MGMT 320 - Position Paper 4 - Gage Irlmeier

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Iowa State University *

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320

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Management

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Apr 3, 2024

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Uploaded by ProfGalaxy10913

ENTSP/MGMT 320 Position Paper #4 Submit Responses to “Position Paper #4 Drop Box” on Canvas Name: ______Gage Irlmeier______ MARKET AND COMPETITOR ANALYSIS General Instruction The purpose of these position papers is to confirm that you engaged with the course content covered during course sessions and in the assigned videos and readings. Any essay answers should communicate your thoughts in clear and concise English. Question 1 (2 pts.) This week, we discussed the value of careful market segmentation for the purpose of developing and executing successful market entry strategies. As an illustrative example, we used the market introduction of the following product: □ Bud Light x Miller Lite □ Post-it Notes □ MRI machines Question 2 (1.5 pts.) The reading “How to Commercialize Your Invention,” contrasts which of the two approaches on how to “make money” of an invention? □ Use non-disclosure statements or collaboration agreements □ Patent your invention or create trade secrets x Build your own company or license your invention to other companies □ Apply for a US patent or a world-wide patent Question 3 (1.5 pts.) In the reading “Market Estimates for Inventions,” the author argues that a realistic estimation of the size of the target market for an invention requires some careful thinking but can often be accomplished based on secondary data. He uses as an illustrative example determining the target market for which of the following inventions: □ cellphone software app □ new healthier soft drink □ electrical bicycles x devise to help children learn to walk Question 4 (1.5 pts.) In the reading “Understanding Substitutes,” the author outlines why users of a specific product may decide not to buy an innovative alternative product with superior features. He used his personal laptop purchase experiences as an example. A friend of his suggested that he should buy which brand? □ HP □ DELL x APPLE □ IBM Question 5 (2 pts.) This week, we briefly discussed the potential value of strategic group analysis to understand the nature and intensity of competition in an industry. To illustrate the usefulness of this tool, we used which industry as an example:

□ Automobile industry □ Pharmaceutical industry x Beer industry Question 6 (1.5 pts.) In our reading “How to Conduct and Prepare a Competitive Analysis,” the author raises the question, “Do I need to analyze all of my competitors?” He suggests applying the old “80/20 rule,” which implies focusing on the competitors with the largest market share. However, he also points out the risk of such an approach. According to him, when should you also consider investigating smaller competitors? x When the smaller competitors are likely to become dominant competitors. □ When you already investigated the large competitors last year. □ When there is a high number of small competitors.

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