A New Competitor Issues - Essay Example

It helps price their product to the point where they can make the most money and profitability out of their product. Of these strategies, the article mentions proactivity and competitiveness, both two important factors that we use in discussions about marketing.

The article overall was a good read and provided much insight into the paths and steps a company should take when trying to price their item, and how they should expect each different scenario to play out for them depending on their pricing actions.

The item I have chosen is the Nintendo Wii video game console. While it did not create a market in itself, its blue ocean strategy has changed the video game market currently, if not forever. The first two years of its life it was most certainly in the Markey introduction stage, with Nintendo using all sorts of press and a hand on approach to try to get as many people as possible to try out and believe in their new product. Now however it seems to be in the growth stage, with sales numbers skyrocketing, unlike anything a video game console has ever seen before. Product is still hard to find in many markets, and public awareness is huge with all the publicity and good press the system has been getting as of late. I believe Nintendo now needs to prepare for it to continue into its mature stage, and be ready to cut costs or make any other marketing plans for the future of its successful video game system.