Scenario questions often require a longer answer, so they will be allocated more time and more marks. There is no one right answer, but there are concepts that the lecturer will be expecting you to use. Realistic answers are better than 'way out' answers especially if cost is a factor. Preparation Practise analysing cases or practical situations; note the course concepts that apply to the set scenario.
Benefits, on the other hand, are not as simple and should only be recorded based on customer feedback. For example, company B may claim in their company literature that their copier is fast, but a user may feel otherwise. What features and benefits are unique to your product?
Picking the wrong employees results in wasted time and lost money. To help you avoid this expensive scenario, I’ve put together a list of 25 of the questions I use when filling marketing positions. Types Of Market Research Techniques Primary Market Research. Primary market research is a kind of market research which is done by the business or company itself with the objective of gathering information that can be used to improve the products, services, and functions. 63 Scenario Analysis: A Tool for Task Managers Monitoring progress and scanning changes in the environment. Scenario analysis can help establish indicators that create a framework to.
The more unique features and benefits your product has, the stronger your market position will be. You can then sell the same market segment the benefit of added convenience and time saved.
Your own production costs greatly impact your pricing. A Marketing scenario price decrease by a competitor might indicate nothing more serious than a transient need to move excess inventory.
However, a trend of lowered prices may indicate that your competition is doing it to gain market share and improve production costs. It could also mean your rival is in financial trouble and has been forced to lower prices.
Customer preference of products is only part of the analysis. There are internal operational factors which can provide a competitive edge as well. You need to learn how they are doing on the inside. Some factors to consider: Financial resources — Are they able to withstand financial setbacks?
How are they funding new product development and improvement? Operational efficiencies — Are they able to save time and cost with clever production and delivery techniques?
Product line breadth — How easily can they increase revenues by selling related products? Strategic partnerships — What kinds of relationships do they have with other companies in terms of product development, promotion or add-on sales?
Market Share The most widely used measure of sales performance is market share.
A competitor may not provide the best product or service; however, if they generate a significant amount of sales to the market, they may: Define the standards for a particular product or service.
Influence the popular perception of the product or service. Devote resources to maintaining their market share. Competitive Objectives and Strategies For each competitor in your analysis, you should try to identify what their market objectives are and determine what types of strategies they are using to achieve them.
Are your competitors trying: To maintain or increase market share?Then click “Envision Scenarios” to get started. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, separate registered broker/dealer and nonbank affiliate of Wells Fargo & Company.
“Cosential was able to help us be more efficient and productive through providing a degree view across our business functions, from marketing and business development to operations, human resources, and accounting.
Cases in Health Care Marketing features over 30 case studies that explore real-world scenarios faced by healthcare marketing executives.
This book challenges to reader to resolve the case through a series of questions at the conclusion of each study. Solutions are provided as part of a package of online instructor’s materials. In all of the scenarios, the reluctance of European consumers to accept GM food—especially GM animal-derived food—will limit marketing in the EU and production development in Norway and the United Kingdom, at least within the time horizon analyzed (10 years).
Best of luck using this tool for scenario planning. If you want some marketing specific examples of scenarios to plan for and how to do so, check out this post on scenario planning.
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