Chapter 1 Mini Sim on Strategic Marketing
6-8) Classifications
Activity Wristbands - Question Mark CD Players - Dog Smartphones - Star Laptops - Cash Cow
10) MENTORING MOMENT: PRODUCT/MARKET EXPANSION GRID The product/market expansion grid (also called the product/market growth matrix) is a tool for marketers to plan for growth. Drag and drop each of the matrix classifications into the appropriate box, and then click Submit.
Market Penetration - Existing Product, Existing Market (1st Box) Product Development - New Product, Existing Market (2nd Box) Market Development - Existing Product, New Market (3rd Box) Diversification - New Product, New Market (4th Box)
2) MENTORING MOMENT: MISSION STATEMENTS Think about choices to include and choices to avoid when developing a mission statement. Drag and drop each of the following phrases to either the Good Mission Statements box or the Poor Mission Statements box.
POOR MISSION STATEMENTS 1. Lists all the products the organization sells 2. Is product-oriented 3. Is very broad 4. Is less than seven words GOOD MISSION STATEMENTS 1. Addresses customers the organization serves 2. Is Meaningful 3. Is specific 4. Describes the business the organization is in 5. Is market-oriented 6. States what the organization wants to accomplish
7) DECISION POINT: CHOOSING THE THIRD PRODUCT LINE Next, click on another of YelloW's product lines listed below. a) Activity Wristbands b) Laptops
You can choose anything but I chose and to go in the order of my answers: a) Activity Wristbands
5) DECISION POINT: CHOOSING THE SECOND PRODUCT LINE Next, click on another of YelloW's product lines listed below. a) CD Players b) Activity Wristband c) Laptops
You can choose anything but I chose and to go in the order of my answers: a) CD Players
3) DECISION POINT: CHOOSING THE FIRST PRODUCT LINE In order to make portfolio decisions, you will need to classify each product line as a star, cash cow, question mark, or dog, as defined by the BCG growth-share matrix. To begin, select one of YelloW's product lines. a) CD Players b) Laptops c) Activity Wristbands d) Smartphones
You can choose anything but I chose and to go in the order of my answers: d) Smartphones
9) DECISION POINT: CHOOSING THE PRODUCT LINE YOU SHOULD INVEST IN Which one do you invest in? a) Activity Wrist Bands b) CD Players c) Laptops
a) Activity Wrist Bands You chose activity wristbands. This was the best choice. The activity wristband market is the best product line to focus on right now because the market is growing and the conditions in the market are good.
8) DECISION POINT: ACTIVITY WRISTBAND CLASSIFICATION How would you classify the activity wristband product line for YelloW? a) Question Mark b) Star c) Cash Cow d) Dog
a) Question Mark You chose question mark. This was the best choice. With high growth and low market share, the activity wristband product line would be a question mark for YelloW.
11) DECISION POINT: CHOOSING YOUR INVESTMENT STRATEGY Now you must make a recommendation to YelloW for an investment strategy to pursue for the ShipShape product. After reviewing your research, your team agrees that a market penetration strategy would be best for the ShipShape. Given the strategy your team has chosen, which of the following should you recommend to YelloW? a) Start selling the ShipShape using an online direct-from-manufacturer channel. b) Develop a new product that features a dehydration detection system. Serious athletes would be interested in this new iterm-8tem. c) Launch an ad campaign for the ShipShape that shows baby boomers using the product to monitor weight loss activities. d) Add mp3 capabilities so users can listen to music from their ShipShape. Call it the ShipShape2.
a) Start selling the ShipShape using an online direct-from-manufacturer channel. You chose to use an online direct-from-manufacturer channel. This was the best choice. This is a market penetration strategy because it targets greater penetration into the same market with the same product.
4) DECISION POINT: SMARTPHONE CLASSIFICATION How would you classify the smartphone product line for YelloW? a) Question Mark b) Star c) Cash Cow d) Dog
b) Star You chose star. This was the best choice. With high growth and high market share, the smartphone product line would be a star for YelloW.
1) DECISION POINT: CHOOSING YOUR MISSION STATEMENT Although an established brand, YelloW has never developed a mission statement. Your first task is to recommend a mission statement to YelloW. Your creative team at Strategic Solutions has come up with three mission statement alternatives. a) We are in the business of selling high quality CD players, smartphones, laptops, and activity wristbands. b) We strive to be the best electronics manufacturer and produce our products in the most sustainable way. c) We are driven by spanning technological boundaries. We empower consumers to lead healthy, connected, and entertained lives.
c) We are driven by spanning technological boundaries. We empower consumers to lead healthy, connected, and entertained lives. You chose: "We are driven by spanning technological boundaries. We empower consumers to lead healthy, connected, and entertained lives." This was the best choice for YelloW's mission statement because it included the organization's purpose, addressed its customers, and will guide people in the organization.
6) DECISION POINT: CD PLAYER CLASSIFICATION How would you classify the CD player product line for YelloW? a) Question Mark b) Star c) Cash Cow d) Dog
d) Dog You chose dog. This was the best choice. With low growth and low market share, the CD player product line would be a dog for YelloW.
