Can you please provide more information on the answers that I have provided to these questions?
I. As Sr. VP of Marketing for your company, fully discuss your views regarding the following three (3) key concepts: Marketing Segments, Target Markets, and Product Positioning.
Market segmentation is the means by which a market is divided into different parts to customers with the same needs, and the way they react to and market situations. Target markets requires a careful scrutiny, and similar attractiveness of all the segments in the growth rate, the potential of the market, competition in the market, and company’s ability to deliver the wants of each segments, that will lead to determining which segments to pay more attention to. Brand Positioning has to do with the design of how to offer product, a sound marketing program and strategies that will provide a competitive edge over other competitors in the same market. The brand positioning should always remain in the minds of consumers.
II. As Senior VP for Marketing for your company, fully discuss your views
regarding both the usage and limitations of portfolio models such as the Boston Consulting Group’s Growth – Share Matrix.
The Boston Consulting Group’s Growth share matrix limitations are the inadequacy of relative market share as a descriptor of competitive position: The adequacy of market growth as a descriptor of industry attractiveness; lack of guidance for strategy implementation; sensitivity to variations in how growth and share are mentioned; and the model’s assumption that all business units are independent of one another, except for the flow of cash and other tangibles.
III. As Sr. VP of Marketing, what are your views regarding both the merits and usage of Porter’s Five Competitive Forces Models?
The merits and usage of Porter’s five competitive forces models involves the threat of new entrants in the market; the bargaining power of buyers; bargaining power of suppliers; threat of substitute product on the market; and rivalry among existing firms in the market. These five forces have low, moderate and high strength. But putting all of these forces together will determine and make an industry attractive to potential entrants. Porter’s five models are best applicable for any simple marketing structure.
IV. As Sr. VP of Marketing what are your thoughts /opinions regarding how to marketing High Involvement products.
High Involvement products are products that consumers buy because they believed it delivers great value. In other words, they are products that consumers will be willing to pay a higher price for if they are sure the product will deliver extraordinary benefit. High involvement products involves extended research before decision are made. It could be the purchase of homes, cars or vacation.
V. As VP of Marketing, what are your thoughts regarding the use of a Marketing Information System? Please thoroughly discuss the question.
Marketing Information System is a system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. These information provide timely marketing decision on product development, improvement, pricing, distribution and promotions.
The computer revolution and other technological development has greatly impacted marketing management. This invention has made it possible for firms to collect and analyze information on potential customers and their needs, purchasing habits, and their taste and preferences. The use of marketing information system has also enable firms to identify and locate precise market segments in order to customize product, price, and promotions that will fit a particular segment in the market. The marketing Information System is comprise of four large blocks. Namely, internal records, marketing databases, competitive intelligence systems and a system to organize clients contact.
VI. From your perspective as V.P. Marketing, fully discuss the process and important considerations in choosing an attractive marketing segment.
An attractive market segment considers the degree to which customers’ needs can be determined, and the way the company present product into a new market or how the product is differentiated from other competitors in the market. It is very important to pay more attention to market attractiveness and positioning.