Mix Map Model

In the period up until the mid 1990's M&S had a market leading share of the clothing market. They used their resources and subsequent capabilities to exploit their differences from the competitors and create competitive advantage by:

This first strategy calls for the creation of more sales without changing the original product, which can achieved through the four P’s of marketing. The next strategy, market development, allows the supplier to find new markets for their current products by using demographic markets to see where the greatest revenue will be based on the target group you are selling to (seniors, teens, etc.). Product development is the next strategy which focuses on new products the modification of current products. This strategy is rather important as without evolving products to meet the ever changing needs of current and potential companies can see a loss in sales and would limit their ability to be competitive in the market. The final strategy is diversification. This strategy calls for companies to attain current or new businesses allowing them to “diversify” their offerings and break into new markets.

After identifying the sales targets, the strategies, tactics and actions to achieve them can be worked on. Gluck (2014), mentions that to identify underlying strategies and increase sales, a business can break into a new market segment by adapting an existing product or boosting the average sale per customer by using add-on sales or upselling premium features. When developing the sales strategies, the market segment, customers' motivations and expectations, and the capacity to meet customers' expectations should be considered.

A life cycle diagram helps businesses analysis their attempt to identify a set of commercial stages in the life of commercial products, for example, introduction, promotion, growth maturity and decline.

This paper will discuss the details market profiles, key buying behaviors, and decision motivators for the consumers and organization target markets. It will explain how to manage each stage of the PLC and tactical plans for the Four P’s at each stage.

Product development this strategy entails finding new markets for existing products. Market research and further segmentation of markets helps to identify new groups of customers. An example for Nike is producing a new winter line or a new product or material such as Dri-fit.

The product life cycle is known as the procedure where a product is introduced to the market, expands in popularity,

Being able to acquire a new market may bring those new customers to their current market.

Marketing penetration, the decision to target current customers of a product or service (Dhar, Russ Winer and R., 2013). One of the main reasons why the first step to applying market penetration is important, it captures a sizable market and market growth, improve the amount of potential revenue growth and to know how well I am doing in the business. I will target new or competitor’s customers and my own customers. One of the things I find to work is to have location where it is convenient, so customers can have easy access. Too, making coupons available and percentage off is a great perk for customers who care to save a little extra. I also feel that any business can throw around words but a dedicated business person with a proactive attitude will do well. I would flood the market with my offers and products. I would also have on my website how my products are different from my

In terms of sales and marketing, we adapted our strategy based on how the products played in each segment. Our strategy was to spend efficiently in marketing & sales to keep the customer awareness and accessibility high for the premium products, while maintaining a decent level of awareness and accessibility in other segments.

The primary marketing objective is to develop a marketing plan and to identify new neighborhood for the expansion. Based on this goal, the company expects to gain more market share with an

The product life cycle concept derives from the phases through which a product undergoes, from its introduction, to its growth in the market, to the maturity it attains in that market, to the very last stage of declination. The

For a product of your choice, discuss the characteristics of each stage of the product lifecycle and explain the marketing strategy you would implement.

Product life cycle refers to the stages that a product. Changes in demand for the product is the factor that delineates the changes from one cycle to another (Daft & Sanders, 2012). The typical product life cycle has four identifiable stages;

This strategy however has its own risks because the technology may be copied by others and imitated.