Please identify some domestic or international company and briefly explain the rationale behind their market plan elements such as products or services being offered, pricing strategy, channel selection and communication strategy to either achieve cost-leadership or differentiation corresponding to Porter’s generic strategies framework.Porter’s generic strategies framework Porter’s generic strategies describe how a company pursues competitive advantage across its chosen market scope. A company also chooses one of two types of scope, either focus (offering its products to selected segments of the market) or industry-wide, offering its product across many market segments. Cost leadership is about achieving scale economies and utilizing them to produce high volume at a low cost. Margins may be narrower, but quantity is larger, enabling high revenue streams. Differentiation is creating a unique service or product offering, either through good branding or strong internal skills/core competencies, innovations. Higher prices are charged for differentiated products or services.Source: Porter’s generic strategies Rationale behind Market Plan: Each product level within a business unit must develop a marketing plan for achieving its goals. The marketing plan is one of the most important outputs of the marketing process. All this requires inputs from other areas, such as purchasing, manufacturing, sales, finance, and human resources. The product or service offering section describes the key attributes and benefits that will appeal to target customers. The pricing section specifies the general price range and how it might vary across different types of customers or channels, including any incentive or discount plans. The channel section outlines the different forms of distribution, such as direct or indirect. The communications section usually offers high-level guidance about the general message and media strategy.
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