MKT 301 Week 2-2- Mission Statemento By understanding its core values, an organization can take steps to define its mission, a statement of the organization’s function in society that often identifiesits customers, markets, products, and technologies.o Should be clear, concise, meaningful, inspirational, and long-term.o It can provide guidance resolving controversial issues. (e.g., Spotify)- BCG – Management Toolo To make critical marketing decisionso Data-driven approach helps direct both investment in new products, divestment in others, and potential reinvigoration of brands as necessaryo Products must receive financial investment to transition from a QUESTION MARKto a STARo follow the recommended strategy of a Question Mark, Star, Cash Cow, Dog to help decide which products to invest in, which ones to divest, which ones to cancel and how to best reinvest profitso question mark – low market share and high market growth represents the products containing low market shares in a high growth market. But, question mark is in the grid’s upper right side because it usually grows rapidly but requires vast quantities of capital from the organization.o stars – high market share and high market growth goods in high growth sectors that represents a large portion of the market are called “stars” and can be invested in more. So that, they will also have a large market share. These goods possess the potential of being industry leaders.o dogs – low market share and low market growth is the small-growth goods with poor market share. Usually, we called these materials as waste. (Money gets attached to these products, but they don’t make enough profit to justify the investment)o cash cows – high market share and low market growth those are products which drive your company revenue. Goods in low growth markets but with which the company has a fairly strong market share and so the company will milk the cash cow as long as possible.- Market-Product Strategieso Diversification analysis Helps a firm search for growth opportunities from among current and new markets as well as current and new products. Ex: Ben and Jerry’s Ice Cream- Current products + current marketo Market penetration Selling more Ben & Jerry’s super-premium ice-cream to Americas- new products + current marketo Product development Selling a new product such as children’s clothing under the brand to Americans - current products + new marketo market development selling brand’s super-premium ice-cream to Brazilians for the first time- new products + new marketso diversification selling a new product such as children’s clothing under the brand to Brazilians for the first time overall, diversification strategy includes market penetration, market development, product development strategy, and diversification strategy- stay in countries we were already in and sell more – market penetration- sell our existing products to a new country – market development- develop a new product line with using the existing companies’ technology to research and develop products which is classic – product development strategy- developing new product lines in a new market (we chose against this plan as we did not have the brand equity) – diversification strategy- SWOT analysiso An acronym describing an organization’s appraisal of its internal Strengths and Weaknesses and its External Opportunities and Threats. S – strengths (build on strengths) W – weaknesses (identity and correct) O – opportunities (exploit when you can, grow) T – threats (pivot when you can, avoid direct
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