BSM 100 Lecture Notes - Lecture 8: Retail, Marketing Plan, Marketing Mix

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Porter"s 5 forces analysis: name at least one form of competition that will be affected indirect or direct. There is no invisible competition, because you are the invisible competition. = high, medium, or low: new entrants threat = high, medium, or low, substitutes is there another that can satisfy the same need (someone from another industry) = high, medium, or low: suppliers software, platform (1 or 2 max critical suppliers). If it is easily accessible, the threat is low: customers identify the customers (retail, b2b, etc. ) High = when there is one large player to sell too / low = direct interaction to consumer. Marketing strategic/meaningful differentiation: creating and delivering messages that matter; telling a story through the product/service, evolution must take place. For successful marketing what sort of creativity is required: finding new ways to implement meaning into the message; the product is not changing but the way in which the usefulness of the product is communicated changes.