Mkt501 GDB No. 1 Solution
Thursday, November 04, 2010 Posted In Mkt Edit ThisSemester “Fall 2010”
“Marketing Management (MKT 501)”
This is to inform that Graded Discussion Board (GDB) will be opened according to the following schedule
“Marketing Management (MKT 501)”
This is to inform that Graded Discussion Board (GDB) will be opened according to the following schedule
Schedule
Opening Date and Time: November 02, 2010 At 12:01 A.M. (Mid-Night)
Closing Date and Time: November 04, 2010 At 11:59 P.M. (Mid-Night)
Topic for Discussion
“ Competition/ Competitors”
You have been recently hired as a marketing manager in a Shampoo manufacturing organization.There is only 20% market share of your organization while your competitors having 45% and 35% market share respectively. CEO has given you the target at the time of joining this organization that Market share should be 40% within a year.
“How do you upgrade your market share”?
................
Solution:
1.Reallocate marketing budgets from branding to direct-target marketing for a higher return on investment.
2.Know your customer. Build a marketing database designed to gain insights into customer value, vulnerability and potential.
3.Get smart about your customer data. Hotel sales and marketing teams should profile their best customers on highest value and target others that look like those best customers. Hotels attracting conventions or meetings need to prioritize prospects into A-B-C lists and provide value-added incentives for A-list prospects, focusing the majority of the budget on those.
4.Leverage new customer insights on customer value, vulnerability and potential into campaigns that maximize ROI.
5.Test creative and offers to measure and redeploy what works best.
6.Track and report campaign response and conversion effectiveness.
7.Grow relationships with current customers. Use social media and electronic communications to increase loyalty and reasons to communicate with customers.
2.Know your customer. Build a marketing database designed to gain insights into customer value, vulnerability and potential.
3.Get smart about your customer data. Hotel sales and marketing teams should profile their best customers on highest value and target others that look like those best customers. Hotels attracting conventions or meetings need to prioritize prospects into A-B-C lists and provide value-added incentives for A-list prospects, focusing the majority of the budget on those.
4.Leverage new customer insights on customer value, vulnerability and potential into campaigns that maximize ROI.
5.Test creative and offers to measure and redeploy what works best.
6.Track and report campaign response and conversion effectiveness.
7.Grow relationships with current customers. Use social media and electronic communications to increase loyalty and reasons to communicate with customers.
..............
Another solution:
Unless a company is increasing its turnover every year, it’s shrinking in real terms.
A manager must know their customers in terms of what they buy, why they buy, how they buy, their typical budget and where else they buy from.
The ways that can help me to increase market share of my company are:
I must try to get customers to buy more frequently by adding value to products and services.
Former customers can be won back if I find out why they left and try to resolve the problem.
Consider ways to make the business more appealing, such as a time-limited discount, but I must be realistic as it is not worth winning customers back at any cost.
Additional sales methods, such as a direct sales operation, using wholesalers or distributors, appointing an agent, setting up an e-commerce operation.
Growth by creating new products or services is even more risky, because if mishandled it can damage productivity and relationships with existing customers. However, handled well it can be a company’s biggest driver to growth and profitability.
A manager must know their customers in terms of what they buy, why they buy, how they buy, their typical budget and where else they buy from.
The ways that can help me to increase market share of my company are:
I must try to get customers to buy more frequently by adding value to products and services.
Former customers can be won back if I find out why they left and try to resolve the problem.
Consider ways to make the business more appealing, such as a time-limited discount, but I must be realistic as it is not worth winning customers back at any cost.
Additional sales methods, such as a direct sales operation, using wholesalers or distributors, appointing an agent, setting up an e-commerce operation.
Growth by creating new products or services is even more risky, because if mishandled it can damage productivity and relationships with existing customers. However, handled well it can be a company’s biggest driver to growth and profitability.
..
another
Market penetration is one of the four growth strategies of the Product-Market Growth
Matrix defined by Ansoff. Market penetration occurs when a company enters/penetrates a market
with current products. The best way to achieve this is by gaining competitors' customers (part of
their market share). Other ways include attracting non-users of your product or convincing current
clients to use more of your product/service (by advertising etc). Ansoff developed the Product-
Market Growth Matrix to help firms recognise if there was any advantage of entering a market.
Market penetration occurs when the product and market already exists
Other growth strategies include:
Product development (existing markets, new products): McDonalds is always within the fast-food Market development (new markets, existing products): Lucozade was first marketed for sick children and then rebranded to target athletes.
Diversification (new markets, new products): Mohen A.S, Bion Products, Selectron Ltd, bk
The penetration that brands and products have can be recorded by companies such as ACNielsen and TNS who offer panel measurement services to calculate this and other consumer measures. In these cases penetration is given as a percentage of a country's households of time.
..........
another:
MKT501 GDB#1:
Matrix defined by Ansoff. Market penetration occurs when a company enters/penetrates a market
with current products. The best way to achieve this is by gaining competitors' customers (part of
their market share). Other ways include attracting non-users of your product or convincing current
clients to use more of your product/service (by advertising etc). Ansoff developed the Product-
Market Growth Matrix to help firms recognise if there was any advantage of entering a market.
Market penetration occurs when the product and market already exists
Other growth strategies include:
Product development (existing markets, new products): McDonalds is always within the fast-food Market development (new markets, existing products): Lucozade was first marketed for sick children and then rebranded to target athletes.
Diversification (new markets, new products): Mohen A.S, Bion Products, Selectron Ltd, bk
The penetration that brands and products have can be recorded by companies such as ACNielsen and TNS who offer panel measurement services to calculate this and other consumer measures. In these cases penetration is given as a percentage of a country's households of time.
..........
another:
MKT501 GDB#1:
You have been recently hired as a marketing manager in a Shampoo manufacturing organization.There is only 20% market share of your organization while your competitors having 45% and 35% market share respectively. CEO has given you the target at the time of joining this organization that Market share should be 40% within a year.
“How do you upgrade your market share”?
MARKET SHARE DEFINITION JUST FOR CONCEPTS:
Market share is used by businesses to determine their competitive strength in a sector as compared to other companies in the same sector. It also allows you to accurately assess your performance from year to year
SOLUTION
As an Marketing Manager I will upgrade my market share from 20% to 40% within one year through changing following variables of Marketing Mix:
1-By improving my product quality, I will upgrade my market shares from 20% to 40% as target given to me by CEO.
2-By lowering the price or offer special incentives for buyers such as discounts, I will upgrade my market shares in the market.
3-By distributing my product through adding new distribution channels and making possible for people that they can buy my product easily every where, I will increase my market shares from 20% to 40%.
4-By promoting and advertising my product in the market and improving my good will, i will increase my market shares.
“How do you upgrade your market share”?
MARKET SHARE DEFINITION JUST FOR CONCEPTS:
Market share is used by businesses to determine their competitive strength in a sector as compared to other companies in the same sector. It also allows you to accurately assess your performance from year to year
SOLUTION
As an Marketing Manager I will upgrade my market share from 20% to 40% within one year through changing following variables of Marketing Mix:
1-By improving my product quality, I will upgrade my market shares from 20% to 40% as target given to me by CEO.
2-By lowering the price or offer special incentives for buyers such as discounts, I will upgrade my market shares in the market.
3-By distributing my product through adding new distribution channels and making possible for people that they can buy my product easily every where, I will increase my market shares from 20% to 40%.
4-By promoting and advertising my product in the market and improving my good will, i will increase my market shares.
