Day19 WA14 JSS -DM303 : Web Analytics-BL01M06-Day19-24Nov20
Day19 WA14 JSS -DM303 : Web Analytics-BL01M06-Day19-24Nov20
Module 6: Customer Segmentation - Advanced
AGENDA
What is the purpose of Porter's five forces model?
Relevance of Porter's model in online marketing
Ansoff growth strategies and implementation of the model
online marketing strategies
What is the purpose of Porter's five forces model?
Porter's Five Forces Analysis is an important tool for understanding the forces that shape competition within an industry. It is also useful for helping you to adjust your strategy to suit your competitive environment, and to improve your potential profit.
What are the 5 competitive strategies according to Porter?
Porter's five forces include three forces from 'horizontal' competition – the threat of substitute products or services, the threat of established rivals, and the threat of new entrants – and two others from 'vertical' competition – the bargaining power of suppliers and the bargaining power of customers.
Porter's five forces are:
Competition in the industry.
Potential of new entrants into the industry.
Power of suppliers.
Power of customers.
Threat of substitute products1 Key Takeaways.
Strategy: Performing different activities from rivals' or performing similar activities in different ways. Porter states that a company can outperform rivals only if it can establish a difference it can preserve. It must deliver greater value to customers or create comparable value at a lower cost, or do both
How does the ansoff matrix work?
The Ansoff Matrix is used in the strategy stage of the marketing planning process. It is used to identify which overarching strategy the business should use and then informs which tactics should be used in the marketing activity. Sometimes an organisation will adopt two strategies to reach different market
What are the four ansoff growth strategies?
In the paper he proposed that product marketing strategy was a joint work of four growth areas: market penetration, market development, product development, and diversification. When displayed visually, these four areas create the Ansoff Growth Matrix.
A grand strategy matrix consists of a four-quadrant graph, similar to a SWOT matrix, that lists strategic options for companies in either strong or weak competitive positions in industries experiencing either rapid or slow growth.
What is the BCG matrix in marketing?
What is the BCG Matrix? The Boston Consulting group's product portfolio matrix (BCG matrix) is designed to help with long-term strategic planning, to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue or develop products.
How useful is the BCG matrix?
The BCG-Matrix is helpful for managers to evaluate balance in the companies's current portfolio of Stars, Cash Cows, Question Marks and Dogs. BCG-Matrix is applicable to large companies that seek volume and experience effects. ... It provides a base for management to decide and prepare for future actions.
Step 1 – Choose the Unit. ...
Step 2 – Define the Market. ...
Step 3 – Calculate Relative Market Share. ...
Step 4 – Calculate Market Growth Rate. ...
Step 5 – indicate the places Circles on the Matrix.
What is dogs in BCG matrix?
A dog is one of the four categories or quadrants of the BCG Growth-Share matrix developed by Boston Consulting Group in the 1970s to manage different business units within a company. A dog is a business unit that has a small market share in a mature industry.
What is star in BCG matrix?
Products that are in high growth markets and that make up a sizable portion of that market are considered “stars” and should be invested in more. In the upper left quadrant are stars, which generate high income but also consume large amounts of company cash.
Cash Cow is one of the four categories under the Boston Consulting Group's growth matrix that represents a division which has a big market share in a low-growth industry or a sector. Cash generated from cash cows are used to fund other product portfolios of business.
Question Marks: These parts of a business have high growth prospects but a low market share. They consume a lot of cash but bring little in return. In the end, question marks lose money. However, since these business units are growing rapidly, they have the potential to turn into stars in a high growth market
What is the purpose of Hawthorne studies?
The original purpose of the Hawthorne studies was to examine how different aspects of the work environment, such as lighting, the timing of breaks, and the length of the workday, had on worker productivity.
The Hawthorne experiments can be divided into 5 major parts.
Experiments on Illumination.
Relay Assembly Experiment.
Mass Interviewing Program.
Bank Wiring Observation Room.
Personnel Counseling.
Class Discussion and Scenario Analysis
You have been recruited as the India Head of the Marketing Division of Belgium based Chocolate company "Nisvat" . this company is not known in India, Also, the name of company has a different meaning which is against the purpose of the product. the product range is chocolate and milk based products. It will be 100% vegetarian milk product and materials will be sourced domestically. What will be your strategy for marketing the product online and offline.
