1. The text talks about the different strategies companies use to excel in business; however, if these strategies are not impl ied in the right manner, they tend to loose customers and go out of business. There are various marketing strategies and objectives that are used in marketing products. If a company pays more attention to its competitors and fails to acknowledge the needs of the customers, then that company is destined to go out of business. Wal-Mart, McDonalds and Microsoft are few names mentioned as market leaders in Kotler and Armstrong’s text (Armstrong, G; Kotler, P; Marketing Principles, 13th edition, pg 539).These companies deserve the title because of the strategies they use to recruit more consumers everyday. They
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He ignores existing technologies and starts making his own products from scratch. Further more, from whatever profit he makes, he throws it back into his research by inventing something new (Armstrong, G; Kotler, P; Marketing Principles, 13th edition, pg 549). This kind of approach allows him to re-invent the technology industry by capturing target customers that relied on old technology. By using the Intrepreneurial Marketing Strategy , he uses new approaches by visualizing and creating new ways to add value to his customers’ lives (Intrepreneurial Marketing strategy (Armstrong, G; Kotler, P; Marketing Principles, 13th edition, pg 535). He is very creative in bringing new ideas by inventing new products. Because Mr. Bose does not advertise his products on television or employs dozens of salespeople like small businesses to achieve success, this excludes him from using the Formulated Marketing or Formal Marketing plan (Armstrong, G; Kotler, P; Marketing Principles, 13th edition, pg 535).
3. From what I gathered after reading the text about Michael Porter’s framework, Mr. Bose is using differentiation strategies and cost leadership. He continues to work really hard by producing valuable products to his customers. The philosophy or framework Mr. Bose got from Treacy and Wiserma are customer intimacy (having good relationship with the customer by finding out what they want), product leadership