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Lecture 3

MKT 100: Notes from Week 3-5

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Department
Marketing
Course
MKT 100
Professor
Caitlin Mc Laughlin
Semester
Winter

Description
MKT 100 Week 3Situation Analysis ContinuedSituation AnalysisAnsoffs Matrix Existing Products New Products Market PenetrationProduct Developmentthe extent to which a product is improving an existing product recognized and bought by Existing Markets or developing new kinds of customers in a particular products market Market Developmenta Diversification A riskreduction strategy that targets nonstrategy that involves adding buying customers in currently New Markets product services location targeted segments It also customers and markets to your targets new customers in new companys portfolio segmentsSWOT AnalysisStrengthsprocess competitive advantages strong partners strong brand reputation resources patents assets people experience knowledge deep pockets excellent distribution reach processes systems IT communications team based culture open to change company politics and valuesWeaknessesprocess competitive disadvantages weak partners weak brand reputation no resources no patents no assets no people inexperience lack of knowledge poor distribution reach processes systems IT communications bureaucratic cultural attitudinal resists change company politics and valuesOpportunitiesindustry and lifestyle trends technology development and innovation new global supply chains new market segments business and product development information and research decrease in input costs such as lobar costs new partnerships and distribution channelsThreatspolitical regulatory economic nature competitor innovations falling market demands changing consumer preferences new competitive entries new substitutes increase in input costs such as oil loss of key staff
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