Porter's five basic forces of competition:
Threat of new entrants
Rivalry among existing competitors
Bargaining power of suppliers
Bargaining power of buyer
Threat of substitutes
Whenever you make choices with respect to your customers (business or final consumers), you need to be aware how your competition changes as a function of your decisions. Understanding the prisoners dilemma model is useful. Clearly your relation compared to other competitors is important (market leader versus follower for instance) and the nature of the marketplace (monopoly, oligopoly and monopolistic competition).
Consequences of zero percent financing for autos?
Need to consider competitors AND customers for decisions.
Importance of competitive intelligence.
Classification of competitors (brand, industry, form, generic)
Keep competitors?
Industry Concept of Competition:
New Entrants:
Innovators Dilemma
Disruptive Technology
Priceline, Expedia and American Airlines versus Travel Agent market place.
Discussion Topic: Identify and discuss other industries prone to disruptive technologies.
SBA: The Marketing Plan
The Marketing Audit Comes of Age
How to Write a Mission Statement
Link to discussion board
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