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The pandemic has altered the business landscape considerably.
evolved and markets have been disrupted and new markets and competitors have emerged.
Your CEO has tasked you to analyse the competitive environment of the industry that your
organization is operating in. Using an appropriate tool, analyse the attractiveness of the industry that
your company is operating.
Step by step
Solved in 2 steps
- Read the case below carefully and answer the following questions. Big Data, Big Business, Big Opportunities Imagine working 10 years to become the lead marketing executive at a large retail organization only to find that your competitor is invading your market share by 20 percent each year. You quickly decided to launch several online marketing promotions while improving your products, but find your efforts are fruitless as your competitor continues to steal your customers, destroying your profits while raising its own. As you begin to analyze your competitor's business strategy, you find that while you were focused on sales reports, product inventory analysis, and other traditional marketing efforts, your competitor was making a massive investment in upgrading all of its management information systems. This included systems capable of collecting, storing, and analyzing data from every store, product, and sales representative in the market. In fact, your competitor now knows more about…how is market share calculated, and what factors can impact a company's market share?A company’s marketing environment consists of actors and forces outside the company that affect marketing management’s ability to develop and keep successful transactions with its target customers. The environment today is changing very quickly, and it is difficult to predict what the future will bring. It is important therefor to monitor the market environment and, if necessary, change the marketing plan to meet new opportunities or threats. It is dangerous for the life of the company to ignore what is going on in the environment. (i). Identify the two main forces and explain how each affects companies marketing efforts to survive in business environment.
- Select an e-commerce company. Identify its customer value proposition, its revenue model, the marketspace it operates in, who its main competitors are, any comparative advantages you believe the company possesses, and what its market strategy appears to be. Also try to locate information about the company’s management team and organizational structure.There are literally 100’s of different definitions of marketing available on the internet, and even marketing textbooks will use their own definition of what marketing is all about. And in the business world, especially across industries, you will find that different firms and different managers have a somewhat unique view of the role of marketing. As you probably know already however, the key goals of marketing are to: generate long-term profits, deliver customer satisfaction, and improve the competitive strengths of the organization over time. But let’s now have a very simple look at the role of marketing based on these three goals. The above marketing goals are really all about getting and keeping customers. This means that can we break marketing down to three simplistic responsibilities: Attract new customers (Get) Grow share of customer (Build) Retain profitable customers (Hold) In other words – GET – BUILD – HOLD customers. Clearly, there is a whole array of marketing…Market share is “an indicator of how well a firm is doing against its competitors.Competition is a situation in the business environment where several businesses with more or less the same products / services compete for the support of the same consumers or customer segments. The development of competition is one of the main reasons that has resulted in the development and evolvement of the field of marketing. As the world grows smaller, more businesses are established and consequently spread themselves to all parts of the world, creating an even greater challenge for the art and science of marketing and its stakeholders.Using the above statement as your basis, and a company of your choice as an example, critically discuss why it is important that marketers study the business environment within which they operate, including their competitors.
- Critically discuss why it is important that marketers study the business environment within which they operate, including their competitors. Give a company of your choice as an example.Discuss the main points of your Five Forces Analysis on the toy industry. What are the keysuccess factors in this industry? Explain which of the forces represent major negative forces foryour client Lego? Which of the forces signify opportunities? Explain your answer.As owner-entrepreneur, what would you suspect to be the possible reasons why the sales of your particular product line continue to decline? Justify your answer
- Explain why the competitors are switching to the online marketplace. Provide recommendations and rationale for the best options moving forward for your company.Technology has important effects on business operations. No matter the size of your enterprise, technology has both tangible and intangible benefits. How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes? Also discuss various socio-technical marketing strategies that influence consumer behavior to increase the adoption behavior? Come up with 2 examplesThe picture is an illustration of targeting potential market and a potential market need. To identify your new potential markets, you consider every target demographic that you currently sell, as well as those which are not yet targeted. Consider yourself as an entrepreneur and ask the following questions. 1. What other products do my customers need now? 2. What related products will they need in the future? 3. Who else could make use of the products I am selling now? 4. What demographic information do I have with my current customers?