In this exercise, students review a perceptual map of market structure, noting consumer preferences. Next, students place new products in the marketplace. Over the course of several rounds, students may move their products in order to increase their market share and generate the most profit over the course of the exercise. But each product move comes with a cost, so students must anticipate what competing products will do, then balance the long-term benefits of moving to a more advantageous market segment with the short-term costs of changing their product. Groups of two to six students compete simultaneously in a single market, and a built-in timer means that decisions need to be made quickly. What strategies are best for securing and retaining the greatest market share?
- Introduce the critical role of market structure and product positioning in marketing strategy
- Understand perceptual maps and how to use them in market definition
- Analyze markets and recognize consumer segments, underserved segments, and ideal points for targeting opportunities
- Critique brand perceptions, similarities, and differences, and recognize perception problems
- Demonstrate awareness of consumer-driven product development
- Market Research
- Market Definition
- Market Segmentation
- Market Positioning
- Perceptual Maps
- Perceptual vs. Physical Product Characteristics
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