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Evaluation of Marketing Models
Good Points About The Models
The Product Life Cycle was very efficient it helped me define whereabouts my products where in relation to the market. I knew that the product “Hand Snack Packs” was just coming out of growth and thus needed an extension strategy and thus this is what was done. It helped me recognise what position the products were in and estimate (by comparing with other products) how long it would take for them to be in development or for them to reach saturation. The product life cycle gave me a picture of the products status.
The competitive audit matrix was probably one of the most useful marketing models. It was clear, accurate and gave precise figures and products and informed me exactly of what I needed to know. It may only have basically complied a list of the products, how much they cost and where they were sold and what promotional strategies were used, but that was most useful when coming to do my own marketing mix. I was also able to use the competitive audit matrix to define my competitors and see what they were doing and how they were trying to gain larger market share. This could be used to help me, as their own research and type of marketing could be in fact used within my marketing mix and thus I am using what my competitors had already done to my advantage. This was a most useful marketing model.
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The swot model was useful in that it helped me evaluate everything the business could supply me with. It also helped me evaluate where the opposition may come from if I were to launch certain ideas. The swot basically was a method I could use to overview my current situation. This was all I found the swot useful for. I could easily see my advantages and disadvantages and so decide, when coming to my marketing mix, what could be used and what couldn’t. the swot model also helped me see where potentially the company could grow therefore I could use this in my marketing mix. This provided a good summary to where my business was and where other businesses were.
The Ansoff model was also useful in that it helped me define what I was going to do for my marketing mix. It was used to clearly identify what I had and what I could introduce. It basically summarised where I could add new products and where my older products could be improved, and what needed to be done in order to make them successful again.
The Boston matrix much like the product life cycle helped me see where the products were at the time. If they were a cash cow or a star I could easily tell and thus define my product in relation to the market, I could also see where the products would go in the matrix for example from problem cash cow to dog and this helped me in what to do in terms of my marketing mix. This matrix once again provided a good summary of where and what my products were doing in relation to the market and thus helped me see where I wanted to take the products. It made it easier to decide if I wanted to discontinue products or redevelop them.
Criticism of the Models
The product life cycle was of course vague, when deciding where your products are to go on the cycle it is hard to define a definite position. For example if a product reached saturation, and then went through a bad point in sales the product life cycle would lead one to think that the product was failing and thus losing money and something needed to be done to extend the life cycle. However the product just could be going through a bad patch and saturation was not yet complete but for some reason the product was just not selling well for that week, thus the product life cycle can mislead. Also the product life cycle is much more useful in hindsight, how does a company know when it has finished growth unless something has stopped making sales? It cannot, the product life cycle cannot be used for predicting what will happen to a product but only giving a hindsight view.
The competitive audit matrix cannot be criticised severely. It holds strong to its purpose however it does have to be in consistent updating. The matrix has to be updated as products change and prices increase. New products and different promotions are consistently being manufactured and thus the competitive audit matrix has to be revised and updated all the time. If it is not revised then the business will miss out and be unable to keep ahead of what the competitors are doing.
The swot model, only gives a summary. It can be categorised into the same critical field as the product life cycle. The swot model just defines what resources you have and what could come against this. A successful business should already know these things to stay ahead of competition, but the swot model just summarizes this and therefore would not make crucial aids to winning market share. It is not the most useful model ever made.
The Ansoff Matrix also can be easily criticised. Not only is it unclear but also it assumes much about how consumers will buy products. The fields it suggests putting products in cannot always guarantee success. Once again this model only can show you an overview of how a product and where a product might end up going. A certain feeling of vagueness is shown in this model much like the others.
The Boston Matrix is strongly similar to the product life cycle, it contains is useful in summarizing and is usually only clear when products are looked at in hindsight (especially new products). Much like the product life cycle products are hard to define whereabouts the product stands, due to the fact the market is ever changing. The 4 sections in the matrix are also small, it may be possible to further sub-categorise where products may be in relation to the market. But again this would still leave it being vague.
The marketing models are reliable for what job they are purposed to carry out, of course some would work much better if they were used in hindsight. Still, I feel they achieve the tasks they are purposed for and thus to aid a business in creating a marketing mix.
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