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ABDT5114 Product Management Tutorial 3 Answer

ABDT5114 Product Management Tutorial 3 Answer

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Published by: Chia Kong Haw on Jun 07, 2011
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ABDT5114 Product Management Tutorial 3 Answer June 4, 2011
Question 1
Marketing plan is needed to:a.
 
Analysis the current business situation.b.
 
Identify threat and opportunity facing by the business.c.
 
Establish objective and design strategy and program necessary.d.
 
Assign responsibility of various personnel for achieving product objective and set timeline.e.
 
Encourage careful and disciplined thinking to formulate a backup plan.f.
 
As a guideline to evaluate performance.It can be best used to maintain focus while allowing flexibility needed to thrive in a dynamic environment.
Question 2
F
lexibility becomes more important because changing in the external environment rapidly. Thesechanges include customer, competitors, macro environment, PLS become shorter and customer complexity.Customersbehaviors are very dynamic and changing very fast. The obvious one is the
eating habits
.More and more consumer had shifted their diet preference to more healthy way, and this give tone of opportunity to health food industry and medicine sectors. This change also link closely with consumers
lifestyle
. They move toward healthier lifestyle. As a result, this change consumers
spending pattern
, theyspend less in fast food and spend more in healthier food. This had given deep impact to fastfood industry asits perceived as unhealthy food in consumers
mindset
.In this ultra-dynamic marketing,
existing competitors
are too aggressive. Every company should beready in every second. Be ready to crab the opportunity, be ready to make change necessary, be ready tostrike back, be ready to face
new competitors
, as well as be ready to quit the industry when no choice left.In order to achieve this, we need lots and lots of flexibility to make changes fast. Besides looking oncompetitors, company also need to focus closely on macro environment such as
political
issues,
economic
,
social
and
technology
changes.Another core factor that drives flexibility is the
product life cycle had become shorter
in recent year.This happen is because of the
intensive of competition
. New products are introduced by competitors rapidlyto gain market share, and
substitute product
or new model in the same products line introduced tosubstitute the current product.
F
or example, when Apple new launches its iPhone4, its substitute iPhone3,and grab iPhone3 market share.Last but not least, company does not address 1 customer, but many customers at the same time,this make company hard to deal with every 1 perfectly.
Customer becomes complex
and hard to understand,their
education level is higher
, and
information is free
nowadays, as a result customers have
higherexpectation
ever.In order to plan for flexibility, company must be come out with contingency planning through theprocess, conduct periodic review on the process, once thing go wrong, change to contingency planimmediately.
 
ABDT5114 Product Management Tutorial 3 Answer June 4, 2011
Question 3
Balancing Act||||Competitor-orientation become more important, because customers are not loyal- they will patronizewhoever they believe provides the
best satisfaction at the lowest price
.Increase attention on customer services and rotation, had shift from customer orientation towardcompetition orientation. Customers are costly to lose, hence better then competitor customer service isprovided in order to retain customer.
Question 4
Strategic planning is the corporate strategy that market price at the highest place level of the organization,the overall strategic planning has 3 to 5 year horizon.While marketing planning is performed at the market level that could be termed the product or product linelevel of the organization. Marketing planning has only 1 year time horizon.Strategic planning is to analyze future business situation, targets and goals while marketing planning isanalyze the current business situation.
Question 5
Planning forces manager to think about current situation, opportunities and threats faced, feasible futureprospers, and way to achieve them.
Question 6
Companies stand out as master marketers, win in the following aspects:1.
 
P
roduct innovation
 The innovative product that enable customers have wholly new experience of the product. E.g. Nike sport shoes.2.
 
P
roduct performance
  Increase the performance such as speed, or add other feature to the product.E.g. apple iPhone has very outstanding performance in its HD screen, 5MP camera and A4 processor.3.
 
Customers focus
 companies must focus on changing customers needs.4.
 
W
ell training staff 
  Provide professional training to staff. This make the staffs provide betterservices to the customers. E.g. McDonalds.5.
 
Philosophy- customers are the King.Customer orientation
 
F
ocus on customers requirementand changing needs.
 
Customers are the king.Competition orientation
 
F
ocus on competitorinvolvement.
 
Keep track of their strategy.

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