Questions for Strategic Marketing: TOPIC 1: Market Analysis What are the conside
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Question
Questions for Strategic Marketing:
TOPIC 1: Market Analysis
What are the considerations for a comprehensive market analysis?
Here are some articles that provide information about market analyses:
http://www.mtab.com/4-main-types-of-segmentation-in-market-research-analysis/
https://www.decisionanalyst.com/whitepapers/marketsegmentation/
TOPIC 2: Marketing Analysis
As a critical piece of the marketing plan, the market analysis needs to include a clear analysis of the market segment, target population, and forecast for success. Author Tim Berry discusses these factors.
http://www.mplans.com/articles/market-analysis-is-the-foundation-of-the-marketing-plan/
What did you take away from this article? How will it help you in your group project?
TOPIC 3: The Product Portfolio
The Boston Consulting Group presents a concise analysis of considerations related to the composition of a balanced product portfolio.
https://www.bcg.com/documents/file13255.pdf
Why is this important?
Explanation / Answer
TOPIC 1 ANSWER:
Market research analysis starts off with segmentation process where a business decision maker maximizes profitability by focusing their company’s efforts and resources on those market segments.
There are four main types of segmentation used in market research analysis: A priori, Usage, Attitudinal and Need
A priori:
A priori is defined as relating to knowledge that proceeds from theoretical deduction rather than from observation or experience.
Usage Segmentation:
This process is completed either by decile or pereto analysis. The former splits the group into 10 parts and latter distributes according to the top 20% and the remaining 80%.
Concentration of marketing strategy is the essence of all marketing strategy and market segmentation is the conceptual tool to help achieve this focus.
TOPIC 2 ANSWER:
The article tells about developing an effective plan based on the customers’ needs and nature. Now, in order to know more about the target customers, it begins with statistics that provide the number of households, classrooms, businesses, and workers in a market. Next, comes the segmentation according to the income level.
The article tells about making some basic assumptions before targeting the potential market. These can be the price level, relationship to substitutes. We need a segment description of each target customer, such as number of potential customers, AGR, annual spending and market value. It shows the importance of focusing more on the customers’ needs rather than the company’s selling abilities.
Distribution channels also play an important role in defining the success of the product. Knowing about the competitive forces also signifies the importance towards the marketing strategy.
TOPIC 3 ANSWER:
The product portfolio:
To be successful, a company should have a portfolio of products with different growth rates and different market shares. The need for portfolio is very important because it determines the success o the company and makes sure that the company invests its products elsewhere, thereby increasing the portfolio and generating more profits. This eventually becomes a cycle for the company thus achieving higher economies of scale. The balanced portfolio has stars whose high share and high assures the future, cash cows that supply funds for that future growth and question marks that are to be converted into stars with the added funds.
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