Marketing Strategy And Strategies
In business a strategy is a broad plan of action by which an organization intends to reach its objectives to fulfill its mission. A tactic is a means by which a strategy is implemented. For each of your company's objectives you need to come up with possible strategies to achieve them. You then need to write tactics for each of the functional areas of your firm to implement those strategies. For example, your objective might be to increase sales revenue by 20% over the next three years. You then might formulate three strategies, a general price increase of 10% for all of your products, an increase in marketing budgets, a new product launch. Each functional area will then need a series of tactics to implement each year for the next three years. For example in year one your marketing tactics might be to implement the 10% price rise and to increase TV advertising expenditure by 20%.
Developing a Product Strategy
The company President has given you complete freedom to manage your firm's product. However they have recommended that you choose to initially …show more content…
You can only rename your firm this year. You can do this by clicking on the 'Change Name' tree item and
• entering your new name in the box provided.
Read the Market Research reports.
• Decide which product strategy to implement.
• Go to the 'Pricing and Promotion' screen for your current bike and make your decisions. Click on the expand (+) icon for the 'Product Marketing' tree item, then expand the 'Adv1' tree item.
• Go to the 'Production Planner' screen and decide on your output of bikes for this
• year. Click on the expand (+) icon for the 'Operations Management' tree item. Double-check that your decisions have been entered correctly.
MikesBikes-Intro models a bicycle industry in a western capitalist economy with a population of approximately 15 million people. Consumers in this markets have high discretionary income, and will freely buy any bicycle that suits their individual needs. There are three segments within this market: the low cost Youth Bike segment, the mid-range Mountain Bike segment and the high cost Road Bike segment. Importers were originally supplying all three segments, but in order to protect