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Marketing Advice

Marketing is all about mutually satisfying exchange relationships for which the catalyst is the producer's attempt to define and satisfy the customer's need better.

Neglect of competition is one of the major reasons why marketing plans fail. When one examine the nature of competition, you can find there are five forces that shape competition.

Most competitors within an industry are jockeying for positions within a domain dictated by external powers. Two of the powers, suppliers and customers, are in the value chain which runs from raw materials to final consumption. Some of the players in the various industries in Malaysia are aggregated here.

A powerful supplier can reduce an industry's profitability by raising prices or reducing the quality of purchasing goods and services. The other two dimensions limiting the competitive domain are the threat of substitute products or services and the threat of new entrants.

Firms in the industry try to differentiate themselves by having advertising & promotional strategies to create a brand image or by developing unique distribution channels like franchising, direct marketing, network marketing, multilevel marketing to capture loyal customers or by researching and commercializing new technologies and products.

Alternatively, firms can use export marketing to enter new market areas and expand market share.

Our Free Advice on Marketing Matters highlight some of these issues.

You can also get more detail help from our Expert Advice by subscribing as a Member. In this section, you can get practical tips and marketing methods on what is multi-level marketing, how to avoid a pyramid scheme and more ...

If you are not a member yet, we encourage you to join our Membership and access to all the benefits and advice from our panel of Experts.

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