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Respond to the following in a minimum of 175 words:
What would be the most effective manner of presenting market penetration plans, considering all available options. What key elements would you include? What would you omit? How would the financial forecasts most effectively presented? What key documents and forecasts would you present?What would you omit or defer (present later, or only if asked)? Give reasoning for each position that you take.
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Answer
Marketing Penetration Plan
This paper presents a discussion of the most considerable marketing penetration plan. The paper achieves this by identifying the key elements, financial considerations, key forecasts, and what to possibly omit. As the paper suggests, the most effective manner of presenting marketing penetration plans is through diversification.
Market penetration as a technique requires strong execution in pricing, promotion, and distribution for the purpose of expanding the market share (Appiah-Adu & Amoako, 2016). For successful market penetration, it is important for an organization to acquire consumer preference through aspiring advertisements, favorable prices as well as filling in the market gaps by making the product easily accessible. Thus, the most effective manner of presenting marketing penetration plans is through diversification. Diversification as a market penetration tactic entails producing new products for new markets. With globalization, the world market has diversified to create new market opportunities for businesses. Thus executing a diversification plan, one would need to consider the following elements: technology, socioeconomic status, environmental changes, and regulations. These factors are believed to influence lifestyle changes on consumers which generally impact on product performance. Financial forecast would be most effectively presented using multiple scenarios whereby it helps identify uncertainties surrounding the business such as new competition, or government regulations.
The key documents and forecast that I would present include demographic changes and consumer preference analysis as they would help identify market opportunities as well as predict the future performance of the target product. One factor worth omitting is penetrating a new product in a new market as it will be challenging to evaluate the product performance (Bendig, 2018). Thus, it is advisable to first try a new product in an existing market or try an existing product in a new market.
References
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Appiah-Adu, K., & Amoako, G. K. (2016). The execution of marketing strategies in a developing economy: A case study of selected market leaders. African Journal of Economic and Management Studies, 7(1), 9-29.
Bendig, D., Enke, S., Thieme, N., & Brettel, M. (2018). Performance implications of cross-functional coopetition in new product development: the mediating role of organizational learning. Industrial Marketing Management, 73, 137-153.
Appendix
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Appendix A:
Communication Plan for an Inpatient Unit to Evaluate the Impact of Transformational Leadership Style Compared to Other Leader Styles such as Bureaucratic and Laissez-Faire Leadership in Nurse Engagement, Retention, and Team Member Satisfaction Over the Course of One Year
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