Teachers Note
The purpose of this discussion is to bring out real life scenarios in marketing management decision making, what are the important aspects to be considered while taking the management decisions.
in this case, the meaning changes to "Tasteless" so either the management should make it a campaign or change the brand with slight modifications in the Brand Name. The porter's theory needs to be critically examined in this scenario and students are encouraged to see the big picture of launching the product on larger market scale.
STUDENTS RESPONSE
Ad in Indian channels and also attractive poster in social media platforms
First we need to tell customers about our product like giving advertisement, and we have to create videos about it.. Bringing celebrity to advertisement.. And then in social media networks..
Firstly I will advertise the products in tv, youtube and other social media so that customers will get to know about the product. Will provide free samples in supermarkets and also stress on the saying that the raw materials for the products are sourced domestically. Online I will give offers on first orders huge discounters on bulk orders and hampers during festival season until the product is common by the public.
First of all I will market the benefits of consuming milk based products. And will approach food bloggers to promote the product. Will conduct chocolate making contests, quizzes to attract children. Providing samples and the tie up with local bakeries, party organizers etc.
First we need to advertise this by famous celebrity to make awareness about company and it product, Initially we need to give offers to enter in market. We need to target most of vegetarian customers.
Providing better quality of taste ,quantity and packaging ,Tag line to attract indians, offline marketing in newspapers,banners,brochers,broadcast and online marketing email,smm.Provide customers with buy one and get or discount or scratch cards ,coupns, something free inside it.
According to me the company should change the chocolate brand name and should match the indian people sentiment. If they follow uniform strategy for both offline and online they would start spreading the awareness about brand.
Though the name doesn't represent the product I will try to create a buzz where the only option for vegan chocolate is Nisvat. Though there are a lot of options available in chocolates for vegan people. But none of them are popular yet. It can be seen as an opportunity in the market. I would hire an actor/actress who is really active on social media posting about fitness and nutrition to endorse it cause the audience am targeting are similar to hers or his. I would also stress on the point of having all the chocolate without any guilt
Using celebrity kids would be the best option i guess. And usually people with age group between 18-30 will be more opted with this brand so, we can connect with these people through social media by tagging them and using hashtags and also sending them some surprise gifts will help the brand to stick on the minds of the customer.
I would use banners and TV commercials for offline promotion and for online promotions I would collaborate with bloggers/ actors and ask them to post a pic or video of 30 secs promoting the product and give offers using blogger's or influencer's name. Along with which we can keep contests like cook 5 meals using the Belgium chocolates.
"Offline Strategy: Create a new catchy advertisement using top trending celebrity & advertise in mass media
Online stately: create social media discussion groups and target specific audience using Social media database and promote the new brand."
"Place online ads saying it is 100% veg
Taking USP as a main thing and prepare the ads according to that
Taking time of situation this is karthik masa many people don't eat egg or nonveg we can take advantage of the situation"
Endorse the brand with celebrity
What according to you is the first thing a prospective customer will look in the product?
BRAND, QUALITY, PRICE
Quality
They look how attractive it looks and taste
The packing quality of the product. The appearance
Consistency in quality. And the price which is affordable
Quality and quantity of product.
Quality and quantity
Quality and Brand
People who are trying to maintain a fitness regime and also we can target bakers who are preparing customized products for their customers and their orders would be in huge
Flavour
quality
Value added, ease or purchase and quality.
Brand name or product name
First thing is they buy the product which fulfill their needs and also focuses on the quality of the product.
Price if the product and product name or brand name
Packing of the product and quality of the Product and price
Quality and quantity of the product
Source : Internet
https://www.assignmentpoint.com/business/international-business/foreign-market-entry-strategy-rules.html
Lakshminarasimman V Rao | 303 WEB Analytics |Digital Marketing| Study notes | Study Material | MBA | Corporate Neeti Consulting | Mysuru
All data above is a combination of data from Internet, purpose of this doc is for research and education only and responses received from Class students and interaction.
https://g.page/corporateneeti?gm
https://fb.com/corporateneeti
First of all we make a chocolate advertisement based on love and friendship by young & famous ladie celebrity to make awareness about company and its product. And give the ad in most watched Indian channels