Thursday 2.25 Assignment
1. You are an entrepreneur who has developed a packaging technology that instantly chills single-serving containers of cold beverages such as beer, carbonated drinks, and fruit juices. The customers of such packaging, therefore, would be beverage-makers. You are not certain whether your technology is patentable. Using the seven domains framework, assess this opportunity and describe any strategic decisions you could make to maximize the opportunity’s attractiveness.
In terms of market attractiveness, the customers being beverage makers like Coca-Cola or Pepsi Cola would be interested in a machine that instantly chills single serve beverages. These ...view middle of the document...
The fishing industry can be affected from high water pollution. Fish can die eliminating a food source people depend on. For consumers, water pollution means the everyday uses people have for water are threatened. Makers of dental products that are activated with water are threatened; any food that involves adding water is threatened, local utility companies face problems because it may very well be their fault that the water is contaminated in the first place.
1. Given that absolute market potential almost always exceeds actual industry sales, why do marketers bother to make potential estimates? Discuss four decisions that a marketer of industrial grinding machinery might make based on such potential estimates.
You make the estimates to build a business plan for investors to go by. The estimates help determine a guess of what we think the sales forecast will be. Also market potential forecast can be used in determining resource allocation and assessing risk. There is certain failure in products that do not meet the needs of the market, so it is better to have some forecasts than nothing at all. The research is done to better understand the market and the risks associated with the different opportunities available. The market potential is the entire size of the entire market.
A decision based off of market potential a marketer of industrial grinders might make may pertain to how to staff the endeavor, if sales projections or market projections are low, how to staff the projects may be an issue that needs to be handled. Another issue that could be addressed is how much money should be budgeted for operating expenses. If again sales projections are low, you don’t want to sink too much money into a project that has the potential to fail. Advertising and marketing expenses are subject to change if the market potential is not where the marketer would like for it to be. Decisions...