This study concentrates on the marketing plan of the Greek company Media Strom S.A (Athenian Mattresses Industry) and the development of a new product in a new market: in the case of product diversification through innovation.
This report reviews and evaluates the marketing plan of a well known and established business, Media Strom S.A and recommends an alternative marketing strategy for the needs of product diversification strategy.
Article Marketing Plan with product diversification strategy: Case s...
Hi Spyros,
in your keywords you mentioned strategy development as well -especially for new products ideas we used business model development approaches for strategy formulation. So I can share you some literature we used in lectures and startup consultings courses. Business Model Innovation in Business-to-Business Markets - Procedure and Examples by Schallmo and Brecht. The purpose of this paper is to develop a stage-gate process for business model innovation and to apply the process to develop generic business-to-business models. The main findings were that although business model innovation has gained high attention within academia and practice a stage-gate process for business model innovation including future developments and customer orientation is, similar to generic business models for business-to-business markets, missing. The paper offers a new approach for a business model innovation stage-gate process and proposes seven generic business models for business-to-business markets that will be interesting to both researchers and practitioners.
Teece DJ (2010) Business models, business strategy and innovation. Long range planning 43:172-194.
Amit R, Zott C (2001) Value creation in E-business. Strategic Management Journal 22:493-520. doi:10.1002/smj.187
Best regards,
Matthias
It depends on products and new market. In telecommunication market, the best solutions for entering in new market mean "well recognized brand, high quality and cheaper product/service than competition and new value with the product/service". So if we speak about Post-paid tarrif model for new market, it has to be cheaper, good quality network, well recognized brand and something new with PoP tarrif model (let's say MB or GB data traffic).
If we speak about mattresses industry, I can see that Media Storm has to have recognized brand for new market (new market in Greece or new market - new country?), high quality mattresses, good (acceptable) price for that market and of course something "+" with the basic product - pillow, additional blanket,... or guarantees for products longer than competitors have.
Of course, there is a chance that Media Storm develop new product for new market but before it has to be realized researcing(s) of new market - what customers really want an how musc money they want to pay,...
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