Contemporary Marketing
18th Edition
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Louis E. Boone, David L. Kurtz
Chapter2: Strategic Planning In Contemporary Marketing
Section2.2: Marketing Plan Components
Problem 1LO
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Question
explain how the marketing strategy should address competitive forces and their likely impact
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Background
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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