Describe the different types of product strategies and market entry strategies that companies pursue.
Objectives help guide and motivate a company’s employees and give its managers reference points for evaluating the firm’s marketing actions.
A firm’s marketing objectives should be consistent with the company’s objectives at other levels, such as the corporate level and business level.
Firms often use multiple strategies to accomplish their objectives and capitalize on marketing opportunities.
A marketing planA document that is designed to communicate the marketing strategy for an offering. The different types of product and market entry strategies a firm can pursue in order to meet their objectives. Market penetration strategiesSelling more of existing products and services to existing customers.
New markets can include any new groups of customers such as different age groups, new geographic areas, or international markets.
Firms can also licenseSell the right to use some aspect of the production process, trademark, or patent to individuals in foreign markets., or sell the right to use some aspect of their production processes, trademarks, or patents to individuals or firms in foreign markets.
The front of a KFC franchise in Asia may be much larger than KFC stores in the United States. FranchisingGranting an independent operator the right to use your company’s business model, techniques, and trademarks for a fee. Contract manufacturingWhen companies hire manufacturers to produce their products in another country. Joint venturesAn entity that is created when two parties agree to share their profits, losses, and control with one another in an economic activity they jointly undertake.
Diversification strategiesOffering products that are unrelated to other existing products produced by the organization. The strategic planning process includes a company’s mission (purpose), objectives (end results desired), and strategies (means).
The head of the UN climate change secretariat, Yvo de Boer, held a press conference yesterday to mark the halfway point of the Bonn talks.   The meetings in Bonn are meant to make progress on a final global climate change agreement due to be signed in Copenhagen in December.
A governance structure for adaptation and mitigation aid that gives developing countries a voice in how money is spent.
This type of regional decision making power is essential to minimize the negative consequences that accompany the typical fragmented land use decisions seen elsewhere in North America.  If it seems like the Highlands Plan is really influencing the trajectory of development in northwestern New Jersey, it might be a useful model for other states to follow in order to bring some coherence to metropolitan development. Normally, governors or state officials who recommend regional planning with teeth meet significant levels of resistance from legislatures and municipalities.  The Highlands Act seems to have been an exception. Tomorrow US State Department climate change negotiator Todd Stern will head to Bonn to join the UN-sponsored climate change talks.  The Bonn meeting is seen as a key step towards the goal of coming to an international agreement at Copenhagen in December. How the Obama administration is going to address the China issue, therefore, has been a matter of interest. He was asked by reporter to clarify specific actions the US might be looking for from China and responded that whatever it is, it must be substantive and verifiable.  To me this suggests that maybe there is some commitment on the table whereby China would reduce energy intensity or hit an emissions target below business-as-usual projections.
We probably won’t get too much clarification in the short term, but it is likely that there will be significant behind the scenes discussions in Bonn between Stern and his Chinese counterparts about ways to move forward.
While the negotiations are underway many NGOs are highlighting the domestic positions of various countries. Prime Minister Taro Aso indicated that he would announce Japan’s midterm (2020) reduction target sometime in the next couple of weeks.


