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- What are the characteristics of an attractive industry? How would you identify that a target market is attractive for your proposed business?In an era of intense competition, how can companies differentiate themselves from their rivals using the marketing mix?Will the new product cannibalize sales of existing products or will it increase revenues by reaching new market segments?
- What decisions must be made once a company decides to go ahead with commercialization for a new product?What are the competitive, legal, political, economic, technological, and sociocultural factors affecting your marketing efforts?Think of a popular local or international enterprise to analyze in this activity. 1) Identify the business you are analyzing 2) How did the marketing mix of the business help in achieving a name in the industry? 3) Identify the weak points of their marketing mix that might need to be improved. If there are only a few weak points researched, what then can be possible opportunities for their marketing mix to be better? 4) Suppose you were working in this business and you were tasked to decide on a new product to launch, what product would it be and how would you market and promote it?
- How does the level of market concentration and the number of competitors in a given industry impact the intensity of competition, and what are the implications for firms' marketing strategies?How can marketing practices create barriers to entry that potentially harm other firms? Are these barriers helpful or harmful to consumers?Describe the level of market orientation that currently exists in your company. How will a market orientation contribute to the success of your new product?