Case 1
# What decision needs to be made, and why it’s important for the markets, position, and TM
Product decisions manifest the marketing strategies of an organization and help firms in protecting their brand or trademarks. For example, Blake, the co-founder of Yorktown Technologies’ initial decision on the production and marketing of GloFish, resulted in a loss of over 120,000 dollars. Blake, however, knew that for Yorktown Technologies company to be successful, its board of directors would be required to approve significant changes in the organization’s marketing strategy
# What important information for the case itself, and for the environment?
It is important to note that the production and marketing of genetically modified zebrafish received great popularity in the United States in the past century. Despite making good sales on the product, the fish was extensively used in genetic research to understand better cellular development, vertebrate development, and molecular biology. Mainly, zebrafish has helped determine gene therapy, as well as cellular disease development.
# What are the alternatives decision (evaluate the alternatives)?
Alternative decisions in marketing involve the application of low-cost methods to reach specific groups. Such alternative strategies complement the traditional media methods. For instance, Yorktown Technologies had an ample market coverage, and its sales kept on increasing. Blake and his fellow investors knew that product distribution was the key driver towards the Firm’s success in the markets. Blake developed some distribution alternatives to continue existing in the market, which he thought the company’s board of directors should approve. These alternatives included chain stores, independent pet stores, the internet, and kiosks.
What is your recommendation?
Irrespective of the broad market coverage, Yorktown Technologies displayed some weaknesses in marketing. For instance, despite the Firm’s efforts to enlighten its retailers, some failed to demonstrate the fish under required conditions making it difficult to showcase the product. To address the problem, I would recommend better communication strategies by the company’s investors. The application of modern communication technologies and good communication skills will help handle the Firm’s retailers. For a product to meet the specific market need, the communication strategies used require some attention.
# Explain the PRODUCT LIFE CYCLE. INCLUDES THE FOLLOWING STAGES UPON ENTRY INTO MARKET
Just like human beings’ products display limited life cycles, which include five stages, namely, introduction, growth, maturity, decline, and renewal. The entry of zebrafish into the market and the company incurring high costs describes the production stage. After launching zebrafish, Blake came up with modest public relations, which enhanced the product growth, and zebrafish gained acceptability nationally. The emergence of new fish-producing firms in Asia defines the decline stage. Emerging products led to increased competitive pressure, high costs of promotion, and a fall in prices. Due to a continuous fall in prices and stiff competition, zebrafish entered the decline stage. Investors started focusing on technology improvement and sterilization of the fish breed before selling them to the foreign markets. To renew its performance, Blake realized that he had to introduce new distribution methods in the market.
# Explain the STRATEGY. INCLUDES THE FOLLOWING
The goal of any strategy is to reach the most significant number of customers. Blake defined new means of publication as objectives to meet the company’s purpose or goal, which was revenue maximization. The scope of zebrafish markets extended to the international level. There was a strategic thrust in the process of marketing fish both locally and internationally. Convincing the company’s directors was not an easy task; thus, calling for extra force to approve new ideas. A company’s level of performance depends on the suitability of resource allocation. The strategic allocation of financial resources can affect the company’s profitability. Yorktown Technologies gained a competitive advantage over its competitors due to its adaptability mechanisms. The company developed new tactics and ways of interacting with other fish-producing firms, thus creating benchmarking opportunities.
Case 2
# What decision needs to be made, and why it’s important for the markets, position, and TM
When developing a marketing plan for any business, investors focus on decisions concerning the product’s, price, publication, and distribution channels. Such decisions are critical as they describe the process of market planning, positioning, and trademarks. Mercer, the director of community and development affairs of Coleman Art Museum, made marketing decisions aimed at building membership, increasing visitation, and enhancing the museum image. In her judgments, she realized that visitation was driven by membership, while membership seemed to influence visitation, hence affecting the museum’s vision.
# What important information for the case itself, and for the environment?
It is important to note that Coleman Art Museum offers services that are not for profit generation purposes. The museum provides unique aspects of both history and art by providing a welcoming setting for the historical and cultural contexts.
# What are the alternatives decision (evaluate the alternatives)?
Despite the traditional strategy of art viewing, Mercer’s staff realized that it was essential to direct its focus on alternative means of marketing. Such alternative measures included the introduction of cultural, social, and educational activities in the museum. They further divided the activities into two parts: outreach and general programs involving special events and exhibitions.
What is your recommendation?
The museum records show that about seventy percent of members fail to renew their membership, causing a deterioration in the Firm’s financial position, thus calling for measures to solve it. Improving membership benefits, increasing shop discounts, charging a nominal fee on nonmembers, and free admission for members are essential ideas that I would like to recommend for this case.
# Explain the PRODUCT LIFE CYCLE. INCLUDES THE FOLLOWING STAGES UPON ENTRY INTO MARKET
The entry of Coleman Art Museum into the market marked the introduction of museum services in the service sector. High costs of production characterized the initial entry. The second stage of product development includes growth. After launching its services, the museum staff decided to develop modest public relations to enhance product growth for the museum to gain acceptability nationally. The emergence of new museums reflects maturity, the third stage of product life. The possible outcomes were an increase in competitive pressure, high costs of promotion, and reduction of members. Due to a continuous fall in prices and stiff competition, the museum entered the decline stage. Investors started focusing on free admission of old members, increasing discounts, and overall membership benefits.
# Explain the STRATEGY. INCLUDES THE FOLLOWING
Marketing strategies include a combination of activities that describes goals and objectives, scope, strategic thrust, resource allocation, sustainable competitive advantage, synergy, and tactics of an organization. The purpose of any business strategy is to reach the most significant number of consumers within the scope of its coverage. Coleman Art Museum expanded its range of operations internationally. Initiatives aimed at advising and convincing the company’s directors reflected the aspect of force by the museum staff who sought approval of new ideas. Proper resource allocation determined the performance of a business. Coleman Art Museum later gained a competitive advantage over its competitors due to its flexible adaptability mechanisms. As a result, new tactics and ways of interacting with other firms offering museum services were developed, thus creating benchmarking opportunities.
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