the possible benefits to be derived from diversifying into new markets
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a) What are the possible benefits to be derived from diversifying into new
markets?
b) What are the difficulties of diversifying into a new market?
c) Discuss the advantages of diversifying into a related market relative to an
unrelated market
Instruction: This question consistist of question a-c.
Please to provide a brief response to each question.
Step by step
Solved in 3 steps
- a) Define micromarketing and discuss its importance in creating successful marketing.b) Discuss how you can create customers for any product of your choice. Give illustrations to support suggestions. i need more detailsConsider the Scenario below: A national property/casualty insurer distributes its personal and small commercial productsthrough independent agents. A study was conducted as a part of reevaluation of its strategies,designed to determine:• Whether its market share might be increased by direct marketing to some households.• Whether doing so would conflict with agent activities.• Marketing themes and product features that could be used to differentiate it indifferent market segments.• The potential profitability of different segments.Attitudinal, behavioral, and demographic data were gathered using a mail panel survey of2000 U.S. households that own auto insurance. Geodemographic and credit informationsupplemented the survey responses.Segments Identified: The study identified five segments, each making up 17% to 22% of themarket.• "Non-Traditionals" were most interested in using the Internet and/or buying insuranceat work.• Direct Buyers were more interested than others were in buying via…5. Direct-to-consumer businesses have had mixed success. That is, while the model has succeeded in some categories, it has not worked in others. Can you identify reasons why? Which product categories may be more suited for direct-to-consumer business model?
- which of the following is closest to reality 1) Both relationship and transactional marketing are optimal in the short run 2) Transaction marketing is optimal in the short run, while relationship marketing is optimal in the long run 3) Transaction marketing is optimal in the long run, while relationship marketing is optimal in the short run 4) None of the listed options 5) Both relationship and transactional marketing are optimal in the long runExplain what are the two primary factors that are difficult to estimate the initial market size ?In 500 words or more Why is it possible for two competitors in the same industry to segment a market differently? Do McDonald's and Burger King pursue the same target market? 1. What are the key differences between the customers McDonald's has identified as possible targets? 2. What are the pros and cons of targeting each group? 3. Does it make more sense to think about targeting the retailers (e.g. Target, Walmart, Gas Station, etc.) or individual consumers? Explain your answer.
- For problems 1-3, please refer to this article on Ocado. https://www.bbc.co.uk/news/business-54352540 1. What can we say about existing rivalry in the market of online retailers? a. This force is week because of strong brands and stabile market shares. b. This force is medium level, because the market is quite concentrated but consumers are quite loyal. c. Existing rivalry is strong because the market is quite concentrated, switching costs are relatively low and the different firms' services are not especially differentiated. d. Rivalry is strong because suppliers and not concentrated and entry barriers are low. 2. How would you evaluate the threat of buyers in this market? a. It is relatively weak, because OCADO sells for final consumers who are not concentrated and have a weak bargaining power. b. It is strong, because Tesco and Amazon are large firms with larger market shares than Ocado. c. It is medium level, because OCADO cannot easily switch across its buyers.…Discuss the following areas focusing only on factors that will have significant impact on MERCURY DRUG CORPORATION 1. Social, Cultural & Demographic Focus 2. Technological Focus 3. Environmental Focus 4. Legal Forces Note: Discuss thoroughly and translate the identified PESTEL factors in terms of how relevant these factors are for the company and identify and correlate the same for possible opportunities that may affect the following: • Market Demand and Opportunities • Types of products and services offered • Intensity of Competition • Supplier and Distribution • Costs of Doing Business • Other aspects of the BusinessImagine you have been hired by an off-campus college bookstore as a marketing consultant. Explain what you think would be the best approach for segmenting their market? Note: pay attention to the details of the scenario and the current context. For example, The book store is OFF-CAMPUS, yet it is a COLLEGE bookstore. in the present, how many people actually walk into a bookstore to buy books? What type of people walk into a bookstore to buy books? - You can make educated guesses or assumptions about the bookstore and the comunity it serves
- The grocery retail industry across America has always tended to involve healthy competition among the various firms in it. (1) Identify the various business competitors in this industry across any geographical location of your choice (County, City , or State ). (2) Determine the respective market shares of each of the largest THREE retail companies in this industry across your chosen geographical location. (3) Analyze the future marketing prospects facing the three industry leaders you identified in Question 2. (4) Provide a strategic planning dossier that identifies new market segments for the three industry leaders you identified in Question 2 .Michael Porter suggested that factors such as initial capital requirements, the threat of price-cutting by established firms and the high level of product differentiation in the industry represent _________ for new firm entrants into markets. Select one: a. Barriers to entry b. Opportunities c. Advantages d. Threats. Discuss the potential challenges organizations face when segmenting markets for innovative or disruptive products, where customer needs and preferences may not be clearly defined or understood.