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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 penetration that brands and products have can be recorded by companies such as ACNielsen and TNS who offer panel measurement services to calculate this and other consumer measures. Pakistan State Oil penetrate in Pakistan market from 40% to 65% in the duration of 4 years by developing new retail outlets. Developing a new market for the existing company product is called market development strategy.This is the process of finding new market for the new customer to increase company performance by increasing sales and profits. A marketing manager has to think about the following questions before implementing a market development strategy: Is it profitable? Developing or modifying new products and offering to the existing market is called product development strategy.
Canon diversified from a camera-making company into producing whole new range of office equipment.
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Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. Plans and objectives are generally tested for measurable results. Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation.A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan. Marketing Mix Modeling is often used to help determine the optimal marketing budget and how to allocate across the marketing mix to achieve these strategic goals.
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. The strategy is also dependent on company objectives include increasing sales, increasing profit, enter into new market, develop new product and enter into new business. Marketing efforts of the company to offer their existing products in the current markets is called market penetration strategy.
In these cases penetration is given as a percentage of a country’s households who have bought that particular brand or product at least once within a defined period of time.
Companies can develop market on geographical such as city,country,region,state etc and demographical such as age,sex,gender,class etc. Diversification strategy is adopted by the company if the current market is saturated due to which revenues and profits are lower. I would rate this article 10 on 10 because of simple language, appropriate examples and beautiful presentation. Listen to knowledgeable speakers and participate in the discussion via question and answer. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year. Moreover, such models can help allocate spend across a portfolio of brands and manage brands to create value. 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. The best way to do this to attract competitors customer and looking for potential customer for the existing products.
Marketing Manager must conduct a detailed survey whether it is feasible to introduce new product in the current market.
At the corporate level, it is generally and its also very interesting entering a promising business outside of the scope of the existing business unit. Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases. Marketing strategies are dynamic and interactive. 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. The marketing manager uses these four groups to give more focus to the market segment decision: existing customers, competitor customers, non-buying in current segments, new segments.
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. Marketing strategy needs to take a long term view, and tools such as customer lifetime value models can be very powerful in helping to simulate the effects of strategy on acquisition, revenue per customer and churn rate. 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.



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