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Marketing Strategy Essay

1055 words - 5 pages

Ch. 4 Understanding Market Opportunities
* Market – composed of individuals and organizations who are interested in and willing to buy a good or service to obtain benefits that will satisfy a particular want or need and have the resources to engage in such transactions (composed of buyers)
* Industry – a group of firms that offer a product or class of products that are similar and are close substitutes for one another (composed of sellers)
* Macroenvironment: (six components)
* Demographic
* Aging
* Growing Middle Class
* Increased Immigration
* Sociocultural
* Corporate Social Responsibility
* Fitness and Nutrition
* ...view middle of the document...

The risk (cost of product failure or dissatisfaction)
2. The relative advantage over other products
3. The relative simplicity of the new product
4. Its compatibility with previously adopted ideas, and behavior
5. The extent to which its trial can be accomplished on a small- scale basis
6. The ease with which the central idea of the new product can be communicated
* Adopter Categories:
* Innovators
* Early adopters
* Early majority
* Late majority
* Laggards
Cautions and Caveats in Forecasting
* Forecasters are subject to anchoring bias (historical figures)
* Capacity constraints
* Incentive pay – “Sandbagging” setting the forecast or target at an easily achievable figure in order to earn bonuses when that figure is beaten
* Unstated but implicit assumptions can overstate a well intentioned forecast
Keys to Good Forecasting
* Identify the full range of possibilities for the future
* Discuss the assumptions on which the forecast is based with other business partners
* Use multiple methods to forecast
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