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Description
Flashcards by Georgia Tan, updated more than 1 year ago
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Created by Georgia Tan
about 8 years ago
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| Question | Answer |
| Describe the dynamic process model for managing marketplace competition | |
| Using the market-approach, what constitutes a competitor? | A competitor is any organisation that aims to satisfy the same customer needs that you do. Using the market concept of competition reveals a broader set of actual & potential competitors as opposed to a product-centric one |
| What are the 4 key questions to pose w.r.t the competitive landscape? | |
| What are the possible marketplace positions? | market leaders market challengers market followers market nichers |
| What are the sources of competitive advantages? | skills systems resources learning organisation |
| Profit pool definition? | the total profits earned in an industry at all points along the industry's value chain |
| When analysing competitors, what are the 3 variables that companies should keep in mind? | |
| What does PARTS stand for? What is its relevance to marketing? | According to game theory, there are five: players, added values, rules, tactics, and scope—PARTS for short. These five elements fully describe all interactions, both freewheeling and rule-based. To change the game, you have to change one or more of these elements. The PARTS framework helps marketers/businesses to identify all the elements of the game. |
| Elaborate on PARTS | Players come first. . None of the players are fixed. Sometimes it’s smart to change who is playing the game. That includes yourself. Added values are what each player brings to the game. There are ways to make yourself a more valuable player and ways to lower the added values of other players. Rules give structure to the game. In business, there is no universal set of rules; a rule might arise from law, custom, practicality, or contracts. Tactics are moves used to shape the way players perceive the game and hence how they play. Sometimes, tactics are designed to reduce misperceptions; at other times, they are designed to create or maintain uncertainty. Scope describes the boundaries of the game. It’s possible for players to expand or shrink those boundaries. |
| 4 key takeaways re competitor analysis? |
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