What strategy will you use and why? What are the strengths of your approach? What immediate things will you need to focus on to actualize this strategy? What will you need to focus on in the longer term?
Refer to the Discussion Rubric for directions on completing this discussions.
Kyle Nishimoto posted May 17, 2018 7:44 PM
After further reading, I am choosing the marketing strategy. Finding the competitive advantage in the long run through marketing seems the most profitable and stable. The four P’s of a marketing strategy: “Product Planning, Price, Place, Promotion,” (Marketing Strategy); seem to hit all cylinders of the scale and create a balanced forefront. The strength would be that I would be taking all of those factors into account rather than focusing on one like in other strategies. In order to actualize this strategy and to ensure it’s success, I would need to put a lot of time into the product planning. Like I said earlier, I am looking at the long-term effects of the product and having a defective product and having customers realize it, in the long run, will only hurt my company’s reliability but it will also damage our reputation as a whole. In the long run, I would need to focus more on promotion, because we need to create a solid fundamental backing behind our products so that when there are two products that are alike, they will go back to ours because of the marketing and company loyalty. Creating a strong relationship between the customer and company through marketing is what’s going to keep us afloat in the long run.
Marketing Strategy. (n.d.). Retrieved from https://web.stanford.edu/class/ee353/marketing strategy.htm
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Daniel Morford posted May 17, 2018 2:28 PM
Using the Segment Analysis report, I will make my decisions on production rates and product specifications. Using this will help me better understand the climate of the market, and anticipate the growth rates for this year. After calculating this years demand, I can adjust my initial round 1 numbers.
Ultimately, I will use the Customer survey scores. This will help me understand the demand for the products, and meet the customers needs. Using this along with the Perceptual Map can help me adjust the product specifications, and ensure that I meet the needs that are outlines in the monthly customer survey. Throughout the simulation, I will follow these segment scores, as they change.
Using these approaches will help me meet customer needs, while also analyzing competitors success rates. This data can help me adjust to meet the needs, increase sales, and introduce new products.