Problem
I. Companies with multiple products/services or divisions use different tools in strategic planning to analyze, evaluate and make decisions about their business portfolio. The local KFC chain prides itself on its strategic planning and recently introduced a new Kentucky Grilled Fish sandwich to add to its traditional fried chicken line-up.
i. Discuss the approach of product portfolio management and using the product/market expansion grid as a tool, assess the various strategies open to KFC generally.
ii. Identify the growth strategy being pursued with the new menu item, Grilled Fish sandwich and briefly explain the SWOT Analysis concept that the company of necessity would need to contemplate before introducing this new product in the dynamic fast food industry .
II. The marketing team of a processed food manufacturer firm is attempting to design a marketing plan that will comprehensively support its latest market introduction over its anticipated lifetime. The team assumes that this product will go through all stages of the Product Life Cycle. Explain for them the different stages of the Product life Cycle, each with its own changing characteristics, challenges and benefits and outline the evolving marketing strategies over the relevant stages as well.
III. Price and the pricing of products are very important and can make or break a company. Of the 3 generic approaches to pricing, which in your estimation should an upscale spa follow when setting their retail rates. Support your answer while discussing each approach in-depth
IV. GraceKennedy (GK) Chief Executive Officer, Don Wehby says the conglomerate expects to grow market share and profits significantly going forward by focusing on new businesses in food and financial sectors across the globe in both new and existing markets.
i. With the aid of an appropriately labeled diagram, discuss the Product/Market Expansion Grid's (Ansoff Matrix) growth strategies. Identify which of its proposed growth strategies are being pursued by GK to drive its profitability
ii. Discuss the limitations of the BCG Matrix in designing business portfolios