a new market, the large Chinese department store. The store has shown an interest in placing a large order, giving the company huge potential being entered into such a complex market. Moreover, it guarantees Burkinshaw future orders as well as growth. As the large Chinese department store expands, so will the sale of their products as it’s reaching more areas. From this it can be said although risky, the potential the Chinese department store offers is huge for Burkinshaw.…
This document discuss how marketing plans helped make a product or service successful and how decision in marketing plan could take you to failure among the differences between the help provided by marketing plan and the decision taken that lead to failure.…
Success for new business’ or products is dependent upon the wants’ and needs of the consumer; market research helps shape the design of a product for both consumer and developer. Kudler Fine Foods must create a successful marketing strategy that includes both a target market, “a fairly homogenous (similar) group of customers to whom a company wishes to appeal” (Pereault, Cannon, & McCarthy, 2011, p. 3) and a marketing mix, “the controllable variables the company puts together to satisfy the target group” (Pereault, Cannon, & McCarthy, 2011, p. 3). Their mix must include the “Four Ps” (Pereault, Cannon, & McCarthy, 2011, p. 7) to be successful. These include: researching the market to see if they are developing the right product for the right market; the channels of distribution with which they will get their product to the marketplace, the method of promoting the…
An important issue to consider when discussing expansion of a product line is the current cash flow of the company. A cash flow statement “divides cash flow information into key categories related to operating activities, investing activities, and financing activities” (Aguiar, 2012). Operating activities include operations that occur daily. For example, increases or decreases in receivables and payables are accounted for on the cash flow statement, just as other activities from operating a business. Investing activities include the purchasing or selling of long term assets, such as property and equipment. Financing activities include borrowing and repayment of long term liabilities.…
Through extensive research Kudlers marketing team has compiled a strategic marketing and communications plan to aid in a successful product launch for both domestic and international markets. This paper will elaborate on the opportunities for this product, which are most often upon various segments of the target market. Additionally, in this paper the subject to identify is the product description, positions, target audience, SWOT analysis, market potential, growth, strategies and, objectives. This paper will also cover the…
According to Kotler (2008), the product/market expansion grid ( Figure 1) is a very essential device for the companies when following the market-led strategies. A very widespread opportunity for starting companies is the fact to penetrate the market by putting the current product to the current market segments. Another essential strategy for the company growth is the fact to put the customized product to the existing market known as a product development. Company can use the market development to grow the company or diversity by starting the new product and the market. It is very important for the company to choose what strategy the company should go after. The market segmentation is an important concept that every organization have to understand and which offers the variability of the products. There are various ways to segment the market and this is the reason that the company should choose the most useful way to achieve the success. The marketers consider that the segmentation of the market can increase the sales.…
In this part of our report we will describe a suitable marketing planning process, and we will rely on the Malcolm McDonald planning process (Malcolm…
It explains how management of the product line embodied the various innovation opportunities and challenges presented. The concept was initially introduced in order to assess the feasibility of profitably servicing this market.…
* Sales and Marketing management – For successful selling, marketing and merchandising of a new product…
As this strategy requires, our team did not revised keenly its products. This was because our main targeted segments were Low End and Traditional, two customer segments that do not need strong revision of products. In our plans, was included that generation of a new High End product. This would become true, while the old would mature running through the Traditional and leading to the Low End segment.…
The consumer products industry has seen dramatic change in the last decade, due to increasing costs in manufacturing, need for innovative products, and decrease in brand loyalty. These changes have created the need to modify previous tactics to continue operating in this competitive industry.…
The objective of this course is to assist you in developing in-depth knowledge relating to the management of innovation and the formulation of a new product introduction strategy. The materials to be used in this course are designed to provide you with a comprehensive exposure to the making of product development decisions. The primary emphasis in the course will be on understanding theoretical concepts and being able to apply them to a variety of new product introduction scenarios.…
Cooper, L. (2000) Strategic Marketing Planning for Radically new Products, Journal of Marketing, Vol. 64 Issue 1, pp.1-15.…
TABLE OF CONTENTS Executive Summary 1. Definition of Strategic Management 2. Raymond Company history 3. Industry structure 4. Environment 5. Products 6. Price 7. Distribution Network 8. Promotion 9. SWOT analysis 10. Suggestions Appendix…