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MARK 332: Promotion

Overview of the many ways in which goods, services, and ideas can be promoted to consumers and businesses through advertising, public relations, and publicity.

Your Opportunity Analysis

Questions to Consider:

1. How to identify unmet and/or underserved customer needs?
2. How to identify the most attractive customers?
3. How to assess your competitive advantage?
4. How to assess your resource needs?

Questions to Consider:
•What is the ideal customer experience?
•Is there a gap between customers’ actual and ideal experience?
•What are customer beliefs and associations about the buying process?
•What barriers block some/all potential customers?
•What are the opportunities to enhance the customers’ experience?
What to consider including in an Opportunity Story:
•Describe the target segment(s) within the selected value system
•Articulate the high-level value proposition
•Spell out the expected elements of customer benefits
•Identify the critical capabilities and resources needed to deliver the customer benefits
•Lay out the critical “reasons to believe” that the identified capabilities and resources will be a source of relative advantage over the competition
•Categorize the critical capabilities (and supporting resources) as inhouse, build, buy, or collaborate
•Describe how the company will capture some portion of the value that it creates for its customers
•Provide an initial sense of the magnitude of the financial opportunity for the company

Determine the magnitude & character of the opportunity:

–Level of unmet need and the magnitude of unconstrained opportunity
–Level of interaction between major customer segments
–Likely rate of growth
–Size/volume of the market
–Level of profitability
 

FIVE ATTRACTIVENESS FACTORS:

  1. Unconstrained opportunity
  2. Segment interaction
  3. Growth rate
  4. Market size
  5. Profitability