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Lecture 5 - Coggle Diagram

- - - - Reduce prices may inc sales in short run
      - Added value keeps price unchanged but adds benefits
- - - - 1. Market penetration
        
        Inc usage of existing products by existing market
        
        2. Product development
        
        Develop/offer new products to existing market
        
        3. Market development
        
        Finding new markets for existing products
        
        4. Diversification
        
        Develop/offer new product to new markets
  - - - Mgt info systems providing up-to date info & internal data of organization
      - Marketing strategies containing KPIs
      - External info on business environment
- - - - Reasons for importance of product life-cycle
        
        1.Type of customer is different at different stages
        
        Need to recognize when to ‘re-launch’ the product
    - - Aim - to see:
        
        How market segments relate to current trends
        
        What gaps exist between current situation & way market is moving
      - Therefore, devise strategies to bridge/ close these gaps
    - - Strengths and Weaknesses within theme park
        
        Point out current situation of biz
        
        E.g. Strengths: Low turnover of staff (org), located near junction (accessibility)
        Weaknesses: Insufficient parking lots (product), lack of trained seasonal staff (product/mgt)
        
        Internal environmental factors/ within control of organization
      - Opportunities and Threats
        
        External environmental factors/ exist outside control of organization
        
        Identify direction in which general market moves
        
        E.g. Opportunities: Rising internet booking (market changes), growth of population near attraction (market changes in catchment area)
        Threats: Recession forecast(market), new theme park development that just opened (competition/market)
      - Objective: Identify gap between current situation of biz (SW) & direction in which market moves
      - Difficulties
        
        E.g. Low turnover of staff cld be strength but also weakness --> Staff cld be inflexible & not creative
        
        E.g. Location near junction may be strength cuz accessible but weakness --> give potential customers greater choice of entertainment destination
    - - Where customers perceive u to be in marketplace
      - If got disparities between customer's viewpoint & managers viewpoint --> need to change market/attraction in order to better match views of customers
    - - Examines attractions in relative terms of market share (x axis) to market growth(y axis)
      - Question marks
        
        High market growth; low market share / New rides/products with potential to become v popular
        
        Stars
        
        High market growth; high market share / Highly popular, high demand, revenue generators
        
        Cash cows
        
        Low market growth; high market share / Popular, mature rides/ products, but no growth potential
        
        Dogs
        
        Low market growth, low market share / Unpopular, no demand, no growth potential at all
      - Focuses on the range of product / services (attractions) = portfolio analysis
  - - - Mission statement
      - Goals
      - Defining the future business (Vision)
      - Objectives