3st Force: Threat of Substitutes Rethinking Competition: More Than Just Direct Rivals We often think of competition as coming from businesses that offer the same product or service. However, there’s another, often subtler, type of competitor: substitutes. What Are Substitutes?…
4th Force: Bargaining Power of Suppliers Suppliers are entities that provide the necessary inputs—such as raw materials, components, or services—that enable a company to operate. The following examples show supplier relationships across different industries: Industry Suppliers Airlines Aircraft manufacturers Medical…
Other frame works One of the most important reasons for analyzing the external environment is to anticipate future trends and identify potential challenges or opportunities. Of course, it’s not feasible to examine every aspect of the external environment. However, frameworks…
VRIO resources—those that are Valuable, Rare, Inimitable, and well-Organized—can serve as powerful catalysts for sustained business success. VRIO What have we done so far? We’ve reviewed one possible structure for the marketing process: Situation Analysis – STP – 4P. As…
Segmentation and Targeting: Pillars of Marketing Strategy Have you ever poured your heart and soul into developing a product or service, only to find that it doesn’t resonate with anyone? The more effort and sincerity you invest, the more painful…
Competition in the market is almost always present, and to survive in this environment, effective positioning is essential. With strong positioning and meaningful differentiation, even if you can’t outperform your competitors, you can still coexist and succeed alongside them. For…
There are countless products and services in the world, each with its own unique characteristics and development process. In this post, I want to explore the general mindset of marketers when it comes to products and services. The Foundation: Solving…
To develop a high-quality product, it’s important to consider more than just the product itself. In this post, I will explore two essential factors: employee satisfaction and service as a cue. Both play crucial roles in building customer loyalty and…
Although pricing theories are abundant, small businesses often find them hard to apply; this section introduces a simple, practical starting point. Beyond Cost-Plus: Embracing Value-Based Pricing A common pitfall in pricing is relying on the cost-plus method. This means adding…
Understanding ‘Place’ in the 4Ps of Marketing In marketing, “Place” refers to the methods and locations used to deliver a product or service to customers. It includes distribution channels, logistics, and overall product accessibility. In this post, we focus specifically…