Marisa Lauri Ride the subway, walk down a busy downtown street, or attend a lecture at a local university. If you take a moment to look around, you will notice the rich cultural diversity of our cities. Evolving social, cultural, and political norms, as well as changing demographic and immigration patterns, have had an impact on the composition of our population.
Other approaches[ edit ] The choice of competitive strategy often depends on a variety of factors including: Growth strategies[ edit ] Growth of a business is critical for business success. A firm may grow by developing the market or by developing new products. The Ansoff product and market growth matrix illustrates the two broad dimensions for achieving growth.
The Ansoff matrix identifies four specific growth strategies: This is a conservative, low risk approach since the product is already on the established market.
This can include modifications to an already existing market which can create a product that has more appeal. This can include new geographical markets, new distribution channels, and different pricing policies that bring the product price within the competence of new market segments.
Diversification is the riskiest area for a business. This is where a new product is sold to a new market. Another benefit of using this strategy is that it leads to a larger market for merged businesses, and it is easier to build good reputations Changing perspectives in marketing planning a business when using this strategy.
There are three main benefits to a business's reputation after a merge. A larger business helps the reputation and increases the severity of the punishment. As well as the merge of information after a merge has happened, this increases the knowledge of the business and marketing area they are focused on.
The last benefit is more opportunities for deviation to occur in merged businesses rather than independent businesses. An example of a vertically integrated business could be Apple.
Apple owns all their own software, hardware, designs and operating systems instead of relying on other businesses to supply these. Also by decreasing outside businesses input it will increase the efficient use of inputs into the business.
Another benefit of vertical integration is that it improves the exchange of information through the different stages of the production line. Also if the business is not well organised and fully equipped and prepared the business will struggle using this strategy.
There are also competitive disadvantages as well, which include; creates barriers for the business, and loses access to information from suppliers and distributors.
The market leader dominates the market by objective measure of market share.
Their overall posture is defensive because they have more to lose. Market leaders may adopt unconventional or unexpected approaches to building growth and their tactical responses are likely to include: The market challenger holds the second highest market share in the category, following closely behind the dominant player.
Their market posture is generally offensive because they have less to lose and more to gain by taking risks. They will compete head to head with the market leader in an effort to grow market share.
Their overall strategy is to gain market share through product, packaging and service innovations; new market development and redefinition of the to broaden its scope and their position within it.
Followers are generally content to play second fiddle. Their market posture is typically neutral. Their strategy is to maintain their market position by maintaining existing customers and capturing a fair share of any new segments.
They tend to maintain profits by controlling costs. The market nicher occupies a small niche in the market in order to avoid head to head competition.
Their objective is to build strong ties with the customer base and develop strong loyalty with existing customers. Their market posture is generally neutral.
Their strategy is to develop and build the segment and protect it from erosion. Tactically, nichers are likely to improve the product or service offering, leverage cross-selling opportunities, offer value for money and build relationships through superior after sales service, service quality and other related value adding activities.
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Read more. Integrating Quantitative and Qualitative Methods in Social Marketing Research. by Nedra Kline Weinreich. Introduction.
Traditionally, research in the field of health promotion has followed in the footsteps of its "older brother," medicine. LO1: Be able to compile marketing adults Review changing perspectives in marketing planning Marketing planning is an important aspect for the overall marketing strategy of an organization and necessity of the marketing planning can be considered looking into the increasing competitive environment wherein an organization need to maintain.
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