JOMC 475 Product/Market Expansion Grid
14:43
Pandora: options after starting business (went with #2) went from 5000 to 5 mill users
Launch an ad campaign on radio stations, in music magazines, and at record stores
People already predisposed toward product
Intermediate step, have to bring people to the internet
Build buzz about Pandora through Word-of-Mouth (WOM)
Cheaper
Also used email, town hall meets and eventually facebook
Spread quickly through target market
Social media had just begun at the time so wouldn’t spread as fast
Sell the service to a large chain of record stores, a music magazine, or a record label
Instant access for thousands of users bc of the company like Virgin Records
Wouldn’t own Pandora personally anymore, have to split profit
Strategic Plans (1, 3, and 5 year plans)
Mission statements
Goals and Objectives
Business portfolio
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- Spring '11
- HeidiHennink-Kaminski
- Product/Market Expansion Grid, high market share, low market share, high growth rate, low market growth
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