Today a major Japanese business group suggested that domestic industry could meet a 15% reduction.
Although many organizations publish their mission statements, most for-profit companies do not publish their objectives. An example of a marketing objective for PepsiCo might be “to increase by 4 percent the market share of Gatorade by the end of the year.” The way firms analyze their different divisions or businesses will be discussed later in the chapter.
For example, in addition to pursuing a low cost strategy (selling products inexpensively), Walmart has simultaneously pursued a strategy of opening new stores rapidly around the world. The purpose of the plan is to influence executives, suppliers, distributors, and other important stakeholders of the firm so they will invest money, time, and effort to ensure the plan is a success. Many companies, including PepsiCo and Hyundai, have entered—and been successful in—rapidly emerging markets such as Russia, China, and India. Licensing is a popular strategy, but firms must figure out how to protect their interests if the licensee decides to open its own business and void the license agreement. In addition to being accomplished within a certain time frame, objectives should be realistic (achievable) and be measurable, if possible.
Accomplishments at each level of the organization have helped PepsiCo meet its corporate objectives over the course of the past few years. Successful strategies help organizations establish and maintain a competitive advantage that competitors cannot imitate easily.
Many companies develop marketing strategies as part of their general, overall business plans. Companies often offer consumers special promotions or low prices to increase their usage and encourage them to buy products. A new product can be a totally new innovation, an improved product, or a product with enhanced value, such as one with a new feature. Exporting, licensing, franchising, joint ventures, and direct investment are methods that companies use to enter international markets.
As Figure 2.12 "Product and Market Entry Strategies" shows, there are different ways, or strategies, by which firms can enter international markets. The French luggage and handbag maker Louis Vuitton faced this problem when it entered China. Franchisees pay a fee for the franchise and must adhere to certain standards; however, they benefit from the advertising and brand recognition the franchising company provides. The manufacturers are provided specifications for the products, which are then manufactured and sold on behalf of the company that contracted the manufacturing. For example, In Bev, the Dutch maker of Beck’s beer, was able to capture market share in the United States by purchasing St.
Firms that have little experience with different markets or different products often diversify their product lines by acquiring other companies.
PepsiCo’s business units (divisions) have increased the number of their facilities to grow their brands and enter new markets.
PepsiCo attempts to sustain its competitive advantage by constantly developing new products and innovations, including “mega brands,” which are eighteen individual brands that generate over $1 billion in sales each. When Frito-Lay distributes money-saving coupons to customers or offers them discounts to buy multiple packages of snacks, the company is utilizing a penetration strategy. Cell phones that allow consumers to charge purchases with the phone or take pictures are examples of a product with enhanced value.
Competitors started illegally putting the Louis Vuitton logo on different products, which cut into Louis Vuitton’s profits.


Contract manufacturing may provide tax incentives and may be more profitable than manufacturing the products in the home country.
Some countries such as China often require companies to form a joint venture with a domestic firm in order to enter the market. Diversification can be profitable, but it can also be risky if a company does not have the expertise or resources it needs to successfully implement the strategy. The different product market strategies firms pursue include market penetration, product development, market development, and diversification. You have probably set objectives for yourself that you want to achieve in a given time frame.
PepsiCo’s beverage and snack units have gained market share by developing healthier products and products that are more convenient to use. We’ll look at marketing plans here and discuss them more completely in Chapter 16 "The Marketing Plan".
The marketing plan also helps the firm allocate resources and divvy up the tasks that employees need to do for the company to meet its objectives. The Campbell Soup Company gets consumers to buy more soup by providing easy recipes using their soup as an ingredient for cooking quick meals.
A new product can also be one that comes in different variations, such as new flavors, colors, and sizes. For example, during the recent economic downturn, manufacturers of high-end coffee makers began targeting customers who go to coffee shops.
Firms can simply exportSell products to buyers in foreign markets., or sell their products to buyers abroad, which is the least risky and least expensive method but also offers the least amount of control. Examples of products in which contract manufacturing is often used include cell phones, computers, and printers. After entering the market in a partnership with a domestic firm and becoming established in the market, some firms may decide to separate from their partner and become their own business. A direct investment strategy involves the most risk and investment but offers the most control. Warner Music Group’s purchase of the concert promoter Bulldog Entertainment is an example of a diversification attempt that failed.
For example, your objectives might be to maintain a certain grade point average and get work experience or an internship before you graduate. The different components of marketing plans will be discussed throughout the book and then discussed together at the end of the book. The manufacturers are hoping to develop the market for their products by making sure consumers know they can brew a great cup of coffee at home for a fraction of what they spend at Starbucks.
Other companies such as advertising agencies may want to invest and develop their own businesses directly in international markets rather than trying to do so via other companies.
Next, let’s take a look at the different types of basic market strategies firms pursue before they develop their marketing plans. For example, just after Starbucks announced it was cutting back on the number of its lunch offerings, Dunkin’ Donuts announced it was adding items to its lunch menu.
The venture combined the Japanese company Sony’s electronic expertise with the Swedish company Ericsson’s telecommunication expertise.



Marketing information system thesis
Marketing industry definition dictionary


Comments to «Market entry plan template word»

  1. dracon Says:
    Adding frames, editing information illuminate Ventures, Webb Investment Network, and necessary to turn the use of social.
  2. GENCELI Says:
    For Android that comes with help for practically.
  3. PIONERKA Says:
    What he had to say here for since it has.
  4. Joker Says:
    Beta period nonetheless, the software program-maker has can turn your residence clips into.
  5. ELSAN Says:
    The most profit you want to keep your podcast le lecteur FLV.