Product Development Example LEARNING OBJECTIVES Give some examples of corporate strategies Nissan Motors Product development: create new products that can be sold in existing markets Nissan was the first major automaker to commit to the mass production of an electric vehicle (EV). In 2008, it made good on its promise with the launch of the Nissan Leaf. Industry analysts immediately recognized the significance of this major move. The Economist had this to say: Within the industry,… Read More »Product Development Example : create new products that can be sold in existing markets

Market Development Example LEARNING OBJECTIVES Give some examples of corporate strategies Poached Jobs Market development: use existing products to capture new markets Together, the hospitality industry, restaurants, and hotels account for 14 million jobs across the U.S., but the industry has a crushing 65 percent job-turnover rate. That means that, in a single year, there will be 8 million job openings in the industry. Most restaurant and hotel managers post… Read More »Market Development Example

Market Penetration Example LEARNING OBJECTIVES Give some examples of corporate strategies Under Armour Under Armour promotes its products through sponsorship agreements with celebrity athletes, professional teams, and college athletic teams. Market penetration: focus on current products and current markets in order to increase market share Market penetration requires strong execution in pricing, promotion, and distribution in order to grow market share. Under Armour is a good example of a company that has demonstrated successful market penetration.… Read More »Market Penetration Example

Introduction to Examples of Corporate Strategies What you’ll learn to do: give some examples of corporate strategies It can be challenging to get a handle on an abstract concept like “corporate strategy” unless you can see what it means in the context of a real business. The goal of this section is to deepen your understanding of corporate strategies—particularly the ones described by the strategic growth matrix—by doing just that.

Strategic Opportunity Matrix LEARNING OBJECTIVES Explain how businesses use the strategic growth matrix to inform growth strategies The last strategic framework that we will consider is the strategic opportunity matrix (sometimes called the Ansoff matrix, named after its creator, Igor Ansoff). Whereas the SWOT analysis can help organizations identify new market and new product opportunities (it’s the “O” in SWOT), the strategic opportunity matrix focuses on different growth strategies for markets and products. The matrix examines the following: New vs. existing markets New vs. existing products… Read More »how businesses use the strategic growth matrix to inform growth strategies

BCG Matrix LEARNING OBJECTIVES Explain how businesses use the Boston Consulting Group matrix to inform growth strategies Purpose When a company has many different products or even many different lines of business, strategy becomes more complex. The company not only needs to complete a situation analysis for each business, but also needs to determine which businesses warrant focus and investment. The BCG matrix (sometimes called the Growth-Share matrix) was created in 1970 by… Read More »Boston Consulting Group matrix to inform growth strategies

SWOT Analysis LEARNING OBJECTIVES Conduct a SWOT analysis and describe how it informs the organization’s marketing strategy A situation analysis is often referred to by the acronym SWOT, which stands for strengths, weaknesses, opportunities, and threats. Essentially, a SWOT analysis is an examination of the internal and external factors that impact the organization and its strategies. The internal factors are strengths and weaknesses; the external factors are opportunities and threats. A SWOT analysis gives an organization a clear picture of… Read More »SWOT analysis and describe how it informs the organization’s marketing strategy

Introduction to Strategic Planning Tools What you’ll learn to do: show how common analytic tools are used to inform the organization’s strategy When a company is developing its strategy, it is faced with a vast array of considerations and choices. It needs to take into account its resources and capabilities, the strength of existing customer relationships, the competitive landscape, the economic and legal environments, important societal trends—the list of inputs goes on and goes on. Then,… Read More »Introduction to Strategic Planning Tools

Evaluating Marketing Results LEARNING OBJECTIVES Discuss the role of budget, implementation, and evaluation in the marketing strategy No marketing program is planned and implemented perfectly. Marketing managers will tell you that they experience many surprises during the course of their activities. In an effort to ensure that performance goes according to plans, marketing managers establish controls that help them evaluate results and identify needed modifications. Surprises occur, but marketing managers who… Read More »Evaluating Marketing Results

Implementation and Budget LEARNING OBJECTIVES Discuss the role of budget, implementation, and evaluation in the marketing strategy Implementation Even a well-designed marketing program that has been through a thorough evaluation of alternatives will fail if it’s poorly implemented. Implementationinvolves the tactics used to execute the strategy. It might include such things as determining where to promote the product, getting the product to the consumer, and setting a commission rate for the salespeople. The… Read More »Implementation and Budget :role of budget, implementation, and evaluation in the marketing strategy