When a competitive market becomes controlled by a monopoly, the price ________ and the output ________.

Classified in Economy

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Marketing Management

1.Marketing Concept – is the philosophy that firms should analyze the needs f their Customers and then make decisions to satisfy those needs.

Market Orientation à Customer needs.

2.Porter’s 5 forces – theory based on the concept that there are five forces that Determine the competitive intensity and attractiveness of a market. P5F help to Identify where power lies in a business situation.

Competition (Supplier Power, Threat of new entry, Buyer power, Threat of substitute Product)

Examples: 1) Supplier power, such as "switching" costs, availability of alternative suppliers, degree of Labor solidarity, and the sensitivity of selling price to supply costs. 

2) Threat of new entry, such as Barriers to entry (i.E. patents, and other Intellectual properties rights), brand control, government regulation, capital requirements.

3) Competition, such as the number of Competitors, firm growth rates, economies of scale, diversity And depth among competitors, and information complexity.

4) Threats Of substitute, including product differentiation, price performance Of substitutes and a buyer's ability to switch to a substitute.

5)Buyer power, such as Concentration of marketing channels, buyer volumes, "switching" costs To buyers, and availability of competitive substitutes.

3.Consumer Behavior-  study of How individuals, groups and organizations select, buy, use, and dispose of Goods, services, ideas, or experience to satisfy their needs and wants.

Model of Consumer behavior: 1krug-Culture, Social, Family, Economic, Business

2krug inside-Needs, Motives, Attitudes, Learning, Personality, Perception

3krug inside-Consumer purchase decision.

4.Communication Mix: 1.Advertisement – any paid form of nonpersonal presentation and Promotion of ideas, goods, services by an identified sponsor via print media (billboards,tv Etc)

2. Personal selling – Face-to-face Interaction with one or more prospective purchasers for the purpose of making Presentations, answering questions, and producing orders.

3. Sales promotion- is a short-term Incentives to encourage trial or purchase of a product or service including Consumer promotions (samples, coupons), trade promotions (advertising).

4. Public relations and publicity- is Directed internally to employees of the company or externally to consumers, Other firms, the government, and media to promote or protect a company’s image Or its individual product communications.

5.Push/Pull strategy

Push-involves Manufacturer using its sales force and trade promotion money to induce Intermediaries to carry, promote and sell product to the end user.

1)Speaking at Prospects and customers

2)Sending out Messages to unwilling, unreceptive people

Pull-involves The manufacturer using advertising to induce consumers to ask for the product When there is high brand loyalty and involvement in the category when people Perceive differences between brands.

1)Content That engages target audience

2)User Experience that leave lasting impressions

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