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15 Cards in this Set
- Front
- Back
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Marketing Goals
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1. Profit Maximization
2. Market Share 3. Sales 4. Performance/Quality provided 5. Innovation 6. Satisfaction Levels 7. Loyalty Levels 8. Social Responsibility |
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Profit Maximization
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Assumed to be the most common objective we have
Immediate: have to have a product or service that's in scare supply with no competition Long Term: cannot price gouge. Quality product and service at a fair price and margin |
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Market Share
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One of the most significant measurements of the market power
Brands % of total market sales |
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Elaboration
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When someone is devoted enough to promote the product
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Growth Options: Chart
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Current Market Current Product: Penetration
New Market Current Product: Market Development Current Market New Product: Product Development New Market New Product: Diversification |
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Market Penetration
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Current Market Current Product
Increase consumption More frequently (McDonald's Breakfast) New uses (baking soda) |
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Market Development
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New Market Current Product
Expansion into new markets with ESSENTIALLY the same product (Happy Meals) Domestic Markets (Market Segmentation Foreign Markets - MTV |
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Product Development
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Current Market New Product
Harley Davidson market new product to customers managers already KNOW related products Limited Two |
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Diversification
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New Market New Product
Fedex and Kinkos Difficult to implement and manage |
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Portfolio Analysis
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If I add new products how do i manage them?
1. Growth Potential - older and more mature the market the less potential. 2. Relative Market Share - % compared to the largest competitor. Its what what you THINK, its actually how we MEASURE |
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Star
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High growth potential High relative market share.
Require heavy investments in promotions. As growth slows they will become cash cows. Wraps at McDonalds |
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Cash Cow
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Low growth potential High relative market share
Doesn't take a lot of work but it takes constant work. Moment you neglect milk dries up. Not a lot of growth but they own a lot of the market Big Mac, happy meal, french fries |
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Problem Child
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High growth potential Low relative market share.
Takes a lot of money and energy and taking resources away from something else. McCafe concept. |
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Dog
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Low growth potential Low relative market share
Tiny tiny market share but still makes money. Ivory soap - keystone product Tab, McDonalds fish sandwiches and apple pies. |
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SWOT analysis
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Strengths - Internal
Weaknesses - Internal Threats - External Opportunities - External What the firm can provide and what the market wants the firm to provide |
