Describe the organizational buyers and consumers of your product or service and the factors that influence their purchasing decisions. Discuss how these factors will affect your marketing strategy.…
You will apply important microeconomics concepts toward the competitive strategies of the Kudler Fine Food Virtual Organization that affect its long-term profitability. You will evaluate the differences between market structures and review the organization’s strategic plan, marketing overview, market surveys, and other material to evaluate the organization’s competitiveness in the marketplace, including its customers’ views. In the process, you will identify the market structure that you believe best applies to this organization, and assess how the market structure positively and negatively affects the firm’s long-term profitability.…
All businesses operate within a macro-environment and are influenced by forces that are often outside of their control. These forces can present themselves as either opportunities or as threats to a firm within a given industry. How these businesses respond to these forces can be the determining…
Additionally, there are higher chances that the business operations will change from the market structure described previously to a different one, say monopoly. This implies that the organization/firm is the only producer in the market and meets all customers’ needs. Two vital factors that can lead to such a change include; withdrawal of a competitor and increase or decrease in price of products (Slack & Lewis, 2003). The above change will influence business operations in various ways. For instance, there will be increased output since the market share increases. The firm will then increase its cost of operations, with notable increases affecting elements such as…
Market research can provide companies with vital information which allows them to make choices based on what the customer wants. It can allow businesses to predict what might happen in the future of a market and how to plan for such events.…
David Bowie and Francis Buttle (2004) stated that “to achieve superior business performance companies need to identify what customer needs and wants are, and to satisfy them better than competitors”, that is adopt a market orientation. This ay of doing business focuses on creating relationships with customers and striving to maintain them long-term. It also avoids price competition because it is believed that cost is a secondary concern to level of service.…
Factors that affect demand, supply, and equilibrium prices in the market in which the competing organization operates; define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers.…
illustrate the way in which market forces shape organisational responses using a range of examples…
Impacts between the elements: Increase in the business in lieu of the competition in the market may be influenced by offering a variety of products that are customized and differentiated on the basis of the customer needs. When customer demand is linked to production and that to manufacturing and distribution, repetitive operations may be avoided. Integration of operations on a vertical manner may reduce operation redundancy and correspondingly the investment in I.T is reduced thereby increasing returns on investment. When quick responses are to be made to varying customer preferences, decentralized decision making policies help in faster implementation and quicker business.…
The goal is to understand how marketers can make better decisions, based on different types of consumer research, show how the relevant customer insights can help to determine strategies and explore the ways to improve business performance. It’s that we are going to explain during this study.…
The most powerful and widely used tool for assessing the strength of the industry’s competitive forces is the five-forces model of competition. The five competitive forces include pressures stemming from buyer bargaining power, pressures coming from companies in other industries to win buyers over to substitute products, pressures stemming from supplier bargaining power, pressures associated with the threat of new entrants into the market, and pressures associated with rivalry among competing sellers to attract customers (the strongest of the five competitive forces).…
References: * Anderson, Phil. "The Marketing Environment: Competitive Forces." St. Rosemary Educational Institution, November 19, 2010. Retrieved from http://schoolworkhelper.net/2010/11/the-marketing-environment-competitive-forces/.…
Any person or company that wants to open a new business or develop a new product needs to understand where the product or business fits within today’s society. Knowing where their product fits within the market structures will help the business owners in determining how to market their services or products. They also must know the number of consumers that require the product or service. This will give the local economy as well as global economy a much greater chance to accept the business or service. There are four market structures that businesses fall into; a monopoly, an oligopoly, a monopolistic competitor, and pure competition. All of these play a vital role in a healthy economic market.…
In this assignment, I am required to write an analysis of the main forces driving the market for any specific product of my choice. For me to successfully complete this task, I have to first pick a product, one that I am interested in, discuss the long term forces driving demand and supply, discuss the position of the main substitute products and producers, look at past data and explain what has occurred to change the price and finally will the producer be profitable in the future?…
Marketing is a science because marketing is about satisfying customers needs. To understand customer needs we need to develop scientific methods to learn about our customers and the needs they have. Also, the market and consumers generally behave in certain manners and deal with known variables. Porter's five forces is a good example of this. These five forces determine the profitability and behaviors within a market. The five forces being: competition within the industry, customers bargaining power, suppliers bargaining power, threat of entry of new competitors, threat of substitute products. These forces shape the strategy of the company.…