Giáo trình: Marketing Management_ Chapter 06

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Giáo trình: Marketing Management_ Chapter 06

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Nội dung Text: Giáo trình: Marketing Management_ Chapter 06

  1. Market Structure and Competitor Analysis Chapter 6 6-1
  2. Key Learning Points Performing a market structure analysis, which identifies your major competitors. Performing a competitor analysis. Alternative sources of information for analyzing competitors. Using game theory in the development of competitive strategy. 6-2
  3. Product & Service Decisions structure “The purpose of a market analysis is to enable the marketing manager to understand who the competition is. Misidentification of the competitive set can have a serious impact on the success of a marketing plan, especially in the long run.” - Russell S. Winer 6-3
  4. Overview Importance of Market Structure and Competitive Analysis: – Allows firms to determine which other products are competing against their products for the same customer benefit. – Crucial to understanding / developing a value proposition and appropriate marketing implementation decisions. – Allows firms to be proactive and anticipate competitive actions. 6-4
  5. Market Structure Analysis Identifying competition is critical – Failing to identify a competitive threat can have disastrous consequences. • New product forms (e.g. electronic watches in the 1970’s) can become key competitors. – Competitors must be identified in order to properly compute market share. • Market share = “(us / us + them)” • Unethical managers can manipulate market share computations by changing competitors included in calculation. 6-5
  6. Market Structure Analysis Methods of Identifying Competitors – Supply-based approaches • Classify competitors based on objective attributes. – Demand-based approaches • Classify competitors based on customer attitudes and behaviors. – The Product-Industry Hierarchy identifies four levels of competition. 6-6
  7. Figure 6-1: Product-Industry Hierarchy 6-7
  8. Market Structure Analysis Defining Competition: Demand- Based Methods – Competition can be defined at every level of the hierarchy (Figure 6.1) • This method fails to adequately get at the heart of competition or market definition • Competition is best defined by the customer, rather than by the marketing manager, as implied in the following definition. 6-8
  9. Product & Service Decisions “An industry should be recognizable as a group of products that are close substitutes to buyers, are available to a common group of buyers, and are distant substitutes for all products not included in the industry.” - Joe S. Bain 6-9
  10. Market Structure Analysis Defining Competition: Demand-Based Methods – Figure 6.2 defines competition from the customer’s perspective. • Product form competition: narrowest form, includes products of the same product type. • Product class/category competition: products with similar features that provide the same basic function. • Generic competition: products that fulfill same basic need. • Budget competition: products that compete for the same discretionary budget dollars. 6 - 10
  11. Figure 6-2: 4-Level Model of Competition 6 - 11
  12. Discussion Question Consider the DiGiorno brand of frozen pizza. What brands, products, or services would you classify as product form, product class, generic, and budget level competitors? 6 - 12
  13. Market Structure Analysis Four-level model of competition implies different tasks for each competitive level: – Product form competition: aim marketing activities at direct competitors. – Product class/category competition: convince customers that your product form is best in the category. – Generic competition: convince consumers of the superiority of your product category’s ability to satisfy needs over other categories. – Budget competition: same challenge as with generic competition. 6 - 13
  14. Market Structure Analysis Four-level model of competition: – Cross-elasticity of demand is often used as an indicator of substitutability when defining generic competitors. • The percentage change in product A’s sales due to the percentage change in product B’s sales is termed cross-elasticity. • Positive cross-elasticities indicate that the two products are competitors. • Major problem relates to interpretation of cross-elasticities. 6 - 14
  15. Product & Service Generic competition Decisions characterizes the breath-freshening industry. A number of products in various categories compete for this market, including chewing gum, toothpaste, breath mints, breath sprays, and mouthwashes. 6 - 15
  16. Market Structure Analysis Defining Competition: Demand- Based Methods – Substitution in use is another method of using customer-based assessments of competition. • Focus groups help determine consumer perceptions of the similarity of products in usage contests. • Results in many budget and generic level competitors. 6 - 16
  17. Market Structure Analysis Defining Competition: Supply-Based Methods – Managerial judgment and external data sources are used to determine product form and product category competitors. • The North American Classification System (NAIC) is an excellent resource. • Trade associations, consultants, and others may supply category or industry definitions. – Generic and budget level competitors are the most difficult to determine • Competitors may be numerous and they are not readily observable. 6 - 17
  18. Competitive Analysis Competitive analysis is becoming increasingly important. – Executive education in competitive intelligence gathering is a key training topic. – Some universities offer certification in competitive intelligence programs. Competitive intelligence activities have an unsavory reputation due to ethical lapses by some companies. The competitor analysis framework consists of four key phases of analysis. 6 - 18
  19. Figure 6-4: Competitor Analysis Framework 6 - 19
  20. Competitive Analysis Competitors’ objectives Key Stages offer insight into future strategies – Direct observation of Objectives competitors’ actions, sales call reports, and Strategy other resources help determine objectives. Strengths and Ownership status Weaknesses (public, private, government) should be Match Up considered when assessing objectives. 6 - 20
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