Principles of marketing: Lecture 40

Principles of marketing: Lecture 40 provide students with knowledge about: creating competitive advantage; strengths and weaknesses; reaction patterns; identifying competitors; assessing competitors; selecting competitors to attack or avoid;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­40 Summary of   Lecture­39 Simple Marketing System Communication Product/Service Producer/Seller Money Feedback Consumer Promotion Mix  Advertising  Personal Selling  Sales Promotion  Public Relations Today’s Topics Creating Competitive Advantage Competitive Advantage – An advantage over competitors gained by offering  consumers greater value than competitors offer Competitive Analysis – The process of identifying key competitors;  assessing their objectives, strategies,  strengths and weaknesses, and reaction  patterns; and selecting which competitors to  attack or avoid Competitor Analysis  Strengths & Weaknesses  Reaction Patterns Steps   Identifying Competitors  Assessing Competitors  Selecting Competitors to Attack or Avoid Global Village Globalization Global Marketplace Global Marketing Reasons for Global Marketing   Growth  – Access to new markets  – Access to resources   Survival – Against competitors with lower costs (due to  increased access to resources) Global Firm A firm that, by operating in more than one  country, gains R&D, production, marketing,  and financial advantages in its costs and  reputation that are not available to purely  domestic competitors Global Marketing Vs. Marketing  Marketing is the process of planning and executing the  conception, pricing, promotion, and distribution of  goods, ideas, and services to create exchanges that  satisfy individual and organizational goals  Global marketing focuses on global market  opportunities and threats Enough for today. .  Summary Creating Competitive Advantage Competitor Analysis Steps   Identifying Competitors  Assessing Competitors  Selecting Competitors to Attack or Avoid Competitive Strategies Competitive Positions  Market Leader  Market Challenger  Market Follower  Market Nicher Global Marketplace Next… Global Marketing MGT301 Principles of Marketing Lecture­40 ... Identifying Competitors  Firms face a wide range? ?of? ?competition  Be careful to avoid “competitor myopia”  Methods? ?of? ?identifying competitors: – Industry point? ?of? ?view – Market point? ?of? ?view Assessing Competitors... Focus is on improving profit instead? ?of? ?market share – Many advantages:  Learn from the market leader’s experience  Copy or improve on the leader’s offerings  Strong profitability Market Nicher... Market Follower  Market Nicher Global Marketplace Next… Global Marketing MGT301 Principles? ?of? ?Marketing Lecture? ?40