What factors contribute to a company's market potential?

Several factors contribute to a company's market potential. These include consumer habit trends, competition, market conditions, regulations, laws, climate, and the organization's strengths and weaknesses. In the given context, the company's pricing and diverse product range are key strengths, while its innovation ability and financial resources are its main weaknesses.

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Marketing Plan (Part 2)

Have your organization’s marketing efforts stalled out with overpriced ads and harder customer conversions? A strong marketing plan helps control cost...

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To compare the organization against market conditions, this opportunities vs threats checklist grades where opportunities exist across market conditions like consumer habit trends, competition, and market potential; environmental conditions like regulations, laws, or the climate; and the organization's strengths and weaknesses. In this example, the company's pricing and diverse product range are key strengths, but its innovation ability and financial resources its main weakness. (Slide 4)

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What are some ways a company can use its pricing strategy to gain a competitive advantage?

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A company can use its pricing strategy to gain a competitive advantage in several ways. First, it can use penetration pricing to attract customers and gain market share. This involves setting a low initial price to attract customers and discourage competitors. Second, it can use price skimming, which involves setting a high price for a new product to maximize profits from early adopters. Third, it can use value-based pricing, which involves setting a price based on the perceived value of the product or service to the customer. Finally, it can use cost-plus pricing, which involves adding a markup to the cost of producing the product.

How can a company's marketing plan help it adapt to changing consumer habits?

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A company's marketing plan can help it adapt to changing consumer habits by identifying and understanding these changes and then developing strategies to meet the new demands. This could involve adjusting the product range, pricing, or promotional strategies. The marketing plan also allows the company to assess its strengths and weaknesses in relation to these changes, enabling it to leverage its strengths and address its weaknesses.

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