Competition from rivals 2 competition from new

Info icon This preview shows pages 7–12. Sign up to view the full content.

View Full Document Right Arrow Icon
competition from rivals. 2. Competition from new entrants. 3. Competition from substitutes. 4. Relative power of customers 5. Relative power of suppliers.
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Excess capacity- when total industry capacity exceeds total industry demand. Whether a particular firm in the industry is profitable or not is only partly dependant on industry attractiveness. Saying it is low does not mean specific firms wont be profitable. A firm’s potential economic performance is dependant on industry attractiveness and the firm’s unique competitive advantages to exploit the industry situation it finds. A firm’s competitive advantages are dependant on its resources, its history, and the past choices made by the dominant coalition. Resources are anything that the firm owns Revelvant environment 1.customers. 2.suppliers. 3.rivals firms 4.substitues. 5. new entrants. Chapter 4 For a transaction to occur-
Image of page 8
1. there must be at least 2 parties 2. each party must have something of value 3. each party can freely accept or reject the exchange. 4. Each party is capable of commuinicating 5. Each party is capable of delivering the product. 6. Each party is better off Parties sensitive to value are VALUE BUYERS Parties sensitive to price alone are PRICE BUYERS Parties sensitive to satisfaction alone are STATUS BUYERS Supply channels are an entire set of links that trace raw materials to end users Marketing channels- refers to the shorter set of links between potential sellers and buyers at any point in the entire supply chain. Communication channel- provide information that could range from advertising to inquiries about products via the internet. Distribution channels- display and deliver product. Selling channels- effect transactions. Satisfying target customer- relationship marketing orientation. CRM- customer relationship marketing.
Image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Marketing- the process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Atkin- the process by which one party in a market attempts to increase the likelihood that they strike the transactions they wish to strike. Marketing accomplished 2 things 1. integrated action of a specific set of functions that helps how you learn about the products 2. increasing the utility of a transaction so the transaction is more likely to get done. Utility- the power of a product to satisfy a need Form utility- product has attributes to satisfy a need Place utility- available in place desired Time utility- available at the time desired Possession utility- dumb Product line- refers to a group of similar goods or services Product extension-more products to sell Product refinement- changes the product but not number Marketing mix- refers to the overall set of decisions the firm uses to pursue its objectives.
Image of page 10
4 Ps 1.
Image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 12
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern