Marketers use a number of different “tools” to develop the products or services that meet the needs and wants of their customers, provide excellent value for the customers, and satisfy those customers. Marketing strategy is really five different components of marketing. These components are called “the Five Ps” of marketing. They are the methods, tools, and processes used by marketers to develop and market products. These five tools are also called “the marketing mix.” These are the Read More
Competition & Competitive Advantage
Once the external business environment has been analyzed for its suitability, industry competitors must be profiled to determine who your specific competitors are. Not all “players” in an industry will be in direct competition with your organization. (You don’t want to spend valuable resources on an in-depth competitive analysis of BMW and Mercedes if you sell Hyundais.) A robust competitive analysis will allow you to focus on those companies that will compete for customers in your target Read More