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Marketing Management: MBA and SBU - Essay Example

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Category 1: Marketing Strategy 1.1. As a newly minted MBA, you have been hired by the Rocky Mountain Bicycle Company to develop a marketing strategy for a proposed new bicycle. (1) What are the major decision areas that need to be considered? (2) Do you believe that the bicycle market is suitable for segmentation?…
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Marketing Management: MBA and SBU

Download file to see previous pages... Production orientation should consider building bicycles that most people prefer. This should involve good quality and durable bicycles, sports bicycles, stylish ones etc. Bicycles are mostly used by young people, children and sports people. Hence, types of bicycles should be based on what these groups would prefer. Within this group, segmentation would be of great benefit because we can cater to different preferences based on demographics, benefits, psychographic and behavior or usage groups. Marketing strategy should be a dynamic process because of changing nature of customer needs and expectations, competitive external forces, environmental factors that impact marketing and business, and other economic, sociocultural and psyhocographic factors. Static marketing process will not help companies to incorporate innovation, changing customer needs and external factors that impact business. 1.3. Your company is contemplating the choice between a mass marketing and a target marketing approach. (1) Explain the differences between the two approaches and methods typically utilized to segments markets. (2) Discuss the advantages and disadvantages of target marketing. Mass marketing involves considering the entire market as one unit and ignoring the differential preferences and differences, whereas target marketing considers differences in customers’ choices and requirements. These include various mixes of product, place, promotion and price. The four strategies in target marketing include mass marketing, niche, micro marketing and individual focus. Market segmentation is based on demographics, geography, psychographic nature, benefits sought markets, situations, and behavior/usage types. Target marketing helps in gaining better understanding of potential and actual consumers, and also potential demand. It also helps in identifying competing products in specific target groups. Target marketing increases sales potential, which will further help in assessing product position and strategic planning. However, target marketing involves higher marketing costs and could lead to requirement of numerous varieties of products which will eventually cause increased costs and other challenges. Target marketing requires immense research and information, which again is time consuming and expensive. Category 2: Strategic & Marketing Planning 2.2. Crocs, best known for its unusual assortment of footwear, is engaging in its first strategic planning exercise. The company currently utilizes 6 strategic business units (SBUs) for planning purposes. The company has heard of portfolio models such as the BCG Matrix but is unclear on how to proceed. Please explain the (1) overall purpose and (2) inner workings of the BCG Matrix. (3) Ideally, what would be the ideal mix of SBUs as described by the BCG Matirx for Crocs? Please explain. The Boston Consulting Group (BCG) matrix is a strategic planning tool that is used for evaluating the relative performance of businesses of a diversified organization. This tool assists in assessing a company’s performance in terms of its products and/or services and its market share. According to this concept, businesses/product lines are categorized into question marks, stars, cash cows, and dogs. Cash cows are those that yield high return on investments, which is greater than the market growth rate and hence generate most of the cash. The Stars yield high profits in the market and also have ...Download file to see next pagesRead More
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