MKT 100 Lecture Notes - Lecture 2: Oligopoly, Operational Excellence, Tim Hortons

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

Companies dont have to do just one strategies. They can imply multiple strategies at the same time. Market penetration: existing products and markets, purpose is to maintain or increase a company share of the current market w current products. A company can increase the usage of an existing product by current customers by encouraging new applications of this product, or it can try to attract customers away from rivals by changing its marketing mix. Example: rogers offering deal on data plans for wireless customers, once a customer used to bigger data plan, they will be willing to pay extra once deal expires. Rogers using price (element of marketing mix) to motivate customers to the change the usage patterns. If the rogers deal is viewed as significantly better than bell plan, bell customers w data plan switch. Target for a market penetration strategy is current customers & competitors customers.