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Unformatted text preview: Lambert Tamin Kalan Lecture 4 2/2/2011 A. Last time we spoke a bit about SWOT analysis. In order to be successful in the marketplace, companies need to create a competitive advantage, also called a core competency =Something that you do better than the others or really well. a. A company with the lowest cost of goods has the best chance of beating the competition. b. The product that gives a differential benefit is the product that has importance to the customers. A differential benefit is one that is important to the customers and sets you apart from the competition. c. A benefit without customer recognition can be a road to disaster. B. Growth Strategies (can also be looked at as a matrix) a. Market Emphasis: Look to expand our markets i. We can go with existing products or new products. ii. In existing, we need market penetration. iii. In existing markets with new products, we call that product development. iv. New markets and new products is diversifitcation b. Product Emphasis: Increase our product offerings i. The combinations of these leads us to different strategies ii. We can go with either existing or new products iii. In existing, we need market development C. Market Penetration: Increasing product usage(sales) to current users, non- users, and among competitive users....
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- Spring '08
- Marketing, new products