Answered: explain how the marketing strategy…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter1: Marketing: The Art And Science Of Satisfying Customers

Section1.2: Elements Of Marketing Strategy

Problem 1LO

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explain how the marketing strategy should address competitive forces and their likely impact

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As per Porter's competitive forces model, the strategic status of a business and its aided strategies are determined by considering the competition with competitors. This is because these are also influenced by other variables such as substitute goods and services, new market entrants, buyers, and suppliers.

A Porter's competitive forces model is based on the assumption that all competitors are equal. In these situations, information systems play an essential role in assisting an organization.

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