MRKT 354 Lecture Notes - Lecture 3: Fundamental Interaction, Ballpoint Pen, Disruptive Innovation
6 Dec 2017
School
Department
Course
Professor
Document Summary
Chapter 3: market potential, market demand and market share. All three are very important marketing metrics. Without them, a business is unable to gauge its performance and adjust its marketing strategies and budgets to changing market conditions. The major cause of missed business opportunities is the narrow focus on existing product-markets: a business with a narrow market focus does not see beyond the articulated needs of served customers. Marketing myopia: a myopic vision of the potential markets a business might serve translates into a narrow product-focused market definition. Developing a broad vision of the market is the first step in understanding market demand. Short term vision, with limited view of a market can overlook a chance to grow profits (ex: can result in late entry) A broad market definition is to understand and measure market demand, market potential and market share.
