STATEMENT OF A STRATEGY
The definition of the market strategy for Applied Cryogenics is based on concept of "strategic triangle". This is the top-level objectives, regarding which the hierarchy of objectives for the organizational units of the company is aligns.
CORPORATE OBJECTIVES
Primarily corporate goals are aimed at profit making, but Applied Cryogenics is a just launched project, so it is not profitable for stackeholders therefore to change this situation, at this stage, the acceptable objectives are as follows:
- develop and strengthen and protect the brand;
- provide to the consumer a qualitatively new product and service;
- find sources of supply of raw materials and energy;
- maintain the quality of existing assets;
- expand geography of sales within New Zealand.
THE STRATEGIC POSITION OF PRODUCT ON
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Unique properties of the product are the factors which provide growth.
PRODUCT MARKETING STRATEGY
For the selection of marketing strategy for our product we use analytical tool developed by the founder of the concept of strategic management by a Russian origin American Igor Ansov. This tool is known to marketing specialists as Ansoff 's matrix. According to this matrix new product development strategy is most of all suitable for our innovative product, which is new to New Zealand market.
New product development strategy is a strategy of extensive growth and it suggests the company to enter new geographical markets or new target segments of consumers of existing products or services, and to increase the income and profit in the long-term period by means of attracting new audiences. It is the growth strategy with the highest potential.
In case of successful application of this strategy, this segment of a matrix will pass into the «existing market and existing product» and company will be able to apply market penetration
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
There are five categories of new products: new inventions, new category entries, additions to product lines, product improvements, and repositioning target products to new markets for new uses. The process is the same regardless of the category. It includes idea generation, idea screening, concept development and testing, analyzing the business, prototype development, test marketing, and commercialization.
The next step is the growth stage. In this stage product growth is monitored and big investments are made. Maturity stage the growth of the outputs is significant. For the company to ensure product survival in the market and gain a competitive advantage over competitors it has to incorporate product differentiation. The final stage involves product decline stage. In this juncture product sale goes down and the product identification
Thus new products/line extensions will be based on Allround brand, each one with a unique target market, delivering different value proposition to the respective customer.
Pearce, J.A., & Robinson, R.B. (2013) Strategic Management: Planning for Domestic and Global Competition. (13th Ed.). Boston, MA: McGraw-Hill/Irwin. ISBN-13: 9780078029295
The strategic recommendations provided will improve and enable the business to cope with the competitors, while the implementation of the strategy section will outline the way to go about achieving these alternatives in the business setting. Lastly, we put up a discussion on the evaluation procedures and necessary controls for the business. In the case study, it was discovered that there were sources of opportunities in which the company would invest.
So, for the future, she must implement his strategies to continue and improve his efficacy and efficiency. To propose achievable strategies, we will use Ansoff matrix. This tool allows to classify and explain the different growth strategies for a company. Ansoff 's Matrix is also known as the market options matrix (Lynch, 2009, p.313) and is designed to identify “the product and market options available to the organization, including the possibility of withdrawal and movement into unrelated markets”. It is represented diagrammatically as follows.
This work will determine the baseline of the current market situation for the company, which is essential for any further exercise and analysis. To understand how the business model correlates with the product marketing, need to see if there is any evident cause-effect relationship between product characteristics and the nature of the product company. If such correlation exists, it will be important to see the transition of such characteristics into the company marketing strategy. It can show how company’s strategies can be successfully addressed in a real-world scenario. Both internal and external analysis, SWOT matrix will help to determine the company’s current market position.
The goal of this paper is to provide key insights and concepts from three strategy books and then begin the strategy planning process for five different products.
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
This is an excellent and thorough research on innovation and strategic management. The book has clearly outlined the management strategies that should be put in place for a smooth running of business. The authors of this book went forward and gave detailed information on innovative ideas that should be used in the modern businesses. The book has not only given out the management strategies and innovative ideas but also how both can be integrated to develop business organizations. In the book, authors have indicated that managerial strategies
“Marketing plan designs specific action programs that implement the desired strategy” (Walter & Dana, 2007,pp. 50). This marketing plan will look after the company’s vision, mission and values. Then, it will go on to the situation analysis where in it will discuss the competitiveness of the company among the others using the SWOT, PESTEL and Porter’s analysis. Next, it will move on to the objective of the company that will be presented and it will go on to the marketing mix strategies that need to be applied by the company in order to achieve the desired outcomes. Finally, it will present the budget to complete the effectiveness
On the Ansoff matrix below is shown what growth strategies for new and existing products and markets can be used from the company.
Strategic marketing is a broad and practical subject which included the concept of marketing subjects of previous semesters such as business marketing. The study of this subject has contributed to marketing knowledge in many ways, as well as it has strengthened my skills in application of marketing concepts. My knowledge was increased that I was able to develop a complete strategic marketing plan of not only on the part of marketing analysis or strategy of a product or service, but also the whole corporate plan. My skills and capabilities that were developed and integrated during lectures and tutorials include the analytical skills, coordination skills, presentation skills, organization skills, etc.
To successfully launch new product into market, company should master product launch process. There are many concepts