MKT 100 Lecture Notes - Lecture 3: Product Differentiation

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Caitlin Mc Laughlin

Document Summary

Market penetration - the extent to which a product is recognized and bought by customers in a particular market. Market development a strategy that targets non- buying customers in currently targeted segments. It also targets new customers in new segments. Product development - improving an existing product or developing new kinds of products. Diversification- a risk-reduction strategy that involves adding product, services, location, customers and markets to your company"s portfolio. Strengths process competitive advantages, strong partners, strong brand reputation, resources, patents, assets, people, experience, knowledge, deep pockets, excellent distribution reach, processes, systems, it, communications, team based culture (open to change), company politics and values. Weaknesses process competitive disadvantages, weak partners, weak brand reputation, no resources, no patents, no assets, no people, inexperience, lack of knowledge, poor distribution reach, processes, systems, it, communications, bureaucratic cultural, attitudinal (resists change), company politics and values.