* From the scenario, suggest two (2) marketing strategy options that Golds Reling (GR), Inc. could implement. Next, select the option that you believe will be most effective for the new product launch. Justify your response.
Even though it is a new product, GR has built a name for the business which makes things easier. Not to say it will be a quick one but it is sure nice when you are already established in the marketplace. One strategy would be the Ansoff product-market growth matrix as they are trying not only to reach a certain segment but maintain their current customers. As with everything, a great strength, weakness, opportunities, and threats (SWOT) analysis should be accomplish to see where you are currently standing and what kind of growth you are looking to expect. Portfolio assessment should be part of this process to make sure things are in place to make the launch a success. Of course, nothing is perfect and GR will need to adjust their course based off the SWOT.
Porter's five forces would be the second method I use since all would apply to the launch of a new product. I guess the old saying" get your ducks in order" is a good example of Porters model. Understanding each of the five forces and make sure you got things cover especially when you have a rival already ahead of you in the market. SamSung and Apple has been doing this for some time and each plays a part in keep their competition alive.
Effective differentiation: being unique in a business is a great start but it won't last long and GR will need to established themselves with quality product, customer service, distinctive design, and value incentives to reach their target in the marketplace, profits, and growth. Using the information gather through your assessment/analysis with the understanding of Porter's model should provide the necessary tools to accomplish the goal. A goal is only as good as the people who leading the way. So great leadership is an important of any strategy.
Iacobucci, D. (2014). MM 4: Marketing Managment. Independence: Cengage Learning.
Imagine that you are about to launch a social networking site that will compete with Facebook. You must provide your boss with a marketing strategy