Buyers of the Porsche 911 car series are known to be wealthy and are serious car enthusiasts who possess an in-depth knowledge and passion about sports cars. For the success of the 911 series, Porsche used a focused differentiated business strategy by targeting a niche market (as mentioned in the case), emphasizing on design, and consistently developing class-leading technologies.However, with the introduction of Cayenne and Panamera, Porsche has repositioned itself from focused differentiation to broad differentiation. This repositioning weakened its brand in the eyes of consumers, eroding the points of differentiation created by their brand and taking the customer’s attention away from the famous 911. Large companies usually shift to broad differentiation strategy when the competition gets tough. This strategic shift has the following risks and benefits.
Without being able to track our progress, we may become de-motivated and lose sight of the goal altogether. To determine criteria for measuring the goal, ask questions such as: how much? How many? How will I know when it is accomplished? A = ATTAINABLE A key factor in setting goals is to ensure our goals are attainable.
Economic wants are services, goods and circumstances people desire which can be met by purchasing power. Economic wants can only be satisfied with economic resources. Economic wants are very insatiable and vary from one person to another, or changes overtime if a particular individual is concerned. An example of an economic want is the desire to own a car. In order for the desire for a good or service to become an economic want, cost has to be involved in its acquisition.
Was it the price of the cars? Or could it have been the color, size, model, year, etc. The point is the seller still doesn’t know what the buyer is interested in purchasing. It’s important in relationship marketing that we understand what consumers want. Simply letting a buyer walk off a lot could also leave a bad image in the buyers head.
What are opportunity costs? Give an example of an opportunity cost. Opportunity costs are where we may have to sacrifice something, in order to purchase what we want. For example; if I wanted to go purchase tickets to my favorite bands concert, that I had really been looking forward to, I may not be able to due to my budget. I’m also saving for a car so it may not be so beneficial to my savings if I blow a huge amount on a want instead of a need.
I want to sell my car for a fixed price to someone but this someone finds the car’s price too expensive. There is a conflict because we are not thinking the same thing about the price of my car. We will therefore negotiate to find a mutual arrangement. From my readings on negotiations, I’ve
Three, how to look for it. Lastly , how to haggle. Although buying a new car may be stressful and time consuming, it can also be full of excitement and joy. At first, you want to find out how much you can afford to spend. Whether you will be buying it outright with cash, or taking out a car loan.
The group is given a task, and the leader serves only as a safety net or resource; the group must do all the work and establish group norms and behaviours for themselves. 3. You are trying to solve a problem, for example a quality issue that needs resolving using the best possible approach. In this instance, a participative or democratic leadership style would be most appropriate. Although the team needs formal representation in terms of seniority, each member of the team would be required to offer their own opinions based on their own knowledge and experience.
Systems such as these serve to influence spending power and overall quality of life. Social class can differ from country to country with ‘social mobility’ either increasing or decreasing. Advertisers and market researchers such as the Institute of Practitioners in Advertising tend to use the ‘ABC1’ social classification system which assigns individuals to certain letters dependent on their occupation and income (Worthington and Britton, 2006). It is also assumed that an individual’s job is intimately linked with their attitude and behaviour (e.g. wealthy business men more likely to buy a fancy car).
As the technology will enhance, the prices will come down, making it possible for more people to buy vehicles having this technology. 3. What would be the advantages and disadvantages of Honda and Toyota using the same engine standard? As both the brands are giants with in their class and both have experience in developing the HEV’s, they could come up with something even better by sharing their expertise and experiences. Both the companies have developed Hybrid vehicles but with a different