five concepts of marketing

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Student Name Mary Grace Aloner br

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Title Five concepts of marketing br

Submitted 2008-02-22 05 :05 :11 EST br

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Cinema Five Concepts of Marketing And Five F orces of Porter Marketing is associated with complicated that tasks that requires certain skills in to be an effective marketer . Competition in a business world is a normal thing . One has to be creative to make significant strategies that will increase the profit . Understanding the process of marketing management is a prerequisite to become more dynamic . Developing from simple ideas into a more complex one can play a significant role in marketing . One must know how to identify the potential market or the target customers in to address their wants or need based on current market information . Making timely and sound decisions are important . A good marketer should know how to use techniques in analyzing , solving quantitative problems and evaluating the method . Having several of marketing strategy is advantageous to a firm . A concise plan must always be taken consideration . E valuati on of pric e strategies , identifying competitors and new markets are important in the process . A good marketer must know how to maximize sales forc e and distributor relationships in to optimize the resources available . The five forces model , developed by Michael E . Porter , is a guide in the analysis of firm 's environment and potential of the industry . These five forces include the factors that must be identified in to be competitive and productive in the market . These consist of , e xisting competitive rivalry between suppliers - the firm must know who are their competitors and how can they be make strategies to gain advantage , t hreat of new market entrants - when the product is profitable , new entrants are more likely to arise and should be anticipated to prevent possible decrease in sales , b argaining power of buyers - refers to the ability of customers to dictate what is their need and may determine the product 's price change ,

ower of suppliers - refers to the source of raw materials , components , and services to the firm that can also dictate high prices especially for unique resources and t hreat of substitute products - products that are close to be substitute to the product also affects the product 's profitability . REFERENCE Etzel , Michael J ,William J . Stanton and Bruce Walker . Fundamentals of Marketing . Tenth Edition . McGrawHill International Press . 1994 1 Five Concepts of Marketing and Five forces of Porter br

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