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Step 3. Identify Problem

Step 3. Identify Problem. 3. Identify Marketing Problem. Problem should be solved by manipulating marketing mix. Hint: Formulate as a question. Focus should be on main not only secondary problem. Problem should stem from thorough SWOT analysis.

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Step 3. Identify Problem

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  1. Step 3. Identify Problem

  2. 3. Identify Marketing Problem • Problem should be solved by manipulating marketing mix. • Hint: Formulate as a question. • Focus should be on main not only secondary problem. • Problem should stem from thorough SWOT analysis. • Problem should be broad enough to pose several alternatives.

  3. Problem should be related to company’s goals. • Growth for Current Markets • Market Penetration • Product Development • Vertical Integration • Growth for New Markets • Market Development • Market Expansion • Diversification • Strategic Alliances • Consolidation • Retrenchment (Withdraw from weak markets) • Pruning (reduction of products offered) • Divestment/Liquidation (Selling off part or all of business)

  4. Corporate Growth Objectives Current Products New Products Current Markets New Markets

  5. 3. Example Marketing Problem • Sales people are leaving the company • Causes: • Improper training • Unfair compensation • Bad product • Unrealistic quotas • Symptoms • High turn over rate • High training costs

  6. 3. Example Marketing Problem • In mature stage of product life cycle • Causes • Maturing needs and wants • Symptoms: • Increased Competition • Price Warfare • More Regulation

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